Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for 2008 Fourth Quarter, Full Year

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
	4th Qtr			4th Qtr			4th Qtr			4th Qtr			4th Qtr vs.			Full Year			Full Year			Full Year			Full Year
	U.S.			U.S.			* As			* As			4th Qtr			U.S.			U.S.			* As			* As
	GAAP			GAAP			Reconciled			Reconciled			As			GAAP			GAAP			Reconciled			Reconciled			2008 vs. 2007
	$			$			$			$			Reconciled			$			$			$			$			As Reconciled
Net sales 1/		4,348			3,724			4,348			3,724			17	%		18,502			12,690			18,502			12,690			46	%
Cost of sales		1,525			1,566			1,351			1,240			9	%		7,307			4,405			5,870			4,079			44	%
Gross profit		2,823			2,158			2,997			2,484			21	%		11,195			8,285			12,632			8,611			47	%
Selling, general and administrative		1,615			1,634			1,614			1,634			(1	%)		6,823			5,468			6,819			5,468			25	%
Research and development		850			855			848			834			2	%		3,529			2,926			3,521			2,729			29	%
Acquired in-process research and development		—			3,754			—			—				*		—			3,754			—			—				*
Other expense/(income), net		146			(231	)		146			24			N/M			335			(683	)		512			(146	)		N/M
Special and acquisition-related charges		111			52			—			—				*		329			84			—			—				*
Equity income		(426	)		(566	)		(404	)		(566	)		(29	%)		(1,870	)		(2,049	)		(1,765	)		(2,049	)		(14	%)
Income/(loss) before income taxes		527			(3,340	)		793			558			42	%		2,049			(1,215	)		3,545			2,609			36	%
Income tax expense/(benefit)		47			(14	)		122			78			56	%		254			258			530			350			51	%
Net income/(loss)		480			(3,326	)		671			480			40	%		1,795			(1,473	)		3,015			2,259			33	%
Preferred stock dividends		38			38			38			38			—			150			118			150			118			27	%
Net income/(loss) available to common shareholders		442			(3,364	)		633			442			43	%		1,645			(1,591	)		2,865			2,141			34	%
Diluted earnings/(loss) per common share		0.27			(2.08	)		0.39			0.27			44	%		1.01			(1.04	)		1.75			1.37			28	%
Avg. shares outstanding — diluted		1,634			1,621			1,634			1,648						1,635			1,536			1,635			1,607
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		35.1	%		42.1	%		31.1	%		33.3	%					39.5	%		34.7	%		31.7	%		32.1	%
Gross margin		64.9	%		57.9	%		68.9	%		66.7	%					60.5	%		65.3	%		68.3	%		67.9	%
Selling, general and administrative		37.1	%		43.9	%		37.1	%		43.9	%					36.9	%		43.1	%		36.9	%		43.1	%
Research and development		19.5	%		23.0	%		19.5	%		22.4	%					19.1	%		23.1	%		19.0	%		21.5	%
Income before income taxes		12.1	%		N/M			18.2	%		15.0	%					11.1	%		N/M			19.2	%		20.6	%
Net income/(loss)		11.0	%		N/M			15.4	%		12.9	%					9.7	%		N/M			16.3	%		17.8	%

