Merck & Co. (MRK) 8-K Schering-plough Reports Financial Results for 2009 First Quarter

Exhibit 99.2

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

	2009			2008			2009			2008
	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		4,393			4,657			4,393			4,657			(6	%)
Cost of sales		1,399			2,137			1,272			1,449			(12	%)
Gross profit		2,994			2,520			3,121			3,208			(3	%)
Selling, general and administrative		1,493			1,676			1,491			1,675			(11	%)
Research and development		804			880			800			878			(9	%)
Other expense/(income), net		88			95			88			112			(21	%)
Special, merger and acquisition-related charges		75			23			—			—			—
Equity income		(400	)		(517	)		(400	)		(517	)		(23	%)
Income before income taxes		934			363			1,142			1,060			8	%
Income tax expense		129			49			168			160			5	%
Net income		805			314			974			900			8	%
Preferred stock dividends		38			38			38			38			—
Net income available to common shareholders		767			276			936			862			9	%
Diluted earnings per common share		0.46			0.17			0.56			0.53			6	%
Avg. shares outstanding — common and participating — diluted		1,739			1,637			1,739			1,637
Ratios to net sales
Net sales		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		31.8	%		45.9	%		29.0	%		31.1	%
Gross margin		68.2	%		54.1	%		71.0	%		68.9	%
Selling, general and administrative		34.0	%		36.0	%		33.9	%		36.0	%
Research and development		18.3	%		18.9	%		18.2	%		18.9	%
Income before income taxes		21.3	%		7.8	%		26.0	%		22.8	%
Net income		18.3	%		6.7	%		22.2	%		19.3	%

* “As Reconciled” to exclude purchase accounting adjustments, special, merger 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.”

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

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

	2009							2008
	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		4,393							4,657			4,921			4,576			4,348			18,502			(6	%)
Cost of sales 1/		1,399							2,137			1,908			1,737			1,525			7,307			(35	%)
Gross profit		2,994							2,520			3,013			2,839			2,823			11,195			19	%
Selling, general and administrative		1,493							1,676			1,870			1,660			1,615			6,823			(11	%)
Research and development		804							880			906			893			850			3,529			(9	%)
Other expense/(income), net		88							95			134			(39	)		146			335			(7	%)
Special, merger and acquisition-related charges 2/		75							23			94			101			111			329			N/M
Equity income 3/		(400	)						(517	)		(493	)		(434	)		(426	)		(1,870	)		(23	%)
Income before income taxes		934							363			502			658			527			2,049			N/M
Income tax expense		129							49			40			44			13			146			N/M
Net income		805							314			462			614			514			1,903			N/M
Preferred stock dividends		38							38			38			38			38			150			—
Net income available to common shareholders		767							276			424			576			476			1,753			N/M
Diluted earnings per common share		0.46							0.17			0.26			0.35			0.29			1.07			N/M
Avg. shares outstanding — common and participating — diluted 4/		1,739							1,637			1,632			1,636			1,634			1,635
Actual common shares outstanding		1,628							1,621			1,624			1,626			1,626			1,626
Ratios to net sales
Net sales		100.0	%						100.0	%		100.0	%		100.0	%		100.0	%		100.0	%
Cost of sales		31.8	%						45.9	%		38.8	%		38.0	%		35.1	%		39.5	%
Gross margin		68.2	%						54.1	%		61.2	%		62.0	%		64.9	%		60.5	%
Selling, general and administrative		34.0	%						36.0	%		38.0	%		36.3	%		37.1	%		36.9	%
Research and development		18.3	%						18.9	%		18.4	%		19.5	%		19.5	%		19.1	%
Income before income taxes		21.3	%						7.8	%		10.2	%		14.4	%		12.1	%		11.1	%
Net income		18.3	%						6.7	%		9.4	%		13.4	%		11.8	%		10.3	%

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/	Cost of sales for the three months ended March 31, 2009 include purchase accounting adjustments of $125 million and accelerated depreciation of $2 million. For the three months ended March 31, 2008, cost of sales includes purchase accounting adjustments of $688 million.
2/	Special, merger and acquisition-related charges relate to the Productivity Transformation Program (PTP) and costs incurred related to the proposed merger with Merck. For the three months ended March 31, 2009 and 2008 these charges were $75 million ($56 million for severance costs and $19 million for merger costs) and $23 million ($8 million for severance costs and $15 million for integration-related costs), respectively.
3/	Included in Equity income for the second, third and fourth quarter of 2008 were $64 million, $19 million and $22 million, respectively, of income related to the termination of a respiratory joint venture with Merck.
4/	For the three months ended March 31, 2009, the increase in average shares outstanding is due to the preferred shares being dilutive under accounting rules. For the three months ended March 31, 2008, the preferred shares were anti-dilutive.
	N/M — Not a meaningful percentage
	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)

