Merck & Co. (MRK) 10-K2005 FY Annual report

Filed: 28 Feb 06, 12:00am

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Removed: accurate, affecting, affirmed, alia, amerisourcebergen, analyze, andSingulair, appeal, arisen, attained, attendant, broker, capture, claimed, conspired, coordination, copy, Corrupt, Daniel, declaratory, defraud, demanding, denied, desloratadine, discontinued, distributing, division, document, economically, enforcement, ensure, erosion, evaluate, extensive, FD, Florida, formed, formulary, fraudulently, GAAP, governing, grand, idiopathic, inflated, Influenced, insured, inter, investigate, jury, justified, lawsuit, liable, light, litigate, mg, motion, nationwide, nominally, nonprofit, overseeing, PAL, Panel, perception, perennial, plaintiff, precluded, preliminary, presence, priced, problem, promulgated, proper, punitive, purported, pursue, Racketeer, recommendation, refused, remedial, remover, reserving, reside, ruled, satisfactorily, shorter, Southern, sponsored, switched, taxation, tenor, thereunder, uncertified, underpaid, undertaken, urticaria, validated

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Exhibit 12

SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


		2005			2004			2003			2002		2001

		(Dollars in millions)
Income/(Loss) Before Income Taxes		$	497		$	(168	)	$	(46	)	$	2,563	$	2,523
Less: Equity Income			873			347			54			—		—

(Loss)/ Income Before Income Taxes and Equity Income			(376	)		(515	)		(100	)		2,563		2,523
Add Fixed Charges:
	Preference Dividends		86			34			—			—		—
	Interest Expense		163			168			81			28		40
	One-third of Rental Expense		37			30			30			27		24
	Capitalized Interest		14			20			11			24		25

	Total Fixed Charges		300			252			122			79		89
Less: Capitalized Interest			14			20			11			24		25
Less: Preference Dividends			86			34			—			—		—
Add: Amortization of Capitalized Interest			10			9			9			8		7
Add: Distributed Income of Equity Investees			647			228			32			—		—

Earnings/(Loss) Before Income Taxes and Fixed Charges (other than Capitalized Interest)		$	481		$	(80	)	$	52		$	2,626	$	2,594

Ratio of Earnings to Fixed Charges			1.6			(0.3	)*		0.4	**		33.2		29.1


*	For the year ended December 31, 2004, earnings were insufficient to cover fixed charges by $332 million.


**	For the year ended December 31, 2003, earnings were insufficient to cover fixed charges by $70 million.

“Earnings” consist of (loss)/income before income taxes and equity income, plus fixed charges (other than capitalized interest and preference dividends), amortization of capitalized interest and distributed income of equity investee. “Fixed charges” consist of interest expense, capitalized interest, preference dividends and one-third of rentals which Schering-Plough believes to be a reasonable estimate of an interest factor on leases.