Exhibit 12

MERCK & CO., INC. AND SUBSIDIARIES

Computation Of Ratios Of Earnings To Fixed Charges

(In millions except ratio data)

		Years Ended December 31
		2003			2002			2001			2000			1999			1998
Income from Continuing Operations Before Taxes		$	9,051.6		$	9,651.7		$	9,948.1		$	9,362.3		$	8,370.1		$	7,976.9
Add (Subtract):
One-third of rents			75.6			67.2			64.2			55.9			55.0			52.3
Interest expense, gross			350.9			390.6			463.7			484.0			315.5			205.1
Interest capitalized, net of amortization			(30.1	)		(36.9	)		(66.1	)		(99.0	)		(61.4	)		(36.9	)
Equity (income) loss from affiliates, net of distributions			79.2			(156.1	)		(113.7	)		(288.3	)		(352.7	)		36.2
Preferred stock dividends, net of tax			150.9			164.3			199.6			205.0			120.2			61.4
	Earnings from Continuing Operations	$	9,678.1		$	10,080.8		$	10,495.8		$	9,719.9		$	8,446.7		$	8,295.0
One-third of rents		$	75.6		$	67.2		$	64.2		$	55.9		$	55.0		$	52.3
Interest expense, gross			350.9			390.6			463.7			484.0			315.5			205.1
Preferred stock dividends			215.6			234.7			285.1			292.9			171.7			87.7
	Fixed Charges from Continuing Operations	$	642.1		$	692.5		$	813.0		$	832.8		$	542.2		$	345.1
Ratio of Earnings to Fixed Charges from Continuing Operations			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.