Record results for Schering
Schering, Germany, has announced record results for the first nine months of 2005, achieving net sales growth of 8% after adjustment for structure effects, and a total net sales increase of 7% to Euro 3.902m.
Schering, Germany, has announced record results for the first nine months of 2005, achieving net sales growth of 8% after adjustment for structure effects, and a total net sales increase of 7% to Euro 3.902m.
The group achieved an 18% increase in operating profit, which reached €710m, and a net profit increase of 25% to €480m on the same period in 2004. Earnings per share rose by 26% to €2.53.
'Our net sales growth outperforms market growth,' said Dr. Hubertus Erlen, chairman of the Executive Board. 'Based on these results we are raising our profitability goal and now expect the operating margin for the fiscal year 2005 to be above 17%. This means that we will come close to our set profitability goal of 18% for 2006 within 2005.'
Net sales of birth control pill Yasmin increased by 34% in comparison to 2004, taking its earnings to [euroe]421m for the first nine months of 2005, €165m of which came solely in the third quarter.
R&d costs rose by 4% to €707m, representing a spend of €248m and a 2% increase in the third quarter alone.
Dr Jorg Spiekerkotter, a member of the Executive Board responsible for finance put the results down to 'the ongoing successful implementation of our FOCUS Initiative'.
The company also announced the transfer of €450 m to the Schering Pension Trust (Schering Altersversorgung Treuhand), reducing recognised pension liabilities accordingly.