1/	Net sales for the three and twelve months ended December 31, 2008 include sales of Organon BioSciences (OBS) products of $1.3 billion and $5.4 billion, respectively. Net sales for the three and twelve months ended December 31, 2007 include sales of OBS products of $626 million subsequent to closing date of the acquisition on November 19, 2007.
*	“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			Full			1st			2nd			3rd			4th				Full			4th Qtr			2008
	Qtr.			Qtr.			Qtr.			Qtr.			Year			Qtr.			Qtr.			Qtr.			Qtr.				Year			vs			vs
	$			$			$			$			$			$			$			$			$				$			4th Qtr			2007
Net sales 1/		4,657			4,921			4,576			4,348			18,502			2,975			3,178			2,812			3,724				12,690			17	%		46	%
Cost of sales 2/		2,137			1,908			1,737			1,525			7,307			937			977			925			1,566				4,405			(3	%)		66	%
Gross profit		2,520			3,013			2,839			2,823			11,195			2,038			2,201			1,887			2,158				8,285			31	%		35	%
Selling, general and administrative		1,676			1,870			1,660			1,615			6,823			1,213			1,358			1,262			1,634				5,468			(1	%)		25	%
Research and development 3/		880			906			893			850			3,529			707			696			669			855				2,926			(1	%)		21	%
Acquired in-process research and development 4/		—			—			—			—			—			—			—			—			3,754				3,754			N/M			N/M
Other expense/(income), net		95			134			(39	)		146			335			(48	)		(16	)		(390	)		(231	)			(683	)		N/M			N/M
Special and acquisition-related charges 5/		23			94			101			111			329			1			11			20			52		��		84			N/M			N/M
Equity income 6/		(517	)		(493	)		(434	)		(426	)		(1,870	)		(487	)		(490	)		(506	)		(566	)			(2,049	)		(25	%)		(9	%)
Income/(loss) before income taxes		363			502			658			527			2,049			652			642			832			(3,340	)			(1,215	)		N/M			N/M
Income tax expense/(benefit)		72			66			69			47			254			87			103			82			(14	)			258			N/M			(2	%)
Net income/(loss)		291			436			589			480			1,795			565			539			750			(3,326	)			(1,473	)		N/M			N/M
Preferred stock dividends		38			38			38			38			150			22			22			37			38				118			—			27	%
Net income/(loss) available to common shareholders		253			398			551			442			1,645			543			517			713			(3,364	)			(1,591	)		N/M			N/M
Diluted earnings/(loss) per common share		0.15			0.24			0.34			0.27			1.01			0.36			0.34			0.45			(2.08	)			(1.04	)		N/M			N/M
Avg. shares outstanding- diluted		1,637			1,632			1,636			1,634			1,635			1,571			1,587			1,622			1,621				1,536
Actual shares outstanding		1,621			1,626			1,626			1,626			1,626			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	%		100.0	%		100.0	%		100.0	%			100.0	%
Cost of sales		45.9	%		38.8	%		38.0	%		35.1	%		39.5	%		31.5	%		30.7	%		32.9	%		42.1	%			34.7	%
Gross margin		54.1	%		61.2	%		62.0	%		64.9	%		60.5	%		68.5	%		69.3	%		67.1	%		57.9	%			65.3	%
Selling, general and administrative		36.0	%		38.0	%		36.3	%		37.1	%		36.9	%		40.8	%		42.7	%		44.9	%		43.9	%			43.1	%
Research and development		18.9	%		18.4	%		19.5	%		19.5	%		19.1	%		23.8	%		21.9	%		23.8	%		23.0	%			23.1	%
Income/(loss) before income taxes		7.8	%		10.2	%		14.4	%		12.1	%		11.1	%		21.9	%		20.2	%		29.6	%		N/M				N/M
Net income/(loss)		6.2	%		8.9	%		12.9	%		11.0	%		9.7	%		19.0	%		17.0	%		26.7	%		N/M				N/M

