EX-99.2 4 test8_new.htm Exhibit 99.2

Exhibit 99.2

Schering-Plough Corporation
Statements of Consolidated Income
(Dollars in Millions, except EPS)
     
     
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
Net Sales 2,556 2,833 5,389 2,421 7,810 2,370 10,180 2,306 2,618 4,924 2,377 7,301 2,461 9,762 (4%) 4%
                                 
Cost of Sales 579 675 1,254 644 1,898 607 2,505 470 535 1,005 486 1,490 588 2,078 3% 21%
Gross Margin 1,977 2,158 4,135 1,777 5,912 1,763 7,675 1,836 2,083 3,919 1,891 5,811 1,873 7,684 (6%) 0%
                                 
Total SG&A 919 995 1,914 870 2,784 897 3,681 839 955 1,794 830 2,624 820 3,444 10% 7%
Research & Development 305 357 662 354 1,017 409 1,425 289 334 624 310 934 378 1,312 8% 9%
Other, Net* (26) (16) (41) (4) (47) (98) (144) (25) (29) (55) (30) (84) 489 405 N/M N/M
Income before Income Taxes 779 822 1,600 557 2,158 555 2,713 733 823 1,556 781 2,337 186 2,523 N/M 8%
                                 
Income Taxes 179 189 368 128 496 127 624 169 189 358 180 537 43 580 N/M 8%
Net Income 600 633 1,232 429 1,662 428 2,089 564 634 1,198 601 1,800 143 1,943 N/M 8%
                                 
                                 
Diluted Earnings per Common Share 0.41 0.43 0.84 0.29 1.13 0.29 1.42 0.38 0.43 0.81 0.41 1.22 0.10 1.32 N/M 8%
                                 
                                 
Avg. Shares Outstanding- Diluted 1,471 1,470 1,470 1,469 1,470 1,469 1,470 1,472 1,470 1,471 1,470 1,470 1,470 1,470    
Actual Shares Outstanding 1,466 1,466 1,466 1,467 1,467 1,468 1,468 1,463 1,463 1,463 1,464 1,464 1,465 1,465    
                                 
                                 
                                 
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% 100.0% 100.0%    
                                 
Cost of Sales 22.6% 23.8% 23.3% 26.6% 24.3% 25.6% 24.6% 20.4% 20.4% 20.4% 20.4% 20.4% 23.9% 21.3%    
                                 
Gross Margin 77.4% 76.2% 76.7% 73.4% 75.7% 74.4% 75.4% 79.6% 79.6% 79.6% 79.6% 79.6% 76.1% 78.7%    
                                 
Total SG&A 35.9% 35.1% 35.5% 35.9% 35.6% 37.9% 36.2% 36.4% 36.5% 36.4% 34.9% 35.9% 33.3% 35.3%    
                                 
Research & Development 11.9% 12.6% 12.3% 14.6% 13.0% 17.2% 14.0% 12.5% 12.8% 12.7% 13.1% 12.8% 15.4% 13.4%    
                                 
Income Before Income Taxes 30.5% 29.0% 29.7% 23.0% 27.6% 23.4% 26.7% 31.8% 31.4% 31.6% 32.8% 32.0% 7.6% 25.8%    
                                 
Income Taxes 7.0% 6.7% 6.8% 5.3% 6.4% 5.4% 6.1% 7.3% 7.2% 7.3% 7.6% 7.4% 1.7% 5.9%    
                                 
Net Income 23.5% 22.3% 22.9% 17.7% 21.3% 18.0% 20.5% 24.5% 24.2% 24.3% 25.3% 24.6% 5.8% 19.9%    
                                 
                                 
* 4th quarter and year-to-date 2001 includes a $500 million provision for a consent decree payment.
                                 
Notes: Certain amounts in prior periods have been reclassified from Selling, General and Administrative expenses to Net Sales to comply with EITF No. 00-25, "Vendor Income
Statement Characterization of Consideration Paid to a Reseller of the Vendor's Products."
                                 
