First-quarter earnings rose sharply on higher sales, particularly the Zetia and Vytorin cholesterol pills. Profit hit $543 million, or 36 cents, up from $350 million, or 24 cents, a year ago. Excluding special items, earnings were 42 cents, compared an average of 29 cents that analysts expected.

Sales totaled $3 billion, up 17 percent. The cholesterol joint venture sales were $1.2 billion, a 48 percent increase compared to $778 a year earlier. The joint venture with Merck isn’t included. Says ceo Fred Hassan: “Schering-Plough has now delivered 10 consecutive quarters of double-digit adjusted sales growth on a year-over-year basis/”

Last month, the drugmaker agreed to buy Organon BioSciences $14.4 billion to bolster its pipeline and expand into women’s health. The deal should close later this year.

Says Tim Anderson of Prudential Equity: “The ‘whisper’ was that Schering-Plough could beat by a significant margin, and they did. Other drug companies have also beat (forecasts), thus far this quarter, and those that have yet to report will probably beat as well.”

Updates will be provided.

Reuters
Schering-Plough statement.
[tags]Schering-Plough[/tags]