Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for 2004 First Quarter

Exhibit 99.2

Schering-Plough Corporation
Statements of Consolidated Income
(Dollars in Millions, except EPS)

	2004									2003
	1st			2nd	6	3rd	9	4th		1st			2nd			6			3rd			9			4th						1st Qtr.
	Qtr.			Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.			Qtr.			Mos.			Qtr.			Mos.			Qtr.			Year			vs
	$			$	$	$	$	$	$	$			$			$			$			$			$			$			1st Qtr.
Net Sales		1,963									2,082			2,308			4,389			1,998			6,386			1,948			8,334			(6	%)
Cost of Sales		740									658			784			1,442			652			2,094			739			2,833			13	%
Gross Margin		1,223									1,424			1,524			2,947			1,346			4,292			1,209			5,501			(14	%)
Total SG&A		914									843			938			1,780			873			2,653			821			3,474			9	%
Research & Development		372									322			369			691			382			1,074			395			1,469			15	%
Other, Net		36									13			(4	)		8			41			49			10			59			N/M
Special Charges*		70									—			20			20			350			370			229			599			N/M
Equity (Income)/Loss from Cholesterol Joint Venture		(78	)								30			(26	)		4			(24	)		(21	)		(33	)		(54	)		N/M
(Loss)/Income before Income Taxes		(91	)								216			227			444			(276	)		167			(213	)		(46	)		N/M
Income Tax (Benefit)/Expense		(18	)								43			45			89			(11	)		77			(32	)		46			N/M
Net (Loss)/Income		(73	)								173			182			355			(265	)		90			(181	)		(92	)		N/M
Diluted (Loss)/Earnings per Common Share		(0.05	)								0.12			0.12			0.24			(0.18	)		0.06			(0.12	)		(0.06	)		N/M
Avg. Shares Outstanding- Diluted		1,471									1,470			1,471			1,471			1,469			1,470			1,470			1,469
Actual Shares Outstanding		1,472									1,469			1,469			1,469			1,469			1,469			1,471			1,471
Ratios To Net Sales
Net Sales		100.0	%								100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of Sales		37.7	%								31.6	%		34.0	%		32.9	%		32.6	%		32.8	%		37.9	%		34.0	%
Gross Margin		62.3	%								68.4	%		66.0	%		67.1	%		67.4	%		67.2	%		62.1	%		66.0	%
Total SG&A		46.6	%								40.5	%		40.6	%		40.6	%		43.7	%		41.5	%		42.1	%		41.7	%
Research & Development		19.0	%								15.5	%		16.0	%		15.8	%		19.1	%		16.8	%		20.3	%		17.6	%
(Loss)/Income Before Income Taxes		(4.6	%)								10.4	%		9.8	%		10.1	%		(13.8	%)		2.6	%		(11.0	%)		(0.6	%)
Income Taxes (Benefit)/Expense		(0.9	%)								2.1	%		2.0	%		2.0	%		(0.6	%)		1.2	%		(1.6	%)		0.5	%
Net (Loss)/Income		(3.7	%)								8.3	%		7.9	%		8.1	%		(13.3	%)		1.4	%		(9.3	%)		(1.1	%)

*	Special Charges for the first quarter of 2004 included $44 million of employee termination costs and $26 million of asset impairment charges primarily related to the the company’s anticipated exit from a small European research-and-development facility.
	Special Charges for 2003 included $20 million of asset impairment charges related to manufacturing facility assets recorded in the second quarter, the $350 million provision to increase litigation reserves recorded in the third quarter and $179 million of employee termination costs, primarily related to the VERP in the United States, as well as $50 million of asset impairment charges related to certain fixed and intangible assets recorded in the fourth quarter.
	All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

1

SCHERING-PLOUGH CORPORATION
CONSOLIDATED SALES
(Dollars in Millions)

	2004								2003
	1st		2nd	6	3rd	9	4th		1st		2nd		6		3rd		9		4th				1st Qtr.
	Qtr.		Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs
	$		$	$	$	$	$	$	$		$		$		$		$		$		$		1st Qtr.
Total Global Pharm:		1,481								1,646		1,871		3,517		1,585		5,101		1,509		6,611		(10	%)
U.S.		411								643		757		1,401		549		1,950		426		2,376		(36	%)
International		1,070								1,003		1,113		2,116		1,035		3,151		1,083		4,235		7	%
Consumer Health Care:		312								293		266		559		243		802		225		1,026		7	%
OTC:		157								157		135		291		149		441		147		588		N/M
OTC Claritin *		117								129		97		225		111		336		97		432		(9	%)
Other OTC		40								28		38		66		38		105		50		156		40	%
Foot Care:		76								62		83		145		80		224		68		292		24	%
Sun Care:		79								74		48		123		14		137		10		146		7	%
Animal Health:		170								143		171		313		170		483		214		697		20	%
U.S.		41								45		49		94		57		150		68		218		(9	%)
International		129								98		122		220		113		333		146		479		32	%
Total Consolidated:		1,963								2,082		2,308		4,389		1,998		6,386		1,948		8,334		(6	%)
U.S.		738								965		1,047		2,012		836		2,848		712		3,559		(23	%)
International		1,225								1,116		1,261		2,378		1,162		3,539		1,236		4,775		10	%

