Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for First Quarter of 2008

Exhibit 99.2

SCHERING-PLOUGH CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(U.S. GAAP and As Reconciled)
(Amounts in Millions, except per share figures)
(Unaudited)

	2008			2007			2008			2007
	1st Qtr			1st Qtr			1st Qtr			1st Qtr			1st Qtr vs.
	U.S.			U.S.			* As			* As			1st Qtr
	GAAP			GAAP			Reconciled			Reconciled			As
	$			$			$			$			Reconciled
Net sales 1/		4,657			2,975			4,657			2,975			56	%
Cost of sales		2,137			937			1,449			937			55	%
Gross profit		2,520			2,038			3,208			2,038			57	%
Selling, general and administrative		1,676			1,213			1,675			1,213			38	%
Research and development		880			707			878			611			44	%
Other expense/(income), net		95			(48	)		112			(45	)		*
Special and acquisition-related charges		23			1			—			—			*
Equity income		(517	)		(487	)		(517	)		(487	)		6	%
Income before income taxes		363			652			1,060			746			42	%
Income tax expense		72			87			160			87			84	%
Net income		291			565			900			659			37	%
Preferred stock dividends		38			22			38			22			73	%
Net income available to common shareholders		253			543			862			637			35	%
Diluted earnings per common share		0.15			0.36			0.53			0.42			26	%
Avg. shares outstanding- diluted		1,637			1,571			1,637			1,571
Ratios to net sales
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		45.9	%		31.5	%		31.1	%		31.5	%
Gross margin		54.1	%		68.5	%		68.9	%		68.5	%
Selling, general and administrative		36.0	%		40.8	%		36.0	%		40.8	%
Research and development		18.9	%		23.8	%		18.9	%		20.5	%
Income before income taxes		7.8	%		21.9	%		22.8	%		25.1	%
Net income		6.2	%		19.0	%		19.3	%		22.2	%

1/	Net sales for the three months ended March 31, 2008 includes sales of Organon BioSciences (OBS) of $1.3 billion.
*	“As Reconciled” to exclude purchase accounting adjustments, acquisition-related items and other specified items. See Non-GAAP Reconciliation tables posted on the Schering-Plough website at www.Schering-Plough.com under “Investor Relations/Financial Highlights”

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

Page 1

SCHERING-PLOUGH CORPORATION
STATEMENTS OF CONSOLIDATED OPERATIONS
(U.S. GAAP)
(Amounts in Millions, except per share figures)
(Unaudited)

	2008							2007
	1st			2nd	3rd	4th	Full	1st			2nd			3rd			4th			Full			1st Qtr
	Qtr.			Qtr.	Qtr.	Qtr.	Year	Qtr.			Qtr.			Qtr.			Qtr.			Year			vs
	$			$	$	$	$	$			$			$			$			$			1st Qtr
Net sales 1/		4,657							2,975			3,178			2,812			3,724			12,690			56	%
Cost of sales 2/		2,137							937			977			925			1,566			4,405			128	%
Gross profit		2,520							2,038			2,201			1,887			2,158			8,285			24	%
Selling, general and administrative		1,676							1,213			1,358			1,262			1,634			5,468			38	%
Research and development 3/		880							707			696			669			855			2,926			24	%
Acquired in-process research and development 4/		—							—			—			—			3,754			3,754			*
Other expense/(income), net 5/		95							(48	)		(16	)		(390	)		(231	)		(683	)		*
Special and acquisition-related charges 6/		23							1			11			20			52			84			*
Equity income		(517	)						(487	)		(490	)		(506	)		(566	)		(2,049	)		6	%
Income/(loss) before income taxes		363							652			642			832			(3,340	)		(1,215	)		(44	%)
Income tax expense/(benefit) 7/		72							87			103			82			(14	)		258			*
Net income/(loss)		291							565			539			750			(3,326	)		(1,473	)		(48	%)
Preferred stock dividends		38							22			22			37			38			118			73	%
Net income/(loss) available to common shareholders		253							543			517			713			(3,364	)		(1,591	)		(53	%)
Diluted earnings/(loss) per common share		0.15							0.36			0.34			0.45			(2.08	)		(1.04	)
Avg. shares outstanding- diluted		1,637							1,571			1,587			1,622			1,621			1,536
Actual shares outstanding		1,621							1,489			1,496			1,620			1,621			1,621
Ratios to net sales
Net sales		100.0	%						100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		45.9	%						31.5	%		30.7	%		32.9	%		42.1	%		34.7	%
Gross margin		54.1	%						68.5	%		69.3	%		67.1	%		57.9	%		65.3	%
Selling, general and administrative		36.0	%						40.8	%		42.7	%		44.9	%		43.9	%		43.1	%
Research and development		18.9	%						23.8	%		21.9	%		23.8	%		23.0	%		23.1	%
Income/(loss) before income taxes		7.8	%						21.9	%		20.2	%		29.6	%		(89.7	%)		(9.6	%)
Net income/(loss)		6.2	%						19.0	%		17.0	%		26.7	%		(89.3	%)		(11.6	%)

