Sales & Earnings In Brief
This article was originally published in The Tan Sheet
Executive Summary
Schering-Plough looks to emerging markets: As the U.S. economy continues to falter, Schering-Plough is increasingly focusing on emerging markets such as Brazil, China and Russia, CEO Fred Hassan says in an Oct. 21 third-quarter earnings release. He notes 70 percent of S-P's $4.6 billion in third-quarter net sales were outside the U.S. He adds, consumer and animal health account for approximately $758 million and $278 million of sales respectively. Laxative Miralax drove a 2 percent increase in OTC revenues with $31 million in sales - nearly double last year's third-quarter total. This was not enough to offset weak allergy sales with Claritin down 11 percent to $92 million. Other OTC sales slipped 11 percent to $37 million, contributing to a 1 percent fall of overall OTC sales to $160 million. Beyond OTCs, Kenilworth, N.J.-based S-P's net income fell 21 percent to $589 million in the third quarter