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 | 3rd Qtr. | 9 Mos. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
Net Sales | 2,074 | 2,338 | 4,411 | 2,041 | 6,452 | 2,556 | 2,833 | 5,389 | 2,421 | 7,810 | 2,370 | 10,180 | (16%) | (17%) | ||
Cost of Sales | 658 | 784 | 1,442 | 652 | 2,094 | 579 | 675 | 1,254 | 644 | 1,898 | 607 | 2,505 | 1% | 10% | ||
Gross Margin | 1,416 | 1,554 | 2,969 | 1,389 | 4,358 | 1,977 | 2,158 | 4,135 | 1,777 | 5,912 | 1,763 | 7,675 | (22%) | (26%) | ||
Total SG&A | 843 | 938 | 1,780 | 873 | 2,653 | 919 | 995 | 1,914 | 870 | 2,784 | 897 | 3,681 | - | (5%) | ||
Research & Development | 344 | 393 | 737 | 401 | 1,139 | 305 | 357 | 662 | 354 | 1,017 | 409 | 1,425 | 13% | 12% | ||
Other, Net* | 13 | (4) | 8 | 391 | 399 | (26) | (16) | (41) | (4) | (47) | 52 | 6 | N/M | N/M | ||
Income/(Loss) before Income Taxes | 216 | 227 | 444 | (276) | 167 | 779 | 822 | 1,600 | 557 | 2,158 | 405 | 2,563 | N/M | (92%) | ||
Income Taxes Expense/(Benefit) | 43 | 45 | 89 | (11) | 77 | 179 | 189 | 368 | 128 | 496 | 92 | 589 | N/M | (84%) | ||
Net Income/(Loss) | 173 | 182 | 355 | (265) | 90 | 600 | 633 | 1,232 | 429 | 1,662 | 313 | 1,974 | N/M | (95%) | ||
Diluted Earnings/(Loss) per Common Share | 0.12 | 0.12 | 0.24 | (0.18) | 0.06 | 0.41 | 0.43 | 0.84 | 0.29 | 1.13 | 0.21 | 1.34 | N/M | (95%) | ||
Avg. Shares Outstanding- Diluted | 1,470 | 1,471 | 1,471 | 1,469 | 1,470 | 1,471 | 1,470 | 1,470 | 1,469 | 1,470 | 1,469 | 1,470 | ||||
Actual Shares Outstanding | 1,469 | 1,469 | 1,469 | 1,469 | 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% | 100.0% | 100.0% | 100.0% | 100.0% | ||||
Cost of Sales | 31.7% | 33.5% | 32.7% | 31.9% | 32.5% | 22.6% | 23.8% | 23.3% | 26.6% | 24.3% | 25.6% | 24.6% | ||||
Gross Margin | 68.3% | 66.5% | 67.3% | 68.1% | 67.5% | 77.4% | 76.2% | 76.7% | 73.4% | 75.7% | 74.4% | 75.4% | ||||
Total SG&A | 40.6% | 40.1% | 40.4% | 42.8% | 41.1% | 35.9% | 35.1% | 35.5% | 35.9% | 35.6% | 37.9% | 36.2% | ||||
Research & Development | 16.6% | 16.8% | 16.7% | 19.7% | 17.6% | 11.9% | 12.6% | 12.3% | 14.6% | 13.0% | 17.2% | 14.0% | ||||
Income/(Loss) Before Income Taxes | 10.4% | 9.7% | 10.1% | (13.5%) | 2.6% | 30.5% | 29.0% | 29.7% | 23.0% | 27.6% | 17.1% | 25.2% | ||||
Income Taxes Expense/(Benefit) | 2.1% | 1.9% | 2.0% | (0.5%) | 1.2% | 7.0% | 6.7% | 6.8% | 5.3% | 6.4% | 3.9% | 5.8% | ||||
Net Income/(Loss) | 8.3% | 7.8% | 8.0% | (13.0%) | 1.4% | 23.5% | 22.3% | 22.9% | 17.7% | 21.3% | 13.2% | 19.4% | ||||
* 3rd quarter and the first nine months of 2003 includes a pre-tax $350 provision to increase litigation reserves. | ||||||||||||||||
4th quarter and Full-year 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 | 3rd Qtr. | 9 Mos. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
U.S.: | 303 | 349 | 652 | 215 | 867 | 411 | 420 | 830 | 472 | 1,302 | 580 | 1,881 | (54%) | (33%) | ||
Intron franchise* | 279 | 302 | 581 | 171 | 752 | 342 | 377 | 719 | 426 | 1,145 | 544 | 1,689 | (60%) | (34%) | ||
