Schering-Plough posts 17 percent drop in 3Q profit

[October 22, 2009]  KENILWORTH, N.J. (AP) -- Drugmaker Schering-Plough Corp. reports lower revenue and a smaller profit in the third quarter, partly due to slightly higher spending on taxes and research.

But the company, which soon will become part of much-larger Merck & Co., says that excluding unfavorable currency exchange rates, revenue was up 2 percent at $4.5 billion.

Schering-Plough also notes it has just launched three new products in the U.S. or other countries, including the Saphris tablet for schizophrenia and bipolar disorder. That went on sale this month in the U.S.

The Kenilworth, N.J.-based company says it had net income of $477 million, down 17 percent from $576 million in last year's third quarter.

Sales of prescription drugs were flat at $3.55 billion.

[Associated Press]

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