Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for Third 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						2008			2007			2008			2007
	3rd Qtr			3rd Qtr			3rd Qtr			3rd Qtr			3rd Qtr vs.			Nine Months			Nine Months			Nine Months			Nine Months
	U.S.			U.S.			* As			* As			3rd Qtr			U.S.			U.S.			* As			* As			9 Mos. vs.
	GAAP			GAAP			Reconciled			Reconciled			As			GAAP			GAAP			Reconciled			Reconciled			9 Mos.
	$			$			$			$			Reconciled			$			$			$			$			As Reconciled
Net sales 1/		4,576			2,812			4,576			2,812			63	%		14,154			8,965			14,154			8,965			58	%
Cost of sales		1,737			925			1,516			925			64	%		5,782			2,838			4,518			2,838			59	%
Gross profit		2,839			1,887			3,060			1,887			62	%		8,372			6,127			9,636			6,127			57	%
Selling, general and administrative		1,660			1,262			1,659			1,262			31	%		5,208			3,833			5,205			3,833			36	%
Research and development		893			669			890			649			37	%		2,679			2,071			2,672			1,895			41	%
Other expense/(income), net		(39	)		(390	)		121			(76	)		N/M			189			(451	)		366			(169	)		N/M
Special and acquisition-related charges		101			20			—			—			N/M			218			32			—			—			N/M
Equity income		(434	)		(506	)		(415	)		(506	)		(18	%)		(1,444	)		(1,483	)		(1,361	)		(1,483	)		(8	%)
Income before income taxes		658			832			805			558			44	%		1,522			2,125			2,754			2,051			34	%
Income tax expense		69			82			128			82			56	%		207			272			408			272			50	%
Net income		589			750			677			476			42	%		1,315			1,853			2,346			1,779			32	%
Preferred stock dividends		38			37			38			37			3	%		113			80			113			80			41	%
Net income available to common shareholders		551			713			639			439			46	%		1,202			1,773			2,233			1,699			31	%
Diluted earnings per common share		0.34			0.45			0.39			0.28			39	%		0.74			1.15			1.37			1.10			25	%
Avg. shares outstanding — diluted		1,636			1,622			1,636			1,622						1,635			1,596			1,635			1,596
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		38.0	%		32.9	%		33.1	%		32.9	%					40.9	%		31.7	%		31.9	%		31.7	%
Gross margin		62.0	%		67.1	%		66.9	%		67.1	%					59.1	%		68.3	%		68.1	%		68.3	%
Selling, general and administrative		36.3	%		44.9	%		36.3	%		44.9	%					36.8	%		42.8	%		36.8	%		42.8	%
Research and development		19.5	%		23.8	%		19.4	%		23.1	%					18.9	%		23.1	%		18.9	%		21.1	%
Income before income taxes		14.4	%		29.6	%		17.6	%		19.8	%					10.8	%		23.7	%		19.5	%		22.9	%
Net income		12.9	%		26.7	%		14.8	%		16.9	%					9.3	%		20.7	%		16.6	%		19.8	%

