PETER ROST: PHARMA MARKETING EXPERT WITNESS. AWP, MEDICAL DEVICE EXPERT.: Schering-Plough drops another 6% and is now below $14.

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Schering-Plough drops another 6% and is now below $14.

Things are going from bad to worse to unbelievable over at Schering-Plough. Normally we'd have expected the dead cat bounce by now, but Schering-Plough stock, in spite of being quite oversold, is not bouncing; it is dropping faster than a cheap penny stock scam.

I guess releasing the full email record that demonstrated the rage of the ENHANCE lead investigator didn't help.

Meanwhile, the company today announced it will cut costs in the range of $1.5 billion. This indicates that Fred thinks Vytorin/Zetia sales will drop from $5 billion to around $2 billion, and his share of the loss will be about $1.5 billion.

With less than 10% cost of goods for pharmaceuticals, it is likely that his 50% share of a $3 billion loss, $1.5 billion, would result in a a profit decrease of around $1.3 billion.

New prescriptions were already down by 50% before the ACC meeting this weekend.

Meanwhile, credit rating agency Fitch Ratings said Wednesday it placed Schering-Plough on negative rating watch.


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