8-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

October 22, 2003

Date of Report (Date of Earliest Event Reported)

Schering-Plough Corporation

(Exact name of registrant as specified in its charter)

New Jersey	1-6571	22-1918501
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification Number)

2000 Galloping Hill Road
Kenilworth, NJ 07033

(Address of principal executive offices, including Zip Code)

(908) 298-4000

(Registrant's telephone number, including area code)

Item 5. Other Events and Regulation FD Disclosure

2003 Third Quarter Earnings Press Release

Schering-Plough issued a press release titled "Schering-Plough Reports Financial Results for 2003 Third Quarter" on October 22, 2003, and the press release is attached to this 8-K as Exhibit 99.1. Schering-Plough also issued related Supplemental Data, which is attached to this 8-K as Exhibit 99.2.

The press release contains many important facts that investors may wish to consider, together with information in Schering-Plough's 2002 10-K, 2003 first and second quarter 10-Qs and 8-Ks filed during 2003. These facts include financial results for the 2003 third quarter, performance of certain key products, the status of the previously announced Action Agenda and Value Enhancement Initiative, an increase in the litigation reserves, a change in the estimated 2003 annual effective tax rate, and information about how to dial-in to, or access the Webcast of, the 2003 third quarter earnings conference call scheduled for October 22, 2003 at 8:30 am.

Earnings Outlook Remains Unchanged

In the August 21, 2003 press release titled "Schering-Plough CEO Fred Hassan Completes First 100 Days, '360 Degree Review'" and in our October 9, 2003, Investor Frequently Asked Questions (FAQs), we provided an earnings outlook for the second half of 2003 and 2004. We said that, due to the downward slopes in sales and market share of key profit-generating products, earnings per share (EPS) in the second half of 2003 are likely to be lower than the level registered in the first half of 2003, and,also, EPS in 2004 are likely to be lower than the EPS level for 2003. (All comparisons exclude any possible charges for unusual items.)

Schering-Plough reiterates that earnings outlook today. Also, as mentioned in the October 9 FAQs, Schering-Plough does not expect to issue revised earnings guidance during 2003, and Schering-Plough continues to believe investors should consider Schering-Plough's prospects after its product portfolio transition, which should become increasingly evident beginning in 2005.

Sales and market share of key products, including those in the allergy and hepatitis C markets, and some information about the future product portfolio, such as the ZETIA/simvastatin combination, are discussed in the press release.

Disclosure Notice

Cautionary Factors that May Affect Future Results (Cautionary Statements Under the Private Securities Litigation Reform Act of 1995).

This 8-K, including each Exhibit, the comments of Schering-Plough officers during our earnings conference October 22, 2003 at 8:30 am, and other written and oral statements made from time to time by Schering-Plough may contain "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995. Forward-looking statements relate to expectations or forecasts of future events. They use words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "project," "intend," "plan," "potential," "will," and other words and terms of similar meaning in connection with a discussion of potential future events, circumstances or future operating or financial performance. You can also identify forward-looking statements by the fact that they do not relate strictly to historical or current facts.

In particular, forward-looking statements include statements relating to future actions, prospective products, the status of product approvals, future performance or results of current and anticipated products, sales efforts, development programs, expenses and our programs to reduce expenses, the number of employees accepting Schering-Plough's planned voluntary early retirement program and the cost of and savings from that program, the outcome of contingencies such as litigation and investigations, growth strategy and financial results.

Any or all of our forward-looking statements here or in other publications may turn out to be wrong. Our actual results may vary materially, and there are no guarantees about the performance of Schering-Plough stock. Schering-Plough does not assume the obligation to update any forward-looking statement.

You should carefully consider any forward-looking statement and should understand that many factors could cause actual results to differ from Schering-Plough's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. Although it is not possible to predict or identify all such factors, they may include the following:

· A significant portion of net sales are made to major pharmaceutical and health care products distributors and major retail chains in the United States. Consequently, net sales and quarterly growth comparisons may be affected by fluctuations in the buying patterns of major distributors, retail chains and other trade buyers. These fluctuations may result from seasonality, pricing, wholesaler buying decisions or other factors.

· Competitive factors, including technological advances attained by competitors, patents granted to competitors, new products of competitors coming to the market, new indications for competitive products or generic prescription or OTC competition as Schering-Plough's products mature and patents expire on products.

