Schering-Plough President dumped $28 million in company stock before the Vytorin controversy hit

[Emillereid]

JANUARY 15, 2008
Update: Schering-Plough President dumped $28 million in company stock before the Vytorin controversy hit
Brandweek NRx just reported that the “President of Schering-Plough, dumped 900,000 shares of SGP stock last year worth $28 million shortly before prominent cardiologists and later Forbes and the New York Times started questioning the two-year delay in getting the results of the ENHANCE study.”

Ms Carrie Smith Cox had joined Schering-Plough in 2003 as Executive Vice President and President of Global Pharmaceuticals for SPC.

In July, 2007, (2 months after she'd completed the last of her share sells) Bloomberg quoted her saying: “Both Vytorin and Zetia set new market-share highs.” Global sales of Vytorin and Zetia had grown 30% to $1.2 billion, helping Schering-Plough report its eighth straight quarter of profit, according to the Bloomberg story. But Bloomberg had also quoted Les Funtleyder, an analyst with Miller Tabak & Co. LLC, as saying that people were beginning to sell because the stock price had peaked.

Yesterday, the Congressional Committee on Energy and Commerce said their investigation of the ENHANCE trial would continue. Representative John D. Dingell said:

Today’s announcement that the ENHANCE study failed to find any positive benefit from the addition of Zetia to a common, inexpensive, generic therapy raises concerns that attempts were made to mask the minimal value of this new drug. Additionally, Merck and Schering-Plough’s delay in releasing study results, as well as their attempt to manipulate the data is, quite frankly, suspicious... Why did Merck and Schering-Plough go to great lengths to delay the study results? Why did they attempt to manipulate the data? We will continue our investigation until these questions are answered.
However, according to Brandweek: "Lee Davies, a spokesman for Schering, said the delay was unrelated to the negative findings and that the companies had not known the results until two weeks ago."

http://junkfoodscience.blogspot.com/2008/01/update-schering-plough-president-dumped.html

Isn't this kind of thing ILLEGAL?

[dysfunctional press]

1. especially if it's a woman who did it- yes, VERY.

not so much if you're a president's son...

expect her to be made an example of.

[kurth]

2. "Healthcare Businesswoman of the Year"

Nasty evil bitch:

CARRIE S. COX
Executive Vice President and
President, Global Pharmaceuticals
Schering-Plough Corporation
Kenilworth, New Jersey

Carrie S. Cox is executive vice president and president, Global Pharmaceuticals, for Schering-Plough Corporation.

Cox joined Schering-Plough in May 2003. Her appointment consolidated Schering-Plough's prescription pharmaceutical business from several autonomous units into a unified Global Pharmaceutical Business that today includes global sales, marketing, advertising, product public relations, business operations, medical affairs and commercial development. Cox is responsible for leading the transformation of the Global Pharmaceutical Business into a profitable, high-performing organization.

Prior to joining Schering-Plough, Cox was the executive vice president and president of the Global Prescription Business at Pharmacia Corporation, prior to its merger with Pfizer.

A registered pharmacist, Cox has more than 20 years of experience in the pharmaceutical industry. She joined Pharmacia's predecessor company, Pharmacia & Upjohn, in 1997 as senior vice president and head of Global Business Management, and was a principal architect of that company's dramatic turnaround. She was appointed executive vice president in 1999.

Previously, Cox served as vice president of Women's Health Care at Wyeth, where she worked for seven years. Prior to that assignment, she held a variety of positions in market research, sales and product management during a 10-year career with Sandoz Pharmaceuticals (now Novartis).

Cox is a member of the Harvard School of Public Health's Health Policy and Management Executive Council. She also serves as a member of the Board of Directors of Texas Instruments and as a member of that board's audit committee. Cox is also a member of the Board of Overseers of the University of Pennsylvania Museum of Archaeology and Anthropology.

Fortune magazine named Cox to its list of the "50 Most Powerful Women in Business" on four separate occasions, including three consecutive years since 2005; and the Healthcare Businesswomen's Association named her "Healthcare Businesswoman of the Year."

http://www.sch-plough.com/schering_plough/about/cox_bio.jsp