SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
Date of Report (Date of earliest event reported) June 28, 1995
Schering-Plough Corporation
(Exact name of registrant as specified in its charter)
New Jersey 1-6571 22-1918501
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
One Giralda Farms, Madison, N.J. 07940
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 201-822-7000
Item 5. Other events
On June 28, 1995, the Company completed the sale of its worldwide
contact lens business. The Company will account for the
divestiture of the contact lens business as discontinued
operations. In connection therewith, the Company recorded a
loss on disposal of approximately $156 million after tax.
Further information regarding the transaction is contained in a
June 29, 1995 press release issued by the Company. The press
release is filed as an exhibit to this report and is hereby
incorporated herein by reference.
Income statements for the first quarter of 1995, the four
quarters of 1994 and the years ended December 31, 1994 and 1993,
restated to report the contact lens business as discontinued
operations, are on the following pages.
SCHERING-PLOUGH CORPORATI ON AND SUBSIDIARIES
1995 FIRST QUARTER STATEMENT OF CONSOLIDATED INCOME
(RESTATED AND UNAUDITED)
(Dollars in millions, except per share figures)
Sales....................................... $1,224.2
Costs and expenses:
Cost of sales.............................. 235.8
Selling, general and administrative........ 455.8
Research and development................... 147.2
Other expense, net................. . . . . 8.0
846.8
Income before income taxes................... 377.4
Income taxes................................. 92.5
Income from continuing operations........... 284.9
Loss from discontinued operations............ (6.3)
Net income................................... $ 278.6
<FN>
Earnings per common share:*
Continuing operations....................... $1.53
Discontinued operations..................... (.03)
Total........................................ $1.50
* Presented on a pre-stock split basis.
Earnings per common share:**
Continuing operations....................... $ .77
Discontinued operations..................... (.02)
Total........................................ $ .75
** Restated for 2-for-1 stock split declared April 4, 1995,
distributed June 9, 1995.
</FN>
SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES
1994 QUARTERLY STATEMENTS OF CONSOLIDATED INCOME
(RESTATED AND UNAUDITED)
(Dollars in millions, except per share figures)
First Second Third Fourth Year
Sales....................$1,132.9 $1,149.0 $1,095.2 $1,159.5 $4,536.6
Costs and expenses:
Cost of sales........... 233.2 227.4 206.3 239.9 906.8
Selling, general and
administrative......... 426.1 447.1 429.0 453.3 1,755.5
Research and
development............ 139.6 149.5 158.0 163.0 610.1
Other (income) expense,
net.................... (3.7) 15.7 2.3 23.2 37.5
795.2 839.7 795.6 879.4 3,309.9
Income before income
taxes................... 337.7 309.3 299.6 280.1 1,226.7
Income taxes............. 82.7 75.8 73.4 68.6 300.5
Income from continuing
operations.............. 255.0 233.5 226.2 211.5 926.2
Income (loss) from
discontinued operations. (1.8) 7.2 (1.9) (7.7) (4.2)
Net income...............$ 253.2 $ 240.7 $ 224.3 $ 203.8 $ 922.0
<FN>
Earnings per common share:*
Continuing operations... $1.32 $1.21 $1.18 $1.13 $4.84
Discontinued operations. (.01) .04 (.01) (.04) (.02)
Total.................... $1.31 $1.25 $1.17 $1.09 $4.82
* Presented on a pre-stock split basis.
Earnings per common share:**
Continuing operations... $ .66 $ .61 $ .59 $ .56 $2.42
Discontinued operations. (.01) .02 - (.02) (.01)
Total.................... $ .65 $ .63 $ .59 $ .54 $2.41
** Restated for 2-for-1 stock split declared April 4, 1995, distributed
June 9, 1995.
</FN>
SCHERING-PLOUGH CORPORATI ON AND SUBSIDIARIES
1993 STATEMENT OF CONSOLI DATED INCOME
(RESTATED AND UNAUDITED)
(Dollars in millions, except per share figures)
Sales....................................... $4,229.1
Costs and expenses:
Cost of sales.............................. 862.4
Selling, general and administrative........ 1,698.5
Research and development................... 567.3
Other expense, net......................... 27.8
3,156.0
Income before income taxes................... 1,073.1
Income taxes................................. 257.5
Income from continuing operations........... 815.6
Income from discontinued operations ......... 9.4
Income before cumulative effect of
accounting change........................... 825.0
Cumulative effect of accounting change....... (94.2)
Net income................................... $ 730.8
<FN>
Earnings per common share:*
Continuing operations....................... $ 4.18
Discontinued operations..................... .05
Cumulative effect of accounting change...... (.48)
Total........................................ $ 3.75
* Presented on a pre-stock split basis.
Earnings per common share:**
Continuing operations....................... $ 2.09
Discontinued operations..................... .02
Cumulative effect of accounting change...... (.24)
Total........................................ $ 1.87
** Restated for 2-for-1 stock split declared April 4, 1995,
distributed June 9, 1995.
</FN>
Item 7. Financial Statements and Exhibits
Exhibit 99 - Copy of the Company's June 29, 1995 press release.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
Schering-Plough Corporation
(Registrant)
Date June 30, 1995 By/s/ Thomas H. Kelly
Thomas H. Kelly
Vice President
and Controller