Updated from 9:25 a.m. EST

Schering-Plough ( SGP) reported a fourth-quarter profit that was in line with Wall Street estimates and revenue that was stronger than expected, but its shares slipped.

Unlike its peers that have announced fourth-quarter results, Schering-Plough didn't offer specific guidance for 2007.

Excluding special items, Schering-Plough earned 17 cents for the fourth quarter, identical to the forecast of analysts polled by Thomson First Call. For this year, the Wall Street consensus is a profit $1.07, excluding one-time items.

"In 2007, we look forward to further advances in becoming the long-term, high-performance company of our aspirations," said Fred Hassan, chairman and CEO.

Schering-Plough's stock was off 18 cents, or 0.7%, to $24.91 on heavier-than-average trading.

When items are included, Schering-Plough earned $182 million, or 12 cents a share, for the fourth quarter vs. a profit of $104 million, or 7 cents, for the year-ago quarter. Revenue rose to $2.65 billion from $2.3 billion, and the latest quarter beat the consensus of $2.53 billion.

The company's accounting excludes its 50% share of sales from its joint venture with Merck ( MRK). The companies have an agreement in which they sell Zetia, cholesterol drug from Schering-Plough, and Vytorin, which combines Zetia and Merck's Zocor.

For the fourth quarter, Schering-Plough's revenue from its share of the joint venture was $541 million, up from $378 million in the year-ago quarter. For the full year, Schering-Plough's revenue portion was $1.92 billion, up from $1.2 billion in 2005.

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