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Schering's 1Q net up
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April 20, 1999: 7:47 a.m. ET
Schering-Plough meets the Street on swift sales of antihistamine medication
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NEW YORK (CNNfn) - Drug maker Schering-Plough Corp. said Tuesday that first-quarter profit rose 20 percent, in line with estimates, citing a strong worldwide market for antihistamines and other medications.
The Madison, N.J.-based company said net income totaled $539 million, or 36 cents per diluted share, for the quarter ended March 31. That compares with income of $450 million, or 30 cents per share, in the parallel period last year. The 1998 figures are adjusted to reflect a 2-for-1 stock split.
First Call, a Wall Street firm that tracks analysts' earning predictions, predicted earnings of 36 cents per share for the drug maker.
Schering-Plough (SGP) said first-quarter sales rose 15 percent to $2.2 billion. Sales of its Claritin antihistamine jumped 29 percent to $565 million, while combined sales of Intron A, an antiviral and anticancer agent, and the accompanying drug Rebetron were up 66 percent, to $272 million.
Schering-Plough closed down 4 at 48-1/2 in New York on Monday.
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Schering-Plough
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