*	Includes sales of Claritin in Canada.
Notes:	Certain prior period amounts have been reclassified to conform to the current year presentation.
	All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

2

SCHERING-PLOUGH CORPORATION
GLOBAL PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	Global							U.S.							International
	2004		2003					2004		2003					2004		2003
	1st		1st		1st Qtr.			1st		1st		1st Qtr.			1st		1st		1st Qtr.
	Qtr.		Qtr.		vs			Qtr.		Qtr.		vs			Qtr.		Qtr.		vs
	$		$		1st Qtr.			$		$		1st Qtr.			$		$		1st Qtr.
Total Global Pharm:		1,481		1,646		(10	%)		411		643		(36	%)		1,070		1,003		7	%
Remicade		165		114		45	%		—		—		—			165		114		45	%
PEG-Intron		148		221		(33	%)		63		126		(50	%)		85		95		(10	%)
Nasonex		140		79		78	%		82		34		N/M			58		44		31	%
Clarinex		130		173		(25	%)		69		133		(48	%)		61		41		50	%
Rebetol		99		219		(55	%)		31		136		(77	%)		68		83		(18	%)
Claritin Rx *		91		89		3	%		—		—		—			91		89		3	%
Temodar		86		59		46	%		37		26		45	%		49		34		46	%
Integrilin		73		89		(18	%)		68		84		(20	%)		5		5		10	%
Intron A		69		74		(7	%)		18		15		15	%		51		59		(13	%)
Subutex		44		31		44	%		—		—		—			44		31		44	%
Elocon		38		39		(1	%)		7		10		(28	%)		31		29		8	%
Caelyx		34		22		55	%		—		—		—			34		22		55	%

*   Includes international sales of Claritin Rx only. Canadian sales of Claritin are now reported in the OTC Claritin line within Consumer Health Care. Prior periods have been reclassified accordingly.

Notes: Worldwide sales of Zetia totaled $189 million in the 2004 first quarter compared with sales of $46 million in 2003. U.S. sales of Zetia were $169 million in the 2004 first quarter.
Certain prior period amounts have been reclassified to conform to the current year presentation.
All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

3

SCHERING-PLOUGH CORPORATION
GLOBAL PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2004								2003
	1st		2nd	6	3rd	9	4th		1st		2nd		6		3rd		9		4th				1st Qtr.
	Qtr.		Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs
	$		$	$	$	$	$	$	$		$		$		$		$		$		$		1st Qtr.
Total Global Pharm:		1,481								1,646		1,871		3,517		1,585		5,101		1,509		6,611		(10	%)
Remicade		165								114		126		240		142		382		159		540		45	%
PEG-Intron		148								221		247		469		172		641		162		802		(33	%)
Nasonex		140								79		175		254		114		368		132		500		78	%
Clarinex		130								173		219		392		169		561		133		694		(25	%)
Rebetol		99								219		196		415		125		540		100		639		(55	%)
Claritin Rx *		91								89		90		179		68		247		81		328		3	%
Temodar		86								59		87		146		90		237		87		324		46	%
Integrilin		73								89		92		181		79		260		46		306		(18	%)
Intron A		69								74		125		199		103		302		107		409		(7	%)
Subutex		44								31		36		66		37		103		41		144		44	%
Elocon		38								39		41		80		41		121		33		154		(1	%)
Caelyx		34								22		26		49		30		78		32		111		55	%

*   Includes international sales of Claritin Rx only. Canadian sales of Claritin are now reported in the OTC Claritin line within Consumer Health Care. Prior periods have been reclassified accordingly.

Notes: Worldwide sales of Zetia totaled $189 million in the 2004 first quarter compared with sales of $46 million in 2003. U.S. sales of Zetia were $169 million in the 2004 first quarter.
Certain prior period amounts have been reclassified to conform to the current year presentation. All figures rounded.
Totals may not add due to rounding. N/M — not a meaningful percentage.