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 twelve months ended December 31, 2008 include sales of Organon BioSciences (OBS) products of $1.3 billion and $5.4 billion, respectively. Net sales for the three and twelve months ended December 31, 2007 include sales of OBS products of $626 million subsequent to closing date of the acquisition on November 19, 2007.
2/	Cost of sales for the three and twelve months ended December 31, 2008 include purchase accounting adjustments of $174 million and $1.4 billion, respectively, related to the acquisition of OBS. Cost of sales for the three and 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 twelve months ended December 31, 2007 include $21 million and $197 million, respectively, 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 twelve months ended December 31, 2008 these charges were $111 million ($97 million for severance costs and $14 million for integration-related costs) and $329 million ($275 million for severance costs and $54 million for integration-related costs), respectively. Special and acquisition-related charges for the three and twelve months ended December 31, 2007 were $52 million and $84 million, respectively, and relate primarily to integration related costs.
6/	Included in Equity Income for the three and twelve months ended December 31, 2008 is $22 million and $105 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		Full		1st		2nd		3rd		4th		Full		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Cholesterol Joint Venture:		1,216		1,133		1,089		1,062		4,499		1,150		1,248		1,277		1,443		5,119		(26	%)		(12	%)
U.S.		851		710		688		695		2,943		897		958		969		1,071		3,894		(35	%)		(24	%)
International		365		423		401		367		1,556		253		290		308		372		1,225		(1	%)		27	%
50% of Cholesterol Joint Venture:		607		566		545		531		2,250		575		624		639		722		2,559		(26	%)		(12	%)
Prescription Pharmaceuticals (1):		3,557		3,702		3,539		3,455		14,253		2,398		2,520		2,291		2,963		10,173		17	%		40	%
U.S.		975		926		932		981		3,812		802		771		709		855		3,138		15	%		22	%
International		2,582		2,776		2,607		2,474		10,441		1,596		1,749		1,582		2,108		7,035		17	%		48	%
Animal Health (2):		723		818		759		674		2,973		232		264		248		507		1,251		33	%		138	%
U.S.		131		138		160		135		564		58		58		63		99		278		36	%		103	%
International		592		680		599		539		2,409		174		206		185		408		973		32	%		148	%
Consumer Health Care		377		401		278		219		1,276		345		394		273		254		1,266		(14	%)		1	%
Consolidated GAAP Net Sales:		4,657		4,921		4,576		4,348		18,502		2,975		3,178		2,812		3,724		12,690		17	%		46	%
U.S.		1,453		1,434		1,350		1,320		5,556		1,179		1,195		1,028		1,194		4,597		11	%		21	%
International		3,204		3,487		3,226		3,028		12,946		1,796		1,983		1,784		2,530		8,093		20	%		60	%
Adjusted Net Sales:		5,264		5,487		5,121		4,879		20,752		3,550		3,802		3,451		4,446		15,249		10	%		36	%

(1)

Prescription Pharmaceuticals Net sales for the three and twelve months ended December 31, 2008 include $823 million and $3.5 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). Prescription Pharmaceuticals Net sales for 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.

(2)

Animal Health Net sales for the three and twelve months ended December 31, 2008 include $436 million and $1.9 billion, respectively, of sales of the animal health segment of OBS. Animal Health Net sales for the three and twelve months ended December 31, 2007 include $217 million of OBS animal health segment sales as of the closing date of the acquisition on November 19, 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		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Global ZETIA (1):		588		578		558		556		2,279		544		605		606		680		2,436		(18	%)		(6	%)
U.S.		395		349		333		338		1,415		408		424		443		489		1,764		(31	%)		(20	%)
International		193		229		225		218		864		136		181		163		191		672		14	%		29	%
Global VYTORIN (1):		647		586		570		548		2,352		616		683		684		778		2,761		(30	%)		(15	%)
U.S.		456		361		355		357		1,528		489		534		526		582		2,130		(39	%)		(28	%)
International		191		225		215		191		824		127		149		158		196		631		(3	%)		30	%
Global Cholesterol (1):		1,235		1,164		1,128		1,104		4,631		1,160		1,288		1,290		1,458		5,197		(24	%)		(11	%)
U.S.		851		710		688		695		2,943		897		958		969		1,071		3,894		(35	%)		(24	%)
International		384		454		440		409		1,688		263		330		321		387		1,303		6	%		30	%

(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 Japan and Latin America. In Japan, Schering-Plough co-markets ZETIA with Bayer HealthCare. ZETIA was launched in Japan in June 2007. For the three and twelve months ended December 31, 2008 sales in non-joint venture territories of the cholesterol franchise totaled $42 million ($29 million in Japan) and $132 million ($76 million in Japan), respectively. For the three and twelve months ended December 31, 2007 sales in non-joint venture territories of the cholesterol franchise totaled $15 million ($1 million in Japan) and $78 million ($30 million in Japan), 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 PHARMACEUTICALS SALES — KEY PRODUCT NET SALES
(Dollars in Millions)