1/	Net sales for the three and nine months ended September 30, 2008 include sales of Organon BioSciences (OBS) products of $1.4 billion and $4.2 billion, respectively.
*	“As Reconciled” to exclude purchase accounting adjustments, special and 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.”
N/M — Not a meaningful percentage.
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	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/		4,657			4,921			4,576				14,154				2,975			3,178			2,812			3,724			8,965			12,690			63	%		58	%
Cost of sales 2/		2,137			1,908			1,737				5,782				937			977			925			1,566			2,838			4,405			88	%		104	%
Gross profit		2,520			3,013			2,839				8,372				2,038			2,201			1,887			2,158			6,127			8,285			50	%		37	%
Selling, general and administrative		1,676			1,870			1,660				5,208				1,213			1,358			1,262			1,634			3,833			5,468			32	%		36	%
Research and development 3/		880			906			893				2,679				707			696			669			855			2,071			2,926			33	%		29	%
Acquired in-process research and development 4/		—			—			—				—				—			—			—			3,754						3,754			N/M			N/M
Other expense/(income), net		95			134			(39	)			189				(48	)		(16	)		(390	)		(231	)		(451	)		(683	)		N/M			N/M
Special and acquisition-related charges 5/		23			94			101				218				1			11			20			52			32			84			N/M			N/M
Equity income 6/		(517	)		(493	)		(434	)			(1,444	)			(487	)		(490	)		(506	)		(566	)		(1,483	)		(2,049	)		(14	%)		(3	%)
Income/(loss) before income taxes		363			502			658				1,522				652			642			832			(3,340	)		2,125			(1,215	)		(21	%)		(28	%)
Income tax expense/(benefit)		72			66			69				207				87			103			82			(14	)		272			258			(16	%)		(24	%)
Net income/(loss)		291			436			589				1,315				565			539			750			(3,326	)	��	1,853			(1,473	)		(21	%)		(29	%)
Preferred stock dividends		38			38			38				113				22			22			37			38			80			118			3	%		41	%
Net income/(loss) available to common shareholders		253			398			551				1,202				543			517			713			(3,364	)		1,773			(1,591	)		(23	%)		(32	%)
Diluted earnings/(loss) per common share		0.15			0.24			0.34				0.74				0.36			0.34			0.45			(2.08	)		1.15			(1.04	)		(24	%)		(36	%)
Avg. shares outstanding- diluted		1,637			1,632			1,636				1,635				1,571			1,587			1,622			1,621			1,596			1,536
Actual shares outstanding		1,621			1,626			1,626				1,626				1,489			1,496			1,620			1,621			1,620			1,621
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		45.9	%		38.8	%		38.0	%			40.9	%			31.5	%		30.7	%		32.9	%		42.1	%		31.7	%		34.7	%
Gross margin		54.1	%		61.2	%		62.0	%			59.1	%			68.5	%		69.3	%		67.1	%		57.9	%		68.3	%		65.3	%
Selling, general and administrative		36.0	%		38.0	%		36.3	%			36.8	%			40.8	%		42.7	%		44.9	%		43.9	%		42.8	%		43.1	%
Research and development		18.9	%		18.4	%		19.5	%			18.9	%			23.8	%		21.9	%		23.8	%		23.0	%		23.1	%		23.1	%
Income/(loss) before income taxes		7.8	%		10.2	%		14.4	%			10.8	%			21.9	%		20.2	%		29.6	%		(89.7	%)		23.7	%		(9.6	%)
Net income/(loss)		6.2	%		8.9	%		12.9	%			9.3	%			19.0	%		17.0	%		26.7	%		(89.3	%)		20.7	%		(11.6	%)

N/M — Not a meaningful percentage
Note:	The Company incurs substantial costs, such as selling, general and administrative costs, that are not reflected in “Equity income” and are borne by the overall cost structure of Schering-Plough.
1/	Net sales for the three and nine months ended September 30, 2008 include sales of Organon BioSciences (OBS) products of $1.4 billion and $4.2 billion, respectively. Net sales for the twelve months ended December 31, 2007, include $626 million of OBS sales subsequent to closing date of the acquisition on November 19, 2007 through December 31, 2007.
2/	Cost of sales for the three and nine months ended September 30, 2008 include purchase accounting adjustments of $221 million and $1.3 billion, respectively, 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 and nine months ended September 30, 2007 include $20 million and $176 million, respectively, 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/	Special and acquisition-related charges relate to the Productivity Transformation Program (PTP) activities which also incorporates the ongoing integration of OBS. For the three and nine months ended September 30, 2008 these charges were $101 million ($93 million for severance costs and $8 million for integration-related costs) and $218 million, respectively. Special and acquisition-related charges for the three and nine months ended September 30, 2007 were $20 million and $32 million, respectively. Special and acquisition-related charges for the twelve months ended December 31, 2007 were $84 million.
6/	Included in Equity Income for the three and nine months ended September 30, 2008 is $19 million and $83 million, respectively, of income related to the termination of a respiratory joint venture with Merck.

