Exchange rate changes had a 13% negative impact on second-quarter financial results in German pharmaceutical company Schering’s diagnostics business unit. Excluding currency effects, revenues in the unit would have edged up 2% for the period (end-June 30).
For the quarter, Schering’s diagnostics business unit turned in revenues of 319 million euros ($362.9 million U.S.), down 11% from the 357 million euros ($406.1 million) in the same period in 2002. The company’s x-ray contrast business contributed the most to revenues, producing sales of 145 million euros ($165 million), down 15% compared with sales of 171 million euros ($194.5 million) in the second quarter of 2002 (currency effects accounted for 10% of the decline).
MRI contrast sales totaled 80 million euros ($91 million) in the period, down 3% compared with 83 million euros ($94.4 million) in the same period a year ago. The unit would have posted an increase of 10% were it not for currency effects, which trimmed 13% from sales.
Radiopharmaceuticals contributed 34 million euros ($38.7 million) in sales, down 10% compared with 37 million euros ($42.1 million) in revenues in the same period of 2002. Total sales fell 6% in the unit, while currency effects trimmed another 4% from revenues.
Contrast media application technologies recorded revenue of 58 million euros ($66 million) in the second quarter, down 9% compared with 64 million euros ($72.8 million) in the same period the year before. Sales volume in the unit actually grew 11% in the period, but currency effects cut revenue by 20%.
By AuntMinnie.com staff writersAugust 8, 2003
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Schering sales, earnings climb, February 5, 2002
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