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EXHIBIT 12
SCHERING-PLOUGH CORPORATION AND SUBSIDIARIES
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
<Table>
<Caption>
NINE MONTHS YEARS ENDED
ENDED DECEMBER 31
SEPTEMBER 30, --------------
2005 2004 2003 2002 2001 2000
------------- ----- ----- ------ ------ ------
(DOLLARS IN MILLIONS)
(UNAUDITED)
Income/(Loss) Before Income Taxes..... $ 305 $(168) $ (46) $2,563 $2,523 $3,188
Less: Equity Income................... 605 347 54 -- -- --
----- ----- ----- ------ ------ ------
(Loss)/Income Before Income Taxes and
Equity Income....................... (300) (515) (100) 2,563 2,523 3,188
Add Fixed Charges:
Preference Dividends................ 65 34 -- -- -- --
Interest Expense.................... 122 168 81 28 40 44
One-third of Rental Expense......... 28 30 30 27 24 24
Capitalized Interest................ 11 20 11 24 25 20
----- ----- ----- ------ ------ ------
Total Fixed Charges................. 226 252 122 79 89 88
Less: Capitalized Interest............ 11 20 11 24 25 20
Less: Preference Dividends............ 65 34 -- -- -- --
Add: Amortization of Capitalized
Interest............................ 7 9 9 8 7 7
Add: Distributed Income of Equity
Investees........................... 518 228 32 -- -- --
----- ----- ----- ------ ------ ------
Earnings/(Loss) Before Income Taxes
and Fixed Charges (other than
Capitalized Interest)............... $ 375 $ (80) $ 52 $2,626 $2,594 $3,263
===== ===== ===== ====== ====== ======
Ratio of Earnings to Fixed Charges.... 1.7 (0.3)* 0.4* 33.2 29.1 37.1
===== ===== ===== ====== ====== ======
</Table>
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* For the years ended December 31, 2004 and 2003, earnings were insufficient to
cover fixed charges by $332 million and $70 million, respectively.
"Earnings" consist of income/(loss) before income taxes and equity income,
plus fixed charges (other than capitalized interest and preference dividends),
amortization of capitalized interest and distributed income of equity investee.
"Fixed charges" consist of interest expense, capitalized interest, preference
dividends and one-third of rentals which Schering-Plough believes to be a
reasonable estimate of an interest factor on leases.