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	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:		1,216		1,133		1,089			3,438			1,150		1,248		1,277		1,443		3,676		5,119			(15	%)		(6	%)
U.S.		851		710		688			2,249			897		958		969		1,071		2,824		3,894			(29	%)		(20	%)
International		365		423		401			1,189			253		290		308		372		852		1,225			30	%		39	%
50% of Cholesterol Joint Venture:		607		566		545			1,719			575		624		639		722		1,838		2,559			(15	%)		(6	%)
Human Prescription Pharma (1):		3,557		3,702		3,539			10,798			2,398		2,520		2,291		2,963		7,209		10,173			54	%		50	%
U.S.		975		926		932			2,831			802		771		709		855		2,282		3,138			31	%		24	%
International		2,582		2,776		2,607			7,967			1,596		1,749		1,582		2,108		4,927		7,035	��		65	%		62	%
Animal Health (2):		723		818		759			2,299			232		264		248		507		744		1,251			206	%		209	%
U.S.		131		138		160			429			58		58		63		99		179		278			153	%		139	%
International		592		680		599			1,870			174		206		185		408		565		973			225	%		231	%
Consumer Health Care		377		401		278			1,057			345		394		273		254		1,012		1,266			2	%		4	%
Consolidated GAAP Net Sales:		4,657		4,921		4,576			14,154			2,975		3,178		2,812		3,724		8,965		12,690			63	%		58	%
U.S.		1,453		1,434		1,350			4,236			1,179		1,195		1,028		1,194		3,402		4,597			31	%		25	%
International		3,204		3,487		3,226			9,918			1,796		1,983		1,784		2,530		5,563		8,093			81	%		78	%
Adjusted Net Sales:		5,264		5,487		5,121			15,873			3,550		3,802		3,451		4,446		10,803		15,249			48	%		47	%

(1)

Human Prescription Pharma Net sales for the three and nine months ended September 30, 2008 include $896 million and $2.7 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). Human Prescription Pharma Net sales for both the fourth quarter and full year 2007 include $409 million of OBS human health segment sales subsequent to the closing date of the acquisition on November 19, 2007 through December 31, 2007.

(2)

Animal Health Net sales for the three and nine months ended September 30, 2008 includes $503 million and $1.5 billion, respectively, of sales of the animal health segment of OBS. Animal Health Net sales for both the fourth quarter and full year 2007 include $217 million of OBS animal health segment 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	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):		588		578		558			1,723			544		605		606		680		1,755		2,436		(8	%)		(2	%)
U.S.		395		349		333			1,078			408		424		443		489		1,275		1,764		(25	%)		(15	%)
International		193		229		225			645			136		181		163		191		480		672		38	%		34	%
Global Vytorin (1):		647		586		570			1,804			616		683		684		778		1,984		2,761		(17	%)		(9	%)
U.S.		456		361		355			1,171			489		534		526		582		1,549		2,130		(33	%)		(24	%)
International		191		225		215			633			127		149		158		196		435		631		36	%		45	%
Global Cholesterol (1):		1,235		1,164		1,128			3,527			1,160		1,288		1,290		1,458		3,739		5,197		(13	%)		(6	%)
U.S.		851		710		688			2,249			897		958		969		1,071		2,824		3,894		(29	%)		(20	%)
International		384		454		440			1,278			263		330		321		387		915		1,303		37	%		40	%

(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. For the three and nine months ended September 30, 2008 sales in non-joint venture territories of the cholesterol franchise totaled $39 million and $89 million, respectively. For the three and nine months ended September 30, 2007 sales in non-joint venture territories of the cholesterol franchise totaled $13 million and $63 million, respectively.