	Global							U.S.							International
	2008		2007					2008		2007					2008		2007
	4th		4th		4th Qtr			4th		4th		4th Qtr			4th		4th		4th Qtr
	Qtr.		Qtr.		vs			Qtr.		Qtr.		vs			Qtr.		Qtr.		vs
	$		$		4th Qtr			$		$		4th Qtr			$		$		4th Qtr
Prescription Pharmaceuticals (1):		3,455		2,963		17	%		981		855		15	%		2,474		2,108		17	%
Remicade		491		455		8	%		—		—		—			491		455		8	%
Nasonex		280		271		3	%		166		162		2	%		114		109		5	%
Temodar		242		234		4	%		90		83		9	%		152		151		1	%
PegIntron		225		239		(6	%)		34		42		(20	%)		191		197		(4	%)
Clarinex / Aerius		160		174		(8	%)		68		82		(17	%)		92		92		—
Follistim / Puregon (2)		127		57		N/M			40		14		N/M			87		43		N/M
Nuvaring (2)		110		45		N/M			65		26		N/M			45		19		N/M
Claritin rx		99		93		6	%		—		—		—			99		93		6	%
avelox		102		115		(11	%)		102		115		(11	%)		—		—		—
Integrilin		78		91		(14	%)		73		85		(15	%)		5		6		(7	%)
Caelyx		64		66		(2	%)		—		—		—			64		66		(2	%)
Rebetol		67		71		(5	%)		1		1		—			66		70		(5	%)
Zemuron (2)		51		25		N/M			20		10		N/M			31		15		N/M
Remeron (2)		48		33		N/M			2		2		N/M			46		31		N/M
Intron A		57		57		—			32		28		13	%		25		29		(12	%)
Subutex / Suboxone		52		57		(9	%)		—		—		—			52		57		(9	%)
Proventil / Albuterol cfc		63		41		52	%		63		41		52	%		—		—		—
Cerazette (2)		44		20		N/M			—		—		—			44		20		N/M
Livial (2)		40		24		N/M			—		—		—			40		24		N/M
Asmanex		49		41		18	%		46		38		20	%		3		3		(5	%)
Elocon		39		37		6	%		—		—		—			39		37		6	%
Mercilon (2)		31		18		N/M			—		—		—			31		18		N/M
Implanon (2)		32		15		N/M			10		3		N/M			22		12		N/M
Noxafil		38		29		33	%		12		10		26	%		26		19		37	%
MARVELON (2)		33		20		N/M			2		2		N/M			31		18		N/M
Foradil		27		25		8	%		26		24		7	%		1		1		34	%

(1)	Prescription Pharmaceuticals Net sales for the three months ended December 31, 2008 and December 31, 2007 include $823 million and $409 million of sales of the human health segment of Organon BioSciences (OBS). Prescription Pharmaceuticals (U.S.) Net sales for the three months ended December 31, 2008 and December 31, 2007 include OBS human health segment sales of $196 million and $84 million, respectively. Prescription Pharmaceuticals (International) Net sales for the three months ended December 31, 2008 and December 31, 2007 include OBS human health segment sales of $627 million and $325 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
PRESCRIPTION PHARMACEUTICALS (GLOBAL) SALES — KEY PRODUCT NET SALES
(Dollars in Millions)