· Increased pricing pressure both in the United States and abroad from managed care organizations, institutions and government agencies and programs. In the United States, among other developments, consolidation among customers may increase pricing pressures and may result in various customers having greater influence over prescription decisions through formulary decisions and other policies.

· Government laws and regulations (and changes in laws and regulations) affecting domestic and international operations including healthcare reform initiatives and Medicare drug benefit and drug importation legislation in the United States at the state and federal level and in other countries, as well as laws and regulations relating to trade, antitrust, monetary and fiscal policies, taxes, price controls and possible nationalization.

· Patent positions can be highly uncertain and patent disputes are not unusual. An adverse result in a patent dispute can preclude commercialization of products or negatively impact sales of existing products or result in injunctive relief and payment of financial remedies.

· Uncertainties of the FDA approval process and the regulatory approval and review processes in other countries, including, without limitation, delays in approval of new products.

· Failure to meet Good Manufacturing Practices established by the FDA and other governmental authorities can result in delays in the approval of products, release of products, seizure or recall of products, suspension or revocation of the authority necessary for the production and sale of products, fines and other civil or criminal sanctions. The resolution of manufacturing issues with the FDA discussed in Schering-Plough's 10-Ks, 10-Qs and 8-Ks are subject to substantial risks and uncertainties. These risks and uncertainties, including the timing, scope and duration of a resolution of the manufacturing issues, will depend on the ability of Schering-Plough to assure the FDA of the quality and reliability of its manufacturing systems and controls, and the extent of remedial and prospective obligations undertaken by Schering-Plough.

· Difficulties in product development. Pharmaceutical product development is highly uncertain. Products that appear promising in development may fail to reach market for numerous reasons. They may be found to be ineffective or to have harmful side effects in clinical or pre-clinical testing, they may fail to receive the necessary regulatory approvals, they may turn out not to be economically feasible because of manufacturing costs or other factors or they may be precluded from commercialization by the proprietary rights of others.

· Efficacy or safety concerns with respect to marketed products, whether or not scientifically justified, leading to recalls, withdrawals or declining sales.

· Major products such as CLARITIN, CLARINEX, INTRON A, PEG-INTRON, REBETOL Capsules and NASONEX accounted for a material portion of Schering-Plough's 2002 revenues. If any major product were to become subject to a problem such as loss of patent protection, OTC availability (as has been disclosed for CLARITIN and its current and potential OTC competition), previously unknown side effects; if a new, more effective treatment should be introduced; or if the product is discontinued for any reason, the impact on revenues could be significant. Further such information about important new products, such as ZETIA, or important products in our pipeline, may impact future revenues.

· Unfavorable outcomes of government investigations, litigation about product pricing, product liability claims, other litigation and environmental concerns could preclude commercialization of products, negatively affect the profitability of existing products, materially and adversely impact Schering-Plough's financial condition and results of operations, or contain conditions that impact business operations, such as exclusion from government reimbursement programs.

· Economic factors over which Schering-Plough has no control, including changes in inflation, interest rates and foreign currency exchange rates.

· Instability, disruption or destruction in a geographic region important to us - due to the location of our manufacturing facilities, distribution facilities or customers - regardless of cause, including war, terrorism, riot, civil insurrection or social unrest; and natural or man-made disasters, including famine, flood, fire, earthquake, storm, or disease such as SARS.

· Changes in tax laws including changes related to taxation of foreign earnings.

· Changes in accounting standards promulgated by the American Institute of Certified Public Accountants, the Financial Accounting Standards Board or the Securities and Exchange Commission, or the Public Company Accounting Oversight Board that would require a significant change to Schering-Plough's accounting practices.

For further details and a discussion of these and other risks and uncertainties, see Schering-Plough's past and future Securities and Exchange Commission filings.

