Exhibit 99.2
Schering-Plough Corporation | ||||||||||||||||
Statements of Consolidated Income | ||||||||||||||||
(Dollars in Millions, except EPS) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | ||||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | ||
Net Sales | 2,074 | 2,556 | 2,833 | 5,389 | 2,421 | 7,810 | 2,370 | 10,180 | (19%) | |||||||
Cost of Sales | 658 | 579 | 675 | 1,254 | 644 | 1,898 | 607 | 2,505 | 14% | |||||||
Gross Margin | 1,416 | 1,977 | 2,158 | 4,135 | 1,777 | 5,912 | 1,763 | 7,675 | (28%) | |||||||
Total SG&A | 843 | 919 | 995 | 1,914 | 870 | 2,784 | 897 | 3,681 | (8%) | |||||||
Research & Development | 344 | 305 | 357 | 662 | 354 | 1,017 | 409 | 1,425 | 13% | |||||||
Other, Net* | 13 | (26) | (16) | (41) | (4) | (47) | 52 | 6 | N/M | |||||||
Income before Income Taxes | 216 | 779 | 822 | 1,600 | 557 | 2,158 | 405 | 2,563 | (72%) | |||||||
Income Taxes | 43 | 179 | 189 | 368 | 128 | 496 | 92 | 589 | (76%) | |||||||
Net Income | 173 | 600 | 633 | 1,232 | 429 | 1,662 | 313 | 1,974 | (71%) | |||||||
Diluted Earnings per Common Share | 0.12 | 0.41 | 0.43 | 0.84 | 0.29 | 1.13 | 0.21 | 1.34 | (71%) | |||||||
Avg. Shares Outstanding- Diluted | 1,470 | 1,471 | 1,470 | 1,470 | 1,469 | 1,470 | 1,469 | 1,470 | ||||||||
Actual Shares Outstanding | 1,469 | 1,466 | 1,466 | 1,466 | 1,467 | 1,467 | 1,468 | 1,468 | ||||||||
Ratios To Net Sales | ||||||||||||||||
Net Sales | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | ||||||||
Cost of Sales | 31.7% | 22.6% | 23.8% | 23.3% | 26.6% | 24.3% | 25.6% | 24.6% | ||||||||
Gross Margin | 68.3% | 77.4% | 76.2% | 76.7% | 73.4% | 75.7% | 74.4% | 75.4% | ||||||||
Total SG&A | 40.6% | 35.9% | 35.1% | 35.5% | 35.9% | 35.6% | 37.9% | 36.2% | ||||||||
Research & Development | 16.6% | 11.9% | 12.6% | 12.3% | 14.6% | 13.0% | 17.2% | 14.0% | ||||||||
Income Before Income Taxes | 10.4% | 30.5% | 29.0% | 29.7% | 23.0% | 27.6% | 17.1% | 25.2% | ||||||||
Income Taxes | 2.1% | 7.0% | 6.7% | 6.8% | 5.3% | 6.4% | 3.9% | 5.8% | ||||||||
Net Income | 8.3% | 23.5% | 22.3% | 22.9% | 17.7% | 21.3% | 13.2% | 19.4% | ||||||||
* 4th quarter and year-to-date 2002 includes a pre-tax $150 provision to increase litigation reserves. | ||||||||||||||||
Note: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
SCHERING-PLOUGH CORPORATION | ||||||||||||||||
ANTI-INFECTIVE/ANTICANCER PRODUCT SALES | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | ||||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | ||
U.S.: | 303 | 411 | 420 | 830 | 472 | 1,302 | 580 | 1,881 | (26%) | |||||||
Intron franchise* | 279 | 342 | 377 | 719 | 426 | 1,145 | 544 | 1,689 | (18%) | |||||||
Temodar | 26 | 34 | 47 | 80 | 42 | 122 | 36 | 158 | (24%) | |||||||
Other | (2) | 35 | (4) | 31 | 4 | 35 | - | 34 | N/M | |||||||
International: | 477 | 387 | 471 | 858 | 485 | 1,343 | 508 | 1,851 | 23% | |||||||
Caelyx | 22 | 14 | ** | ** | ** | ** | ** | ** | 56% | |||||||
Intron franchise* | 237 | 215 | 282 | 497 | 277 | 774 | 273 | 1,047 | 10% | |||||||
Remicade | 114 | 60 | 76 | 137 | 92 | 228 | 109 | 337 | 89% | |||||||
Temodar | 34 | 25 | 28 | 53 | 34 | 87 | 33 | 120 | 34% | |||||||
Other | 70 | 73 | 85 | 171 | 82 | 254 | 93 | 347 | (4%) | |||||||
Total: | 781 | 797 | 891 | 1,688 | 957 | 2,645 | 1,088 | 3,733 | (2%) | |||||||
Caelyx | 22 | 14 | ** | ** | ** | ** | ** | ** | 56% | |||||||
Intron franchise* | 516 | 556 | 659 | 1,216 | 703 | 1,919 | 817 | 2,736 | (7%) | |||||||