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. Equity income also includes milestone and other payments. 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
	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
Human Prescription Pharma (1):		3,539		2,291		54	%		932		709		31	%		2,607		1,582		65	%
Remicade		564		426		32	%		—		—		—			564		426		32	%
Temodar		273		215		27	%		96		79		21	%		177		136		30	%
Nasonex		258		242		6	%		141		153		(8	%)		117		89		31	%
PegIntron		235		221		6	%		40		46		(14	%)		195		175		12	%
Clarinex / Aerius		176		171		3	%		71		83		(14	%)		105		88		20	%
Follistim / Puregon (2)		142		—		—			49		—		—			93		—		—
Nuvaring (2)		118		—		—			67		—		—			51		—		—
Claritin Rx		87		83		5	%		—		—		—			87		83		5	%
Integrilin		84		78		7	%		78		73		6	%		6		5		17	%
Caelyx		80		64		24	%		—		—		—			80		64		24	%
Zemuron (2)		72		—		—			38		—		—			34		—		—
Avelox		65		78		(17	%)		65		78		(17	%)		—		—		—
Rebetol		63		60		5	%		—		1		N/M			63		59		5	%
Subutex / Suboxone		63		55		15	%		—		—		—			63		55		15	%
Remeron (2)		61		—		—			3		—		—			58		—		—
Intron A		61		61		—			30		29		4	%		31		32		(3	%)
Cerazette (2)		49		—		—			—		—		—			49		—		—
Livial (2)		48		—		—			—		—		—			48		—		—
Elocon		45		40		12	%		—		—		—			45		40		12	%
Asmanex		40		36		12	%		38		34		12	%		2		2		9	%
Noxafil		40		24		62	%		11		8		28	%		29		16		80	%
Proventil / Albuterol cfc		38		52		(26	%)		38		52		(26	%)		—		—		—
Mercilon (2)		38		—		—			—		—		—			38		—		—
Implanon (2)		37		—		—			9		—		—			28		—		—
Marvelon (2)		37		—		—			—		—		—			37		—		—
Foradil		25		25		—			24		24		—			1		1		—

(1)	Human Prescription Pharma Net sales for the three months ended September 30, 2008 include $896 million of sales of the human health segment of Organon BioSciences (OBS). U.S. Pharma and International Pharma Net sales for the three months ended September 30, 2008 include OBS human health segment sales of $216 million and $680 million, respectively.
(2)	Products acquired in OBS acquisition on November 19, 2007.
	N/M — Not a meaningful percentage
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	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.
Human Prescription Pharma (1):		3,557		3,702		3,539			10,798			2,398		2,520		2,291		2,963		7,209		10,173		54	%		50	%
Remicade		507		557		564			1,627			373		394		426		455		1,193		1,648		32	%		36	%
Temodar		236		251		273			760			196		216		215		234		627		861		27	%		21	%
Nasonex		307		311		258			876			284		295		242		271		821		1,092		6	%		7	%
PegIntron		225		229		235			689			217		234		221		239		672		911		6	%		3	%
Clarinex / Aerius		213		240		176			630			204		250		171		174		625		799		3	%		1	%
Follistim / Puregon (2)		145		162		142			450			—		—		—		57		—		57		—			—
Nuvaring (2)		96		116		118			330			—		—		—		45		—		45		—			—
Claritin Rx		128		111		87			326			112		102		83		93		297		391		5	%		10	%
Integrilin		74		78		84			236			84		78		78		91		241		332		7	%		(2	%)
Caelyx		74		78		80			232			62		65		64		66		191		257		24	%		22	%
Zemuron (2)		63		67		72			202			—		—		—		25		—		25		—			—
Avelox		142		67		65			274			115		75		78		115		269		384		(17	%)		2	%
Rebetol		59		70		63			193			71		74		60		71		206		277		5	%		(6	%)
Subutex / Suboxone		54		62		63			178			56		52		55		57		163		220		15	%		10	%
Remeron (2)		68		61		61			190			—		—		—		33		—		33		—			—
Intron A		55		61		61			177			60		55		61		57		176		233		—			1	%
Cerazette (2)		44		49		49			142			—		—		—		20		—		20		—			—
Livial (2)		45		50		48			143			—		—		—		24		—		24		—			—
Elocon		45		47		45			137			36		43		40		37		119		156		12	%		15	%
Asmanex		42		48		40			131			43		42		36		41		121		162		12	%		9	%
Noxafil		34		38		40			111			16		20		24		29		60		89		62	%		85	%
Proventil / Albuterol cfc		50		38		38			127			53		61		52		41		166		207		(26	%)		(23	%)
Mercilon (2)		43		47		38			128			—		—		—		18		—		18		—			—
Implanon (2)		38		44		37			119			—		—		—		15		—		15		—		��	—
Marvelon (2)		37		40		37			114			—		—		—		20		—		20		—			—
Foradil		25		25		25			76			26		26		25		25		77		102		—			(2	%)

