Alex KellySenior Vice President

Investor Relations

Wells Fargo 2012 Healthcare Conference June 19, 2012

1

Forward-Looking Statement

This presentation contains “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such statements may include, but are not limited to, statements about the benefits of the merger between Merck and Schering-Plough, including future financial and operating results, the combined company’s plans, objectives, expectations and intentions and other statements that are not historical facts. Such statements are based upon the current beliefs and expectations of Merck’s management and are subject to significant risks and uncertainties. Actual results may differ from those set forth in the forward-looking statements.The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the possibility that all of the expected synergies from the merger of Merck and Schering-Plough will not be realized, or will not be realized within the expected time period; the impact of pharmaceutical industry regulation and health care legislation in the United States and internationally; Merck’s ability to accurately predict future market conditions; dependence on the effectiveness of Merck’s patents and other protections for innovative products; and the exposure to litigation and/or regulatory actions.Merck undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise. Additional factors that could cause results to differ materially from those described in the forward-looking statements can be found in Merck’s 2011 Annual Report on Form 10-K and the company’s other filings with the Securities and Exchange Commission (SEC) available at the SEC’s Internet site (www.sec.gov).

2

Executing on our Plans

• We are off to a strong start in 2012…

• Solid sales growth in each of our 3 major businesses– +3% human health (+6% ex-impact from JNJ settlement)– +7% consumer – +8% animal health

• 8% growth in non-GAAP EPS

• Making strategic investments in future growth – Endocyte partnership for vintafolide, a novel oncology candidate in

late stage development– Joint venture with Supera Pharma to expand in Brazil

• Building shareholder value

3

1Q 2012: Long-Lived Assets Drive Sales Growth

$11,580

$11,731

$39$77

$47$52

$70$111

$268

$68

$136

$221

$88

$11,000

$11,250

$11,500

$11,750

$12,000

$12,250

1Q 20

11 Sale

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Sales

$ m

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+$151

4

JANUVIA Franchise Shows Strong Growth

0

100

200

300

400

500

600

Q4'06

Q1'07

Q2'07

Q3'07

Q4'07

Q1'08

Q2'08

Q3'08

Q4'08

Q1'09

Q2'09

Q3'09

Q4'09

Q1'10

Q2'10

Q3'10

Q4'10

Q1'11

Q2'11

Q3'11

Q4'11

Sitagliptin Family69% Share1

IMS1. Global DPP-4 market=Dipeptidyl Peptidase-4

Vildagliptin Family Saxagliptin Family Alogliptin Family Linagliptin Family

Glo

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5

Pipeline Highlights

6 major filings anticipated in 2012-2013– BRIDION: reversal of neuromuscular blockade– V503: HPV associated cancer prevention– Vintafolide: commencing with platinum resistant

ovarian cancer (EU)– Suvorexant: chronic insomnia – Odanacatib: osteoporosis– TREDAPTIVE: atherosclerosis

6

Suvorexant: An Innovation to Improve Sleep

• High prevalence– up to 30% of general population

• ~$2 B market– >18 million US patients treated

• 30% are chronically treated

• Patients unsatisfied with current therapy

• Existing therapies have residual effects

Insomnia Market

Anticipated filing: 2012

7

Trial-1 P028: Subjective Total Sleep Time Change from Baseline

14.6

23.1

40.6

28.2

39.4

51.2

36.042.6

60.3

0

10

20

30

40

50

60

70

Week 1 Month 1 Month 3

Placebo Suvorexant LD Suvorexant HD

Tota

l Sle

ep T

ime

(min

utes

) C

hang

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m B

asel

ine

(LS

Mea

n, 9

5% C

I) Δ=21.4; p<0.0001

Δ=13.6; p<0.0001

Δ=19.6; p<0.0001

Δ=19.7; p<0.0001

Δ=16.3; p<0.0002

Δ=10.7; p=0.017

376 248 379 365 244 363 339 228 348N=

LDA / Full Analysis Set E-Diary / Data-as-Observed

8

64 millionOsteoporosis population in seven major markets

Diagnosed population 37%

Treated population 56%

Existing patientsPotential patients

24 mm

13 mm

Sources: Decision Resources January 2010; Datamonitor 2008

Only 20% of Osteoporosis Patients are

Treated

Osteoporosis: Low Diagnosis and Treatment Rates Represent Opportunity for Odanacatib

Anticipated filing: 2013

9

Tredaptive: Launch with Outcomes Data

• Substantial (~65%) residual CV risk despite statin therapy

• Large market; 1% US share represents >$400 million

• Niacin annual sales ~$1.1 billion despite tolerability issues

• HPS2-Thrive expected to complete in 2012

• Anticipated filing 1H2013

Cholesterol Market Program Update

+20%

HDL-C

-21%-26%-18%

Lp(a)TGLDL-C

1. Maccubbin et al, International Journal of Clinical Practice 2008

TREDAPTIVE Impact on Lipids1

10

Merck Has Many Potentially Meaningful Events in 2012

Accomplished …..• Suvorexant Phase III data

• Licensing of Vintafolide from Endocyte

• SHARP data in VYTORIN label

• JANUMET XR US Approval

• ZIOPTAN US Approval

To Come …..• Suvorexant US NDA filing

• Odanacatib interim looks

• BRIDION US NDA filing

• V503 US NDA filing

• Vintafolide EU filing

• HPS2-THRIVE completion

• Once weekly DPP-4 inhibitor to begin Phase III

• MK-3222, anti-IL-23 antibody, to begin Phase III

• BACE Inhibitor to begin Phase II

Merck Is Firmly Committed to

Innovation