KENILWORTH, N.J. Schering-Plough today released its first-quarter results for 2008, according to published reports. The drugmaker reported a net income of $253 million, down from $543 million during the first quarter of 2007, mostly due to the acquisition of the biotech company Organon BioSciences.
Sales though rose by 56 percent to $4.66 billion. Its rheumatoid arthritis drug Remicade’s sales rose by 36 percent to $507 million.
Vytorin and another cholesterol treatment drug Zetia, which Schering markets through a joint venture with Merck saw sales of both drugs combined rise 6 percent to $1.2 billion during the quarter. But they fell 5 percent in the United States amid the widely publicized failure of Vytorin to cut plaque in neck arteries in a study for which results were presented in January.
Merck said Monday it expects its revenue from the drugs to drop by $700 million over the rest of 2008.
Chief executive officer Fred Hassan said the company is on track with its plan to cut annual costs by $1.5 billion by 2012, announced earlier this month. About 10 percent of its 55,000 jobs are to be cut.