(1)	Human Prescription Pharma Net sales for the three and nine months ended September 30, 2008 include $896 million and $2.7 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). Human Prescription Pharma Net sales for both the three and twelve months ended December 31, 2007 include $409 million of OBS human health segment sales subsequent to the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.
	N/M — Not a meaningful percentage
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	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. Pharma (1):		975		926		932			2,831			802		771		709		855		2,282		3,138		31	%		24	%
Temodar		80		82		96			258			74		79		79		83		233		315		21	%		11	%
Nasonex		172		166		141			479			177		175		153		162		505		667		(8	%)		(5	%)
PegIntron		39		40		40			119			49		46		46		42		141		183		(14	%)		(16	%)
Clarinex / Aerius		76		79		71			227			91		106		83		82		280		362		(14	%)		(19	%)
Follistim / Puregon (2)		44		45		49			138			—		—		—		14		—		14		—			—
Nuvaring (2)		54		68		67			189			—		—		—		26		—		26		—			—
Integrilin		69		73		78			220			80		73		73		85		227		312		6	%		(3	%)
Zemuron (2)		34		33		38			105			—		—		—		10		—		10		—			—
Avelox		142		67		65			274			115		75		78		115		269		384		(17	%)		2	%
Remeron (2)		4		2		3			9			—		—		—		2		—		2		—			—
Intron A		27		29		30			86			31		28		29		28		88		117		4	%		(2	%)
Asmanex		39		45		38			123			40		39		34		38		114		152		12	%		8	%
Noxafil		9		10		11			31			6		7		8		10		21		31		28	%		45	%
Proventil / Albuterol cfc		50		38		38			126			53		61		52		41		166		207		(26	%)		(23	%)
Implanon (2)		11		14		9			35			—		—		—		3		—		3		—			—
Marvelon (2)		2		3		—			5			—		—		—		2		—		2		—			—
Foradil		24		24		24			74			25		25		24		24		74		98		—			—

(1)	U.S. Pharma Net sales for the three and nine months ended September 30, 2008 include $216 million and $614 million, respectively, of sales of the human health segment of Organon BioSciences (OBS). U.S. Pharma Net sales for both the three and twelve months ended December 31, 2007 include $84 million of OBS human health segment sales subsequent to the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.
N/M	— Not a meaningful percentage

