Schering-Plough enters ‘new period of transformation’

Schering-Plough has entered a “new period in the transformation of the company”, according to its chairman and chief executive officer, Fred Hassan.

The claim comes on the delivery of Schering-Plough’s third quarter results, characterised by a 13 per cent increase in sales compared to the same period in 2005.

If including sales resulting from the collaboration with Merck Sharp & Dohme for its anti-cholesterol treatment, this increase would be 19 per cent, or $3.1 billion (1.65 billion pounds) in total.

Mr Hassan, who was recently named as the president of the International Federation of Pharmaceutical Manufacturers and Associations, said Schering-Plough has been building a product line with both strength and depth – a considerable improvement on where the company was three years ago, when there were “severe challenges”.

Now in the “Build the Base” phase of its transition plan, the Schering-Plough boss remarked: “We will be honing our edge – in people, products and processes. And we will be extending our core – to new patients, new customers, new markets.”

“We will be investing to advance important new treatments in our pipeline through phases II and III. We have built a strong engine. Now we’re going to let it run,” he added.

Recently, Mr Hassan told Reuters that Schering-Plough had once considered merging with Bristol-Myers Squibb, although to no greater extent than any other company.