Temodar | 26 | 48 | 73 | 47 | 120 | 34 | 47 | 80 | 42 | 122 | 36 | 158 | 11% | (2%) | ||
Other | (2) | (1) | (2) | (3) | (5) | 35 | (4) | 31 | 4 | 35 | - | 34 | N/M | N/M | ||
International: | 477 | 521 | 998 | 506 | 1,505 | 387 | 471 | 858 | 485 | 1,343 | 508 | 1,851 | 4% | 12% | ||
Caelyx | 22 | 26 | 49 | 30 | 78 | 14 | 17 | 31 | 19 | 51 | ** | ** | 56% | 55% | ||
Intron franchise* | 237 | 266 | 503 | 227 | 730 | 215 | 282 | 497 | 277 | 774 | 273 | 1,047 | (18%) | (6%) | ||
Remicade | 114 | 126 | 240 | 142 | 382 | 60 | 76 | 137 | 92 | 228 | 109 | 337 | 54% | 67% | ||
Temodar | 34 | 40 | 73 | 44 | 117 | 25 | 28 | 53 | 34 | 87 | 33 | 120 | 28% | 34% | ||
Other | 70 | 63 | 133 | 63 | 198 | 73 | 68 | 140 | 63 | 203 | 93 | 347 | - | (2%) | ||
Total: | 781 | 870 | 1,650 | 722 | 2,372 | 797 | 891 | 1,688 | 957 | 2,645 | 1,088 | 3,733 | (25%) | (10%) | ||
Caelyx | 22 | 26 | 49 | 30 | 78 | 14 | 17 | 31 | 19 | 51 | ** | ** | 56% | 55% | ||
Intron franchise* | 516 | 569 | 1,084 | 398 | 1,482 | 556 | 659 | 1,216 | 703 | 1,919 | 817 | 2,736 | (43%) | (23%) | ||
Remicade | 114 | 126 | 240 | 142 | 382 | 60 | 76 | 137 | 92 | 228 | 109 | 337 | 54% | 67% | ||
Temodar | 59 | 87 | 146 | 90 | 237 | 59 | 74 | 133 | 76 | 209 | 69 | 278 | 18% | 13% | ||
Other | 70 | 62 | 131 | 62 | 193 | 108 | 65 | 171 | 67 | 238 | 93 | 382 | (7%) | (19%) | ||
* 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 | 3rd Qtr. | 9 Mos | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
U.S: | 213 | 332 | 545 | 231 | 775 | 805 | 899 | 1,703 | 579 | 2,282 | 124 | 2,406 | (60%) | (66%) | ||
Clarinex | 133 | 144 | 277 | 128 | 405 | 70 | 137 | 207 | 132 | 340 | 146 | 485 | (3%) | 19% | ||
Claritin Rx Franchise* | 16 | 13 | 29 | (3) | 26 | 565 | 677 | 1,242 | 303 | 1,545 | (121) | 1,424 | N/M | (98%) | ||
Nasonex | 34 | 115 | 149 | 74 | 223 | 101 | 54 | 155 | 124 | 279 | 80 | 359 | (40%) | (20%) | ||
Proventil | 17 | 42 | 59 | 23 | 82 | 59 | 30 | 89 | 22 | 111 | 17 | 128 | 5% | (26%) | ||
Other | 13 | 18 | 31 | 9 | 39 | 10 | 1 | 10 | (2) | 7 | 2 | 10 | N/M | N/M | ||
International: | 240 | 289 | 530 | 211 | 741 | 209 | 249 | 458 | 226 | 684 | 214 | 898 | (7%) | 8% | ||
Clarinex | 41 | 75 | 116 | 41 | 157 | 14 | 36 | 50 | 32 | 82 | 31 | 112 | 30% | 91% | ||
Claritin Rx Franchise | 93 | 99 | 192 | 72 | 264 | 94 | 115 | 209 | 99 | 308 | 70 | 378 | (28%) | (14%) | ||
Nasonex | 44 | 60 | 105 | 39 | 144 | 37 | 47 | 83 | 36 | 119 | 45 | 164 | 10% | 21% | ||
Other | 62 | 55 | 117 | 59 | 176 | 64 | 51 | 116 | 59 | 175 | 68 | 244 | - | 1% | ||
Total: | 453 | 621 | 1,074 | 442 | 1,516 | 1,014 | 1,147 | 2,161 | 805 | 2,966 | 338 | 3,304 | (45%) | (49%) | ||
Clarinex | 173 | 219 | 392 | 169 | 561 | 85 | 173 | 258 | 164 | 422 | 176 | 598 | 3% | 33% | ||
Claritin Rx Franchise* | 109 | 112 | 221 | 68 | 289 | 659 | 792 | 1,451 | 402 | 1,853 | (51) | 1,802 | (83%) | (84%) | ||
Nasonex | 79 | 175 | 254 | 114 | 368 | 138 | 101 | 238 | 160 | 398 | 125 | 523 | (29%) | (8%) | ||