     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	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 Pharma (1):		2,582		2,776		2,607			7,967			1,596		1,749		1,582		2,108		4,927		7,035		65	%		62	%
Remicade		507		557		564			1,627			373		394		426		455		1,193		1,648		32	%		36	%
Temodar		156		169		177			502			122		137		136		151		394		546		30	%		27	%
Nasonex		135		145		117			397			107		120		89		109		316		425		31	%		26	%
PegIntron		186		189		195			570			168		188		175		197		531		728		12	%		7	%
Clarinex / Aerius		137		161		105			403			113		144		88		92		345		437		20	%		17	%
Follistim / Puregon (2)		101		117		93			312			—		—		—		43		—		43		—			—
Nuvaring (2)		42		48		51			141			—		—		—		19		—		19		—			—
claritin rx		128		111		87			326			112		102		83		93		297		391		5	%		10	%
Integrilin		5		5		6			16			4		5		5		6		14		20		17	%		12	%
Caelyx		74		78		80			232			62		65		64		66		191		257		24	%		22	%
Zemuron (2)		29		34		34			98			—		—		—		15		—		15		—			—
Rebetol		59		70		63			193			71		73		59		70		204		273		5	%		(6	%)
Subutex / Suboxone		54		62		63			178			56		52		55		57		163		220		15	%		10	%
Remeron (2)		64		59		58			181			—		—		—		31		—		31		—			—
Intron A		28		32		31			91			29		27		32		29		88		116		(3	%)		3	%
Cerazette (2)		44		49		49			142			—		—		—		20		—		20		—			—
Livial (2)		45		50		48			143			—		—		—		24		—		24		—			—
Elocon		45		46		45			136			36		43		40		39		118		158		12	%		15	%
Asmanex		3		3		2			8			3		3		2		3		7		10		9	%		13	%
Noxafil		25		28		29			80			10		13		16		19		39		58		80	%		107	%
Mercilon (2)		42		46		38			128			—		—		—		18		—		18		—			—
Implanon (2)		27		30		28			84			—		—		—		12		—		12		—			—
Marvelon (2)		35		37		37			109			—		—		—		18		—		18		—			—
Foradil		1		1		1			2			1		1		1		1		3		4		—			(24	%)

(1)	International Pharma Net sales for the three and nine months ended September 30, 2008 include $680 million and $2.1 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). International Pharma Net sales for both the the three and twelve months ended December 31, 2007 include $325 million of OBS human health segment sales subsequent to the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Products acquired in OBS acquisition on November 19, 2007.
N/M	— Not a meaningful percentage

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

Page 8

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

	2008										2007
	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 Consumer Health Care:		377		401		278			1,057			345		394		273		254		1,012		1,266		2	%		4	%
OTC:		209		181		160			550			177		182		162		161		521		682		(1	%)		6	%
OTC Claritin		139		120		92			350			127		137		104		94		368		462		(11	%)		(5	%)
MiraLAX		26		28		31			85			8		6		16		18		30		48		90	%		N/M
Other OTC		44		33		37			115			42		39		42		49		123		172		(11	%)		(7	%)
Foot Care		85		105		96			286			78		102		92		74		272		345		5	%		5	%
Sun Care		83		115		22			221			90		110		19		19		219		239		11	%		1	%

N/M — Not a meaningful percentage

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

Page 9

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

	2008										2007
	1st		2nd		3rd		4th	9		Full	1st		2nd		3rd		4th		9		Full
	Qtr.		Qtr.		Qtr.(1)		Qtr.	Mos.(1)		Year	Qtr.		Qtr.		Qtr.		Qtr.(1)		Mos.		Year(1)
	$		$		$		$	$		$	$		$		$		$		$		$
Geographic net sales
U.S.		1,453		1,434		1,350			4,236			1,179		1,195		1,028		1,194		3,402		4,597
Europe and Canada		2,235		2,449		2,207			6,893			1,215		1,343		1,199		1,743		3,758		5,500
Latin America		482		524		482			1,488			311		327		324		398		961		1,359
Asia Pacific		487		514		537			1,537			270		313		261		389		844		1,234
Consolidated net sales		4,657		4,921		4,576			14,154			2,975		3,178		2,812		3,724		8,965		12,690

