KENILWORTH, N.J., Dec. 27 /PRNewswire-FirstCall/ -- Schering-Plough Corporation will provide a live audio webcast of an informal presentation by Fred Hassan, chairman and chief executive officer, followed by a question-and-answer session, at the Morgan Stanley Pharmaceutical CEOs Unplugged Conference on Jan. 3, 2008, at approximately 8:45 a.m. (ET). Morgan Stanley hosts will moderate the informal "unplugged" presentation.
Included in Mr. Hassan's comments will be Schering-Plough's strategic evolution and the acquisition of Organon BioSciences N.V. (OBS). During the conference he may confirm that the company is still targeting the same accretion and synergy targets mentioned when the OBS acquisition was announced March 12, 2007, specifically that the transaction is anticipated to be accretive to Schering-Plough's earnings per share by about 10 cents in the first full year, excluding purchase-accounting adjustments and acquisition- related costs; and Schering-Plough expects to achieve annual synergies of $500 million. It is expected to take three years from the closing to reach this level of synergies.
Hassan may also reaffirm the following items as disclosed in previous Securities and Exchange Commission filings:
-- Schering-Plough anticipates that sales from VYTORIN and ZETIA will continue to grow in the fourth quarter of 2007 and in 2008; -- Schering-Plough is confident in its key products; however, these products face growing competition. Schering-Plough will invest in its key brands to sustain their leadership position; -- As Schering-Plough's pipeline continues to progress, it expects that the number of patients in clinical trials will continue to increase, especially with new Phase III trials for the thrombin receptor antagonist, vicriviroc and recently in-licensed products. As a result, Schering-Plough expects research and development expenses on a stand- alone basis, excluding any upfront payments, to continue to grow faster than adjusted net sales in the fourth quarter of 2007. Research and development expenses will continue to grow in 2008. Adjusted net sales is defined as net sales plus an assumed 50 percent of global cholesterol joint venture net sales.
A live audio webcast of the presentation will be available by going to the Investor Relations section of the Schering-Plough corporate Web site, http://www.schering-plough.com/, and clicking on the "Presentations/Webcasts" link. A replay of the webcast will be available later that day.
Schering-Plough is an innovation-driven, science-centered global health care company. Through its own biopharmaceutical research and collaborations with partners, Schering-Plough creates therapies that help save and improve lives around the world. The company applies its research-and-development platform to human prescription and consumer products as well as to animal health products. In November 2007, Schering-Plough acquired Organon BioSciences, with its Organon human health and Intervet animal health businesses, marking a pivotal step in the company's ongoing transformation. Schering-Plough's vision is to "Earn Trust, Every Day" with the doctors, patients, customers and other stakeholders served by its approximately 50,000 people around the world. The company is based in Kenilworth, N.J., and its Web site is http://www.schering-plough.com/.