*	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” and are borne by the overall cost structure of Schering-Plough.
1/	Net sales for the three months ended March 31, 2008 includes sales of Organon BioSciences (OBS) of $1.3 billion. Net sales for the twelve months ended December 31, 2007, includes $626 million of OBS sales as of the November 19, 2007 close of the acquisition through December 31, 2007.
2/	Cost of sales for the three months ended March 31, 2008 includes purchase accounting adjustments of $688 million related to the acquisition of OBS. Cost of sales for the twelve months ended December 31, 2007 includes purchase accounting adjustments of $326 million related to the acquisition of OBS.
3/	Research and development for the three months ended March 31, 2007 includes $96 million related to upfront R&D payments. Research and development for the twelve months ended December 31, 2007 includes $197 million related to upfront R&D payments.
4/	Acquired in-process research and development for the twelve months ended December 31, 2007 represents a charge of $3.8 billion in connection with the acquisition of OBS.
5/	See schedule on page 10 for components of other expense/(income), net.
6/	Special and acquisition-related charges for the three months ended March 31, 2008 and 2007 was $23 million and $1 million, respectively, related to the acquisition of OBS. Special and acquisition-related charges for the twelve months ended December 31, 2007 reflects $84 million related to the acquisition of OBS.
7/	Tax expense or benefit for all periods presented primarily relates to foreign taxes as the Company did not recognize the benefit of U.S. tax operating losses. Included in income tax expense/(benefit) for the three months ended March 31, 2008 and December 31, 2007 is income tax benefit of $91 million and $89 million, respectively, related to purchase accounting adjustments.
	Note: Net sales includes a 7% favorable impact from foreign exchange.

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

Page 2

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Cholesterol Joint Venture:		1,216						1,150		1,248		1,277		1,443		5,119		6	%
U.S.		851						897		958		969		1,071		3,894		(5	%)
International		365						253		290		308		372		1,225		44	%
50% of Cholesterol Joint Venture:		607						575		624		639		722		2,559		6	%
Human Prescription Pharma (1):		3,557						2,398		2,520		2,291		2,963		10,173		48	%
U.S.		975						802		771		709		855		3,138		22	%
International		2,582						1,596		1,749		1,582		2,108		7,035		62	%
Animal Health (2):		723						232		264		248		507		1,251		211	%
U.S.		131						58		58		63		99		278		125	%
International		592						174		206		185		408		973		240	%
Consumer Health Care		377						345		394		273		254		1,266		9	%
Consolidated GAAP Net Sales:		4,657						2,975		3,178		2,812		3,724		12,690		56	%
U.S.		1,453						1,179		1,195		1,028		1,194		4,597		23	%
International		3,204						1,796		1,983		1,784		2,530		8,093		78	%
Adjusted Net Sales:		5,264						3,550		3,802		3,451		4,446		15,249		48	%

(1)	Human Prescription Pharma net sales for the three months ended March 31, 2008 includes $861 million of sales of Organon, the human health segment of Organon BioSciences. Human Prescription Pharma for both the fourth quarter and full year 2007 include $409 million of Organon sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Animal Health net sales for the three months ended March 31, 2008 includes $454 million of sales of Intervet, the animal health segment of Organon BioSciences. Animal Health for both the fourth quarter and full year 2007 include $217 million of Intervet sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.