	2009						2008
	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:		931						1,216		1,133		1,089		1,062		4,499		(23	%)
U.S.		596						851		710		688		695		2,943		(30	%)
International		335						365		423		401		367		1,556		(8	%)
50% of Cholesterol Joint Venture:		466						607		566		545		531		2,250		(23	%)
Prescription Pharmaceuticals :		3,379						3,557		3,702		3,539		3,455		14,253		(5	%)
U.S.		951						975		926		932		981		3,812		(2	%)
International		2,428						2,582		2,776		2,607		2,474		10,441		(6	%)
Animal Health :		630						723		818		759		674		2,973		(13	%)
U.S.		146						131		138		160		135		564		11	%
International		484						592		680		599		539		2,409		(18	%)
Consumer Health Care		384						377		401		278		219		1,276		2	%
Consolidated GAAP Net Sales:		4,393						4,657		4,921		4,576		4,348		18,502		(6	%)
U.S.		1,450						1,453		1,434		1,350		1,320		5,556		—
International		2,943						3,204		3,487		3,226		3,028		12,946		(8	%)
Adjusted Net Sales:		4,859						5,264		5,487		5,121		4,879		20,752		(8	%)

     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)

	2009						2008
	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
GlobalZetia (1):		509						588		578		558		556		2,279		(13	%)
U.S.		310						395		349		333		338		1,415		(22	%)
International		199						193		229		225		218		864		4	%
GlobalVytorin (1):		464						647		586		570		548		2,352		(28	%)
U.S.		286						456		361		355		357		1,528		(37	%)
International		178						191		225		215		191		824		(7	%)
Global Cholesterol (1):		973						1,235		1,164		1,128		1,104		4,631		(21	%)
U.S.		596						851		710		688		695		2,943		(30	%)
International		377						384		454		440		409		1,688		(2	%)

(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 months ended March 31, 2009 and 2008 sales in non-joint venture territories of the cholesterol franchise totaled $42 million ($30 million in Japan) and $19 million ($6 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
	2009		2008					2009		2008					2009		2008
	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
Prescription Pharmaceuticals :		3,379		3,557		(5	%)		951		975		(2	%)		2,428		2,582		(6	%)
Remicade		518		507		2	%		—		—		—			518		507		2	%
Nasonex		306		307		—			158		172		(8	%)		148		135		10	%
Temodar		247		236		5	%		92		80		15	%		155		156		-
Pegintron		216		225		(4	%)		29		39		(27	%)		187		186		-
Clarinex / Aerius		174		213		(19	%)		59		76		(22	%)		115		137		(17	%)
Claritin Rx		132		128		3	%		—		—		—			132		128		3	%
Follistim / Puregon		131		145		(10	%)		43		44		(3	%)		88		101		(13	%)
Nuvaring		115		96		19	%		72		54		34	%		43		42		1	%
Avelox		109		142		(23	%)		109		142		(23	%)		—		—		-
Integrilin		76		74		3	%		71		69		4	%		5		5		(9	%)
Rebetol		66		59		12	%		—		—		—			66		59		12	%
Caelyx		61		74		(18	%)		—		—		—			61		74		(18	%)
Intron A		54		55		(3	%)		27		27		(2	%)		27		28		(4	%)
Proventil / Albuterol Cfc		54		50		7	%		54		50		7	%		—		—		-
Remeron		50		68		(26	%)		2		4		(41	%)		48		64		(25	%)
Subutex / Suboxone		50		54		(7	%)		—		—		—			50		54		(7	%)
Asmanex		49		42		16	%		46		39		18	%		3		3		(14	%)
Elocon		41		45		(8	%)		—		—		—			41		45		(8	%)
Cerazette		39		44		(10	%)		—		—		—			39		44		(10	%)
Noxafil		39		34		15	%		11		9		20	%		28		25		14	%
Implanon		37		38		(2	%)		13		11		14	%		24		27		(9	%)
Mercilon		35		43		(19	%)		—		1		(100	%)		35		42		(17	%)
Livial		33		45		(26	%)		—		—		—			33		45		(26	%)
Zemuron		32		63		(49	%)		7		34		(81	%)		25		29		(12	%)
Marvelon		31		37		(16	%)		1		2		(37	%)		30		35		(15	%)
Foradil		23		25		(8	%)		22		24		(8	%)		1		1		14	%