Item 7. Financial Statements and Exhibits

(c) Exhibits. The following exhibits are filed with this 8-K:

99.1 Press release titled "Schering-Plough Reports Financial Results for 2003 Third Quarter"

99.2 Supplemental Financial Data

Item 12. Results of Operations and Financial Condition

Schering-Plough today issued a press release titled "Schering-Plough Reports Financial Results for 2003 Third Quarter" and provided additional supplemental financial data. The press release is attached to this 8-K as Exhibit 99.1. The supplemental financial data is attached to this 8-K as Exhibit 99.2.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Schering-Plough Corporation

By: /s/Thomas H. Kelly

Thomas H. Kelly

Vice President and Controller

Date: October 22, 2003

Exhibit Index

The following exhibits are filed with this 8-K:

99.1 Press release titled "Schering-Plough Reports Financial Results for 2003 Third Quarter"

99.2 Supplemental Financial Data

EX-99.1

Exhibit 99.1

News Release

Schering-Plough Corporation

2000 Galloping Hill Road

Kenilworth, New Jersey 07033-0530

FOR RELEASE: IMMEDIATELY Investor Contacts:Geraldine U. Foster

Lisa W. DeBerardine

(908) 298-7436

Media Contact: Denise K. Foy

(908) 298-7616

SCHERING-PLOUGH REPORTS FINANCIAL RESULTS FOR 2003 THIRD QUARTER

KENILWORTH, N.J., October 22, 2003 - Schering-Plough Corporation (NYSE: SGP) today reported financial results for the third quarter of 2003. The results reflect the convergence of severe challenges and issues that the company had previously identified and about which it had cautioned in its communications with investors.

"We have inherited a combination of extremely difficult issues that we now own and are working hard to fix," said Fred Hassan, chairman and chief executive officer, commenting after completing his first full quarter since joining the company in April 2003. "We are working hard to address these issues and to build a new Schering-Plough that produces growth while remaining committed to business integrity, quality and compliance."

The company continues to face difficult comparisons with prior financial periods when it was the clear market leader in the allergy and hepatitis C markets, positions that have eroded as a result of the patent expiration of its key prescription allergy product and the introduction of new competition for its hepatitis C franchise. The 2003 quarter is also being compared against a period in 2002 when the hepatitis C franchise was benefiting from increased product demand following approval of its

PEG-INTRON and REBETOL combination therapy. Results for the hepatitis C franchise in the 2003 third quarter reflect declining product demand, increased competition and resulting efforts to lower trade inventory levels in anticipation of expected generic competition for REBETOL.

Hassan reminded investors that, "Due to the acute challenges, uncertainties and volatilities facing Schering-Plough, following my arrival at the company we withdrew numerical EPS guidance." He added, "We are now working hard on the repair and stabilization phase of our five-point Action Agenda. The management team is also working hard at reducing costs via our Value Enhancement

Initiative (VEI)."

Hassan continued, "Through aggressive measures aimed at building field force strength and effectiveness, we are becoming more confident that the declining market share slopes for most of our important profit-generating products can be stabilized, and ultimately reversed."

The company had previously advised that it remained confident that a turnaround would be achieved and that it would not be a "quick fix," but rather a long haul process because of the severity of the problems. Due to the ongoing transition in its product portfolio, the company believes that its intrinsic value can best be gauged by what happens in 2005 and beyond.

For the 2003 third quarter, Schering-Plough reported a net loss of $265 million or 18 cents per share, versus net income of $429 million and diluted earnings per share (EPS) of 29 cents per share in the 2002 period. The loss reflects the addition of $350 million to the company's litigation reserves relating to the previously reported investigations by the U.S. Attorney's Offices for the District of Massachusetts and for the Eastern District of Pennsylvania into the company's marketing, sales and clinical trial practices. This increase in reserves reflects maturing discussions with those offices, particularly with the Eastern District of Pennsylvania. This adjustment is consistent with the company's policy of reviewing regularly the status of pending actions and investigations and making adjustments as appropriate. The company said that this increase in reserves represents an adjustment to the company's estimate of the minimum liability relating to those investigations. The company noted that its tota l reserves reflect an estimate and any final settlement or adjudication of any of these matters could possibly be less than or could materially exceed the aggregate liability accrued by the company and could have a material adverse effect on the results of operations or financial condition of the company.

Sales in the 2003 third quarter of $2.0 billion were down 16 percent versus the 2002 period, reflecting difficult sales comparisons with the 2002 quarter and the loss of U.S. sales and profits of the CLARITIN prescription franchise, with sales down $306 million. Also contributing to lower third quarter sales was a 60 percent sales decline to $171 million in the company's U.S. INTRON franchise, primarily as a result of new competition in the hepatitis C market and difficult comparisons due to declining demand and the reduction of trade inventories in anticipation of U.S. generic competition for REBETOL. REBETOL recorded 2002 full-year sales of $865 million in the United States.