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

Page 3

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Global ZETIA: 1/		588						544		605		606		680		2,436		8	%
U.S.		395						408		424		443		489		1,764		(3	%)
International		193						136		181		163		191		672		41	%
Global VYTORIN: 1/		647						616		683		684		778		2,761		5	%
U.S.		456						489		534		526		582		2,130		(7	%)
International		191						127		149		158		196		631		50	%
Global Cholesterol: 1/		1,235						1,160		1,288		1,290		1,458		5,197		6	%
U.S.		851						897		958		969		1,071		3,894		(5	%)
International		384						263		330		321		387		1,303		46	%

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 first quarter of 2008 and 2007, sales in non-joint venture territories of the cholesterol franchise totaled $19 million and $10 million, respectively. For the twelve months of 2007 sales in non-joint venture territories of the cholesterol franchise totaled $78 million.

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 in recording its share of activity from the Merck/Schering-Plough cholesterol joint venture. Schering-Plough’s net sales do not include the sales of the joint venture. The cholesterol joint venture agreements provide for the sharing of operating income generated by the joint venture based upon percentages that vary by product, sales level and country. Either company’s share of the joint venture’s income from operations is subject to a reduction if that 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.

In the U.S. market, Schering-Plough receives a greater share of profits on the first $300 million of annual ZETIA sales. As such, Schering-Plough’s share of operating income from the joint venture in the first fiscal quarter is generally higher than subsequent quarters.

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

Page 4

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

	Global Prescription Pharma							U.S.							International
	2008		2007					2008		2007					2008		2007
	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
Human Prescription Pharma:		3,557		2,398		48	%		975		802		22	%		2,582		1,596		62	%
REMICADE		507		373		36	%		—		—		—			507		373		36	%
NASONEX		307		284		8	%		172		177		(3	%)		135		107		27	%
TEMODAR		236		196		20	%		80		74		8	%		156		122		28	%
PEGINTRON		225		217		4	%		39		49		(19	%)		186		168		11	%
CLARINEX / AERIUS		213		204		4	%		76		91		(16	%)		137		113		21	%
FOLLISTIM/PUREGON (2)		145		—		N/M			44		—		N/M			101		—		N/M
AVELOX		142		115		24	%		142		115		24	%		—		—		-
CLARITIN RX		128		112		14	%		—		—		—			128		112		14	%
NUVARING (2)		96		—		N/M			54		—		N/M			42		—		N/M
INTEGRILIN		74		84		(13	%)		69		80		(14	%)		5		4		11	%
CAELYX		74		62		20	%		—		—		—			74		62		20	%
REMERON (2)		68		—		N/M			4		—		N/M			64		—		N/M
ZEMURON (2)		63		—		N/M			34		—		N/M			29		—		N/M
REBETOL		59		71		(17	%)		—		—		—			59		71		(17	%)
INTRON A		55		60		(8	%)		27		31		(13	%)		28		29		(2	%)
SUBUTEX / SUBOXONE		54		56		(4	%)		—		—		—			54		56		(4	%)
PROVENTIL / ALBUTEROL CFC		50		53		(5	%)		50		53		(5	%)		—		—		-
ELOCON		45		36		23	%		—		—		—			45		36		24	%
LIVIAL (2)		45		—		N/M			—		—		—			45		—		N/M
CERAZETTE (2)		44		—		N/M			—		—		—			44		—		N/M
MERCILON (2)		43		—		N/M			1		—		N/M			42		—		N/M
ASMANEX		42		43		(1	%)		39		40		(2	%)		3		3		-
IMPLANON (2)		38		—		N/M			11		—		N/M			27		—		N/M
MARVELON (2)		37		—		N/M			2		—		N/M			35		—		N/M
NOXAFIL		34		16		115	%		9		6		68	%		25		10		141	%
FORADIL		25		26		(3	%)		24		25		(3	%)		1		1		-

(1)	Human Prescription Pharma net sales for the three months ended March 31, 2008 includes $861 million of sales of Organon, the human health segment of Organon BioSciences. U.S. Pharma and International Pharma include Organon sales of $190 million and $671 million, respectively.
(2)	Products acquired in OBS acquisition on November 19, 2007.