Proventil | 17 | 42 | 59 | 23 | 82 | 59 | 30 | 89 | 22 | 111 | 17 | 128 | 5% | (26%) | ||
Other | 75 | 73 | 148 | 68 | 216 | 73 | 51 | 125 | 57 | 182 | 71 | 253 | 19% | 19% | ||
* U.S. 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 | 3rd Qtr. | 9 Mos. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
U.S.: | 100 | 149 | 249 | 149 | 398 | 95 | 89 | 184 | 74 | 258 | 78 | 336 | N/M | 54% | ||
Integrilin | 84 | 87 | 171 | 73 | 244 | 62 | 71 | 134 | 72 | 206 | 77 | 283 | 2% | 19% | ||
Other | 16 | 62 | 78 | 76 | 154 | 33 | 18 | 50 | 2 | 52 | 1 | 53 | N/M | N/M | ||
International: | 11 | 18 | 29 | 19 | 48 | 22 | 26 | 48 | 26 | 74 | 24 | 97 | (27%) | (35%) | ||
Integrilin | 5 | 5 | 10 | 6 | 16 | 6 | 6 | 12 | 5 | 17 | 4 | 20 | 21% | (7%) | ||
Other | 6 | 13 | 19 | 13 | 32 | 16 | 20 | 36 | 21 | 57 | 20 | 77 | (38%) | (44%) | ||
Total: | 111 | 167 | 279 | 167 | 446 | 117 | 115 | 232 | 99 | 331 | 102 | 433 | 69% | 35% | ||
Integrilin | 89 | 92 | 181 | 79 | 260 | 68 | 78 | 146 | 77 | 223 | 81 | 304 | 3% | 17% | ||
Other * | 22 | 75 | 98 | 88 | 186 | 49 | 37 | 86 | 22 | 108 | 21 | 129 | N/M | 72% | ||
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | ||||||||||||||||
* Worldwide ZETIA alliance revenue was $43 million in 2003 3rd quarter and $66 million year to date. | ||||||||||||||||
SCHERING-PLOUGH CORPORATION | ||||||||||||||||
DERMATOLOGICALS, OTHER PHARMACEUTICAL, GLOBAL PHARMACEUTICAL | ||||||||||||||||
(Dollars in Millions) | ||||||||||||||||
2003 | 2002 | |||||||||||||||
1st | 2nd | 6 | 3rd | 9 | 4th | 1st | 2nd | 6 | 3rd | 9 | 4th | 3rd Qtr. | 9 Mos. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
U.S. | 18 | 41 | 59 | 23 | 81 | 32 | 20 | 52 | 27 | 79 | 53 | 132 | (15%) | 3% | ||
International | 100 | 103 | 203 | 108 | 311 | 88 | 92 | 180 | 94 | 274 | 104 | 378 | 14% | 13% | ||
Dermatologicals: | 118 | 143 | 262 | 130 | 392 | 120 | 112 | 232 | 121 | 353 | 158 | 511 | 8% | 11% | ||
Other Pharm: | 191 | 126 | 316 | 180 | 496 | 174 | 229 | 403 | 167 | 571 | 236 | 807 | 7% | (13%) | ||
U.S. | 648 | 797 | 1,446 | 599 | 2,045 | 1,337 | 1,441 | 2,778 | 1,156 | 3,934 | 885 | 4,819 | (48%) | (48%) | ||
International | 1,006 | 1,129 | 2,135 | 1,041 | 3,176 | 885 | 1,053 | 1,938 | 993 | 2,932 | 1,037 | 3,969 | 5% | 8% | ||
Global Pharm: | 1,654 | 1,927 | 3,581 | 1,641 | 5,222 | 2,222 | 2,494 | 4,716 | 2,149 | 6,866 | 1,922 | 8,788 | (24%) | (24%) | ||
Notes: International pharmaceutical sales reflect a favorable foreign exchange rate impact of 9% in the 2003 3rd quarter and of 11% year to date. | ||||||||||||||||
Certain prior period amounts have been reclassified to conform to the current year presentation. | ||||||||||||||||
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 | 3rd Qtr. | 9 Mos. | |||
Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | Qtr. | Qtr. | Mos. | Qtr. | Mos. | Qtr. | Year | vs | vs | |
$ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | 3rd Qtr. | 9 Mos. | |
