Schering-Plough Says Goodbye to a Brutal Year

Schering-Plough (SGP Quote) put a horrific 2002 out of its misery Thursday, reporting a 19% drop in earnings per share, hurt once again by vanishing sales of its prescription allergy drug, Claritin.

While 2003 isn't looking much brighter for the Kennilworth, N.J-based drug maker, Schering-Plough is trying to clear the decks to make way for a return to earnings growth in 2004.

Fourth-quarter net income totaled $428 million, or 29 cents per share, compared with earnings of $528 million, or 36 cents per share, in the year-ago quarter, which excludes the $500 million consent decree payment made to U.S. drug regulators. Results beats Wall Street's consensus estimate by a penny per share, as polled by Thomson Financial/First Call, but then there wasn't much drama involved here since Schering-Plough issued a profit warning earlier this month. ...