	2008										2007
	1st		2nd		3rd		4th		Full		1st		2nd		3rd		4th		Full		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Prescription Pharmaceuticals (1):		3,557		3,702		3,539		3,455		14,253		2,398		2,520		2,291		2,963		10,173		17	%		40	%
Remicade		507		557		564		491		2,118		373		394		426		455		1,648		8	%		28	%
Nasonex		307		311		258		280		1,155		284		295		242		271		1,092		3	%		6	%
Temodar		236		251		273		242		1,002		196		216		215		234		861		4	%		16	%
Pegintron		225		229		235		225		914		217		234		221		239		911		(6	%)		—
Clarinex / Aerius		213		240		176		160		790		204		250		171		174		799		(8	%)		(1	%)
Follistim / Puregon (2)		145		162		142		127		577		—		—		—		57		57		N/M			N/M
Nuvaring (2)		96		116		118		110		440		—		—		—		45		45		N/M			N/M
Claritin RX		128		111		87		99		425		112		102		83		93		391		6	%		9	%
Avelox		142		67		65		102		376		115		75		78		115		384		(11	%)		(2	%)
Integrilin		74		78		84		78		314		84		78		78		91		332		(14	%)		(5	%)
Caelyx		74		78		80		64		297		62		65		64		66		257		(2	%)		16	%
Rebetol		59		70		63		67		260		71		74		60		71		277		(5	%)		(6	%)
Zemuron (2)		63		67		72		51		253		—		—		—		25		25		N/M			N/M
Remeron (2)		68		61		61		48		239		—		—		—		33		33		N/M			N/M
Intron A		55		61		61		57		234		60		55		61		57		233		—			—
Subutex / Suboxone		54		62		63		52		230		56		52		55		57		220		(9	%)		5	%
Proventil / Albuterol CFC		50		38		38		63		190		53		61		52		41		207		52	%		(8	%)
Cerazette (2)		44		49		49		44		185		—		—		—		20		20		N/M			N/M
Livial (2)		45		50		48		40		183		—		—		—		24		24		N/M			N/M
Asmanex		42		48		40		49		180		43		42		36		41		162		18	%		11	%
Elocon		45		47		45		39		176		36		43		40		37		156		6	%		13	%
Mercilon (2)		43		47		38		31		159		—		—		—		18		18		N/M			N/M
Implanon (2)		38		44		37		32		151		—		—		—		15		15		N/M			N/M
Noxafil		34		38		40		38		149		16		20		24		29		89		33	%		68	%
Marvelon (2)		37		40		37		33		147		—		—		—		20		20		N/M			N/M
Foradil		25		25		25		27		102		26		26		25		25		102		8	%		—

(1)	Prescription Pharmaceuticals Net sales for the three and twelve months ended December 31, 2008 include $823 million and $3.5 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). Prescription Pharmaceuticals 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.
(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
PRESCRIPTION PHARMACEUTICALS (U.S.) SALES — KEY PRODUCT NET SALES
(Dollars in Millions)

	2008										2007
	1st		2nd		3rd		4th		Full		1st		2nd		3rd		4th		Full		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Total Prescription Pharmaceuticals (U.S.) (1):		975		926		932		981		3,812		802		771		709		855		3,138		15	%		22	%
Nasonex		172		166		141		166		644		177		175		153		162		667		2	%		(3	%)
Temodar		80		82		96		90		348		74		79		79		83		315		9	%		10	%
Pegintron		39		40		40		34		153		49		46		46		42		183		(20	%)		(17	%)
Clarinex / Aerius		76		79		71		68		295		91		106		83		82		362		(17	%)		(19	%)
Follistim / Puregon (2)		44		45		49		40		178		—		—		—		14		14		N/M			N/M
Nuvaring (2)		54		68		67		65		253		—		—		—		26		26		N/M			N/M
Avelox		142		67		65		102		376		115		75		78		115		384		(11	%)		(2	%)
Integrilin		69		73		78		73		292		80		73		73		85		312		(15	%)		(6	%)
Zemuron (2)		34		33		38		20		125		—		—		—		10		10		N/M			N/M
Remeron (2)		4		2		3		2		11		—		—		—		2		2		N/M			N/M
Intron A		27		29		30		32		118		31		28		29		28		117		13	%		1	%
Proventil / Albuterol CFC		50		38		38		63		190		53		61		52		41		207		52	%		(8	%)
Asmanex		39		45		38		46		169		40		39		34		38		152		20	%		11	%
Implanon (2)		11		14		9		10		45		—		—		—		3		3		N/M			N/M
Noxafil		9		10		11		12		43		6		7		8		10		31		26	%		39	%
Marvelon (2)		2		3		—		2		5		—		—		—		2		2		N/M			N/M
Foradil		24		24		24		26		99		25		25		24		24		98		7	%		1	%

(1)	Prescription Pharmaceuticals (U.S.) Net sales for the three and twelve months ended December 31, 2008 include $196 million and $810 million, respectively, of sales of the human health segment of Organon BioSciences (OBS). Prescription Pharmaceuticals (U.S.) 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.
(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
PRESCRIPTION PHARMACEUTICALS (INTERNATIONAL) SALES — KEY PRODUCT NET SALES
(Dollars in Millions)

