Schering Lowers Estimates; Stock Falls
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PHARMACEUTICALS
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Schering-Plough Corp. cut profit estimates, saying wholesalers are slashing orders for its top-selling allergy treatment Claritin so they can unload supplies before cheaper versions are introduced.
The drug maker’s shares fell for a sixth day, extending a 28% drop since it lost a court bid in August to stop generic competitors for Claritin. The pill, which had sales of $3.16 billion last year, may face cheaper rivals in December.
Third-quarter profit declined to between 28 cents and 29 cents a share from 41 cents in the year-earlier period, Schering-Plough said. Analysts had expected earnings of 35 cents. The company forecast profit of $1 to $1.15 a share for next year, compared with estimates of $1.42.
Schering-Plough fell 34 cents to $17.30 on the NYSE.
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