     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)

	2009						2008
	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
Prescription Pharmaceuticals :		3,379						3,557		3,702		3,539		3,455		14,253		(5	%)
Remicade		518						507		557		564		491		2,118		2	%
Nasonex		306						307		311		258		280		1,155		—
Temodar		247						236		251		273		242		1,002		5	%
Pegintron		216						225		229		235		225		914		(4	%)
Clarinex / Aerius		174						213		240		176		160		790		(19	%)
Claritin Rx		132						128		111		87		99		425		3	%
Follistim / Puregon		131						145		162		142		127		577		(10	%)
Nuvaring		115						96		116		118		110		440		19	%
Avelox		109						142		67		65		102		376		(23	%)
Integrilin		76						74		78		84		78		314		3	%
Rebetol		66						59		70		63		67		260		12	%
Caelyx		61						74		78		80		64		297		(18	%)
Intron A		54						55		61		61		57		234		(3	%)
Proventil / Albuterol Cfc		54						50		38		38		63		190		7	%
Remeron		50						68		61		61		48		239		(26	%)
Subutex / Suboxone		50						54		62		63		52		230		(7	%)
Asmanex		49						42		48		40		49		180		16	%
Elocon		41						45		47		45		39		176		(8	%)
Cerazette		39						44		49		49		44		185		(10	%)
Noxafil		39						34		38		40		38		149		15	%
Implanon		37						38		44		37		32		151		(2	%)
Mercilon		35						43		47		38		31		159		(19	%)
Livial		33						45		50		48		40		183		(26	%)
Zemuron		32						63		67		72		51		253		(49	%)
Marvelon		31						37		40		37		33		147		(16	%)
Foradil		23						25		25		25		27		102		(8	%)

     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)

	2009						2008
	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 Prescription Pharmaceuticals (U.S.) :		951						975		926		932		981		3,812		(2	%)
Nasonex		158						172		166		141		166		644		(8	%)
Temodar		92						80		82		96		90		348		15	%
Pegintron		29						39		40		40		34		153		(27	%)
Clarinex / Aerius		59						76		79		71		68		295		(22	%)
Follistim / Puregon		43						44		45		49		40		178		(3	%)
Nuvaring		72						54		68		67		65		253		34	%
Avelox		109						142		67		65		102		376		(23	%)
Integrilin		71						69		73		78		73		292		4	%
Intron A		27						27		29		30		32		118		(2	%)
Proventil / Albuterol CFC		54						50		38		38		63		190		7	%
Remeron		2						4		2		3		2		11		(41	%)
Asmanex		46						39		45		38		46		169		18	%
Noxafil		11						9		10		11		12		43		20	%
Implanon		13						11		14		9		10		45		14	%
Zemuron		7						34		33		38		20		125		(81	%)
Marvelon		1						2		3		—		2		5		(37	%)
Foradil		22						24		24		24		26		99		(8	%)

     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)

	2009						2008
	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 Prescription Pharmaceuticals (International) :		2,428						2,582		2,776		2,607		2,474		10,441		(6	%)
Remicade		518						507		557		564		491		2,118		2	%
Nasonex		148						135		145		117		114		511		10	%
Temodar		155						156		169		177		152		654		—
PegIntron		187						186		189		195		191		761		—
Clarinex / Aerius		115						137		161		105		92		495		(17	%)
Claritin Rx		132						128		111		87		99		425		3	%
Follistim / Puregon		88						101		117		93		87		399		(13	%)
Nuvaring		43						42		48		51		45		187		1	%
Integrilin		5						5		5		6		5		22		(9	%)
Rebetol		66						59		70		63		66		258		12	%
Caelyx		61						74		78		80		64		297		(18	%)
Intron A		27						28		32		31		25		116		(4	%)
Remeron		48						64		59		58		46		228		(25	%)
Subutex / Suboxone		50						54		62		63		52		230		(7	%)
Asmanex		3						3		3		2		3		11		(14	%)
Elocon		41						45		46		45		39		176		(8	%)
Cerazette		39						44		49		49		44		185		(10	%)
Noxafil		28						25		28		29		26		106		14	%
Implanon		24						27		30		28		22		106		(9	%)
Mercilon		35						42		46		38		31		159		(17	%)
Livial		33						45		50		48		40		183		(26	%)
Zemuron		25						29		34		34		31		128		(12	%)
Marvelon		30						35		37		37		31		142		(15	%)
Foradil		1						1		1		1		1		3		14	%