Remicade | 114 | 60 | 76 | 137 | 92 | 228 | 109 | 337 | 89% | |||||||
Temodar | 59 | 59 | 74 | 133 | 76 | 209 | 69 | 278 | 1% | |||||||
Other | 70 | 108 | 82 | 202 | 86 | 289 | 93 | 382 | (35%) | |||||||
* The INTRON franchise consists of INTRON A, PEG-INTRON and REBETOL. | ||||||||||||||||
** 2002 sales of CAELYX are included in the Other line. | ||||||||||||||||
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
SCHERING-PLOUGH CORPORATION | |||||||||||||||
ALLERGY/RESPIRATORY PRODUCT SALES | |||||||||||||||
(Dollars in Millions) | |||||||||||||||
2003 | 2002 | ||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | |
U.S: | 213 | 805 | 899 | 1,703 | 579 | 2,282 | 124 | 2,406 | (74%) | ||||||
Clarinex | 133 | 70 | 137 | 207 | 132 | 340 | 146 | 485 | 89% | ||||||
Claritin Rx Franchise* | 16 | 565 | 677 | 1,242 | 303 | 1,545 | (121) | 1,424 | (97%) | ||||||
Nasonex | 34 | 101 | 54 | 155 | 124 | 279 | 80 | 359 | (66%) | ||||||
Proventil | 17 | 59 | 30 | 89 | 22 | 111 | 17 | 128 | (71%) | ||||||
Other | 13 | 10 | 1 | 10 | (2) | 7 | 2 | 10 | 30% | ||||||
International: | 240 | 209 | 249 | 458 | 226 | 684 | 214 | 898 | 15% | ||||||
Clarinex | 41 | 14 | 36 | 50 | 32 | 82 | 31 | 112 | N/M | ||||||
Claritin Rx Franchise | 93 | 94 | 115 | 209 | 99 | 308 | 70 | 378 | (1%) | ||||||
Nasonex | 44 | 37 | 47 | 83 | 36 | 119 | 45 | 164 | 21% | ||||||
Other | 62 | 64 | 51 | 116 | 59 | 175 | 68 | 244 | (3%) | ||||||
Total: | 453 | 1,014 | 1,147 | 2,161 | 805 | 2,966 | 338 | 3,304 | (55%) | ||||||
Clarinex | 173 | 85 | 173 | 258 | 164 | 422 | 176 | 598 | N/M | ||||||
Claritin Rx Franchise* | 109 | 659 | 792 | 1,451 | 402 | 1,853 | (51) | 1,802 | (83%) | ||||||
Nasonex | 79 | 138 | 101 | 238 | 160 | 398 | 125 | 523 | (43%) | ||||||
Proventil | 17 | 59 | 30 | 89 | 22 | 111 | 17 | 128 | (71%) | ||||||
Other | 75 | 73 | 51 | 125 | 57 | 182 | 71 | 253 | 3% | ||||||
* OTC Claritin sales are now reported in the OTC category (see page 6). | |||||||||||||||
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | |||||||||||||||
SCHERING-PLOUGH CORPORATION | ||||||||||||||||
CARDIOVASCULAR PRODUCT SALES | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | ||||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | ||
U.S.: | 100 | 95 | 89 | 184 | 74 | 258 | 78 | 336 | 5% | |||||||
Integrilin | 84 | 62 | 71 | 134 | 72 | 206 | 77 | 283 | 35% | |||||||
Other | 16 | 33 | 18 | 50 | 2 | 52 | 1 | 53 | (52%) | |||||||
International: | 11 | 22 | 26 | 48 | 26 | 74 | 24 | 97 | (49%) | |||||||
Integrilin | 5 | 6 | 6 | 12 | 5 | 17 | 4 | 20 | (12%) | |||||||
Other | 6 | 16 | 20 | 36 | 21 | 57 | 20 | 77 | (63%) | |||||||
Total: | 111 | 117 | 115 | 232 | 99 | 331 | 102 | 433 | (5%) | |||||||
Integrilin | 89 | 68 | 78 | 146 | 77 | 223 | 81 | 304 | 31% | |||||||
Other | 22 | 49 | 37 | 86 | 22 | 108 | 21 | 129 | (55%) | |||||||
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
SCHERING-PLOUGH CORPORATION | ||||||||||||||||
DERMATOLOGICALS, OTHER PHARMACEUTICAL, TOTAL PHARMACEUTICAL | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | ||||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | ||
U.S. | 18 | 32 | 20 | 52 | 27 | 79 | 53 | 132 | (43%) | |||||||
International | 100 | 88 | 92 | 180 | 94 | 274 | 104 | 378 | 14% | |||||||
Dermatologicals: | 118 | 120 | 112 | 232 | 121 | 353 | 158 | 511 | (1%) | |||||||
Other Pharm: | 166 | 159 | 209 | 368 | 158 | 526 | 239 | 764 | 4% | |||||||
