Merck & Co. (MRK) 8-K SCHERING-PLOUGH REPORTS 2005 THIRD QUARTER FINANCIAL RESULTS Company Announces Beginning of Turnaround Phase

EXHIBIT 99.2

SCHERING-PLOUGH CORPORATION

STATEMENTS OF CONSOLIDATED OPERATIONS
(Dollars in Millions, except EPS)
(Unaudited)

	2005																	2004
	1st			2nd			6			3rd			9			4th		1st			2nd			6			3rd			9			4th						3rd Qtr.			9 Mos.
	Qtr.			Qtr.			Mos.			Qtr.			Mos.			Qtr.	Year	Qtr.			Qtr.			Mos.			Qtr.			Mos.			Qtr.			Year			vs			vs
	$			$			$			$			$			$	$	$			$			$			$			$			$			$			3rd Qtr.			9 Mos.
Net Sales		2,369			2,532			4,900			2,284			7,184					1,963			2,147			4,110			1,978			6,088			2,184			8,272			15	%		18	%
Cost of Sales		889			867			1,756			775			2,531					740			790			1,530			711			2,241			829			3,070			9	%		13	%
Gross Margin		1,480			1,665			3,144			1,509			4,653					1,223			1,357			2,580			1,267			3,847			1,355			5,202			19	%		21	%
Total SG&A		1,081			1,116			2,197			1,064			3,261					914			979			1,893			892			2,785			1,026			3,811			19	%		17	%
Research & Development 1/		384			442			825			566			1,391					372			451			824			378			1,201			406			1,607			50	%		16	%
Other, Net		17			(8	)		9			—			9					36			43			78			34			112			33			146
Special Charges 2/		27			259			286			6			292					70			42			112			26			138			15			153
Equity Income from Cholesterol Joint Venture		(220	)		(170	)		(389	)		(215	)		(605	)				(78	)		(77	)		(154	)		(95	)		(249	)	��	(98	)		(347	)
Income/(Loss) before Income Taxes		191			26			216			88			305					(91	)		(81	)		(173	)		32			(140	)		(27	)		(168	)
Income Tax Expense/(Benefit) 3/		64			74			138			23			162					(18	)		(16	)		(35	)		6			(28	)		807			779
Net Income/(Loss)		127			(48	)		78			65			143					(73	)		(65	)		(138	)		26			(112	)		(834	)		(947	)
Preferred Stock Dividends		22			22			43			22			65					—			—			—			12			12			22			34
Net Income/(Loss) Available to Common Shareholders		105			(70	)		35			43			78					(73	)		(65	)		(138	)		14			(124	)		(856	)		(981	)
Diluted Earnings/(Loss) per Common Share		0.07			(0.05	)		0.02			0.03			0.05					(0.05	)		(0.04	)		(0.09	)		0.01			(0.08	)		(0.58	)		(0.67	)
Avg. Shares Outstanding- Diluted		1,480			1,476			1,482			1,487			1,483					1,471			1,472			1,471			1,475			1,472			1,473			1,472
Actual Shares Outstanding		1,475			1,476			1,476			1,478			1,478					1,472			1,472			1,472			1,472			1,472			1,474			1,474
Ratios To Net Sales
Net Sales		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%				100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of Sales		37.5	%		34.2	%		35.8	%		34.0	%		35.2	%				37.7	%		36.8	%		37.2	%		35.9	%		36.8	%		37.9	%		37.1	%
Gross Margin		62.5	%		65.8	%		64.2	%		66.0	%		64.8	%				62.3	%		63.2	%		62.8	%		64.1	%		63.2	%		62.1	%		62.9	%
Total SG&A		45.6	%		44.1	%		44.8	%		46.6	%		45.4	%				46.6	%		45.6	%		46.1	%		45.1	%		45.7	%		47.0	%		46.1	%
Research & Development		16.2	%		17.4	%		16.8	%		24.8	%		19.4	%				19.0	%		21.0	%		20.0	%		19.1	%		19.7	%		18.6	%		19.4	%
Income/(Loss) Before Income Taxes		8.0	%		1.0	%		4.4	%		3.8	%		4.2	%				(4.6	%)		(3.8	%)		(4.2	%)		1.6	%		(2.3	%)		(1.3	%)		(2.0	%)
Income Taxes Expense/(Benefit)		2.7	%		2.9	%		2.8	%		1.0	%		2.2	%				(0.9	%)		(0.8	%)		(0.8	%)		0.3	%		(0.5	%)		37.0	%		9.4	%
Net Income/(Loss)		5.3	%		(1.9	%)		1.6	%		2.8	%		2.0	%				(3.7	%)		(3.0	%)		(3.4	%)		1.3	%		(1.8	%)		(38.2	%)		(11.4	%)