OTC: | 155 | 122 | 276 | 143 | 420 | 39 | 37 | 76 | 39 | 115 | 155 | 269 | N/M | N/M | ||
OTC Claritin | 125 | 88 | 212 | 107 | 319 | 0 | 0 | 0 | 0 | 0 | 105 | 105 | N/M | N/M | ||
Other OTC | 30 | 34 | 64 | 36 | 101 | 39 | 37 | 76 | 39 | 115 | 50 | 164 | (8%) | (12%) | ||
Foot Care: | 58 | 79 | 137 | 75 | 211 | 73 | 79 | 152 | 63 | 214 | 65 | 279 | 19% | (1%) | ||
Sun Care: | 64 | 39 | 104 | 12 | 116 | 72 | 52 | 124 | 8 | 132 | 35 | 167 | 54% | (12%) | ||
Consumer Health Care: | 277 | 240 | 517 | 230 | 747 | 184 | 168 | 352 | 110 | 461 | 255 | 715 | N/M | 62% | ||
U.S. | 45 | 49 | 94 | 57 | 150 | 57 | 49 | 106 | 59 | 165 | 62 | 227 | (5%) | (9%) | ||
International | 98 | 122 | 220 | 113 | 333 | 94 | 122 | 215 | 103 | 318 | 131 | 450 | 10% | 5% | ||
Animal Health: | 143 | 171 | 313 | 170 | 483 | 150 | 171 | 321 | 162 | 483 | 193 | 677 | 5% | - | ||
U.S. | 970 | 1,087 | 2,057 | 886 | 2,943 | 1,577 | 1,659 | 3,236 | 1,324 | 4,560 | 1,201 | 5,761 | (33%) | (35%) | ||
International | 1,103 | 1,251 | 2,355 | 1,155 | 3,509 | 979 | 1,175 | 2,153 | 1,096 | 3,250 | 1,169 | 4,419 | 5% | 8% | ||
Total Consolidated: | 2,074 | 2,338 | 4,411 | 2,041 | 6,452 | 2,556 | 2,833 | 5,389 | 2,421 | 7,810 | 2,370 | 10,180 | (16%) | (17%) | ||
Notes: Certain prior period amounts have been reclassified to conform to the current year presentation. | ||||||||||||||||
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%) | (17%) | (18%) | (16%) | (17%) | 11% | 8% | 9% | 2% | 7% | (4%) | 4% | |||
Excluding Exchange | (24%) | (23%) | (23%) | (20%) | (22%) | 13% | 8% | 10% | (1%) | 7% | (6%) | 3% | |||
Other, Net | |||||||||||||||
Interest Income | $13 | $15 | $28 | $9 | $37 | $17 | $18 | $35 | $18 | $53 | $22 | $75 | |||
Interest Expense | (13) | (12) | (25) | (24) | (49) | (5) | (12) | (17) | (4) | (21) | (6) | (28) | |||
FX Gains/(Losses) | (1) | - | (1) | 1 | (1) | 2 | 2 | 4 | (1) | 4 | (2) | 2 | |||
Other Income/(Expense)* | (12) | 1 | (10) | (377) | (386) | 12 | 8 | 19 | (9) | 11 | (66) | (55) | |||
Total - Other, Net | ($13) | $4 | ($8) | ($391) | ($399) | $26 | $16 | $41 | $4 | $47 | ($52) | ($6) | |||
Effective Tax Rate | 20.0% | 20.0% | 20.0% | ** | ** | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | 23.0% | |||
* 3rd quarter and the first nine months of 2003 includes a pre-tax $350 provision to increase litigation reserves. | |||||||||||||||
4th quarter and Full-year 2002 includes a pre-tax $150 provision to increase litigation reserves. | |||||||||||||||
** In the third quarter of 2003, the company reduced its estimate of the 2003 annual effective tax rate to 15% from 20% on income excluding the non-tax | |||||||||||||||
deductible provision to increase litigation reserves. | |||||||||||||||
Note: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage. | |||||||||||||||
Geraldine U. Foster | 908-298-7410 | ||||||||||||||
Lisa W. DeBerardine | 908-298-7437 | ||||||||||||||
Last Updated on 10/21/2003
By Schering-Plough