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)  
     
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
U.S: 805 899 1,703 579 2,282 124 2,406 719 1,006 1,725 937 2,662 725 3,387 (83%) (29%)
                                 
Clarinex 70 137 207 132 340 146 485 0 0 0 0 0 0 0 N/M N/M
                                 
Claritin Rx ** 392 479 871 243 1,114 (128) 986 504 514 1,018 432 1,449 499 1,948 N/M (49%)
Claritin D Rx ** 173 198 371 60 431 7 438 106 268 375 297 671 96 768 (93%) (43%)
Total Claritin Family Rx ** 565 677 1,242 303 1,545 (121) 1,424 610 782 1,393 728 2,121 595 2,716 N/M (48%)
                                 
Nasonex 101 54 155 124 279 80 359 63 145 208 107 316 75 391 7% (8%)
                                 
Proventil 59 30 89 22 111 17 128 40 66 106 88 194 36 230 (52%) (44%)
                                 
Other 10 1 10 (2) 7 2 10 6 13 18 14 31 19 50 (89%) (80%)
                                 
International: 209 249 458 226 684 214 898 208 239 447 184 631 199 830 8% 8%
                                 
Clarinex * 14 36 50 32 82 31 112 * * * * * * * N/M N/M
                                 
Claritin Rx 64 90 154 77 231 42 274 79 119 198 77 275 61 336 (31%) (19%)
Claritin D Rx 30 25 55 22 77 28 104 28 24 52 23 75 32 107 (14%) (2%)
Total Claritin Family Rx 94 115 209 99 308 70 378 108 143 250 99 350 93 443 (25%) (15%)
                                 
Nasonex 37 47 83 36 119 45 164 29 37 66 29 95 39 134 17% 23%
                                 
Other 64 51 116 59 175 68 244 71 59 131 56 186 67 253 1% (4%)
                                 
Total: 1,014 1,147 2,161 805 2,966 338 3,304 927 1,244 2,171 1,121 3,293 924 4,217 (63%) (22%)
                                 
Clarinex * 85 173 258 164 422 176 598 * * * * * * * N/M N/M
                                 
Claritin Rx ** 456 568 1,025 321 1,346 (85) 1,260 583 633 1,216 508 1,725 560 2,285 N/M (45%)
Claritin D Rx ** 203 223 426 82 508 35 542 135 292 427 319 746 128 875 (73%) (38%)
Total Claritin Family Rx ** 659 792 1,451 402 1,853 (51) 1,802 718 925 1,643 828 2,471 688 3,159 N/M (43%)
                                 
Nasonex 138 101 238 160 398 125 523 92 183 274 136 411 114 524 10% -
                                 
Proventil 59 30 89 22 111 17 128 40 66 106 88 194 36 230 (52%) (44%)
                                 
Other 73 51 125 57 182 71 253 77 70 148 69 217 86 304 (17%) (17%)
                                 
                                 
* International sales of CLARINEX were included in CLARITIN sales in 2001.
** Claritin OTC 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  
ANTI-INFECTIVE/ANTICANCER PRODUCT SALES  
(Dollars in Millions)  
   
   
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
U.S.: 411 420 830 472 1,302 580 1,881 251 194 445 177 622 334 956 74% 97%
                                 
Intron franchise* 342 377 719 426 1,145 544 1,689 187 147 334 129 463 287 750 90% N/M
                                 
Temodar 34 47 80 42 122 36 158 26 26 51 23 75 24 99 51% 60%
                                 
Other 35 (4) 31 4 35 - 34 38 21 60 25 84 23 107 N/M (68%)
                                 
International: 387 471 858 485 1,343 508 1,851 274 316 590 319 909 409 1,317 24% 41%
                                 
Intron franchise* 215 282 497 277 774 273 1,047 139 169 307 172 479 218 697 26% 50%
                                 
Remicade 60 76 137 92 228 109 337 27 36 63 42 105 61 166 78% N/M
                                 
Temodar 25 28 53 34 87 33 120 17 18 35 21 57 25 82 33% 47%
                                 
Other 87 85 171 82 254 93 347 91 93 185 84 268 105 372 (11%) (7%)
                                 
Total: 797 891 1,688 957 2,645 1,088 3,733 525 510 1,035 496 1,531 742 2,273 47% 64%
                                 
Intron franchise* 556 659 1,216 703 1,919 817 2,736 326 315 641 301 942 504 1,447 62% 89%
                                 
Remicade 60 76 137 92 228 109 337 27 36 63 42 105 61 166 78% N/M
                                 
Temodar 59 74 133 76 209 69 278 43 44 87 45 132 49 180 42% 54%
                                 
Other 122 82 202 86 289 93 382 129 115 244 108 352 128 480 (27%) (20%)
                                 
                                 
                                 
* The INTRON franchise consists of INTRON A, PEG-INTRON (monotherapy and in combination with REBETOL), and REBETRON Combination Therapy.
                                 
