Schering-Plough's Profit Drops 29%

Third-quarter profit at Schering-Plough(SGP Quote) fell 29% on foundering sales of the allergy drug Claritin, but then, investors expected this after the drugmaker's controversial earnings warning issued earlier this month.

The Kenilworth, N.J.-based drugmaker officially slashed earnings forecasts for 2002 and 2003 in a late-night press release posted Oct. 4, capping three days of rumor and uncertainty that erased 17% from the company's stock price. But it was later learned that Schering-Plough Chief Executive Richard Kogan met privately with fund managers and analysts in the days before and during the stock's selloff, a matter now under investigation by the Securities and Exchange Commission. ...