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【資料】 SCHERING-PLOUGH CORPORATION

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【資料】 SCHERING-PLOUGH CORPORATION Powered By Docstoc
					SCHERING-PLOUGH CORPORATION Report for the fourth quarter and twelve months ended December 31 (unaudited): (Amounts in millions, except percentages and per share figures) Fourth Quarter 2005 2004 % Twelve Months 2005 2004 %

Net Sales……………………………….. Cost of Sales…………………………… Selling, General and Administrative…………………. Research and Development a/.…….. Other (Income)/Expense, Net………… Special Charges b/…………………….. Equity Income from Cholesterol Joint Venture……........ Income/(Loss) Before Income Taxes... Income Tax Expense c/…….. ……….. Net Income/(Loss)………...………...... Preferred Stock Dividends……………. Net Income/(Loss) Available to Common Shareholders…………….. Diluted Earnings/(Loss) per Common Share…................................................ Average Common Shares Outstanding - Diluted…………......... Actual Number of Common Shares Outstanding at December 31...........

$2,324 815 1,114 474 (5) 2 (268) 192 66 $126 22 $104

$2,184 829 1,026 406 33 15 (98) (27) 807 $(834) 22 $(856)

6 (2) 9 17

$9,508 3,346 4,374 1,865 5 294 (873) 497 228 $269 86 $183

$8,272 3,070 3,811 1,607 146 153 (347) (168) 779 $(947) 34 $(981)

15 9 15 16

$0.07

$(0.58)

$0.12

$(0.67)

1,487

1,473

1,484

1,472

1,479

1,474

1,479

1,474

The Company noted that it incurs substantial costs related to the cholesterol joint venture, such as selling, general and administrative costs, that are not reflected in the “Equity income from cholesterol joint venture” and are borne by the overall cost structure of Schering-Plough. a/ Research and development for the twelve months ended December 31, 2005 includes an R&D payment of $124 million, before a tax benefit of $6 million, to Centocor, Inc. for the Company's exercise of its right to develop and commercialize golimumab, a fully human monoclonal antibody being developed as a therapy for the treatment of rheumatoid arthritis and other immune-mediated inflammatory diseases. Research and development for the twelve months ended December 31, 2004 includes an $80 million upfront payment in conjunction with the licensing from Toyama Chemical Company Ltd. of garenoxacin, a quinolone antibiotic in development. b/ Special charges for the full year 2005 includes an addition of $250 million to the Company's litigation reserves relating to the Massachusetts investigation and the previously disclosed investigations and litigation relating to the company’s practices regarding average wholesale price by the Department of Justice and certain states. Special charges for the twelve months ended December 31, 2004 included $119 million of employee termination costs, as well as $27 million of asset impairment charges and $7 million of closure costs primarily related to a small European research-and-development facility.

c/ Tax expense for the three and twelve months ended December 31, 2005 primarily related to foreign tax expense as the Company did not recognize the benefit of U.S. tax operating losses. The Company’s full year tax provision includes a benefit of approximately $42 million related to tax expense recorded in 2004 related to planned earnings repatriations under the American Jobs Creation Act (AJCA). This adjustment of tax expense associated with repatriation under the AJCA was the result of an IRS Notice issued by the U.S. Treasury in August 2005. In the fourth quarter of 2004, the Company recorded the estimated charge associated with the repatriation of funds under the American Jobs Creation Act.

SCHERING-PLOUGH CORPORATION

Report for the period ended December 31 (unaudited): GAAP Net Sales by Major Product: (Dollars in Millions)

Fourth Quarter 2005 2004 $1,904 251 214 185 160 139 94 85 71 68 66 49 46 33 32 411 $1,737 212 138 145 150 162 49 80 81 44 79 50 40 43 42 422

% 10 19 55 27 7 (14) 93 5 (12) 55 (16) (2) 13 (24) (24) (3)

Twelve Months 2005 2004 $7,564 942 751 737 588 646 331 371 315 228 287 197 181 146 144 1,700 $6,417 746 563 594 459 692 287 321 325 44 318 185 150 43 168 1,522

% 18 26 33 24 28 (7) 15 16 (3) (10) 6 21 (14) 12

GLOBAL PHARMACEUTICALS Remicade PEG-Intron Nasonex Temodar Clarinex / Aerius Rebetol Claritin Rx * Integrilin Avelox Intron A Subutex Caelyx Cipro Elocon Other Pharmaceuticals

CONSUMER HEALTH CARE OTC OTC Claritin FOOT CARE SUN CARE ANIMAL HEALTH CONSOLIDATED NET SALES

198 103 54 75 20 222 $2,324

217 121 75 79 17 230 $2,184

(9) (15) (29) (5)

1,093 556 394 333 204

1,085 578 419 331 176 770 $8,272

1 (4) (6) 1 16 11 15

(4) 6

851 $9,508

* Includes international sales of Claritin Rx only. Canadian sales of Claritin are reported in the OTC Claritin line within Consumer Health Care.

NOTE: Additional information about U.S. and international sales for specific products is available by calling the company or visiting the Investor Relations Web site at <http://ir.schering-plough.com>.

SCHERING-PLOUGH CORPORATION Reconciliation of Non-U.S. GAAP Financial Measure Adjusted net sales, defined as net sales plus an assumed 50 percent of global cholesterol joint venture net sales. (Dollars in millions) Three-Months Ended December 31 (unaudited) 2005 2004 $2,324 378 $2,184 200

Net Sales, as reported 50 percent of cholesterol joint venture net sales a/ Adjusted net sales

$2,702

$2,384

(Dollars in millions)

Twelve-Months Ended December 31 (unaudited) 2005 2004 $9,508 1,195 $8,272 586

Net Sales, as reported 50 percent of cholesterol joint venture net sales a/ Adjusted net sales

$10,703

$8,858

a/ Total net sales of the cholesterol joint venture for the three months ended December 31, 2005 and 2004 were $755 million and $400 million, respectively. Total net sales of the cholesterol joint venture for the twelve months ended December 31, 2005 and 2004 were $2.4 billion and $1.2 billion, respectively. NOTE: Adjusted net sales, defined as net sales plus an assumed 50 percent of global cholesterol joint venture net sales, is a non-U.S. GAAP measure used by management in evaluating the performance of the company’s overall business. The company believes that this performance measure contributes to a more complete understanding by investors of the overall results of the company. The company provides this information to supplement the reader’s understanding of the importance to the company of its share of results from the operations of the cholesterol joint venture. Net sales (excluding the cholesterol joint venture net sales) is required to be presented under U.S. GAAP. The cholesterol joint venture’s net sales are included as a component of income from operations in the calculation of the company’s “Equity income from cholesterol joint venture.” Net sales of the cholesterol joint venture do not include net sales of cholesterol products in non-joint venture territories.


				
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