- Oil Next Week: What Traders Will Be Watching
- Hedge Fund Billionaire Paulson Reports New Citi Stake
- Cramer: 5 Earnings Reports to Watch Next Week
- Court Rejects 'Clawbacks' for Alleged Stanford Victims
- Tax Credit Sparking First-Time Home Sales: Realtors
- Investors Cut Back US Stocks for Bigger Growth Abroad
- Cities With the Most Home Price Reductions
- White House Plans to Freeze Spending to Cut Deficit
- This Year's Biggest Thanksgiving Leftover: Cash
- Oil Next Week: What Traders Will Be Watching
- Dollar is Not Plunging—So 'Calm Down': Market Strategist
- Strategists Say Markets Have More Upside — But How Much?
- Hirschhorn: Risk-Averse Traders
- Roginsky: A Funny Thing Happened on the Way to Financial Reform
- This Year's Biggest Thanksgiving Leftover: Cash
- TV Series Inks Unique Deal For Fight
- First Time Buyers Rescue Housing: Realtors
- Dollar General Trades Higher After Its IPO
- Fed Reform? Not So Fast.
MOST SHARED
- Seeking Innovation in Health Care
- Today's Market Action
- Israel: Leader of Business Innovation
- Microsoft's Bill Gates Praises Apple's Steve Jobs For 'Saving the Company'
- Herbalife Vs. Hedge Funds
- Has Twitter's Finest Hours (Seconds) Come and Gone?
- Low Interest Rate Investing
- Warren Buffett and Bill Gates: Keeping America Great
- Novo Nordisk CEO on Diabetes Epidemic
- CNBC TRANSCRIPT: Warren Buffett & Bill Gates - Keeping America Great
Text Size 
Schering-Plough reported higher fourth-quarter earnings in-line with Wall Street expectations.
The Kenilworth, N.J.-based company [SGP
Loading...
()
] posted net income of $182 million, or 12 cents a share, up from $104 million, or seven cents a share, in the year-ago quarter. Earnings were led by strong sales of arthritis treatment Remicade.
Chief executive Fred Hassan told CNBC that the drug company's latest earnings are a further sign that a three-year-old restructuring is having a positive impact.
"We are going into this year with momentum, we are growing very nicely on the top line, we're exerting financial discipline, and our bottom line is growing faster than our top line," Hassan said in an appearance on "Power Lunch" on Monday. "That's a great strategy to have."
Excluding one-time charges of five cents a share, the company earned 17 cents a share, consistent with the Thomson Financial consensus estimate.
Fourth-quarter sales rose 14% from the same quarter a year ago to $2.7 billion, compared with analysts' estimate of $2.53 billion.
Cholesterol drugs accounted for $1.1 billion of those sales. Remicade sales rose 34% from the year-ago period to $337 million.
Barbara Ryan of Deutsche Bank Securities said the company's co-marketing alliance with Merck for cholesterol drug Vytorin has created far greater earnings leverage than the analyst previously expected.
"We continue to believe that the lion's share of the upside in the share price from here may be dependent on Schering-Plough's ability to build on this successful franchise with yet another," Ryan said in a client note Monday.
The analyst reiterated a "hold" rating on Schering-Plough shares with a price target of $24.
Print
Email
- Warren Buffett and Bill Gates spoke to Columbia students, and Buffett made the students a startling offer.
- For the chief of cable company Comcast, growth has been about making deals – generally very large deals.
- Some companies may start using insurance to shift carbon risk from their balance sheets to maybe... yours?
- The president and founder of Genesis Today wants to improve America’s health, and thinks Wal-Mart can help.
- Switzerland's privacy watchdog is taking legal action to force Google to make changes to its Street View service.
- A wealthy, distracted Texas driver crashed his million-dollar Bugatti Veyron sports car into a salt marsh, say police.
Data is a real-time snapshot *Data is delayed at least 15 minutes