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

Page 5

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Human Prescription Pharma (1):		3,557						2,398		2,520		2,291		2,963		10,173		48	%
REMICADE		507						373		394		426		455		1,648		36	%
NASONEX		307						284		295		242		271		1,092		8	%
TEMODAR		236						196		216		215		234		861		20	%
PEGINTRON		225						217		234		221		239		911		4	%
CLARINEX / AERIUS		213						204		250		171		174		799		4	%
FOLLISTIM/PUREGON (2)		145						—		—		—		57		57		N/M
AVELOX		142						115		75		78		115		384		24	%
CLARITIN RX		128						112		102		83		93		391		14	%
NUVARING (2)		96						—		—		—		45		45		N/M
INTEGRILIN		74						84		78		78		91		332		(13	%)
CAELYX		74						62		65		64		66		257		20	%
REMERON (2)		68						—		—		—		33		33		N/M
ZEMURON (2)		63						—		—		—		25		25		N/M
REBETOL		59						71		74		60		71		277		(17	%)
INTRON A		55						60		55		61		57		233		(8	%)
SUBUTEX / SUBOXONE		54						56		52		55		57		220		(4	%)
PROVENTIL / ALBUTEROL CFC		50						53		61		52		41		207		(5	%)
ELOCON		45						36		43		40		37		156		23	%
LIVIAL (2)		45						—		—		—		24		24		N/M
CERAZETTE (2)		44						—		—		—		20		20		N/M
MERCILON (2)		43						—		—		—		18		18		N/M
ASMANEX		42						43		42		36		41		162		(1	%)
IMPLANON (2)		38						—		—		—		15		15		N/M
MARVELON (2)		37						—		—		—		20		20		N/M
NOXAFIL		34						16		20		24		29		89		115	%
FORADIL		25						26		26		25		25		102		(3	%)

(1)	Human Prescription Pharma net sales for the three months ended March 31, 2008 includes $861 million of sales of Organon, the human health segment of Organon BioSciences. Human Prescription Pharma for both the fourth quarter and full year 2007 include $409 million of Organon sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.

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

Page 6

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Total U.S. Pharma (1):		975						802		771		709		855		3,138		22	%
NASONEX		172						177		175		153		162		667		(3	%)
TEMODAR		80						74		79		79		83		315		8	%
PEGINTRON		39						49		46		46		42		183		(19	%)
CLARINEX / AERIUS		76						91		106		83		82		362		(16	%)
FOLLISTIM/PUREGON (2)		44						—		—		—		14		14		N/M
AVELOX		142						115		75		78		115		384		24	%
NUVARING (2)		54						—		—		—		26		26		N/M
INTEGRILIN		69						80		73		73		85		312		(14	%)
REMERON (2)		4						—		—		—		2		2		N/M
ZEMURON (2)		34						—		—		—		10		10		N/M
INTRON A		27						31		28		29		28		117		(13	%)
PROVENTIL / ALBUTEROL CFC		50						53		61		52		41		207		(5	%)
MERCILON (2)		1						—		—		—		—		—		N/M
ASMANEX		39						40		39		34		38		152		(2	%)
IMPLANON (2)		11						—		—		—		3		3		N/M
MARVELON (2)		2						—		—		—		2		2		N/M
NOXAFIL		9						6		7		8		10		31		68	%
FORADIL		24						25		25		24		24		98		(3	%)

(1)	U.S. Pharma net sales for the three months ended March 31, 2008 includes $190 million of sales of Organon, the human health segment of Organon BioSciences. U.S. Pharma for both the fourth quarter and full year 2007 include $84 million of Organon sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.

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

Page 7

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Total International Pharma (1):		2,582						1,596		1,749		1,582		2,108		7,035		62	%
REMICADE		507						373		394		426		455		1,648		36	%
NASONEX		135						107		120		89		109		425		27	%
TEMODAR		156						122		137		136		151		546		28	%
PEGINTRON		186						168		188		175		197		728		11	%
CLARINEX / AERIUS		137						113		144		88		92		437		21	%
FOLLISTIM/PUREGON (2)		101						—		—		—		43		43		N/M
CLARITIN RX		128						112		102		83		93		391		14	%
NUVARING (2)		42						—		—		—		19		19		N/M
INTEGRILIN		5						4		5		5		6		20		11	%
CAELYX		74						62		65		64		66		257		20	%
REMERON (2)		64						—		—		—		31		31		N/M
ZEMURON (2)		29						—		—		—		15		15		N/M
REBETOL		59						71		73		59		70		273		(17	%)
INTRON A		28						29		27		32		29		116		(2	%)
SUBUTEX / SUBOXONE		54						56		52		55		57		220		(4	%)
ELOCON		45						36		43		40		39		158		24	%
LIVIAL (2)		45						—		—		—		24		24		N/M
CERAZETTE (2)		44						—		—		—		20		20		N/M
MERCILON (2)		42						—		—		—		18		18		N/M
ASMANEX		3						3		3		2		3		10		-
IMPLANON (2)		27						—		—		—		12		12		N/M
MARVELON (2)		35						—		—		—		18		18		N/M
NOXAFIL		25						10		13		16		19		58		141	%
FORADIL		1						1		1		1		1		4		-

(1)	International Pharma net sales for the three months ended March 31, 2008 includes $671 million of sales of Organon, the human health segment of Organon BioSciences. International Pharma for both the fourth quarter and full year 2007 include $325 million of Organon sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.

