tag:blogger.com,1999:blog-4241416962008169508.post6858344891684206457..comments2024-03-27T21:03:58.972-04:00Comments on Just A Life Sciences Blog...: What Is "The Truth" About Schering-Plough's Animal Health Businesses?Unknownnoreply@blogger.comBlogger4125tag:blogger.com,1999:blog-4241416962008169508.post-89423117749087388622009-07-27T18:17:23.089-04:002009-07-27T18:17:23.089-04:00Nah. It was pretty boring. Despite advance rumors ...Nah. It was pretty boring. Despite advance rumors to the contrary, he had no news about animal health, and he had been well coached enough to avoid giving his opinion or speculatingAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-4241416962008169508.post-87643597434164247032009-07-27T17:26:32.194-04:002009-07-27T17:26:32.194-04:00Yep -- and thanks, that's essentially what Fre...Yep -- and thanks, that's essentially what Fred, Bob, Carrie and Tom said on the Q2 webcast.<br /><br />My reaction? <br /><br />"<i><a href="http://shearlingsplowed.blogspot.com/2009/07/additional-thoughts-non-gaap-eps.html" rel="nofollow">There be many, many <b>wild unicorns</b> in yonder forest</a></i>!"<br /><br />Thanks -- do stop back -- so, you were in the room when Raul Kohan spoke? Do tell! I mean. . . is there anything else we'd like to know, from that meeting?<br /><br />NamasteCondorhttp://shearlingsplowed.blogspot.comnoreply@blogger.comtag:blogger.com,1999:blog-4241416962008169508.post-71416511634438218512009-07-27T17:07:00.380-04:002009-07-27T17:07:00.380-04:00Raul's message at the quarterly review basical...Raul's message at the quarterly review basically boiled down to "if you ignore all the bad news, which we are explaining away, we actually did quite well"Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-4241416962008169508.post-6166701582154520362009-07-27T14:46:21.518-04:002009-07-27T14:46:21.518-04:00And then there is this:
. . . ."Animal healt...And then there is this:<br /><br /><i>. . . ."Animal health is a <b>much steadier</b> business than the human pharmaceuticals business these days," David Moskowitz, an analyst with Caris & Co., told Bloomberg. "Animal products tend to have very nice margins, there's <b>much lower threat of generic competition</b>, and there's a lot of <b>brand loyalty</b>. . . ."</i><br /><br />Or. Not. So. Much.<br /><br />In passing, should note one other point -- as circumstantial evidence that Schering rushed this filing into the SEC: a missed modifier. Where? In the last sentence of Schering-Plough's 10-Q disclosure quoted above, the lawyers refer to factors that negatively impacted the "<i><b>growth</b> rates</i>" in sales.<br /><br />In fact, for the last six months, or ALL of 2009 -- there was no "<i>growth</i>" -- none at all.<br /><br />Even if we ignore currency fluctuations.<br /><br />That sentence should read "<i>factors that drove the sales <b>declines</b></i>. . . ."<br /><br />I think somebody was in a hurry, and just used last year's verbiage, substituting numbers, without much of a closer look.<br /><br />NamasteCondorhttp://shearlingsplowed.blogspot.comnoreply@blogger.com