The company continued to see positive results outside of the United States, with sales of REMICADE up 54 percent to $142 million; CAELYX, up 56 percent to $30 million; CLARINEX, up 30 percent to $41 million; and TEMODAR, up 28 percent to $44 million.

Alliance revenue from ZETIA was $43 million for the third quarter, with global sales of $137 million for the quarter and $306 million year to date.

The gross margin ratio to sales decreased to 68.1 percent for the quarter, primarily due to a change in product sales mix to products with higher manufacturing costs and increased spending for the company's current Good Manufacturing Practices (cGMP) compliance efforts.

The company's selling, general and administrative (SG&A) expenses were $873 million, essentially unchanged, reflecting the impact of currency and promotional spending for OTC CLARITIN. While the VEI savings will create better comparisons in the overhead costs in 2004 and 2005, the company also expects to invest more in sales and marketing to protect its U.S. market shares and to support product launches, particularly the promising ZETIA/simvastatin cholesterol-lowering product in development.

Research and development spending for the quarter totaled $401 million, up 13 percent, reflecting ongoing investment in the development of ZETIA as well as comparisons to lower spending levels in the 2002 third quarter. The ZETIA/simvastatin combination product filing remains on track. Going forward, the company said there will be VEI savings realized in the R&D line, but these are expected to be offset by expenditures on ZETIA, the development of the ZETIA/simvastatin product and the improving early pipeline.

The continued emphasis on compliance in all key functions is impacting the overall cost structure of the company.

Other, net includes the $350 million provision to increase the litigation reserves, higher net interest expense and provisions for asset impairment charges.

In the 2003 third quarter, the company reduced its estimate of the 2003 annual effective tax rate to 15 percent from 20 percent on income, excluding the provision to increase litigation reserves, which is not tax deductible. Due to the decrease in profits, primarily in the United States, the company now estimates its annual effective tax rate to be approximately 15 percent. Therefore, the negative tax provision recognized in the third quarter is the amount necessary to make the cumulative taxes accrued in the first nine months equal to 15 percent.

Schering-Plough will conduct a conference call at 8:30 a.m. (EDT) today to review these results and respond to investor inquiries. Fred Hassan, Schering-Plough's chairman and CEO, and other selected members of management will participate in the conference call.

To listen live to the call, dial 1-706-634-5003. A replay of the call will be available starting at approximately noon on Oct. 22 through 5 p.m. on Oct. 29. To listen to the replay, dial 1-706-645-9291 and enter the conference ID # 7195924.

A live audio webcast of the conference also will be available to all interested parties via http://ir.schering-plough.com. Those wishing to listen live to the conference call should go to the Web site and select "Presentations/Webcasts" from the menu bar. The webcast is also accessible via the Schering-Plough corporate Web site, www.schering-plough.com, by clicking on the "View Webcasts" link.

DISCLOSURE NOTICE: The information in this press release includes certain "forward-looking" statements relating to the company's business prospects, earnings outlook, investigation outlook and turnaround goals. The market viability of the company's marketed and pipeline products is subject to substantial risks and uncertainties. The adjustments of the company's litigation reserves are based on the company's current understanding of the investigations and its estimate of possible outcomes, which may change from time to time. The reader of this release should understand that any settlement or adjudication of the investigations could include the commencement of civil and/or criminal proceedings involving the imposition of substantial fines materially in excess of the amounts accrued, penalties and injunctive or administrative remedies resulting from exclusion from government reimbursement programs, and furthermore that such resolution of these matters, individually or in the aggregate, could have a materi al adverse effect on the company's results of operations or financial condition. The company's financial performance is dependent on the market viability of the company's marketed and pipeline products, possible changes in business strategies and the ability to successfully implement those business strategies, and other factors, all of which are subject to substantial risks and uncertainties. The reader of this release should also understand that the forward-looking statements may also be adversely affected by general market and economic factors, competitive product development, market acceptance of new products, product availability, current and future branded, generic or OTC competition, federal and state regulations and legislation, the regulatory process for new products and indications, existing and new manufacturing issues that may arise, trade buying patterns, patent positions, litigation and investigations and instability or destruction in a geographic area important to the company due to reasons s uch as war or SARS. For further details and a discussion of these and other risks and uncertainties, see the company's Securities and Exchange Commission filings, including the company's 10-Q for the 2003 second quarter, and its Form 8-K filed today.