4

SCHERING-PLOUGH CORPORATION
U.S. PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2004								2003
	1st		2nd	6	3rd	9	4th		1st		2nd		6		3rd		9		4th				1st Qtr.
	Qtr.		Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs
	$		$	$	$	$	$	$	$		$		$		$		$		$		$		1st Qtr.
Total U.S. Pharm:		411								643		757		1,401		549		1,950		426		2,376		(36	%)
PEG-Intron		63								126		146		272		85		358		76		434		(50	%)
Nasonex		82								34		115		149		74		223		78		301		N/M
Clarinex		69								133		144		277		128		405		93		498		(48	%)
Rebetol		31								136		102		238		50		288		18		306		(77	%)
Temodar		37								26		48		73		47		120		39		159		45	%
Integrilin		68								84		87		171		73		244		40		284		(20	%)
Intron A		18								15		54		69		38		107		37		144		15	%
Elocon		7								10		11		21		12		33		3		37		(28	%)

All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

5

SCHERING-PLOUGH CORPORATION
INTERNATIONAL PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2004								2003
	1st		2nd	6	3rd	9	4th		1st		2nd		6		3rd		9		4th				1st Qtr.
	Qtr.		Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs
	$		$	$	$	$	$	$	$		$		$		$		$		$		$		1st Qtr.
Total International Pharm:		1,070								1,003		1,113		2,116		1,035		3,151		1,083		4,235		7	%
Remicade		165								114		126		240		142		382		159		540		45	%
PEG-Intron		85								95		101		196		87		283		85		368		(10	%)
Nasonex		58								44		60		105		39		144		55		199		31	%
Clarinex		61								41		75		116		41		157		40		196		50	%
Rebetol		68								83		94		177		75		252		81		333		(18	%)
Claritin Rx		91								89		90		179		68		247		81		328		3	%
Temodar		49								34		40		73		44		117		48		165		46	%
Integrilin		5								5		5		10		6		16		6		22		10	%
Intron A		51								59		71		130		65		195		70		265		(13	%)
Subutex		44								31		36		66		37		103		41		144		44	%
Elocon		31								29		30		58		29		88		30		117		8	%
Caelyx		34								22		26		49		30		78		32		111		55	%

Notes: Certain prior period amounts have been reclassified to conform to the current year presentation.
All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

6

MISCELLANEOUS DATA
(Dollars in Millions)

	2004								2003
	1st		2nd	6	3rd	9	4th		1st		2nd		6		3rd		9		4th
	Qtr.		Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year
	$		$	$	$	$	$	$	$		$		$		$		$		$		$
Geographic Sales
U.S.		738								965		1,047		2,012		836		2,848		712		3,559
Europe and Canada		874								777		935		1,711		849		2,560		849		3,410
Latin America		174								171		163		334		184		517		199		716
Pacific Area and Asia		177								169		163		332		129		461		188		649
Consolidated Sales		1,963								2,082		2,308		4,389		1,998		6,386		1,948		8,334

	2004									2003
	1st			2nd	6	3rd	9	4th		1st			2nd			6			3rd			9			4th
	Qtr.			Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.			Qtr.			Mos.			Qtr.			Mos.			Qtr.			Year
	$			$	$	$	$	$	$	$			$			$			$			$			$			$
Consolidated Sales
Growth Rates:
As Reported		(6	%)								(19	%)		(19	%)		(19	%)		(17	%)		(18	%)		(18	%)		(18	%)
Excluding Exchange		(12	%)								(23	%)		(24	%)		(24	%)		(21	%)		(23	%)		(24	%)		(23	%)
Other, Net
Interest Income	$	14								$	13		$	15		$	28		$	9		$	37		$	20		$	57
Interest Expense		(48	)								(13	)		(12	)		(25	)		(24	)		(49	)		(32	)		(81	)
FX Gains/(Losses)		(1	)								(1	)		—			(1	)		1			(1	)		—			(1	)
Other Income/(Expense)*		(1	)								(12	)		1			(10	)		(27	)		(36	)		2			(34	)
Total — Other, Net		($36	)								($13	)	$	4			($8	)		($41	)		($49	)		($10	)		($59	)
Effective Tax Rate		20.0	%								20.0	%		20.0	%		20.0	%		*	*		*	*		15.0	%		*	*

    **  In the 2003 third quarter, the company reduced its estimate of the 2003 annual effective tax rate to 15% from 20% on income, excluding the $350 million non-tax deductible provision to increase litigation reserves.

Note: All figures rounded. Totals may not add due to rounding. N/M — not a meaningful percentage.

Lisa W. DeBerardine	908-298-7437
Janet M. Barth	908-298-7417

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