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)  
   
   
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
U.S.: 95 89 184 74 258 78 336 142 109 251 133 384 134 519 (42%) (35%)
                                 
Integrilin 62 71 134 72 206 77 283 34 61 95 53 148 60 208 28% 36%
                                 
K-Dur 19 5 24 (2) 21 (7) 14 74 19 92 59 151 62 213 N/M (93%)
                                 
Nitro-Dur 10 6 16 1 17 7 24 12 13 25 12 37 8 45 (18%) (47%)
                                 
Other 4 7 10 3 14 1 15 22 16 39 9 48 4 53 (75%) (72%)
                                 
International: 22 26 48 26 74 24 97 22 25 46 27 73 32 105 (26%) (7%)
                                 
Integrilin 6 6 12 5 17 4 20 4 6 10 6 16 7 23 (46%) (10%)
                                 
K-Dur - 1 1 1 2 1 2 1 1 1 - 2 - 2 40% (2%)
                                 
Nitro-Dur 13 16 29 16 45 17 62 14 16 31 18 49 20 69 (17%) (10%)
                                 
Other 3 3 6 4 10 2 13 3 2 4 3 6 5 11 (60%) 18%
                                 
Total: 117 115 232 99 331 102 433 164 134 297 160 457 166 623 (39%) (30%)
                                 
Integrilin 68 78 146 77 223 81 304 38 67 105 59 164 67 231 21% 32%
                                 
K-Dur 20 5 25 (2) 23 (7) 16 74 19 94 59 153 63 216 N/M (92%)
                                 
Nitro-Dur 23 22 45 17 62 23 85 26 29 55 30 85 28 113 (18%) (25%)
                                 
Other 6 10 16 7 23 5 28 26 19 43 12 55 8 63 (38%) (56%)
                                 
                                 
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.
                                 
SCHERING-PLOUGH CORPORATION  
DERMATOLOGICALS, OTHER PHARMACEUTICAL, TOTAL PHARMACEUTICAL  
(Dollars in Millions)  
             
   
   
   
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
                                 
U.S. 32 20 52 27 79 53 132 52 82 133 57 190 23 214 N/M (38%)
International 88 92 180 94 274 104 378 90 95 185 93 278 102 380 2% -
                                 
Dermatologicals: 120 112 232 121 353 158 511 142 176 318 150 468 126 593 26% (14%)
                                 
                                 
                                 
Other Pharm: 159 209 368 158 526 239 764 190 163 354 150 502 153 656 56% 16%
                                 
                                 
U.S. 1,337 1,441 2,778 1,156 3,934 885 4,819 1,166 1,394 2,560 1,294 3,854 1,222 5,076 (28%) (5%)
International 870 1,033 1,903 984 2,887 1,040 3,926 782 833 1,615 783 2,397 889 3,286 17% 19%
                                 
Total Pharm: 2,207 2,474 4,681 2,140 6,821 1,925 8,745 1,948 2,227 4,175 2,077 6,251 2,111 8,362 (9%) 5%
                                 
                                 
                                 
Notes: Excluding exchange, international pharmaceutical sales increased 11 percent for the fourth quarter and 17 percent for the full year of 2002.
                                 
                                 
Certain amounts in prior periods have been reclassified from Selling, General and Administrative expenses to Net Sales to comply with EITF No. 00-25, "Vendor
Income Statement Characterization of Consideration Paid to a Reseller of the Vendor's Products."
                                 
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)
             
   
   
   
        2002             2001          
  1st 2nd 6 3rd 9 4th   1st 2nd 6 3rd 9 4th   4th Qtr. 12 Mos.
  Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year Qtr. Qtr. Mos. Qtr. Mos. Qtr. Year vs vs
  $ $ $ $ $ $ $ $ $ $ $ $ $ $ 4th Qtr. 12 Mos.
                                 
