Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for Third Quarter of 2007

Exhibit 99.2

SCHERING-PLOUGH CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(Amounts in Millions, except EPS)
(Unaudited)

	2007														2006
	1st			2nd			3rd			4th	9			Full	1st			2nd			3rd			4th			9			Full			3rd Qtr			9 Mos.
	Qtr.			Qtr.			Qtr.			Qtr.	Mos.			Year	Qtr.			Qtr.			Qtr.			Qtr.			Mos.			Year			vs			vs
	$			$			$			$	$			$	$			$			$			$			$			$			3rd Qtr			9 Mos.
Net sales 1/		2,975			3,178			2,812				8,965				2,551			2,818			2,574			2,650			7,944			10,594			9	%		13	%
Cost of sales 2/		937			977			925				2,838				893			1,004			885			915			2,782			3,697			5	%		2	%
Gross profit		2,038			2,201			1,887				6,127				1,658			1,814			1,689			1,735			5,162			6,897			12	%		19	%
Selling, general and administrative		1,213			1,358			1,262				3,833				1,086			1,224			1,158			1,250			3,467			4,718			9	%		11	%
Research and development 3/		707			696			669				2,071				481			539			536			631			1,557			2,188			25	%		33	%
Other income, net 4/		(48	)		(16	)		(390	)			(451	)			(34	)		(19	)		(37	)		(46	)		(89	)		(135	)		*			*
Special and acquisition related charges 5/		1			11			20				32				—			80			10			12			90			102			*			*
Equity income from cholesterol joint venture		(487	)		(490	)		(506	)			(1,483	)			(311	)		(355	)		(390	)		(403	)		(1,056	)		(1,459	)		30	%		40	%
Income before income taxes		652			642			832				2,125				436			345			412			291			1,193			1,483			102	%		78	%
Income tax expense 6/		87			103			82				272				86			86			103			87			275			362			(20	%)		(1	%)
Net income before cumulative effect of a change in accounting principle		565			539			750				1,853				350			259			309			204			918			1,121			*			*
Cumulative effect of a change in accounting principle, net of tax		—			—			—				—				(22	)		—			—			—			(22	)		(22	)		*			*
Net income		565			539			750				1,853				372			259			309			204			940			1,143			*			*
Preferred stock dividends		22			22			37				80				22			22			22			22			65			86			*			*
Net income available to common shareholders		543			517			713				1,773				350			237			287			182			875			1,057			*			*
Diluted earnings per common share:
Earnings available to common shareholders before cumulative effect of a change in accounting principle 7/		0.36			0.34			0.45				1.15				0.22			0.16			0.19			0.12			0.57			0.69
Cumulative effect of a change in accounting principle, net of tax		—			—			—				—				0.02			—			—			—			0.02			0.02
Diluted earnings per common share 7/		0.36			0.34			0.45				1.15				0.24			0.16			0.19			0.12			0.59			0.71
Avg. shares outstanding- diluted		1,571			1,587			1,622				1,596				1,486			1,489			1,492			1,497			1,489			1,491
Actual shares outstanding		1,489			1,496			1,620				1,620				1,481			1,481			1,483			1,487			1,483			1,487
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	%
Cost of sales		31.5	%		30.7	%		32.9	%			31.7	%			35.0	%		35.6	%		34.4	%		34.5	%		35.0	%		34.9	%
Gross margin		68.5	%		69.3	%		67.1	%			68.3	%			65.0	%		64.4	%		65.6	%		65.5	%		65.0	%		65.1	%
Selling, general and administrative		40.8	%		42.7	%		44.9	%			42.8	%			42.6	%		43.4	%		45.0	%		47.2	%		43.6	%		44.5	%
Research and development		23.8	%		21.9	%		23.8	%			23.1	%			18.8	%		19.1	%		20.8	%		23.8	%		19.6	%		20.6	%
Income before income taxes		21.9	%		20.2	%		29.6	%			23.7	%			17.1	%		12.2	%		16.0	%		11.0	%		15.0	%		14.0	%
Net income		19.0	%		17.0	%		26.7	%			20.7	%			14.6	%		9.2	%		12.0	%		7.7	%		11.8	%		10.8	%

