Exhibit 12

MERCK & CO., INC. AND SUBSIDIARIES

Computation Of Ratios Of Earnings To Fixed Charges

(In millions except ratio data)

	Nine Months
	Ended			Years Ended December 31
	September 30
	2003			2002			2001			2000			1999			1998
Income from Continuing Operations Before Taxes	$	7,290.7		$	9,651.7		$	9,948.1		$	9,362.3		$	8,370.1		$	7,976.9
Add (Subtract):
One-third of rents		55.6			67.2			64.2			55.9			55.0			52.3
Interest expense, gross		270.9			390.6			463.7			484.0			315.5			205.1
Interest capitalized, net of amortization		(21.1	)		(36.9	)		(66.1	)		(99.0	)		(61.4	)		(36.9	)
Equity (income) loss from affiliates,      net of distributions		(50.8	)		(161.2	)		(119.0	)		(288.3	)		(352.7	)		36.2
Preferred stock dividends, net of tax		113.7			164.3			199.6			205.0			120.2			61.4
Earnings from Continuing Operations	$	7,659.0		$	10,075.7		$	10,490.5		$	9,719.9		$	8,446.7		$	8,295.0
One-third of rents	$	55.6		$	67.2		$	64.2		$	55.9		$	55.0		$	52.3
Interest expense, gross		270.9			390.6			463.7			484.0			315.5			205.1
Preferred stock dividends		162.4			234.7			285.1			292.9			171.7			87.7
Fixed Charges from Continuing Operations	$	488.9		$	692.5		$	813.0		$	832.8		$	542.2		$	345.1
Ratio of Earnings to Fixed Charges from Continuing Operations		16			15			13			12			16			24

For purposes of computing these ratios, “earnings” consist of income from continuing operations 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.