Jul 23, 2008 ( Shah's finance Datamonitor via COMTEX) -- SGP Quote Chart News PowerRating -- Schering-Plough has posted a net income of $398 million for the second quarter of 2008, compared with $517 million for the same quarter in 2007.
The company attributed the lower second quarter earnings to the acquisition of biotech group Organon BioSciences.
The company posted net sales of $4.9 billion in the second quarter of 2008, up 55%, compared to $3.18 billion in the second quarter of 2007.
Fred Hassan, chairman and CEO of Schering-Plough, said: "We are very pleased to see another quarter of strong performance and broad-based growth for our company. Through the action agenda we launched in 2003, we were determined to diversify our company and to build a deep Phase III pipeline.
"Today, we are succeeding on both fronts. Our Phase III pipeline is now the strongest in our company's history, and the $16 billion acquisition of Organon BioSciences in November 2007 has already met its accretion target for 2008."
Shah downgraded the company's share sell saying technically in weekly frame chart price recovered from down and met the value line and ready to fall again. He wrote also all the indicators in both type of charts daily frame and weekly frame are negative and intends to move down more. He made his Target price at $ 18.00.
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