BOSTON, June 21 /PRNewswire-FirstCall/ -- Schering-Plough Corporation today reported that the U.S. District Court for the District of Massachusetts ruled in favor of the company and dismissed all claims relating to Schering-Plough’s branded pharmaceutical products in a class action lawsuit involving several pharmaceutical companies and the setting of average wholesale prices (AWPs) for prescription products.
“We are gratified that the hard work of our new management team has resulted in Schering-Plough putting another issue from the past substantially behind us,” said Fred Hassan, Schering-Plough chairman and CEO.
While the company also said it was pleased that the Court found no liability against Warrick Pharmaceuticals, its generic subsidiary, for the period from 1991 through 1997 and from 2000 through 2003, it disagreed with the Court’s finding of limited liability against Warrick with respect to one form of a generic product, albuterol sulfate solution, in the years 1998 and 1999. While the Court has scheduled further proceedings on damages, plaintiffs’ claim for damages for this one formulation during 1998 and 1999 totaled less than $100,000.
The company said it continues to believe that Warrick complied with all applicable laws and regulations governing pharmaceutical pricing and reimbursement in connection with reporting AWPs. Although damages claimed against the company for the Warrick albuterol sulfate solution product are quite limited, the company said it is considering whether to appeal the ruling.
Schering-Plough is a global science-based health care company with leading prescription, consumer and animal health products. Through internal research and collaborations with partners, Schering-Plough discovers, develops, manufactures and markets advanced drug therapies to meet important medical needs. Schering-Plough’s vision is to earn the trust of the physicians, patients and customers served by its approximately 33,500 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com.
Schering-Plough Corporation
CONTACT: Media, Steve Galpin, Jr. of Schering-Plough Corporation,+1-908-298-7415, or mobile, +1-908-403-6956; or Investors, Alex Kelly,+1-908-298-7436, for Schering-Plough Corporation
Web site: http://www.schering-plough.com/
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