When: Thursday, February 12th at 6:00PM ET
Where: "Mad Money w/Jim Cramer"
Following is the unofficial transcript of a CNBC exclusive interview with Fred Hassan, Chairman & CEO, Schering-Plough, on CNBC's "Mad Money w/Jim Cramer."
All references must be sourced to CNBC.
JIM CRAMER, HOST: Fred, the news comes over 6:40 this morning. I have rarely seen a consensus that said that you were going to disappoint, do some bad numbers, the numbers would have to come down. Instead, it was the best upside surprise I've seen in the pharma industry.
Why were you able to pull this off in a moment when the analysts had pretty much given up on you again? Given up on this company again?
FRED HASSAN, CHAIRMAN AND CEO, SCHERING-PLOUGH: I think we were able to convince people that this is a broad company, it's a strong company. It's a very changed company. And this acquisition of Organon makes us even stronger.
And people also realize that we have a lot of business outside the U.S. Sometimes...
CRAMER: The most of any pharma.
HASSAN: Yes. And being a U.S.-based company -- this is a problem with many other industries as well -- the analysts tend to get very obsessive about the U.S. business without understanding the global business here.
And when we showed the strong growth of the company on a broad front, a lot of -- many, many products and many, many regions around the world, I people felt a lot better.
Now, one of the things on the conference call, there were no punches pulled. You came out swinging. Analysts basically, along with owners, panicked.
The stock goes from 34 to 17 all on one issue, which is your joint product with Merck. Zetia -- Vytorian is what our viewers know it as.
You had some strong things to say, that this drug is not going away. It was your first real strong stance.
Tell us why you have confidence that this is a drug that will be used for many, many years.
HASSAN: The reason I believe in this drug is because it lowers the bad cholesterol, the LDL cholesterol. And I've been in this business for more than two decades. And I have grown up learning and understanding that if you can reduce the bad cholesterol, that's going to be good for you.