*	Not a meaningful percentage
	Note: The Company 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/	Net sales for the third quarter and nine months ended September 30, 2006, includes $47 million and $24 million, respectively, related to the reversal of previously accrued rebate amounts for the U.S. Government’s TRICARE Retail Pharmacy Program that a U.S. Federal court ruled pharmaceutical manufacturers were not obligated to pay
2/	Included in cost of sales for the three and nine months ended September 30, 2006 is $43 million and $101 million, respectively, related to the manufacturing changes announced June 1, 2006. Cost of sales for the twelve months ended December 31, 2006 included $146 million of inventory write-offs, accelerated depreciation and other charges related to the manufacturing changes.
3/	Research and development for the three months ended September 30, 2007 includes $20 million related to an upfront payment made for licensing of a product. Research and development for the nine months ended September 30, 2007 includes $176 million related to upfront payments made for licensing of products. Included in research and development for the twelve months ended December 31, 2006 is a $15 million payment for licensing of a product.
4/	Included in other income, net for the three and nine months ended September 30, 2007 is $321 million and $289 million, respectively, from mark-to-market gains on Euro denominated currency options related to the planned acquisition of Organon BioSciences. Also included in other income, net for the three and nine months ended September 30, 2007 is a $7 million loss resulting from interest rate hedge contracts also related to the planned acquisition of Organon Biosciences.
5/	For the three and nine months ended September 30, 2007, special and acquisition related charges comprised of integration planning activities related to Organon BioSciences in the amount of $20 million and $32 million, respectively.
	Special and acquisition related charges of $102 million for the twelve months ended December 31, 2006 include severance and fixed asset write-offs related to the manufacturing changes.
6/	Tax expense for all periods presented primarily relates to foreign tax expense as the Company did not recognize the benefit of U.S. tax operating losses.
7/	Diluted earnings per common share for the three month period ended September 30, 2007 is calculated using a numerator of $731 million, which is the arithmetic sum of net income available to common shareholders of $713 million plus dividends of $18 million related to the 2004 preferred stock which are dilutive, and a denominator of 1,622 which represents the average diluted shares outstanding for the third quarter of 2007. Diluted earnings per common share for the nine month period ended September 30, 2007 is calculated using a numerator of $1.834 billion, which is the arithmetic sum of net income available to common shareholders of $1.773 billion plus dividends of $61 million, and a denominator of 1,596 which represents the average diluted shares outstanding for the nine months ended September 30, 2007. The increase in average diluted shares outstanding in the three and nine months ended September 30, 2007 is due to the 2004 preferred stock being dilutive under accounting rules. The 2004 preferred stock was not dilutive for the three and nine months ended September 30, 2006. The 2007 preferred stock was not dilutive for the three and nine months ended September 30, 2007.

All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 1

SCHERING-PLOUGH CORPORATION
ANALYSIS OF NET SALES AND ADJUSTED NET SALES
(Dollars in Millions)

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Cholesterol Joint Venture:		1,150		1,248		1,277			3,676			778		958		1,010		1,082		2,747		3,829		26	%		34	%
U.S.		897		958		969			2,824			634		784		820		852		2,239		3,091		18	%		26	%
International		253		290		308			852			144		174		190		230		508		738		62	%		68	%
50% of Cholesterol Joint Venture:		575		624		639			1,838			389		479		505		541		1,373		1,915		26	%		34	%
Prescription Pharma:		2,398		2,520		2,291			7,209			2,032		2,230		2,087		2,211		6,350		8,561		10	%		14	%
U.S.		802		771		709			2,282			656		718		733		800		2,108		2,908		(3	%)		8	%
International		1,596		1,749		1,582			4,927			1,376		1,512		1,354		1,411		4,242		5,653		17	%		16	%
Consumer Health Care		345		394		273			1,012			311		349		259		205		918		1,123		5	%		10	%
Animal Health:		232		264		248			744			208		239		228		234		676		910		8	%		10	%
U.S.		58		58		63			179			57		62		72		50		191		240		(12	%)		(6	%)
International		174		206		185			565			151		177		156		184		485		670		18	%		16	%
Consolidated GAAP Net Sales:		2,975		3,178		2,812			8,965			2,551		2,818		2,574		2,650		7,944		10,594		9	%		13	%
U.S.		1,179		1,195		1,028			3,402			999		1,103		1,047		1,043		3,149		4,192		(2	%)		8	%
International		1,796		1,983		1,784			5,563			1,552		1,715		1,527		1,607		4,795		6,402		17	%		16	%
Adjusted Net Sales:		3,550		3,802		3,451			10,803			2,940		3,297		3,079		3,191		9,317		12,509		12	%		16	%

