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.
Global net sales increased 9% on a GAAP basis and 12% on an adjusted basis to $2.8 billion and $3.5 billion, respectively.
Worldwide cholesterol joint-venture net sales totaled $1.3 billion, a 26% increase from $1 billion in the year-ago quarter. Schering-Plough recorded $506 million in equity income from its cholesterol joint venture with
in the 2007 third quarter vs. $390 million in the third quarter of 2006.
Global sales of Remicade, a treatment for inflammatory diseases, increased 34% to $426 million in the third quarter of 2007.
Sales of inhaled allergy treatment Nasonex increased 10% to $242 million due to increased sales in international markets. Sales of antihistamine Clarinex were flat, and sales of Claritin increased 12% to $83 million.
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.