Exhibit 12

MERCK & CO., INC. AND SUBSIDIARIES

Computation Of Ratios Of Earnings To Fixed Charges

(In millions except ratio data)

			Six Months
			Ended			Years Ended December 31
			June 30
			2003			2002			2001			2000			1999			1998
Income Before Taxes			$	5,060.7		$	10,213.6		$	10,402.6		$	9,824.1		$	8,619.5		$	8,133.1
Add (Subtract):
One-third of rents				47.8			84.3			77.7			67.0			66.7			56.4
Interest expense, gross				189.9			390.8			464.7			484.4			316.9			205.6
Interest capitalized,				(14.8	)		(36.9	)		(66.1	)		(99.0	)		(61.4	)		(36.9	)
		net of amortization
Equity (income) loss from affiliates,				6.7			(156.1	)		(113.8	)		(288.3	)		(352.7	)		36.6
		net of distributions
Preferred stock dividends, net of tax				76.0			164.3			199.6			205.2			120.7			62.1
	Earnings		$	5,366.3		$	10,660.0		$	10,964.7		$	10,193.4		$	8,709.7		$	8,456.9
One-third of rents			$	47.8		$	84.3		$	77.7		$	67.0		$	66.7		$	56.4
Interest expense, gross				189.9			390.8			464.7			484.4			316.9			205.6
Preferred stock dividends				108.6			234.7			285.1			293.1			172.4			88.7
	Fixed Charges		$	346.3		$	709.8		$	827.5		$	844.5		$	556.0		$	350.7
Ratio of Earnings to Fixed Charges				15			15			13			12			16			24

For purposes of computing these ratios, “earnings” consist of income before taxes, one-third of rents (deemed by the Company to be representative of the interest factor inherent in rents), interest expense, net of amounts capitalized, equity income (loss) from affiliates, net of distributions, and dividends on preferred stock of subsidiary companies. “Fixed charges” consist of one-third of rents, interest expense as reported in the Company’s consolidated financial statements and dividends on preferred stock of subsidiary companies.