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

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full		1st Qtr
	Qtr.		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.		Year		vs
	$		$	$	$	$	$		$		$		$		$		1st Qtr
Global Consumer Health Care:		377						345		394		273		254		1,266		9	%
OTC:		209						177		182		162		161		682		18	%
OTC Claritin		139						127		137		104		94		462		9	%
Other OTC		70						50		45		58		67		220		41	%
Foot Care		85						78		102		92		74		345		9	%
Sun Care		83						90		110		19		19		239		(7	%)

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

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

	2008						2007
	1st		2nd	3rd	4th	Full	1st		2nd		3rd		4th		Full
	Qtr.(1)		Qtr.	Qtr.	Qtr.	Year	Qtr.		Qtr.		Qtr.		Qtr.(1)		Year(1)
	$		$	$	$	$	$		$		$		$		$
Geographic net sales
U.S.		1,453						1,179		1,195		1,028		1,194		4,597
Europe and Canada		2,235						1,215		1,343		1,199		1,743		5,500
Latin America		482						311		327		324		398		1,359
Asia Pacific		487						270		313		261		389		1,234
Consolidated net sales		4,657						2,975		3,178		2,812		3,724		12,690

	2008							2007
	1st			2nd	3rd	4th	Full	1st			2nd			3rd			4th			Full
	Qtr.			Qtr.	Qtr.	Qtr.	Year	Qtr.			Qtr.			Qtr.			Qtr.			Year
	$			$	$	$	$	$			$			$			$			$
Other expense/(income), net
Interest income		(22	)						(82	)		(86	)		(117	)		(112	)		(395	)
Interest expense		138							37			39			45			125			245
Acquisition-related (gains)/losses on currency-related and interest rate-related items (2)		—							(3	)		35			(314	)		(255	)		(537	)
Foreign exchange (gains)/losses		(4	)						—			(3	)		(4	)		3			(3	)
Other (income)/expense (3)		(17	)						—			(1	)		—			8			7
Total — Other expense/(income), net		95							(48	)		(16	)		(390	)		(231	)		(683	)

(1)	First quarter 2008 includes $1.3 billion of Organon BioSciences (OBS) sales. Fourth quarter and full year 2007 include $626 million of OBS sales as of the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Included in acquisition-related (gains)/losses in currency-related and interest rate-related items are gains from foreign currency options in the amount of $510 for the twelve months ended December 31, 2007.
(3)	Other (income)/expense for the first quarter of 2008 reflects a $17 million gain on sale of a manufacturing plant.

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

Alex Kelly	908-298-7450
Joseph Romanelli	908-298-7904

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SCHERING-PLOUGH CORPORATION

Reconciliation from Reported Net Income Available to Common Shareholders
and Reported Diluted Earnings Per Share to As Reconciled Amounts for Net Income
Available to Common Shareholders and Diluted Earnings per Common Share
(Amount in Millions, except per share figures)

To supplement its consolidated financial statements presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), Schering-Plough is providing the following supplemental financial information to reflect “As Reconciled” amounts related to Net income available to common shareholders and diluted earnings per common share. “As Reconciled” amounts exclude the effects of purchase accounting adjustments, acquisition-related items and other specified items.

“As Reconciled” amounts related to Net income available to common shareholders and diluted earnings per common share are non-U.S. GAAP measures used by management in evaluating the performance of Schering-Plough’s overall business. The effects of purchase accounting adjustments, acquisition-related items and other specified items have been excluded from net income available to common shareholders and diluted earnings per common share as management of Schering-Plough does not consider these charges to be indicative of continuing operating results. Schering-Plough believes that these “As Reconciled” performance measures contribute to a more complete understanding by investors of the overall results of the company and enhances investor understanding of items that impact the comparability of results between fiscal periods. Net income available to common shareholders and diluted earnings per common share, as reported, are required to be presented under U.S. GAAP.