Note: The Company noted that it incurs substantial costs, such as selling, general and administrative costs, that are not reflected in the “Equity income from cholesterol joint venture” and are borne by the overall cost structure of Schering-Plough.

1/	Research and development for the three and nine months ended September 30, 2005 includes an R&D payment of $124 million, before a tax benefit of $6 million, to Centocor, Inc. for the Company’s exercise of its right to develop and commercialize CNTO 148, a fully human monoclonal antibody being developed as a therapy for the treatment of rheumatoid arthritis and other immune-mediated inflammatory diseases. Research and development in 2004 includes an $80 million upfront payment in conjunction with the licensing from Toyama Chemical Company Ltd. of garenoxacin, a quinolone antibiotic in development.
2/	Special Charges for the nine months ended September 30, 2005 includes an addition of $250 million to the Company’s litigation reserves relating to the investigation by the U.S. Attorney’s Office for the District of Massachusetts into the Company’s marketing, sales, pricing and clinical trial practices, as well as previously disclosed investigations and litigation relating to the company’s practices regarding average wholesale price by the Department of Justice and certain states. Special Charges for the three months ended September 30, 2005 primarily related to the consolidation of the Company’s U.S. biotechnology organizations. Special Charges for the twelve months ended December 31, 2004 included $119 million of employee termination costs, as well as $27 million of asset impairment charges and $7 million of closure costs primarily related to the aforementioned research-and-development facility.
3/	Tax expense during the third quarter and first nine months of 2005 primarily related to foreign tax expense as the Company did not recognize the benefit of U.S. tax operating losses. The Company’s third quarter tax provision includes a benefit of approximately $42 million related to tax expense recorded in 2004 related to planned earnings repatriations under the American Jobs Creation Act (AJCA). This adjustment of tax expense associated with repatriation under the AJCA is the result of guidance issued by the U.S. Treasury in August 2005.
	In the fourth quarter ended December 31, 2004, the Company recorded the estimated impact of the intended repatriation of funds under the American Jobs Creation Act of 2004.

All figures rounded. Totals may not add due to rounding.

SCHERING-PLOUGH CORPORATION
CONSOLIDATED SALES
(Dollars in Millions)

	2005												2004
	1st		2nd		6		3rd		9		4th		1st		2nd		6		3rd		9		4th				3rd Qtr.			9 Mos.
	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs			vs
	$		$		$		$		$		$	$	$		$		$		$		$		$		$		3rd Qtr.			9 Mos.
Prescription Pharm:		1,846		1,975		3,820		1,840		5,660				1,481		1,644		3,125		1,556		4,681		1,737		6,417		18	%		21	%
U.S.		549		609		1,157		597		1,755				411		495		906		518		1,424		584		2,007		15	%		23	%
International		1,297		1,366		2,663		1,243		3,905				1,070		1,150		2,220		1,037		3,257		1,153		4,410		20	%		20	%
Consumer Health Care:		330		330		660		235		895				312		317		629		239		868		217		1,085		(2	%)		3	%
OTC:		162		162		324		129		453				157		150		306		150		456		121		578		(14	%)		(1	%)
OTC Claritin *		116		133		248		92		340				117		117		234		110		344		75		419		(16	%)		(1	%)
Other OTC		46		29		76		37		113				40		32		72		41		112		46		159		(9	%)		0	%
Foot Care:		84		89		173		85		258				76		89		166		86		252		79		331		(2	%)		3	%
Sun Care:		84		79		163		21		184				79		78		157		3		160		17		176					15	%
Animal Health:		193		227		420		209		629				170		186		356		183		539		230		770		14	%		17	%
U.S.		44		54		98		68		166				41		36		77		56		133		61		194		21	%		25	%
International		149		173		322		141		463				129		150		279		127		406		169		575		11	%		14	%
Total Consolidated:		2,369		2,532		4,900		2,284		7,184				1,963		2,147		4,110		1,978		6,088		2,184		8,272		15	%		18	%
U.S.		897		970		1,866		886		2,752				738		827		1,565		800		2,365		854		3,219		11	%		16	%
International		1,472		1,562		3,034		1,398		4,432				1,225		1,320		2,545		1,178		3,723		1,330		5,053		19	%		19	%

