Schering-Plough said this morning it had a fourth-quarter net loss, including special charges, amid evaporating sales of its allergy drug Claritin and competition for its hepatitis C treatment.
The company, one of Cork's longest established pharmaceutical companies, said it had a net loss of $181 million, or 12 cents a share, compared with net earnings of $313 million, or 21 cents per share, last year.
Earlier this month the company announced that 170 jobs were to be cut in Cork operation within three months.
Employees the company plant in Brinny, Innishannon, were told the company is seeking to reduce its 930 strong workforce to 762.
Schering-Plough blamed the job cuts on a significant drop in the demand of its anti-cancer and anti-viral medicines that are used in the treatment of hepatitis-C, malignant melanoma and other cancers.
It also follows upon the recent announcement by Schering-Plough Corporation of a 10 per cent reduction in payroll expenses worldwide.