	2008														2007
	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 expense/(income), net
Interest income		(22	)		(17	)		(19	)			(58	)			(82	)		(86	)		(117	)		(112	)		(283	)		(395	)
Interest expense		138			140			136				414				37			39			45			125			120			245
Gain on sale of previously announced divestiture of certain Animal Health products		—			—			(160	)			(160	)			—			—			—			—			—			—
Acquisition-related gains/losses on currency-related and interest rate-related items (2)		—			—			—				—				(3	)		35			(314	)		(255	)		(282	)		(537	)
Foreign exchange (gains)/losses		(4	)		11			4				10				—			(3	)		(4	)		3			(6	)		(3	)
Other (income)/expense (3)		(17	)		—			—				(17	)			—			(1	)		—			8			—			7
Total — Other expense/(income), net		95			134			(39	)			189				(48	)		(16	)		(390	)		(231	)		(451	)		(683	)

(1)	The three and nine months ended September 30, 2008 include $1.4 billion and $4.2 billion, respectively, of Organon BioSciences (OBS) Net sales. The three and twelve months ended December 31, 2007 include $626 million of OBS sales subsequent to the closing date of the acquisition on November 19, 2007 through December 31, 2007.
(2)	Included in acquisition-related (gains)/losses on currency-related and interest rate-related items are gains from foreign currency options in the amount of $510 million for the twelve months ended December 31, 2007.
(3)	Other expense/(income) 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.

Janet Barth       908-298-7011

Joe Romanelli    908-298-7904

Page 10

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, special and 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, special and 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 items 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 September 30, 2008
	(unaudited)
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As
	Reported			Adjustments			Related Items			Items			Reconciled (1)
Net sales	$	4,576		$	—		$	—		$	—		$	4,576
Cost of sales		1,737			(221	)		—			—			1,516
Selling, general and administrative		1,660			(1	)		—			—			1,659
Research and development		893			(3	)		—			—			890
Other expense/(income), net		(39	)		—			—			160			121
Special and acquisition-related charges		101			—			(101	)		—			—
Equity income		(434	)		—			—			19			(415	)
Income before income taxes		658			225			101			(179	)		805
Income tax expense/(benefit)		69			(54	)		(16	)		11			128
Net income	$	589		$	171		$	85		$	(168	)	$	677
Preferred stock dividends		38			—			—			—			38
Net income available to common shareholders	$	551		$	171		$	85		$	(168	)	$	639
Diluted earnings per common share	$	0.34											$	0.39
Average shares outstanding-diluted		1,636												1,636

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

Page 11

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 September 30, 2007
	(unaudited)
				Purchase		Special and			Other
	As			Accounting		Acquisition-			Specified			As
	Reported			Adjustments		Related Items			Items			Reconciled (1)
Net sales	$	2,812		$	—	$	—		$	—		$	2,812
Cost of sales		925			—		—			—			925
Selling, general and administrative		1,262			—		—			—			1,262
Research and development		669			—		—			(20	)		649
Other expense/(income), net		(390	)		—		314			—			(76	)
Special and acquisition-related charges		20			—		(20	)		—			—
Equity income		(506	)		—		—			—			(506	)
Income before income taxes		832			—		(294	)		20			558
Income tax expense		82			—		—			—			82
Net income	$	750		$	—	$	(294	)	$	20		$	476
Preferred stock dividends		37			—		—			—			37
Net income available to common shareholders	$	713		$	—	$	(294	)	$	20		$	439
Diluted earnings per common share (2)	$	0.45										$	0.28
Average shares outstanding-diluted		1,622											1,622

(1)

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

(2)

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. The 2004 preferred stock was dilutive under accounting rules. The 2007 preferred stock was not dilutive for the three months ended September 30, 2007.

