Schering-Plough Misses the Mark

Schering-Plough(SGP Quote) slid 12% after reporting an earnings miss Monday.

The drugmaker said it earned $713 million, or 45 cents a share on a GAAP basis, compared with $287 million, or 19 cents a share, in the third quarter of 2007. (The GAAP number includes a gain for acquisition-related items, including a gain on a currency option and a charge of $20 million for an upfront licensing payment.)

Excluding acquisition-related items and an upfront R&D payment, the company said it earned 28 cents a share for the quarter. Analysts surveyed by Thomson Financial were expecting 30 cents a share on revenue of $2.87 million. ...