Schering-Plough is a research-based company engaged in the discovery, development, manufacturing and marketing of pharmaceutical products worldwide.

SCHERING-PLOUGH CORPORATION

Report for the third quarter and nine months ended September 30 (unaudited):

(Amounts in millions, except per share figures)

	Third Quarter						Nine Months
	2003	2002		%	2003			2002		%
Net Sales	$2,041	$2,421		(16)	$6,452			$7,810		(17)
Costs and Expenses:
Cost of Sales	652	644		1	2,094			1,898		10
Selling, General and Administrative	873	870		-	2,653			2,784		(5)
Research and Development	401	354		13	1,139			1,017		12
Other, net	391	(4)		N/M	399			(47)		N/M
	2,317	1,864		24	6,285			5,652		11
Income/(Loss) Before Income Taxes	(276)	557		N/M	167			2,158		(92)
Income Taxes Expense/(Benefit)	(11)	128		N/M	77			496		(84)
Net Income/(Loss)	$(265)	$ 429		N/M	$ 90			$1,662		(95)
Diluted Earnings/(Loss) per
Common Share	$(0.18)	$ 0.29		N/M	$ .06			$ 1.13		(95)
Effective Tax Rate	1/		23.0%			1/			23.0%
Average Common Shares
Outstanding - Diluted	1,469	1,469			1,470			1,470
Actual Number of Common Shares
Outstanding at September 30	1,469	1,467			1,469			1,467

N/M - Not a meaningful percentage

1/ In the third quarter of 2003, the company reduced its estimate of the 2003 annual effective tax rate to 15% from 20% on income excluding the non-tax deductible provision to increase litigation reserves.

Exchange had no impact on diluted earnings per share for the third quarter of 2003. Diluted earnings per share for the first nine months of 2003 reflects a favorable exchange impact of 4 percent. The company advises that the trend in earnings per share should be viewed with and without the effects of foreign exchange rates.

SCHERING-PLOUGH CORPORATION

Report for the third quarter and nine months ended September 30 (unaudited):

Net Sales by Major Product:

(Dollars in Millions)	Third Quarter			Nine Months
	2003	2002	%	2003	2002	%
ANTI-INFECTIVE & ANTICANCER	$722	$957	(25)	$2,372	$2,645	(10)
Caelyx	30	19	56	78	51	55
Intron franchise*	398	703	(43)	1,482	1,919	(23)
Remicade	142	92	54	382	228	67
Temodar	90	76	18	237	209	13
ALLERGY & RESPIRATORY	442	805	(45)	1,516	2,966	(49)
Clarinex	169	164	3	561	422	33
Claritin Rx	68	402	(83)	289	1,853	(84)
Nasonex	114	160	(29)	368	398	(8)
Proventil	23	22	5	82	111	(26)
CARDIOVASCULARS	167	99	69	446	331	35
Integrilin	79	77	3	260	223	17
DERMATOLOGICALS	130	121	8	392	353	11
OTHER PHARMACEUTICALS	180	167	7	496	571	(13)
GLOBAL PHARMACEUTICALS	1,641	2,149	(24)	5,222	6,866	(24)
OTC	143	39	N/M	420	115	N/M
OTC Claritin	107	-	N/M	319	-	N/M
FOOT CARE	75	63	19	211	214	(1)
SUN CARE	12	8	54	116	132	(12)
CONSUMER HEALTH CARE	230	110	N/M	747	461	62
ANIMAL HEALTH CARE	170	162	5	483	483	-
CONSOLIDATED NET SALES	$2,041	$2,421	(16)	$6,452	$7,810	(17)

N/M - not a meaningful percentage

*The Intron franchise includes INTRON A, PEG-INTRON and REBETOL.

NOTE: Certain prior period amounts have been reclassified to conform to the current year presentation.

Additional information about U.S. and international sales for specific products is available by calling the company or visiting the investor relations Web site at http://ir.schering-plough.com.

