Schering-Plough Misses the Mark

The company recorded a 7% increase in sales of hepatitis C drug Pegintron to $221 million, and a 20% increase in sales of Temador, a treatment for certain types of brain tumors to $215 million.

Consumer health care sales increased 5% to $273 million, and animal health sales increased 8% to $248 million, reflecting international growth tempered by a decline in the U.S.

Separately, the company reported that its experimental clotting drug achieved the endpoints in two phase II studies. The thrombin receptor antagonist (TRA) didn't increase bleeding when given in combination with standard anti-clotting drugs, and it resulted in a statistically significant reduction in heart attack risk compared with standard treatment.

Schering-Plough said it's initiated two phase III studies on TRA -- the first in secondary prevention and the second is in acute coronary syndrome. Combined, the studies will enroll nearly 30,000 patients.

Shares fell $3.84, or 12%, to $28.87 in morning trading Monday.