Schering-Plough quarterly revenue up 40 percent; purchase of Organon BioSciences affects numbers
KENILWORTH, N.J. Schering-Plough stated Tuesday it lost $3.36 billion in the fourth quarter of 2007 because of accounting rules related to the purchase of Organon BioSciences.
Without the accounting adjustments, Schering-Plough said it would have had a profit of 27 cents per share in the quarter, but the loss, amounted to $2.08 per share for the three months ended Dec. 31.
Quarterly revenue rose 40 percent to $3.72 billion from $2.65 billion a year ago, exceeding analyst estimates of $3.1 billion.
The company reported double-digit sales increases in each of its three segments, prescription pharmaceuticals, consumer health care and animal health. “Schering-Plough delivered another strong performance in both the fourth quarter and full year of 2007,” chairman and chief executive officer Fred Hassan said.
Dutch biopharmaceutical Organon was acquired in November for about $14.43 billion in cash, allowing Schering-Plough to expand its late-stage product pipeline and human health business. “Today, we are a much stronger and more diverse company than ever before, and we are better positioned to deal with the new challenges confronting us in 2008,” Hassan said.
FDA approves two new APP generic medications
SCHAUMBURG, Ill. The Food and Drug Administration approved APP Pharmaceuticals’ new drug applications for caffeine citrate oral solution at 20 milligrams/milliliter and for bleomycin sulfate for injection.
Caffeine citrate oral solution, the generic version of Bedford Labs’ Cafcin, is a treatment used for premature infants who have apnea, a condition where babies stop breathing during sleep for a brief amount of time, according to published reports.
Bleomycin is a treatment for cancer, a generic of Bristol-Myer’s Blenoxane, although it works in combination with other medicines. As a result of the recent FDA approval, APP Pharma stock increased to $10.33, a three-cent increase per share.
Shares of Labopharm rise with positive Trazodone study
NEW YORK Positive results on Trazodone, a once-daily anti-depressant pill, caused shares of Labopharm to rise on Friday.
According to published reports, Trazodone is a pill whose main goal is to improve a patient’s quality of sleep. The study reveals that this goal was met, with 412 patients showing that a once-daily version is effective and also inhibits a patient from awaking as frequently during the night.
The stock for Labopharm rose by 18.7 percent, about 37 cents, increasing the stock price to $2.35 in morning trading. Over the past year, the stock has ranged between 63 cents and $7.21.
The Food And Drug Administration already approved the twice-daily version of Trazodone, and Labopharm is planning to file a new drug application for its newest version of Trazodone with the FDA later in the year.