     All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 2

SCHERING-PLOUGH CORPORATION
CHOLESTEROL FRANCHISE NET SALES
(Dollars in Millions)

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Global ZETIA: 1/		544		605		606			1,755			415		474		501		535		1,390		1,925		21	%		26	%
U.S.		408		424		443			1,275			315		363		389		405		1,067		1,472		14	%		19	%
International		136		181		163			480			100		111		112		130		323		453		45	%		49	%
Global VYTORIN: 1/		616		683		684			1,984			371		491		517		554		1,379		1,933		32	%		44	%
U.S.		489		534		526			1,549			319		421		431		448		1,172		1,619		22	%		32	%
International		127		149		158			435			52		70		86		106		207		314		85	%		110	%
Global Cholesterol: 1/ 2/		1,160		1,288		1,290			3,739			786		965		1,018		1,089		2,769		3,858		27	%		35	%
U.S.		897		958		969			2,824			634		784		820		852		2,239		3,091		18	%		26	%
International		263		330		321			915			152		181		198		237		530		767		62	%		73	%

1/

Substantially all sales of cholesterol products are not included in Schering-Plough’s net sales. Global franchise sales include sales under the Merck/Schering-Plough joint venture, plus any sales that are not part of the joint venture, such as Schering-Plough sales of cholesterol products in Latin America and Japan. In Japan, Schering-Plough co-markets Zetia with Bayer HealthCare. Zetia was launched in Japan in June 2007. In the third quarter of 2007 and 2006, sales in non-joint venture territories of the cholesterol franchise totaled $13 million and $8 million, respectively. For the first nine months of 2007 and 2006, sales in non-joint venture territories of the cholesterol franchise totaled $63 million and $22 million, respectively.

2/

Global cholesterol franchise sales for the third quarter and nine-months ended September 30, 2006 includes approximately $24 million and $15 million, respectively, related to the reversal of previously accrued rebate amounts for a U.S. Government prescription pharmaceutical program (the “TRICARE Retail Pharmacy Program”) that a U.S. Federal court ruled pharmaceutical manufacturers are not obligated to pay.

The results of the operation of the joint venture are reflected in equity income. As a result, Schering-Plough’s gross margin and ratios of selling, general and administrative expenses and R&D expenses as a percentage of sales do not reflect the benefit of the impact of the cholesterol joint venture’s operating results.

Schering-Plough utilizes the equity method of accounting for the joint venture. The cholesterol agreements provide for the sharing of operating income 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 million of annual ZETIA sales. Above $300 million of annual ZETIA sales, the companies share profits equally. Schering-Plough’s allocation of joint venture income is increased by milestones earned. Further, either company’s share of the joint venture’s operating income is subject to a reduction if the either company fails to perform a specified minimum number of physician details in a particular country. The companies agree annually to the minimum number of physician details by country.

     All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 3

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

	Global Prescription Pharma							U.S.							International
	2007		2006					2007		2006					2007		2006
	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:		2,291		2,087		10	%		709		733		(3	%)		1,582		1,354		17	%
REMICADE		426		317		34	%		—		—		—			426		317		34	%
NASONEX		242		221		10	%		153		153		—			89		68		32	%
PEGINTRON		221		206		7	%		46		51		(10	%)		175		155		13	%
TEMODAR		215		179		20	%		79		72		10	%		136		107		27	%
CLARINEX / AERIUS		171		171		—			83		98		(15	%)		88		73		19	%
CLARITIN RX		83		74		12	%		—		—		—			83		74		12	%
INTEGRILIN		78		82		(4	%)		73		78		(5	%)		5		4		16	%
AVELOX		78		63		24	%		78		63		24	%		—		—		—
CAELYX		64		52		23	%		—		—		—			64		52		23	%
INTRON A		61		57		7	%		29		28		4	%		32		29		10	%
REBETOL		60		72		(16	%)		1		—		N/M			59		72		(18	%)
SUBUTEX / SUBOXONE		55		51		8	%		—		—		—			55		51		8	%
PROVENTIL / ALBUTEROL CFC		52		45		16	%		52		45		16	%		—		—		—
ELOCON		40		36		11	%		—		1		N/M			40		35		14	%
ASMANEX		36		28		30	%		34		26		32	%		2		2		—
FORADIL		25		22		13	%		24		22		11	%		1		—		N/M
NOXAFIL		24		6		N/M			8		2		N/M			16		4		N/M

