US pharmaceutical company Schering-Plough said today it has replaced its chief financial officer, part of sweeping changes expected to be enacted at the struggling drugmaker by new chief executive Mr Fred Hassan.
Schering-Plough has fallen on hard times because of the US patent expiration of allergy drug Claritin, a lack of new drugs developed from the cash generated by years of lucrative Claritin sales, competition for its line of Hepatitis C products and investigations into marketing and manufacturing practices.
The company earlier this year replaced retiring CEO Mr Richard Kogan with Mr Hassan, the former chief of Pharmacia, who investors hope can turn around Schering-Plough.