83-1003

EX-99.2

Exhibit 99.2

Schering-Plough Corporation
Statements of Consolidated Income
(Dollars in Millions, except EPS)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos.
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
Net Sales	2,074	2,338	4,411	2,041	6,452			2,556	2,833	5,389	2,421	7,810	2,370	10,180	(16%)	(17%)
Cost of Sales	658	784	1,442	652	2,094			579	675	1,254	644	1,898	607	2,505	1%	10%
Gross Margin	1,416	1,554	2,969	1,389	4,358			1,977	2,158	4,135	1,777	5,912	1,763	7,675	(22%)	(26%)
Total SG&A	843	938	1,780	873	2,653			919	995	1,914	870	2,784	897	3,681	-	(5%)
Research & Development	344	393	737	401	1,139			305	357	662	354	1,017	409	1,425	13%	12%
Other, Net*	13	(4)	8	391	399			(26)	(16)	(41)	(4)	(47)	52	6	N/M	N/M
Income/(Loss) before Income Taxes	216	227	444	(276)	167			779	822	1,600	557	2,158	405	2,563	N/M	(92%)
Income Taxes Expense/(Benefit)	43	45	89	(11)	77			179	189	368	128	496	92	589	N/M	(84%)
Net Income/(Loss)	173	182	355	(265)	90			600	633	1,232	429	1,662	313	1,974	N/M	(95%)
Diluted Earnings/(Loss) per Common Share	0.12	0.12	0.24	(0.18)	0.06			0.41	0.43	0.84	0.29	1.13	0.21	1.34	N/M	(95%)
Avg. Shares Outstanding- Diluted	1,470	1,471	1,471	1,469	1,470			1,471	1,470	1,470	1,469	1,470	1,469	1,470
Actual Shares Outstanding	1,469	1,469	1,469	1,469	1,469			1,466	1,466	1,466	1,467	1,467	1,468	1,468
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%	100.0%	100.0%
Cost of Sales	31.7%	33.5%	32.7%	31.9%	32.5%			22.6%	23.8%	23.3%	26.6%	24.3%	25.6%	24.6%
Gross Margin	68.3%	66.5%	67.3%	68.1%	67.5%			77.4%	76.2%	76.7%	73.4%	75.7%	74.4%	75.4%
Total SG&A	40.6%	40.1%	40.4%	42.8%	41.1%			35.9%	35.1%	35.5%	35.9%	35.6%	37.9%	36.2%
Research & Development	16.6%	16.8%	16.7%	19.7%	17.6%			11.9%	12.6%	12.3%	14.6%	13.0%	17.2%	14.0%
Income/(Loss) Before Income Taxes	10.4%	9.7%	10.1%	(13.5%)	2.6%			30.5%	29.0%	29.7%	23.0%	27.6%	17.1%	25.2%
Income Taxes Expense/(Benefit)	2.1%	1.9%	2.0%	(0.5%)	1.2%			7.0%	6.7%	6.8%	5.3%	6.4%	3.9%	5.8%
Net Income/(Loss)	8.3%	7.8%	8.0%	(13.0%)	1.4%			23.5%	22.3%	22.9%	17.7%	21.3%	13.2%	19.4%
* 3rd quarter and the first nine months of 2003 includes a pre-tax $350 provision to increase litigation reserves.
4th quarter and Full-year 2002 includes a pre-tax $150 provision to increase litigation reserves.
Note: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.

SCHERING-PLOUGH CORPORATION
ANTI-INFECTIVE/ANTICANCER PRODUCT SALES
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos.
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
U.S.:	303	349	652	215	867			411	420	830	472	1,302	580	1,881	(54%)	(33%)
Intron franchise*	279	302	581	171	752			342	377	719	426	1,145	544	1,689	(60%)	(34%)
Temodar	26	48	73	47	120			34	47	80	42	122	36	158	11%	(2%)
Other	(2)	(1)	(2)	(3)	(5)			35	(4)	31	4	35	-	34	N/M	N/M
International:	477	521	998	506	1,505			387	471	858	485	1,343	508	1,851	4%	12%
Caelyx	22	26	49	30	78			14	17	31	19	51	**	**	56%	55%
Intron franchise*	237	266	503	227	730			215	282	497	277	774	273	1,047	(18%)	(6%)
Remicade	114	126	240	142	382			60	76	137	92	228	109	337	54%	67%
Temodar	34	40	73	44	117			25	28	53	34	87	33	120	28%	34%
Other	70	63	133	63	198			73	68	140	63	203	93	347	-	(2%)
Total:	781	870	1,650	722	2,372			797	891	1,688	957	2,645	1,088	3,733	(25%)	(10%)
Caelyx	22	26	49	30	78			14	17	31	19	51	**	**	56%	55%
Intron franchise*	516	569	1,084	398	1,482			556	659	1,216	703	1,919	817	2,736	(43%)	(23%)
Remicade	114	126	240	142	382			60	76	137	92	228	109	337	54%	67%
Temodar	59	87	146	90	237			59	74	133	76	209	69	278	18%	13%
Other	70	62	131	62	193			108	65	171	67	238	93	382	(7%)	(19%)
* The INTRON franchise consists of INTRON A, PEG-INTRON and REBETOL.
** 2002 sales of CAELYX are included in the Other line.
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.

