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Exhibit 99.2

CERTAIN PRO FORMA FINANCIAL INFORMATION

    The following unaudited pro forma condensed combined financial statements give effect to the combination of MedicaLogic, Inc., Medscape, Inc. and Total eMed, Inc. using the purchase accounting method. The unaudited pro forma condensed combined balance sheet assumes the mergers took place on March 31, 2000 and combines MedicaLogic, Inc., Medscape, Inc. and Total eMed, Inc. historical balance sheets at that date.

    The unaudited pro forma condensed combined statements of operations assume that the mergers took place as of the beginning of 2000 and combine the consolidated historical statements of operations of MedicaLogic, Inc., Medscape, Inc. and Total eMed, Inc. for the three months ended March 31, 2000.

    The unaudited pro forma condensed combined statements of operations are not necessarily indicative of operating results which would have been achieved had the mergers been completed as of the beginning of the period and should not be construed as representative of future operations. The pro forma adjustments are based on available information and assumptions that are believed to be reasonable under the circumstances.

    These unaudited pro forma condensed combined consolidated financial statements should be read in conjunction with the respective audited consolidated historical financial statements and the accompanying notes of MedicaLogic, Inc., Medscape, Inc., and Total eMed, Inc. which are contained in the registration statement on Form S-4 filed with the SEC on March 14, 2000 (as amended on April 4, 2000).

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MedicaLogic, Inc.

Unaudited Pro Forma Condensed Combined Balance Sheet

(in thousands)

		March 31, 2000
											Pro forma
		MedicaLogic			Medscape			Total eMed			Adjustments			Combined
Assets
Cash and short-term investments		$	117,749		$	28,514		$	11,623		$	(39	)(C)	$	157,847
Accounts receivable, net			5,905			6,320			1,813			—			14,038
Prepaid expenses and current assets			4,381			14,539			41			—			18,961
	Total current assets		128,035			49,373			13,477			(39	)		190,846
Property and equipment, net			18,101			7,962			4,786			—			30,849
Other assets, net			8,364			3,156			43			—			11,563
Intangible assets			—			9,861			866			66,300	(B)		66,300
												(9,861	)(D)
			—			—			—			(866	)(D)
Goodwill						2,207			997			800,204	(B)		800,204
												(2,207	)(D)
												(997	)(D)
	Total assets
		$	154,500		$	72,559		$	20,169		$	852,534		$	1,099,762
Liabilities, Redeemable Preferred Stock and Shareholders' Equity
Accounts payable and other accrued liabilities		$	9,026		$	10,108		$	1,561		$	9,469	(A)	$	30,164
Deferred revenue			2,756			1,016			—			—			3,772
Other			2,361			—			—			—			2,361
	Total current liabilities		14,143			11,124			1,561			9,469			36,297
Long-term liabilities			4,567			—			16			—			4,583
	Total liabilities		18,710			11,124			1,577			9,469			40,880
Commitments and contingencies
Redeemable preferred stock			—			—			6,362			(6,362	)(C)		—
Shareholders' equity:
Preferred stock			—			—			25,545			(25,545	)(C)		—
Common stock and additional paid in capital			230,578			266,831			260			(267,091	)(C)		1,289,065
												719,433	(A)
												339,054	(A)
Common stock notes receivable			(12,387	)		(628	)		—			628	(C)		(12,387	)
Deferred stock compensation			(4,149	)		(6,501	)		—			6,501	(C)		(4,149	)
Treasury stock			—			(78	)		—			78	(C)		—
Contribution of services			—			(135,395	)		—			—			(135,395	)
Warrants			—			6,353			—			(6,353	)(C)		—
Unrealized loss on investment securities			—			(39	)		—			39	(C)		—
Accumulated deficit			(78,252	)		(69,108	)		(13,575	)		82,683	(C)		(78,252	)
	Total shareholders' equity		135,790			61,435			12,230			849,427			1,058,882
	Total liabilities, redeemable preferred stock and shareholders' equity	$	154,500		$	72,559		$	20,169		$	852,534		$	1,099,762

See accompanying notes to unaudited pro forma condensed combined financial information.

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MedicaLogic, Inc.

Unaudited Pro Forma Condensed Combined Statement of Operations

(in thousands, except share and per share data)

			Three months ended March 31, 2000
												Pro forma
			MedicaLogic			Medscape			Total eMed			Adjustments			Combined
Revenues			$	5,608		$	6,009		$	2,101			—		$	13,718
Operating expense:
	Cost of revenues			4,472			5,555			3,318			—			13,345
	Marketing and sales			8,659			18,547			—			—			27,206
	Research and development			3,759			—			—			—			3,759
	General and administrative			3,305			3,870			2,020			—			9,195
	Deferred stock compensation expenses			—			996			—			—			996
	Depreciation and amortization			1,575			1,173			447		$	(539)	(c)		2,656
	Goodwill amortization			379			45			13			63,443	(a)		63,822
													(58)	(c)
		Total operating expenses		22,149			30,186			5,798			62,846			120,979
Operating loss				(16,541	)		(24,177	)		(3,697	)		(62,846	)		(107,261	)
Other income				1,815			490			161			—			2,466
Net loss				(14,726	)		(23,687	)		(3,536	)		(62,846	)		(104,795	)
Preferred stock accretion				—			—			(545	)		545	(d)		—
Net loss attributable to common shareholders				(14,726	)		(23,687	)		(4,081	)		(62,301	)		(104,795	)
Net loss per share:
	Basic and diluted		$	(0.45	)	$	(0.53	)	$	(1.76	)		—		$	(1.91	)
Shares used in computing net loss per share:
	Basic and diluted			32,423,637			44,827,358			2,325,205			—			54,805,676	(b)

See accompanying notes to unaudited pro forma condensed combined financial information.