                                 
U.S. 57 49 106 59 165 62 227 54 58 112 60 172 78 250 (21%) (9%)
International 94 122 215 103 318 131 450 99 112 212 110 321 123 444 7% 1%
                                 
Animal Health: 150 171 321 162 483 193 677 153 170 323 169 493 201 694 (4%) (2%)
                                 
Foot Care: 76 83 160 65 225 66 290 76 93 169 77 246 64 310 2% (6%)
                                 
OTC: 41 39 79 40 119 155 275 53 40 93 42 135 53 188 N/M 46%
                                 
OTC Claritin 0 0 0 0 0 105 105 0 0 0 0 0 0 0 N/M N/M
                                 
Other OTC 41 39 79 40 119 50 170 53 40 93 42 135 53 188 (6%) (10%)
                                 
Sun Care: 82 66 148 14 162 31 193 76 88 164 12 176 32 208 - (7%)
                                 
                                 
U.S. 1,577 1,659 3,236 1,324 4,560 1,201 5,761 1,411 1,648 3,059 1,472 4,531 1,442 5,973 (17%) (4%)
International 979 1,175 2,153 1,096 3,250 1,169 4,419 895 970 1,865 905 2,770 1,019 3,789 15% 17%
                                 
Total Consolidated: 2,556 2,833 5,389 2,421 7,810 2,370 10,180 2,306 2,618 4,924 2,377 7,301 2,461 9,762 (4%) 4%
                                 
                                 
                                 
Notes: Excluding exchange, consolidated sales decreased 6 percent for the fourth quarter and increased 3 percent for the full year of 2002.
                                 
Certain amounts in prior periods have been reclassified from Selling, General and Administrative expenses to Net Sales to comply with EITF No. 00-25, "Vendor Income
Statement Characterization of Consideration Paid to a Reseller of the Vendor's Products."
                                 
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.
                               
MISCELLANEOUS DATA
(Dollars in Millions)
 
        2002             2001      
  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 11% 8% 9% 2% 7% (4%) 4% (3%) - % (1%) - % (1%) 2% - %
Excluding Exchange 13% 8% 10% (1%) 7% (6%) 3% (1%) (3%) 1% 2% 1% 3% 2%
                             
Other, Net                            
Interest Income $17 $18 $35 $18 $53 $22 $75 $38 $32 $70 $29 $99 $22 $121
Interest Expense (5) (12) (17) (4) (21) (6) (28) (11) (12) (22) (8) (30) (10) (40)
FX Gains/(Losses) 2 2 4 (1) 4 (2) 2 (6) 2 (4) (3) (7) 4 (4)
Other Income/(Expense)* 12 8 19 (9) 11 84 95 4 7 11 12 22 (505) (482)
                             
Total - Other, Net $26 $16 $41 $4 $47 $98 $144 $25 $29 $55 $30 $84 ($489) ($405)
                             
                             
Effective Tax Rate 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0% 23.0%
                             
* 4th quarter and year-to-date 2001 includes a $500 million provision for the consent decree payments.
                             
                             
                             
Notes: Certain amounts in prior periods have been reclassified from Selling, General and Administrative expenses to Net Sales to comply with EITF No. 00-25,
"Vendor Income Statement Characterization of Consideration Paid to a Reseller of the Vendor's Products."
                             
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.
                             
                             
4th Quarter 2002   12 Mos. 2002    
Actual Shares Outstanding   Actual Shares Outstanding   4th Quarter Highlights
                             
                             
As of 9/30/02 1,466,514,892   As of 12/31/01 1,465,399,110   - ZETIA approved in U.S. and Germany for
                    cholesterol reduction
Shares Issued       Shares Issued       - Prescription-strength CLARITIN approved in
Employee Stock Programs 1,568,757   Employee Stock Programs 2,684,539   U.S. for OTC sales
                    - Sold U.S. rights for SUBOXONE and SUBUTEX
Shares Repurchased 0   Shares Repurchased 0   back to Reckitt Benckiser
                    - Settled royalty dispute with Biogen regarding
As of 12/31/02 1,468,083,649   As of 12/31/02 1,468,083,649   inteferon products
                    - Gained U.S. marketing rights to FORADIL
                    AEROLIZER for respiratory disease from
                    Novartis
                             
                             
                    Geraldine U. Foster 908-298-7410
                             
                    Lisa W. DeBerardine 908-298-7437
                             
                    Janet M. Barth 908-298-7417
                             

Last Updated on 1/22/03
By Schering-Plough