	2008										2007
	1st		2nd		3rd		4th		Full		1st		2nd		3rd		4th		Full		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Total Prescription Pharmaceuticals (International) (1):		2,582		2,776		2,607		2,474		10,441		1,596		1,749		1,582		2,108		7,035		17	%		48	%
Remicade		507		557		564		491		2,118		373		394		426		455		1,648		8	%		28	%
Nasonex		135		145		117		114		511		107		120		89		109		425		5	%		20	%
Temodar		156		169		177		152		654		122		137		136		151		546		1	%		20	%
Pegintron		186		189		195		191		761		168		188		175		197		728		(4	%)		4	%
Clarinex / Aerius		137		161		105		92		495		113		144		88		92		437		—			13	%
Follistim / Puregon (2)		101		117		93		87		399		—		—		—		43		43		N/M			N/M
Nuvaring (2)		42		48		51		45		187		—		—		—		19		19		N/M			N/M
Claritin RX		128		111		87		99		425		112		102		83		93		391		6	%		9	%
Integrilin		5		5		6		5		22		4		5		5		6		20		(7	%)		7	%
Caelyx		74		78		80		64		297		62		65		64		66		257		(2	%)		16	%
Rebetol		59		70		63		66		258		71		73		59		70		273		(5	%)		(6	%)
Zemuron (2)		29		34		34		31		128		—		—		—		15		15		N/M			N/M
Remeron (2)		64		59		58		46		228		—		—		—		31		31		N/M			N/M
Intron A		28		32		31		25		116		29		27		32		29		116		(12	%)		—
Subutex / Suboxone		54		62		63		52		230		56		52		55		57		220		(9	%)		5	%
Cerazette (2)		44		49		49		44		185		—		—		—		20		20		N/M			N/M
Livial (2)		45		50		48		40		183		—		—		—		24		24		N/M			N/M
Asmanex		3		3		2		3		11		3		3		2		3		10		(5	%)		8	%
Elocon		45		46		45		39		176		36		43		40		37		158		6	%		13	%
Mercilon (2)		42		46		38		31		159		—		—		—		18		18		N/M			N/M
Implanon (2)		27		30		28		22		106		—		—		—		12		12		N/M			N/M
Noxafil		25		28		29		26		106		10		13		16		19		58		37	%		84	%
Marvelon (2)		35		37		37		31		142		—		—		—		18		18		N/M			N/M
Foradil		1		1		1		1		3		1		1		1		1		4		34	%		(14	%)

(1)	Prescription Pharmaceuticals (International) Net sales for the three and twelve months ended December 31, 2008 include $627 million and $2.7 billion, respectively, of sales of the human health segment of Organon BioSciences (OBS). Prescription Pharmaceuticals (International) Net sales for both 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.
(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
CONSUMER HEALTH CARE
NET SALES ANALYSIS
(Dollars in Millions)

	2008										2007
	1st		2nd		3rd		4th		Full		1st		2nd		3rd		4th		Full		4th Qtr			2008
	Qtr.		Qtr.		Qtr.		Qtr.		Year		Qtr.		Qtr.		Qtr.		Qtr.		Year		vs			vs
	$		$		$		$		$		$		$		$		$		$		4th Qtr			2007
Consumer Health Care:		377		401		278		219		1,276		345		394		273		254		1,266		(14	%)		1	%
OTC:		209		181		160		130		680		177		182		162		161		682		(19	%)		—
OTC Claritin		139		120		92		55		405		127		137		104		94		462		(42	%)		(12	%)
MiraLAX		26		28		31		30		115		8		6		16		18		48		66	%		N/M
Other OTC		44		33		37		45		160		42		39		42		49		172		(8	%)		(7	%)
Foot Care		85		105		96		71		357		78		102		92		74		345		(4	%)		3	%
Sun Care		83		115		22		18		239		90		110		19		19		239		(6	%)		—