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Notes to Pro Forma Condensed Combined Financial Information

(in thousands, except share and per share data) (unaudited)

    The unaudited pro forma condensed combined financial information reflects the MedicaLogic/ Medscape merger and the MedicaLogic/Total eMed merger, and gives effect to certain reclassifications to conform the presentation of the historical operations of the merged companies.

    The total estimated purchase price of the transaction has been allocated on a preliminary basis to assets and liabilities based on management's estimate of their fair values. The excess of the purchase price over the fair value of the net assets and other intangible assets acquired has been allocated to goodwill. These allocations are subject to change pending the completion of the final analysis of the total purchase price and fair values of the assets acquired and the liabilities assumed. The impact of such changes could be material.

    The adjustments to the unaudited pro forma condensed combined balance sheet as of March 31, 2000 have been calculated as if the mergers occurred on March 31, 2000. The adjustments to the unaudited pro forma condensed combined statement of operations for the three months ended March 31, 2000 have been calculated as if the mergers occurred on January 1, 2000. The adjustments are as follows:

    A.  To reflect the acquisition of all of the outstanding capital stock of Medscape and Total eMed by exchanging shares of MedicaLogic/Medscape common stock in exchange for each share of Medscape and Total eMed capital stock for a total estimated combined purchase price of approximately $1.1 billion. The purchase consideration consists of the issuance of an estimated 22.4 million shares of MedicaLogic/Medscape common stock with a fair value of approximately $955 million and the assumption of options and warrants to purchase 3.1 million shares of MedicaLogic/Medscape common stock with a fair value of approximately $103.5 million and other related merger costs of approximately $9.5 million in investment banking, legal, accounting and regulatory filing fees.

    The purchase price was determined as follows:

	Medscape			Total eMed
							Total MedicaLogic/ Medscape shares
	Equivalent Shares	Fair Value		Equivalent Shares	Fair Value			Total Fair Value
		(in thousands)			(in thousands)			(in thousands)
Shares	14,931,864	$	637,125	7,450,175	$	317,890	22,382,039	$	955,015
Stock Options	1,639,043		49,490	549,802		21,164	2,188,845		70,654
Warrants	905,794		32,818	—		—	905,794		32,818
Total Shares	17,476,701			7,999,977			25,476,678
Merger Costs			4,734			4,735			9,469
		$	724,167		$	343,789		$	1,067,956

    The fair value of the common stock issued is based on the average closing price of MedicaLogic's common stock for the five days prior and subsequent to the days the mergers became effective, which was $42.69. The estimated fair value of the options and warrants to be assumed is based on the Black-Scholes model using the following assumptions:

•

Expected lives of three to six years.

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•

Expected volatility factor of 1.0.



•

Risk-free interest rate of 6.5%.



•

Expected dividend rate of 0%.

    B.  To reflect the excess purchase price of approximately $800.2 million over the fair value of net tangible assets and other intangible assets acquired as goodwill.

    The purchase price is allocated to the assets and liabilities based on preliminary fair values as follows (in thousands):

		Medscape			Total eMed
Assets acquired:
	Current assets	$	49,334		$	13,477
	Property and equipment		7,962			4,786
	Intangibles		62,600			3,700
	Contribution of services		135,395			—
	Goodwill		476,844			323,360
	Other assets		3,156			43
Less liabilities assumed			(11,124	)		(1,577	)
	Purchase price	$	724,167		$	343,789

    C.  To reflect the elimination of the historical shareholders' equity accounts of Medscape and Total eMed.

    D.  To reflect the elimination of goodwill and other intangible assets on the balance sheets of Medscape and Total eMed as of the merger date.

    The adjustments to the unaudited pro forma condensed combined statements of operations for the three months ended March 31, 2000, assume the mergers occurred as of January 1, 2000 are as follows:

    (a) To reflect the amortization of goodwill and other intangible assets resulting from the mergers. The goodwill and other intangible assets are being amortized over periods of approximately one and one-half to five years. Management does not anticipate that any significant value will be attributed to purchased in-process research and development.

	Medscape		Total eMed		Total
			(in thousands)
New amortization expense related to application of purchase method of accounting related to intangibles and goodwill	$	47,063	$	16,380	$	63,443

    (b) Basic and diluted net loss per share have been adjusted to reflect the issuance of approximately 22.4 million shares of MedicaLogic/Medscape common stock, as if the shares had been outstanding for the entire periods presented. The effect of stock options and warrants of Medscape and Total eMed assumed in the mergers have not been included as their inclusion would be anti-dilutive.

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    (c) To reflect the following amortization adjustments for the three months ended March 31, 2000 (in thousands):

	Medscape			Total eMed			Total
				(in thousands)
Elimination of historical amortization—Goodwill	$	(45	)	$	(13	)	$	(58	)
Elimination of historical amortization—Intangibles.		(477	)		(62	)		(539	)

    (d) To reflect the reversal of accretion on redeemable preferred stock that is forfeited by redeemable preferred stockholders upon voting for and consummation of the MedicaLogic/Total eMed merger.

    (e) MedicaLogic expects to record charges to operations subsequent to the purchase transaction to reflect the combination of the two companies. These charges are yet to be estimated and will consist primarily of severance costs related to the termination of certain employees. This charge is not reflected in the pro forma combined condensed financial information.

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Exhibit 99.2

CERTAIN PRO FORMA FINANCIAL INFORMATION
MedicaLogic, Inc. Unaudited Pro Forma Condensed Combined Balance Sheet (in thousands)
MedicaLogic, Inc. Unaudited Pro Forma Condensed Combined Statement of Operations (in thousands, except share and per share data)
Notes to Pro Forma Condensed Combined Financial Information (in thousands, except share and per share data) (unaudited)