* Includes net sales of Claritin in Canada.

     All figures rounded. Totals may not add due to rounding.

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

	Global Prescription Pharm							U.S.							International
	2005		2004					2005		2004					2005		2004
	3rd		3rd		3rd Qtr.			3rd		3rd		3rd Qtr.			3rd		3rd		3rd Qtr.
	Qtr.		Qtr.		vs			Qtr.		Qtr.		vs			Qtr.		Qtr.		vs
	$		$		3rd Qtr.			$		$		3rd Qtr.			$		$		3rd Qtr.
Prescription Pharm:		1,840		1,556		18	%		597		518		15	%		1,243		1,037		20	%
Remicade		237		188		26	%		—		—		—			237		188		26	%
PEG-Intron		185		132		40	%		42		49		(16	%)		143		83		74	%
Nasonex		170		153		11	%		109		104		4	%		61		48		26	%
Clarinex / Aerius		157		175		(10	%)		93		118		(22	%)		64		57		13	%
Temodar		152		121		25	%		70		60		16	%		82		61		35	%
Integrilin		86		94		(8	%)		82		88		(7	%)		4		5		(25	%)
Rebetol		82		52		58	%		2		—		0	%		80		52		56	%
Claritin Rx 1/		76		67		13	%		—		—		—			76		67		13	%
Intron A		72		81		(11	%)		36		30		18	%		36		51		(28	%)
Caelyx		46		39		17	%		—		—		—			46		39		17	%
Subutex		44		45		(1	%)		—		—		—			44		45		(1	%)
Avelox 2/		41		—		0	%		41		—					—		—
Cipro 2/		41		—		0	%		41		—					—		—
Elocon		34		42		(19	%)		1		12		(89	%)		33		31		8	%

1/	Includes international net sales of Claritin Rx only. Canadian net sales of Claritin are reported in the OTC Claritin line within Consumer Health Care.
2/	Includes net sales in Puerto Rico

     All figures rounded. Totals may not add due to rounding.

SCHERING-PLOUGH CORPORATION

GLOBAL PRESCRIPTION PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2005												2004
	1st		2nd		6		3rd		9		4th		1st		2nd		6		3rd		9		4th				3rd Qtr.			9 Mos.
	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs			vs
	$		$		$		$		$		$	$	$		$		$		$		$		$		$		3rd Qtr.			9 Mos.
Global Prescription Pharm:		1,846		1,975		3,820		1,840		5,660				1,481		1,644		3,125		1,556		4,681		1,737		6,417		18	%		21	%
Remicade		220		234		454		237		691				165		182		347		188		535		212		746		26	%		29	%
PEG-Intron		170		182		352		185		537				148		144		293		132		425		138		563		40	%		26	%
Nasonex		183		199		382		170		552				140		156		296		153		449		145		594		11	%		23	%
Clarinex / Aerius		144		207		351		157		507				130		226		356		175		530		162		692		(10	%)		(4	%)
Temodar		131		145		276		152		428				86		102		188		121		309		150		459		25	%		38	%
Integrilin		75		82		158		86		244				73		78		151		94		245		81		325		(8	%)		0	%
Rebetol		64		91		155		82		237				99		88		187		52		239		49		287		58	%		(1	%)
Claritin Rx 1/		111		100		211		76		287				91		82		173		67		240		80		321		13	%		19	%
Intron A		73		75		148		72		220				69		89		158		81		239		79		318		(11	%)		(8	%)
Caelyx		43		46		89		46		135				34		35		70		39		109		40		150		17	%		24	%
Subutex		51		53		104		44		148				44		47		91		45		136		50		185		(1	%)		9	%
Avelox 2/		73		46		119		41		159				—		—		—		—		—		44		44
Cipro 2/		37		36		72		41		114				—		—		—		—		—		43		43
Elocon		41		38		79		34		113				38		46		84		42		127		42		168		(19	%)		(11	%)

1/	Includes international net sales of Claritin Rx only. Canadian net sales of Claritin are reported in the OTC Claritin line within Consumer Health Care.
2/	Includes net sales in Puerto Rico

     All figures rounded. Totals may not add due to rounding.