	Three months ended March 31, 2008
	(unaudited)
				Purchase						Other
	As			Accounting			Acquisition-			Specified			As Reconciled
	Reported			Adjustments			Related Items			Items			(1)
Net sales	$	4,657		$	—		$	—		$	—		$	4,657
Cost of sales		2,137			(688	)		—			—			1,449
Selling, general and administrative		1,676			(1	)		—			—			1,675
Research and development		880			(2	)		—			—			878
Other expense, net		95			—			—			17			112
Special and acquisition-related charges		23			—			(23	)		—			—
Equity income		(517	)		—			—			—			(517	)
Income before income taxes		363			691			23			(17	)		1,060
Income tax expense/(benefit)		72			91			2			(5	)		160
Net income	$	291		$	600		$	21		$	(12	)	$	900
Preferred stock dividends		38			—			—			—			38
Net income available to common shareholders	$	253		$	600		$	21		$	(12	)	$	862
Diluted earnings per common share	$	0.15											$	0.53
Average common shares outstanding-diluted		1,637												1,637

(1) “As Reconciled” to exclude purchase accounting adjustments, acquisition-related items and other specified items.

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SCHERING-PLOUGH CORPORATION

Reconciliation from Reported Net Income Available to Common Shareholders
and Reported Diluted Earnings Per Share to As Reconciled Amounts for Net Income
Available to Common Shareholders and Diluted Earnings per Common Share
(Amount in Millions, except per share figures)

	Three months ended March 31, 2007
	(unaudited)
				Purchase					Other
	As			Accounting		Acquisition-			Specified			As Reconciled
	Reported			Adjustments		Related Items			Items			(1)
Net sales	$	2,975		$	—	$	—		$	—		$	2,975
Cost of sales		937			—		—			—			937
Selling, general and administrative		1,213			—		—			—			1,213
Research and development		707			—		—			(96	)		611
Other income, net		(48	)		—		3			—			(45	)
Special and acquisition-related charges		1			—		(1	)		—			—
Equity income		(487	)		—		—			—			(487	)
Income before income taxes		652			—		(2	)		96			746
Income tax expense		87			—		—			—			87
Net income	$	565		$	—	$	(2	)	$	96		$	659
Preferred stock dividends		22			—		—			—			22
Net income available to common shareholders	$	543		$	—	$	(2	)	$	96		$	637
Diluted earnings per common share	$	0.36										$	0.42
Average common shares outstanding-diluted		1,571											1,571

(1) “As Reconciled” to exclude purchase accounting adjustments, acquisition-related items and other specified items.

Page 12

SCHERING-PLOUGH CORPORATION

Reconciliation from Reported Net Income Available to Common Shareholders
and Reported Diluted Earnings Per Share to As Reconciled Amounts for Net Income
Available to Common Shareholders and Diluted Earnings per Common Share
(Amounts in millions)

“As Reconciled” amounts related to Net income available to common shareholders and diluted earnings per common share reflect the following adjustments:

	First Quarter
	(unaudited)
	2008			2007
Purchase accounting adjustments:
Amortization of intangibles in connection with the acquisition of Organon BioSciences (a)	$	132		$	—
Depreciation related to the fair value adjustment of fixed assets related to the acquisition of Organon BioSciences (b)		8			—
Charge related to the fair value adjustment to inventory related to the acquisition of Organon BioSciences (a)		551			—
Total purchase accounting adjustments, pre-tax		691			—
Income tax benefit		91			—
Total purchase accounting adjustments	$	600		$	—
Acquisition-related items:
Acquisition-related gains on currency-related items (d)	$	—		$	(3	)
Integration-related activities (e)		23			1
Total acquisition-related items, pre-tax		23			(2	)
Income tax benefit		2			—
Total acquisition-related items	$	21		$	(2	)
Other specified items:
(Gain) on sale of manufacturing plant (d)	$	(17	)	$	—
Upfront R&D payments (c)		—			96
Total other specified items, pre-tax		(17	)		96
Income tax expense		(5	)		—
Total other specified items	$	(12	)	$	96
Total purchase accounting adjustments, acquisition-related items and other specified items	$	609		$	94

(a)	Included in cost of sales
(b)	Included in cost of sales, selling, general and administrative and research and development
(c)	Included in research and development
(d)	Included in other expense/(income), net
(e)	Included in special and acquisition-related charges

Page 13