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			Full			1st			2nd			3rd			4th			Full
	Qtr.			Qtr.			Qtr.			Qtr.(1)			Year(1)			Qtr.			Qtr.			Qtr.			Qtr.(1)			Year(1)
	$			$			$			$			$			$			$			$			$			$
Geographic net sales
U.S.		1,453			1,434			1,350			1,320			5,556			1,179			1,195			1,028			1,194			4,597
Europe and Canada		2,235			2,449			2,207			2,009			8,903			1,215			1,343			1,199			1,743			5,500
Latin America		482			524			482			500			1,987			311			327			324			398			1,359
Asia Pacific		487			514			537			519			2,056			270			313			261			389			1,234
Consolidated net sales		4,657			4,921			4,576			4,348			18,502			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	)		(17	)		(19	)		(13	)		(71	)		(82	)		(86	)		(117	)		(112	)		(395	)
Interest expense		138			140			136			122			536			37			39			45			125			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	)		(537	)
Foreign exchange (gains)/losses		(4	)		11			4			37			47			—			(3	)		(4	)		3			(3	)
Other expense/(income) (3)		(17	)		—			—			—			(17	)		—			(1	)		—			8			7
Total — Other expense/(income), net		95			134			(39	)		146			335			(48	)		(16	)		(390	)		(231	)		(683	)

(1)	The three and twelve months ended December 31, 2008 include $1.3 billion and $5.4 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.
(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
Joe Romanelli 908-298-7011
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/(loss) available to common shareholders and Diluted earnings/(loss) 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/(loss) available to common shareholders and Diluted earnings/(loss) 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/(loss) available to common shareholders and Diluted earnings/(loss) 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/(loss) available to common shareholders and Diluted earnings/(loss) per common share, as reported, are required to be presented under U.S. GAAP.

	Three months ended December 31, 2008
	(unaudited)
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As Reconciled
	Reported			Adjustments			Related Items			Items			(1)
Net sales	$	4,348		$	—		$	—		$	—		$	4,348
Cost of sales		1,525			(174	)		—			—			1,351
Selling, general and administrative		1,615			(1	)		—			—			1,614
Research and development		850			(2	)		—			—			848
Other expense/(income), net		146			—			—			—			146
Special and acquisition-related charges		111			—			(111	)		—			—
Equity income		(426	)		—			—			22			(404	)
Income before income taxes		527			177			111			(22	)		793
Income tax expense/(benefit)		47			(44	)		(31	)		—			122
Net income	$	480		$	133		$	80		$	(22	)	$	671
Preferred stock dividends		38			—			—			—			38
Net income available to common shareholders	$	442		$	133		$	80		$	(22	)	$	633
Diluted earnings per common share	$	0.27											$	0.39
Average shares outstanding-diluted		1,634												1,634

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

	Three months ended December 31, 2007
	(unaudited)
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As Reconciled
	Reported			Adjustments			Related Items			Items			(1)
Net sales	$	3,724		$	—		$	—		$	—		$	3,724
Cost of sales		1,566			(326	)		—			—			1,240
Selling, general and administrative		1,634			—			—			—			1,634
Research and development		855			—			—			(21	)		834
Acquired in-process research and development		3,754			(3,754	)		—			—			—
Other expense/(income), net		(231	)		—			255			—			24
Special and acquisition-related charges		52			—			(52	)		—			—
Equity income		(566	)		—			—			—			(566	)
(Loss)/income before income taxes		(3,340	)		4,080			(203	)		21			558
Income tax (benefit)/expense		(14	)		(89	)		(2	)		(1	)		78
Net (loss)/income	$	(3,326	)	$	3,991		$	(205	)	$	20		$	480
Preferred stock dividends		38			—			—			—			38
Net (loss)/income available to common shareholders	$	(3,364	)	$	3,991		$	(205	)	$	20		$	442
Diluted (loss)/earnings per common share	$	(2.08	)										$	0.27
Average shares outstanding-diluted		1,621												1,648

(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
(Amount in Millions, except per share figures)