SCHERING-PLOUGH CORPORATION
ALLERGY/RESPIRATORY PRODUCT SALES
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
U.S:	213	332	545	231	775			805	899	1,703	579	2,282	124	2,406	(60%)	(66%)
Clarinex	133	144	277	128	405			70	137	207	132	340	146	485	(3%)	19%
Claritin Rx Franchise*	16	13	29	(3)	26			565	677	1,242	303	1,545	(121)	1,424	N/M	(98%)
Nasonex	34	115	149	74	223			101	54	155	124	279	80	359	(40%)	(20%)
Proventil	17	42	59	23	82			59	30	89	22	111	17	128	5%	(26%)
Other	13	18	31	9	39			10	1	10	(2)	7	2	10	N/M	N/M
International:	240	289	530	211	741			209	249	458	226	684	214	898	(7%)	8%
Clarinex	41	75	116	41	157			14	36	50	32	82	31	112	30%	91%
Claritin Rx Franchise	93	99	192	72	264			94	115	209	99	308	70	378	(28%)	(14%)
Nasonex	44	60	105	39	144			37	47	83	36	119	45	164	10%	21%
Other	62	55	117	59	176			64	51	116	59	175	68	244	-	1%
Total:	453	621	1,074	442	1,516			1,014	1,147	2,161	805	2,966	338	3,304	(45%)	(49%)
Clarinex	173	219	392	169	561			85	173	258	164	422	176	598	3%	33%
Claritin Rx Franchise*	109	112	221	68	289			659	792	1,451	402	1,853	(51)	1,802	(83%)	(84%)
Nasonex	79	175	254	114	368			138	101	238	160	398	125	523	(29%)	(8%)
Proventil	17	42	59	23	82			59	30	89	22	111	17	128	5%	(26%)
Other	75	73	148	68	216			73	51	125	57	182	71	253	19%	19%
* U.S. OTC CLARITIN sales are now reported in the OTC category (see page 6).
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.

SCHERING-PLOUGH CORPORATION
CARDIOVASCULAR PRODUCT SALES
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos.
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
U.S.:	100	149	249	149	398			95	89	184	74	258	78	336	N/M	54%
Integrilin	84	87	171	73	244			62	71	134	72	206	77	283	2%	19%
Other	16	62	78	76	154			33	18	50	2	52	1	53	N/M	N/M
International:	11	18	29	19	48			22	26	48	26	74	24	97	(27%)	(35%)
Integrilin	5	5	10	6	16			6	6	12	5	17	4	20	21%	(7%)
Other	6	13	19	13	32			16	20	36	21	57	20	77	(38%)	(44%)
Total:	111	167	279	167	446			117	115	232	99	331	102	433	69%	35%
Integrilin	89	92	181	79	260			68	78	146	77	223	81	304	3%	17%
Other *	22	75	98	88	186			49	37	86	22	108	21	129	N/M	72%
Notes: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.
* Worldwide ZETIA alliance revenue was $43 million in 2003 3rd quarter and $66 million year to date.

SCHERING-PLOUGH CORPORATION
DERMATOLOGICALS, OTHER PHARMACEUTICAL, GLOBAL PHARMACEUTICAL
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos.
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
U.S.	18	41	59	23	81			32	20	52	27	79	53	132	(15%)	3%
International	100	103	203	108	311			88	92	180	94	274	104	378	14%	13%
Dermatologicals:	118	143	262	130	392			120	112	232	121	353	158	511	8%	11%
Other Pharm:	191	126	316	180	496			174	229	403	167	571	236	807	7%	(13%)
U.S.	648	797	1,446	599	2,045			1,337	1,441	2,778	1,156	3,934	885	4,819	(48%)	(48%)
International	1,006	1,129	2,135	1,041	3,176			885	1,053	1,938	993	2,932	1,037	3,969	5%	8%
Global Pharm:	1,654	1,927	3,581	1,641	5,222			2,222	2,494	4,716	2,149	6,866	1,922	8,788	(24%)	(24%)
Notes: International pharmaceutical sales reflect a favorable foreign exchange rate impact of 9% in the 2003 3rd quarter and of 11% year to date.
Certain prior period amounts have been reclassified to conform to the current year presentation.
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.