SCHERING-PLOUGH CORPORATION

U.S. PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2005												2004
	1st		2nd		6		3rd		9		4th		1st		2nd		6		3rd		9		4th				3rd Qtr.			9 Mos.
	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs			vs
	$		$		$		$		$		$	$	$		$		$		$		$		$		$		3rd Qtr.			9 Mos.
Total U.S. Pharm:		549		609		1,157		597		1,755				411		495		906		518		1,424		584		2,007		15	%		23	%
PEG-Intron		52		38		91		42		132				63		50		113		49		163		42		205		(16	%)		(19	%)
Nasonex		109		115		223		109		332				82		85		167		104		271		81		353		4	%		22	%
Clarinex / Aerius		67		90		157		93		249				69		126		195		118		313		107		420		(22	%)		(20	%)
Temodar		57		65		122		70		191				37		45		82		60		142		79		220		16	%		35	%
Integrilin		71		78		150		82		232				68		72		139		88		228		74		301		(7	%)		2	%
Rebetol		—		1		—		2		—				31		23		53		—		54		—		45
Intron A		32		36		68		36		104				18		33		51		30		81		29		109		18	%		29	%
Avelox 1/		73		46		119		41		159				—		—		—		—		—		44		44
Cipro 1/		37		36		72		41		114				—		—		—		—		—		43		43
Elocon		4		2		6		1		7				7		12		19		12		31		9		40		(89	%)		(78	%)

1/ Includes net sales in Puerto Rico

     All figures rounded. Totals may not add due to rounding.

SCHERING-PLOUGH CORPORATION

INTERNATIONAL PHARMACEUTICAL SALES — KEY PRODUCT SALES
(Dollars in Millions)

	2005												2004
	1st		2nd		6		3rd		9		4th		1st		2nd		6		3rd		9		4th				3rd Qtr.			9 Mos.
	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs			vs
	$		$		$		$		$		$	$	$		$		$		$		$		$		$		3rd Qtr.			9 Mos.
Total International Pharm:		1,297		1,366		2,663		1,243		3,905				1,070		1,150		2,220		1,037		3,257		1,153		4,410		20	%		20	%
Remicade		220		234		454		237		691				165		182		347		188		535		212		746		26	%		29	%
PEG-Intron		118		144		261		143		405				85		94		179		83		262		96		358		74	%		55	%
Nasonex		74		84		159		61		220				58		71		129		48		178		64		242		26	%		24	%
Clarinex / Aerius		77		117		194		64		258				61		100		161		57		218		55		272		13	%		18	%
Temodar		74		80		154		82		237				49		57		106		61		168		72		239		35	%		41	%
Integrilin		4		4		8		4		12				5		6		12		5		17		7		24		(25	%)		(28	%)
Rebetol		70		90		159		80		239				68		65		133		52		185		57		242		56	%		30	%
Claritin Rx 1/		111		100		211		76		287				91		82		173		67		240		80		321		13	%		19	%
Intron A		41		39		80		36		116				51		56		107		51		158		50		208		(28	%)		(26	%)
Caelyx		43		46		89		46		135				34		35		70		39		109		40		150		17	%		24	%
Subutex		51		53		104		44		148				44		47		91		45		136		50		185		(1	%)		9	%
Elocon		37		36		73		33		106				31		34		65		31		96		32		128		8	%		10	%

1/ Canadian net sales of Claritin are reported in the OTC Claritin line within Consumer Health Care.

     All figures rounded. Totals may not add due to rounding.