	Twelve Months Ended December 31, 2008
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As Reconciled
	Reported			Adjustments			Related Items			Items			(1)
Net sales	$	18,502		$	—		$	—		$	—		$	18,502
Cost of sales		7,307			(1,437	)		—			—			5,870
Selling, general and administrative		6,823			(4	)		—			—			6,819
Research and development		3,529			(8	)		—			—			3,521
Other expense/(income), net		335			—			—			177			512
Special and acquisition related charges		329			—			(329	)		—			—
Equity income		(1,870	)		—			—			105			(1,765	)
Income before income taxes		2,049			1,449			329			(282	)		3,545
Income tax expense/(benefit)		254			(236	)		(56	)		16			530
Net income	$	1,795		$	1,213		$	273		$	(266	)	$	3,015
Preferred stock dividends		150			—			—			—			150
Net income available to common shareholders	$	1,645		$	1,213		$	273		$	(266	)	$	2,865
Diluted earnings per common share	$	1.01											$	1.75
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.

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

	Twelve Months Ended December 31, 2007
				Purchase			Special and			Other
	As			Accounting			Acquisition-			Specified			As Reconciled
	Reported			Adjustments			Related Items			Items			(1)
Net sales	$	12,690		$	—		$	—		$	—		$	12,690
Cost of sales		4,405			(326	)		—			—			4,079
Selling, general and administrative		5,468			—			—			—			5,468
Research and development		2,926			—			—			(197	)		2,729
Acquired in-process research and development		3,754			(3,754	)		—			—			—
Other expense/(income), net		(683	)		—			537			—			(146	)
Special and acquisition related charges		84			—			(84	)		—			—
Equity income		(2,049	)		—			—			—			(2,049	)
(Loss)/income before income taxes		(1,215	)		4,080			(453	)		197			2,609
Income tax expense/(benefit)		258			(89	)		(2	)		(1	)		350
Net (loss)/income	$	(1,473	)	$	3,991		$	(455	)	$	196		$	2,259
Preferred stock dividends		118			—			—			—			118
Net (loss)/income available to common shareholders	$	(1,591	)	$	3,991		$	(455	)	$	196		$	2,141
Diluted (loss)/earnings per common share	$	(1.04	)										$	1.37
Average shares outstanding-diluted		1,536												1,607

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

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SCHERING-PLOUGH CORPORATION

Summary of Detailed Schedule
(Amounts in millions)

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

	Fourth Quarter						Twelve Months
	(unaudited)						(unaudited)
	2008			2007			2008			2007
Purchase accounting adjustments:
Amortization of intangibles in connection with the acquisition of Organon BioSciences (a)	$	120		$	65		$	527		$	65
Depreciation related to the fair value adjustment of fixed assets related to the acquisition of Organon BioSciences (b)		8			3			33			3
Charge related to the fair value adjustment to inventory related to the acquisition of Organon BioSciences (a)		49			258			889			258
Acquired IPR&D related to the Organon BioSciences acquisition (c)		—			3,754			—			3,754
Total purchase accounting adjustments, pre-tax		177			4,080			1,449			4,080
Income tax benefit		44			89			236			89
Total purchase accounting adjustments	$	133		$	3,991		$	1,213		$	3,991
Special and acquisition-related items:
Special and integration-related activities (e)	$	111		$	52		$	329		$	84
Acquisition-related gain on currency-related and interest-related items, net (d)		—			(255	)		—			(537	)
Total acquisition-related items, pre-tax		111			(203	)		329			(453	)
Income tax benefit		31			2			56			2
Total special and acquisition-related items	$	80		$	(205	)	$	273		$	(455	)
Other specified items:
Gain on sale of previously announced divestiture of certain Animal Health products (d)	$	—		$	—		$	(160	)	$	—
Income from respiratory JV termination (f)		(22	)		—			(105	)		—
Gain on sale of manufacturing plant (d)		—			—			(17	)		—
Upfront R&D payments (c)		—			21			—			197
Total other specified items, pre-tax		(22	)		21			(282	)		197
Income tax benefit/(expense)		—			1			(16	)		1
Total other specified items	$	(22	)	$	20		$	(266	)	$	196
Total purchase accounting adjustments, special and acquisition-related items and other specified items	$	191		$	3,806		$	1,220		$	3,732

(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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