SCHERING-PLOUGH CORPORATION
ANIMAL HEALTH, OTC, FOOT CARE, SUN CARE & CONSOLIDATED SALES
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th		3rd Qtr.	9 Mos.
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	vs	vs
	$	$	$	$	$	$	$	$	$	$	$	$	$	$	3rd Qtr.	9 Mos.
OTC:	155	122	276	143	420			39	37	76	39	115	155	269	N/M	N/M
OTC Claritin	125	88	212	107	319			0	0	0	0	0	105	105	N/M	N/M
Other OTC	30	34	64	36	101			39	37	76	39	115	50	164	(8%)	(12%)
Foot Care:	58	79	137	75	211			73	79	152	63	214	65	279	19%	(1%)
Sun Care:	64	39	104	12	116			72	52	124	8	132	35	167	54%	(12%)
Consumer Health Care:	277	240	517	230	747			184	168	352	110	461	255	715	N/M	62%
U.S.	45	49	94	57	150			57	49	106	59	165	62	227	(5%)	(9%)
International	98	122	220	113	333			94	122	215	103	318	131	450	10%	5%
Animal Health:	143	171	313	170	483			150	171	321	162	483	193	677	5%	-
U.S.	970	1,087	2,057	886	2,943			1,577	1,659	3,236	1,324	4,560	1,201	5,761	(33%)	(35%)
International	1,103	1,251	2,355	1,155	3,509			979	1,175	2,153	1,096	3,250	1,169	4,419	5%	8%
Total Consolidated:	2,074	2,338	4,411	2,041	6,452			2,556	2,833	5,389	2,421	7,810	2,370	10,180	(16%)	(17%)
Notes: Certain prior period amounts have been reclassified to conform to the current year presentation.
All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.

MISCELLANEOUS DATA
(Dollars in Millions)
				2003							2002
	1st	2nd	6	3rd	9	4th		1st	2nd	6	3rd	9	4th
	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year	Qtr.	Qtr.	Mos.	Qtr.	Mos.	Qtr.	Year
	$	$	$	$	$	$	$	$	$	$	$	$	$	$
Consolidated Sales
Growth Rates:
As Reported	(19%)	(17%)	(18%)	(16%)	(17%)			11%	8%	9%	2%	7%	(4%)	4%
Excluding Exchange	(24%)	(23%)	(23%)	(20%)	(22%)			13%	8%	10%	(1%)	7%	(6%)	3%
Other, Net
Interest Income	$13	$15	$28	$9	$37			$17	$18	$35	$18	$53	$22	$75
Interest Expense	(13)	(12)	(25)	(24)	(49)			(5)	(12)	(17)	(4)	(21)	(6)	(28)
FX Gains/(Losses)	(1)	-	(1)	1	(1)			2	2	4	(1)	4	(2)	2
Other Income/(Expense)*	(12)	1	(10)	(377)	(386)			12	8	19	(9)	11	(66)	(55)
Total - Other, Net	($13)	$4	($8)	($391)	($399)			$26	$16	$41	$4	$47	($52)	($6)
Effective Tax Rate	20.0%	20.0%	20.0%	**	**			23.0%	23.0%	23.0%	23.0%	23.0%	23.0%	23.0%
* 3rd quarter and the first nine months of 2003 includes a pre-tax $350 provision to increase litigation reserves.
4th quarter and Full-year 2002 includes a pre-tax $150 provision to increase litigation reserves.
** In the third quarter of 2003, the company reduced its estimate of the 2003 annual effective tax rate to 15% from 20% on income excluding the non-tax
deductible provision to increase litigation reserves.
Note: All figures rounded. Totals may not add due to rounding. N/M - not a meaningful percentage.
									Geraldine U. Foster			908-298-7410
									Lisa W. DeBerardine			908-298-7437

Last Updated on 10/21/2003
By Schering-Plough