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
(Amount in Millions, except per share figures)

	Nine months ended September 30, 2008
	(unaudited)
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As
	Reported			Adjustments			Related Items			Items			Reconciled (1)
Net sales	$	14,154		$	—		$	—		$	—		$	14,154
Cost of sales		5,782			(1,264	)		—			—			4,518
Selling, general and administrative		5,208			(3	)		—			—			5,205
Research and development		2,674			(7	)		—			—			2,672
Other expense/(income), net		189			—			—			177			366
Special and acquisition related charges		218			—			(218	)		—			—
Equity income		(1,444	)		—			—			83			(1,361	)
Income before income taxes		1,522			1,274			218			(260	)		2,754
Income tax expense/(benefit)		207			(192	)		(25	)		16			408
Net income	$	1,315		$	1,082		$	193		$	(244	)	$	2,346
Preferred stock dividends		113			—			—			—			113
Net income available to common shareholders	$	1,202		$	1,082		$	193		$	(244	)	$	2,233
Diluted earnings per common share	$	0.74											$	1.37
Average shares outstanding-diluted		1,635												1,635

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

Page 13

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 (unaudited)
(Amount in Millions, except per share figures)

	Nine months ended September 30, 2007
	(unaudited)
				Purchase		Special and			Other
	As			Accounting		Acquisition-			Specified			As
	Reported			Adjustments		Related Items			Items			Reconciled (1)
Net sales	$	8,965		$	—	$	—		$	—		$	8,965
Cost of sales		2,838			—		—			—			2,838
Selling, general and administrative		3,833			—		—			—			3,833
Research and development		2,071			—		—			(176	)		1,895
Other expense/(income), net		(451	)		—		282			—			(169	)
Special and acquisition related charges		32			—		(32	)		—			—
Equity income		(1,483	)		—		—			—			(1,483	)
Income before income taxes		2,125			—		(250	)		176			2,051
Income tax expense		272			—		—			—			272
Net income	$	1,853		$	—	$	(250	)	$	176		$	1,779
Preferred stock dividends		80			—		—			—			80
Net income available to common shareholders	$	1,773		$	—	$	(250	)	$	176		$	1,699
Diluted earnings per common share (2)	$	1.15										$	1.10
Average shares outstanding-diluted		1,596											1,596

(1)

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

(2)

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 related to the 2004 preferred stock, and a denominator of 1,596 which represents the average diluted shares outstanding for the nine months ended September 30, 2007. The 2004 preferred stock was dilutive under accounting rules. The 2007 preferred stock was not dilutive for the nine months ended September 30, 2007.

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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
(Amounts in millions)

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

	Third Quarter						Nine Months
	(unaudited)						(unaudited)
	2008			2007			2008			2007
Purchase accounting adjustments:
Amortization of intangibles in connection with the acquisition of Organon BioSciences (a)	$	136		$	—		$	407		$	—
Depreciation related to the fair value adjustment of fixed assets related to the acquisition of Organon BioSciences (b)		11			—			27			—
Charge related to the fair value adjustment to inventory related to the acquisition of Organon BioSciences (a)		78			—			840			—
Total purchase accounting adjustments, pre-tax		225			—			1,274			—
Income tax benefit		54			—			192			—
Total purchase accounting adjustments	$	171		$	—		$	1,082		$	—
Special and acquisition-related items:
Special and integration-related activities (e)	$	101		$	20		$	218		$	32
Acquisition-related gain on currency-related and interest-related items, net (d)		—			(314	)		—			(282	)
Total acquisition-related items, pre-tax		101			(294	)		218			(250	)
Income tax benefit		16			—			25			—
Total special and acquisition-related items	$	85		$	(294	)	$	193		$	(250	)
Other specified items:
Gain on sale of previously announced divestiture of certain Animal Health products (d)	$	(160	)	$	—		$	(160	)	$	—
Income from respiratory JV termination (f)		(19	)		—			(83	)		—
Gain on sale of manufacturing plant (d)		—			—			(17	)
Upfront R&D payments (c)		—			20			—			176
Total other specified items, pre-tax		(179	)		20			(260	)		176
Income tax expense		11			—			16			—
Total other specified items	$	(168	)	$	20		$	(244	)	$	176
Total purchase accounting adjustments, special and acquisition-related items and other specified items	$	88		$	(274	)	$	1,031		$	(74	)

(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
(f)	Included in Equity income

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