Schering AG Reports Good Results Amid Pfizer Deal

German drug major Schering AG has reported a 1% decline in fourth-quarter revenue to EUR1.26bn (US$1.62bn), although pretax profit increased by 13% to EUR161mn (US$205.79mn). Adjusted for currency appreciation across the entire year, Schering's sales on its 10 leading products rose a strong 8%.

In 2004, overall revenue grew 2.0% to EUR4.91 (US$6.28bn). The company reported a strong gain in world market share for its oral contraceptive Yasmin (drospirenone/ethinyl estradiol), with net sales growing 48.0% to EUR429.0mn (US$548.30mn) last year. Sales of multiple sclerosis treatment Betaferon (interferon beta-1b), the company's leading product, also increased 5% to EUR782mn (US$1bn).

Meanwhile, Scheringh AG has signed an exclusive worldwide licence deal with US drug giant Pfizer for its ADP receptor antagonist programme. The German drugmaker's US affiliate Berlex Inc currently has a portfolio of preclinical oral anti-platelet compounds, which are to target arterial thrombosis and prevent stroke, heart attack and other cardiovascular conditions. Under the deal Schering will be entitled to upfront fees, milestone payments and royalties from Pfizer. However, a first new drug approval under the programme is not expected until 2010.