Schering-Plough Cuts Reported Earnings

Drug maker Schering-Plough Corp. lowered previously reported earnings for the fourth quarter and last year to reflect higher litigation reserves related to federal probes of its sales, marketing and clinical trial practices.

The company lowered its fourth-quarter earnings per share to 21 cents, from 29 cents, to reflect a $150-million boost in litigation reserves. It lowered earnings for the year to $1.34 a share from $1.42.

Shares of the Kenilworth, N.J.-based firm fell 27 cents to $17.58 on the New York Stock Exchange.