     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)

	2009							2008
		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
Consumer Health Care:			384							377		401		278		219		1,276		2	%
OTC:			232							209		181		160		130		680		11	%
OTC Claritin			149							139		120		92		55		405		8	%
MiraLAX			37							26		28		31		30		115		43	%
Other OTC			46							44		33		37		45		160		3	%
Foot Care			73							85		105		96		71		357		(14	%)
Sun Care			79							83		115		22		18		239		(5	%)

     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)

	2009							2008
		1st		2nd	3rd	4th	Full		1st		2nd		3rd		4th		Full
		Qtr.		Qtr.	Qtr.	Qtr.	Year		Qtr.		Qtr.		Qtr.		Qtr.		Year
		$		$	$	$	$		$		$		$		$		$
Geographic net sales
U.S.			1,450							1,453		1,434		1,350		1,320		5,556
Europe and Canada			1,946							2,235		2,449		2,207		2,009		8,903
Latin America			426							482		524		482		500		1,987
Asia Pacific 1/			571							487		514		537		519		2,056
Consolidated net sales			4,393							4,657		4,921		4,576		4,348		18,502

1/ The three months ended March 31 2009 and 2008 include $330 million and $221 million, respectively, of net sales in Japan.

	2009								2008
		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			(4	)							(22	)		(17	)		(19	)		(13	)		(71	)
Interest expense			109								138			140			136			122			536
Gain on sale of divestiture of certain Animal Health products			—								—			—			(160	)		—			(160	)
Foreign exchange (gains)/losses			(17	)							(4	)		11			4			37			47
Other (income)/expense (1)			—								(17	)		—			—			—			(17	)
Total — Other expense/(income), net			88								95			134			(39	)		146			335

(1) 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

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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, special, merger 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, merger 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 March 31, 2009
	(unaudited)
							Special,
				Purchase			Merger and			Other		As
	As			Accounting			Acquisition-			Specified		Reconciled
	Reported			Adjustments			Related Items			Items		(1)
Net sales	$	4,393		$	—		$	—		$	—	$	4,393
Cost of sales		1,399			(125	)		(2	)		—		1,272
Selling, general and administrative		1,493			(2	)		—			—		1,491
Research and development		804			(2	)		(2	)		—		800
Other expense/(income), net		88			—			—			—		88
Special, merger and acquisition-related charges		75			—			(75	)		—		—
Equity income		(400	)		—			—			—		(400	)
Income before income taxes		934			129			79			—		1,142
Income tax expense/(benefit)		129			(32	)		(7	)		—		168
Net income	$	805		$	97		$	72		$	—	$	974
Preferred stock dividends		38			—			—			—		38
Net income available to common shareholders	$	767		$	97		$	72		$	—	$	936
Diluted earnings per common share	$	0.46										$	0.56
Average shares outstanding — common and participating — diluted		1,739											1,739

(1) “As Reconciled” to exclude purchase accounting adjustments, special, merger and 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, 2008
	(unaudited)
				Purchase			Special and			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)		49			(114	)		(2	)		5			160
Net income	$	314		$	577		$	21		$	(12	)	$	900
Preferred stock dividends		38			—			—			—			38
Net income available to common shareholders	$	276		$	577		$	21		$	(12	)	$	862
Diluted earnings per common share	$	0.17											$	0.53
Average shares outstanding — common and participating — diluted		1,637												1,637

(1) “As Reconciled” to exclude purchase accounting adjustments, special and 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
(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)
	2009		2008
Purchase accounting adjustments:
Amortization of intangibles in connection with the acquisition of Organon BioSciences (a)	$	118	$	132
Depreciation related to the fair value adjustment of fixed assets related to the acquisition of Organon BioSciences (b)		11		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		129		691
Income tax benefit		32		114
Total purchase accounting adjustments	$	97	$	577
Special, merger and acquisition-related items:
Special, merger and acquisition-related activities (a)/(d)/(e)	$	79	$	23
Total special, merger and acquisition-related items, pre-tax		79		23
Income tax benefit		7		2
Total acquisition-related items	$	72	$	21
Other specified items:
(Gain) on sale of manufacturing plant (c)	$	—	$	(17	)
Total other specified items, pre-tax		—		(17	)
Income tax expense		—		5
Total other specified items	$	—	$	(12	)
Total purchase accounting adjustments, special, merger and acquisition-related items and other specified items	$	169	$	586

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

Page 13