KENILWORTH, N.J., Sept. 18 /PRNewswire-FirstCall/ -- Schering-Plough Corporation will provide a live audio webcast of a presentation by Alex Kelly, vice president, Investor Relations, speaking about the company at the Merrill Lynch Global Pharmaceutical, Biotech and Medtech Conference in London on Sept. 19, 2007, at approximately 9 a.m. (London) (approximately 4 a.m. EDT).
Kelly will be speaking on the company’s financial performance and the planned acquisition of Organon BioSciences N.V. (OBS). He may also reiterate the company’s outlook, as previously stated in the company’s second quarter 10-Q, on the following:
-- Sales of VYTORIN and ZETIA are expected to grow in 2007. However, there is growing competition for Schering-Plough’s key brands; -- Gross margin for the full year of 2007 is expected to improve versus 2006, primarily as a result of annual cost savings of approximately $100 million expected from the company’s manufacturing streamlining actions in 2006 and improved product mix. However, gross margin in the second half of 2007 is expected to be slightly lower than the first half due to the seasonality of some respiratory products; -- As Schering-Plough’s pipeline continues to progress, the company expects that the number of patients in its clinical trials will continue to increase in the remainder of 2007. R&D expenses, excluding any upfront payments, are expected to continue to grow faster than adjusted net sales in 2007. Adjusted net sales is defined as net sales plus an assumed 50 percent of the global cholesterol joint venture net sales; -- The company’s full-year 2007 tax rate is expected to be in the mid- teens on a GAAP basis, but vary between quarters depending on the product and country mix of earnings; and -- In advance of the planned acquisition of OBS, the company will incur integration planning-related costs and potential foreign currency- related activity associated with the purchase. The transaction is anticipated to be accretive to the company’s earnings per share in the first full year, excluding purchase-accounting adjustments and acquisition-related costs. The company expects to achieve annual synergies of $500 million, however, it is expected that it will take three years from the closing to reach this level of synergies.
A live audio webcast of the presentation will be available by going to the Investor Relations section of the Schering-Plough corporate Web site, www.schering-plough.com, and clicking on the “Presentations/Webcasts” link. A replay of the webcast will be available later that day.
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 www.schering-plough.com.
Schering-Plough Corporation
CONTACT: Investors, Alex Kelly, +1-908-298-7436, or Media, Fred Malley,+1-908-298-7428, both of Schering-Plough Corporation
Web site: http://www.schering-plough.com/
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