     All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 4

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

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Global Prescription Pharm:		2,398		2,520		2,291			7,209			2,032		2,230		2,087		2,211		6,350		8,561		10	%		14	%
REMICADE		373		394		426			1,193			278		307		317		337		902		1,240		34	%		32	%
NASONEX		284		295		242			821			229		242		221		253		691		944		10	%		19	%
PEGINTRON		217		234		221			672			196		226		206		208		629		837		7	%		7	%
TEMODAR		196		216		215			627			163		171		179		189		513		703		20	%		22	%
CLARINEX / AERIUS		204		250		171			625			160		226		171		164		557		722		—			12	%
CLARITIN RX		112		102		83			297			101		104		74		78		279		356		12	%		7	%
INTEGRILIN		84		78		78			241			80		82		82		85		244		329		(4	%)		(1	%)
AVELOX		115		75		78			269			80		58		63		103		201		304		24	%		34	%
CAELYX		62		65		64			191			51		53		52		49		156		206		23	%		22	%
INTRON A		60		55		61			176			60		64		57		57		180		237		7	%		(2	%)
REBETOL		71		74		60			206			78		86		72		75		237		311		(16	%)		(13	%)
SUBUTEX / SUBOXONE		56		52		55			163			48		53		51		51		152		203		8	%		7	%
PROVENTIL / ALBUTEROL CFC		53		61		52			166			41		63		45		55		148		203		16	%		12	%
ELOCON		36		43		40			119			34		38		36		33		108		141		11	%		10	%
ASMANEX		43		42		36			121			20		20		28		36		68		103		30	%		79	%
FORADIL		26		26		25			77			21		23		22		28		66		94		13	%		16	%
NOXAFIL		16		20		24			60			2		3		6		10		10		19		N/M			N/M

     All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 5

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

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Total U.S. Pharm:		802		771		709			2,282			656		718		733		800		2,108		2,908		(3	%)		8	%
NASONEX		177		175		153			505			144		144		153		171		441		611		—			15	%
PEGINTRON		49		46		46			141			43		57		51		49		152		201		(10	%)		(7	%)
TEMODAR		74		79		79			233			67		72		72		74		212		286		10	%		10	%
CLARINEX / AERIUS		91		106		83			280			70		97		98		94		264		358		(15	%)		6	%
INTEGRILIN		80		73		73			227			76		78		78		81		231		312		(5	%)		(2	%)
AVELOX		115		75		78			269			80		58		63		103		201		304		24	%		34	%
INTRON A		31		28		29			88			30		33		28		29		91		120		4	%		(3	%)
PROVENTIL / ALBUTEROL CFC		53		61		52			166			41		63		45		55		148		203		16	%		12	%
ELOCON		—		—		—			1			—		1		1		1		3		3		N/M			N/M
ASMANEX		40		39		34			114			18		18		26		33		62		94		32	%		85	%
FORADIL		25		25		24			74			20		22		22		27		64		91		11	%		15	%
NOXAFIL		6		7		8			21			—		—		2		3		2		4		N/M			N/M