U.S. | 648 | 1,337 | 1,441 | 2,778 | 1,156 | 3,934 | 885 | 4,819 | (52%) | |||||||
International | 980 | 870 | 1,033 | 1,903 | 984 | 2,887 | 1,040 | 3,926 | 13% | |||||||
Total Pharm: | 1,629 | 2,207 | 2,474 | 4,681 | 2,140 | 6,821 | 1,925 | 8,745 | (26%) | |||||||
Notes: Excluding exchange, international pharmaceutical sales were flat for the first quarter of 2003 versus 2002. | ||||||||||||||||
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
SCHERING-PLOUGH CORPORATION | ||||||||||||||||
ANIMAL HEALTH, OTC, FOOT CARE, SUN CARE & CONSOLIDATED SALES | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 1st Qtr. | ||||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | ||
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 1st Qtr. | ||
U.S. | 45 | 57 | 49 | 106 | 59 | 165 | 62 | 227 | (21%) | |||||||
International | 98 | 94 | 122 | 215 | 103 | 318 | 131 | 450 | 4% | |||||||
Animal Health: | 143 | 150 | 171 | 321 | 162 | 483 | 193 | 677 | (5%) | |||||||
OTC: | 155 | 41 | 39 | 79 | 40 | 119 | 155 | 275 | N/M | |||||||
OTC Claritin | 125 | 0 | 0 | 0 | 0 | 0 | 105 | 105 | N/M | |||||||
Other OTC | 30 | 41 | 39 | 79 | 40 | 119 | 50 | 170 | (27%) | |||||||
Foot Care: | 66 | 76 | 83 | 160 | 65 | 225 | 66 | 290 | (13%) | |||||||
Sun Care: | 81 | 82 | 66 | 148 | 14 | 162 | 31 | 193 | - | |||||||
U.S. | 970 | 1,577 | 1,659 | 3,236 | 1,324 | 4,560 | 1,201 | 5,761 | (39%) | |||||||
International | 1,103 | 979 | 1,175 | 2,153 | 1,096 | 3,250 | 1,169 | 4,419 | 13% | |||||||
Total Consolidated: | 2,074 | 2,556 | 2,833 | 5,389 | 2,421 | 7,810 | 2,370 | 10,180 | (19%) | |||||||
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
MISCELLANEOUS DATA | ||||||||||||||
(Dollars in Millions) | ||||||||||||||
2003 | 2002 | |||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |
Consolidated Sales | ||||||||||||||
Growth Rates: | ||||||||||||||
As Reported | (19%) | 11% | 8% | 9% | 2% | 7% | (4%) | 4% | ||||||
Excluding Exchange | (24%) | 13% | 8% | 10% | (1%) | 7% | (6%) | 3% | ||||||
Other, Net | ||||||||||||||
Interest Income | $13 | $17 | $18 | $35 | $18 | $53 | $22 | $75 | ||||||
Interest Expense | (13) | (5) | (12) | (17) | (4) | (21) | (6) | (28) | ||||||
FX Gains/(Losses) | (1) | 2 | 2 | 4 | (1) | 4 | (2) | 2 | ||||||
Other Income/(Expense)* | (12) | 12 | 8 | 19 | (9) | 11 | (66) | (55) | ||||||
Total - Other, Net | ($13) | $26 | $16 | $41 | $4 | $47 | ($52) | ($6) | ||||||
Effective Tax Rate | 20.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | ||||||
* 4th quarter and year-to-date 2002 includes a pre-tax $150 provision to increase litigation reserves. | ||||||||||||||
Note: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||
Have you visited Schering-Plough's new Investor Relations Web Site? | ||||||||||||||
http://ir.schering-plough.com | ||||||||||||||
Here's some of the information you can find on the Web site: | ||||||||||||||
-- Annual Reports | -- Investor presentations and webcasts | |||||||||||||
-- Press releases | -- Corporate governance information | |||||||||||||
-- SEC filings | -- Various stock price information | Geraldine U. Foster | 908-298-7410 | |||||||||||
-- Investor Publications | ||||||||||||||
* SGP Product Pipeline | Lisa W. DeBerardine | 908-298-7437 | ||||||||||||
* SGP Financial Update | ||||||||||||||
* SGP Investor Financial Review | Janet M. Barth | 908-298-7417 | ||||||||||||
Last Updated on 4/18/03
By Schering Plough