SCHERING—PLOUGH CORPORATION

CHOLESTEROL FRANCHISE SALES
(Dollars in Millions)

	2005												2004
	1st		2nd		6		3rd		9		4th		1st		2nd		6		3rd		9		4th				3rd Qtr.			9 Mos.
	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.	Year	Qtr.		Qtr.		Mos.		Qtr.		Mos.		Qtr.		Year		vs			vs
	$		$		$		$		$		$	$	$		$		$		$		$		$		$		3rd Qtr.			9 Mos.
Global Zetia: 1/		331		317		648		357		1,004				189		242		431		294		725		328		1,052		21	%		39	%
U.S.		269		240		509		277		785				169		212		381		256		637		274		910		8	%		23	%
International		62		77		139		80		219				20		30		50		38		88		54		142
Global Vytorin: 1/ 2/		178		201		379		265		644				—		5		5		50		55		75		131
U.S.		157		173		330		229		560				—		—		—		42		42		59		102
International		21		28		49		36		84				—		5		5		8		13		16		29
Global Cholesterol: 1/		509		518		1,027		622		1,648				189		247		436		344		780		403		1,183
U.S.		426		413		839		506		1,345				169		212		381		298		679		333		1,012
International		83		105		188		116		303				20		35		55		46		101		70		171

1/

Substantially all sales of cholesterol products are not included in the Company’s net sales. Global sales include sales under the Merck/Schering-Plough partnership, plus any sales that are not part of the partnership, such as Schering-Plough sales of cholesterol products in Latin America. In the third quarter of 2005 and 2004, sales in non-joint venture territories of the cholesterol franchise totaled $6 and $4, respectively. For the first nine months of 2005 and 2004, sales in non-joint venture territories of the cholesterol franchise totaled $14 and $8, respectively.

2/

Vytorin received first regulatory approval in 2004.

The results of the operation of the joint venture are reflected in equity income and have no impact on the Company’s gross and other operating margins.

The company utilizes the equity method of accounting for the joint venture. The cholesterol agreements provide for the sharing of net income/(loss) based upon percentages that vary by product, sales level and country. In the U.S. market, Schering-Plough receives a greater share of profits on the first $300 of annual ZETIA sales. Above $300 of annual ZETIA sales, the companies share profits equally. Schering-Plough’s allocation of joint venture income is increased by milestones earned. Further, either partner’s share of the joint venture’s net income/(loss) is subject to a reduction if the partner fails to perform a specified minimum number of physician details in a particular country. The partners agree annually to the minimum number of physician details by country.

     All figures rounded. Totals may not add due to rounding.

CONSOLIDATED OPERATIONS DATA
(Dollars in Millions)
(Unaudited)

	2005												2004
	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.		897		970		1,866		886		2,752				738		827		1,565		800		2,365		854		3,219
Europe and Canada		1,035		1,102		2,138		927		3,065				874		972		1,846		820		2,666		929		3,595
Latin America		210		218		427		223		650				174		182		356		204		560		223		782
Pacific Area and Asia		227		242		469		248		717				177		166		343		154		497		178		676
Consolidated Sales		2,369		2,532		4,900		2,284		7,184				1,963		2,147		4,110		1,978		6,088		2,184		8,272

	2005																	2004
	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
	$			$			$			$			$			$	$	$			$			$			$			$			$			$
Other, Net
Interest Income	$	33		$	40		$	74		$	45		$	118				$	14		$	15		$	29		$	20		$	50		$	31		$	80
Interest Expense		(45	)		(40	)		(86	)		(36	)		(122	)				(48	)		(43	)		(91	)		(39	)		(130	)		(38	)		(168	)
FX Gains/(Losses)		(4	)		(1	)		(4	)		(2	)		(6	)				(1	)		(4	)		(4	)		0			(4	)		(1	)		(5	)
Other Income/(Expense)		(1	)		9			7			(7	)		1					(1	)		(11	)		(12	)		(15	)		(28	)		(25	)		(53	)
Total — Other, Net		($17	)	$	8			($9	)	$	0			($9	)				($36	)		($43	)		($78	)		($34	)		($112	)		($33	)		($146	)

     All figures rounded. Totals may not add due to rounding.

Alex Kelly 908-298-7450