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Schering-Plough Reports Financial Results for First Quarter of 2008
Date:4/23/2008

(487) - - - (487)

Income before income taxes 652 - (2) 96 746

Income tax expense 87 - - - 87

Net income $565 $ - $(2) $96 $659

Preferred stock dividends 22 - - - 22

Net income available to

common shareholders $543 $ - $(2) $96 $637

Diluted earnings per

common share $0.36 $0.42

Average common shares

outstanding-diluted 1,571 1,571

SCHERING-PLOUGH CORPORATION

Reconciliation from Reported Net Income Available to Common Shareholders and Reported Diluted Earnings Per Common Share to As Reconciled Amounts for Net Income

Available to Common Shareholders and Diluted Earnings per Common Share

(Amounts in Millions)

"As Reconciled" amounts related to net income available to common shareholders and diluted earnings per common share reflect the following adjustments:

First Quarter

(unaudited)

2008 2007

Purchase accounting adjustments:

Amortization of intangibles in connection

with the acquisition of Organon

BioSciences (a) $132 $-

Depreciation related to the fair value

adjustment of fixed assets related to the

acquisition of Organon BioSciences (b) 8 -

Charge related to the fair value adjustment

to inventory related to the acquisition of

Organon BioSciences (a) 551 -

Total purchase accounting
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SOURCE Schering-Plough Corporation
Copyright©2008 PR Newswire.
All rights reserved

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