All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 6

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

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Total International Pharm:		1,596		1,749		1,582			4,927			1,376		1,512		1,354		1,411		4,242		5,653		17	%		16	%
REMICADE		373		394		426			1,193			278		307		317		337		902		1,240		34	%		32	%
NASONEX		107		120		89			316			85		98		68		82		250		333		32	%		26	%
PEGINTRON		168		188		175			531			153		169		155		159		477		636		13	%		11	%
TEMODAR		122		137		136			394			96		99		107		115		301		417		27	%		31	%
CLARINEX / AERIUS		113		144		88			345			90		129		73		70		293		364		19	%		18	%
CLARITIN RX		112		102		83			297			101		104		74		78		279		356		12	%		7	%
INTEGRILIN		4		5		5			14			4		4		4		4		13		17		16	%		13	%
CAELYX		62		65		64			191			51		53		52		49		156		206		23	%		22	%
INTRON A		29		27		32			88			30		31		29		28		89		117		10	%		(2	%)
REBETOL		71		73		59			204			76		84		72		73		233		306		(18	%)		(13	%)
SUBUTEX / SUBOXONE		56		52		55			163			48		53		51		51		152		203		8	%		7	%
ELOCON		36		43		40			118			34		37		35		32		105		138		14	%		13	%
ASMANEX		3		3		2			7			2		2		2		3		6		9		—			18	%
NOXAFIL		10		13		16			39			2		3		4		7		8		15		N/M			N/M

All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 7

SCHERING-PLOUGH CORPORATION
GLOBAL CONSUMER HEALTH CARE
NET SALES ANALYSIS
(Dollars in Millions)

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full		3rd Qtr			9 Mos.
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year		vs			vs
	$		$		$		$	$		$	$		$		$		$		$		$		3rd Qtr			9 Mos.
Consumer Health Care:		345		394		273			1,012			311		349		259		205		918		1,123		5	%		10	%
OTC:		177		182		162			521			153		149		138		118		440		558		17	%		18	%
OTC Claritin		127		137		104			368			111		111		95		72		318		390		9	%		16	%
Other OTC		50		45		58			153			42		38		43		46		122		168		35	%		25	%
Foot Care		78		102		92			272			83		96		92		73		270		343		—			1	%
Sun Care		90		110		19			219			75		104		29		14		208		222		(33	%)		6	%

     All figures rounded. Totals may not add due to rounding. Percentages based on unrounded figures.

Page 8

SCHERING-PLOUGH CORPORATION
CONSOLIDATED OPERATIONS DATA
(Dollars in Millions)
(Unaudited)

	2007										2006
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full
	Qtr.		Qtr.		Qtr.		Qtr.	Mos.		Year	Qtr.		Qtr.		Qtr.		Qtr.		Mos.		Year
	$		$		$		$	$		$	$		$		$		$		$		$
Geographic net sales
U.S.		1,179		1,195		1,028			3,402			999		1,103		1,047		1,043		3,149		4,192
Europe and Canada		1,215		1,343		1,199			3,758			1,046		1,206		1,044		1,107		3,296		4,403
Latin America		311		327		324			961			260		248		233		249		741		990
Asia Pacific		270		313		261			844			246		261		250		251		758		1,009
Consolidated net sales		2,975		3,178		2,812			8,965			2,551		2,818		2,574		2,650		7,944		10,594

	2007														2006
	1st			2nd			3rd			4th	9			Full	1st			2nd			3rd			4th			9			Full
	Qtr.			Qtr.			Qtr.			Qtr.	Mos.			Year	Qtr.			Qtr.			Qtr.			Qtr.			Mos.			Year
	$			$			$			$	$			$	$			$			$			$			$			$
Other income, net
Interest income		(82	)		(86	)		(117	)			(283	)			(68	)		(69	)		(77	)		(83	)		(214	)		(297	)
Interest expense		37			39			45				120				46			45			40			41			131			172
(Gain)/loss on fair value of foreign currency option		(3	)		35			(321	)			(289	)			—			—			—			—			—			—
Ineffective portion of interest rate swaps		—			—			7				7
Foreign exchange (gains)/losses		—			(3	)		(4	)			(6	)			—			5			—			(4	)		6			2
Other (income)/ expense		—			(1	)		—				—				(12	)		—			—			—			(12	)		(12	)
Total — Other income, net		(48	)		(16	)		(390	)			(451	)			(34	)		(19	)		(37	)		(46	)		(89	)		(135	)

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

Alex Kelly	908-298-7450
Robyn Brown	908-298-7417

Page 9