Schering-Plough

Health care and pharmaceuticals company.

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Headquarters: 2000 Galloping Hill Rd.
Kenilworth, NJ 07033
Employees: 51,000
CEO: Fred Hassan
Stock Symbol: SGP

Website: http://www.schering-plough.com

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Schering-Plough is a global health care and research company with leading prescription, consumer and animal health products. The company has products that treat: allergy and respiratory problems; animal health; anti-infectives; arthritis; cancer therapies; cholesterol; erectile dysfunction; foot care; hepatitis; and skin disorders.

The company's best selling products include: VYTORIN, ZETIA, REMICADE and NASONEX.

In March, Merck said it agreed to acquire Schering-Plough in a $41 billion stock and cash deal. The two companies combined will employ over 107,000 people worldwide and 15% of the workforce will likely be eliminated to reduce costs. The new company will retain the Merck name and Merck CEO Richard Clark will be the combined company's CEO and Chairman.

The Schering-Plough Research Institute has labs in NJ, California and Italy for pharmacutical research. In 2008, Schering-Plough invested more than $3.5 billion in research and development. Research targets at SPRI include allergic and inflammatory disorders, infectious diseases, oncology, cardiovascular disease and central nervous system disorders.

For 2008, the company reported total revenues of $18.5 billion and net income of $1.79 billion.

Schering-Plough said it had 46 drugs under regulatory review or entering clinical trials at the end of 2008.

History

First established in the late 1800s as the U.S. subsidiary of Schering AG, a German-based pharmaceutical and chemical company, Schering Corporation was incorporated in New York City in 1928, and in New Jersey in 1935. Schering Corporation's first offering consisted of a modest but promising line of pharmaceutical products to U.S. consumers, which led to steady growth and a rapid expansion of facilities.

The 1940s proved to be a key decade in the history of the company, as it evolved from a European-based company with U.S. operations into a truly American enterprise.

For Schering, the 1950s and 1960s were characterized by continued growth, attributable to research and development and acquisition activities. Schering Corporation grew to become a global research-based pharmaceutical firm, and in 1971, merged with Plough Inc., a worldwide manufacturer of consumer products, to create Schering-Plough Corporation. The merger proved successful, as only a decade later the company's sales had grown fourfold.

During the 1980s and 1990s, Schering-Plough refined its focus on four key therapeutic areas and continued to excel at innovative approaches to treating disease. New research technologies acquired during this time quickly became important tools in Schering-Plough's research program, enabling the company to achieve important pharmaceutical advances and significant breakthroughs in antihistamines, corticosteroids, antibiotics, anti-infectives and antiviral products. Over the years, Schering-Plough also has divested and acquired businesses and entered into alliances to strengthen its worldwide competitiveness.ationalized by the U.S. government during World Wars I and II, and in 1952 the company passed into the private sector.

In 2007, Schering-Plough acquired Organon BioSciences for $14.5 billion.

Benefits

Schering-Plough is known for providing family-friendly benefits including:

- Company-subsidized group medical, dental, life and disability insurance, and retirement programs
- 401K and IRA savings plans
- Profit-sharing
- Long-term care insurance
- Child care centers at Union, N.J., and Memphis, Tenn., and discounts for child care;
- Adoption Assistance covering reimbursement of up to $5,000 per adoption;
- Enhanced family leave providing up to 28 weeks of job-guaranteed time off for mothers and up to 16 weeks for fathers;
- Lactation programs for breastfeeding mothers;
- Resource and referral services for dependent care, adoption, parenting, child care and school counseling;
- Flexible work arrangements, including flextime, telecommuting and part-time work at many company locations;
- On-site convenience services at many company locations, including banking, take-home meals, dry cleaning, hair/nail care and company store;
- Scholarships and summer jobs for children of employees;
- On-site medical services, medical screening (some for spouses), immunizations and wellness lectures by full-time physicians and nurses

Updated July 7, 2009