BUILDING A NEW KIND OF HEALTH CARE COMPANY —

The Transformation Unfolds

Schering-Plough 2005 Company Overview

“Knowing that people are depending on

you makes me realize how important

the work we do here is. As an analytical

chemist, my job is to make sure that

only high-quality, effective medications

get to the patients in our clinical trials

and in the health care systems. We do

this by developing laboratory experi-

ments to test the purity, potency and

stability of our medicines. We’re always

encountering scientific challenges,

situations where you know the answer

is out there and it’s just a matter of

finding it. Through cross-functional team-

work and collaboration, we find those

answers, and in the process help make

sure Schering-Plough continues providing

a reliable supply of high-quality medi-

cines that do good things for patients.”

Cover Story:

Kristan Amicone is a scientist in Analytical Development, Pharmaceutical Sciences, for Schering-Plough Research Institute in Kenilworth, N.J. She works as an ana-lytical chemist primarily on pharmaceuti-cals in late-stage development.

Schering-Plough is a global pharmaceutical company with leading prescription, consumer and animal health products. Today, the Company

is focused on delivering the Turnaround phase of its five-step Action Agenda, the blueprint for a fundamental transformation that began in 2003. Our goal is to provide a steady flow of innovative, science-based medicines

and services, and to earn the trust of the physicians, patients and other customers we serve. By doing this well, we seek to build long-term,

sustainable growth. In everything we do, we remain committed to business integrity, quality and compliance.

- Kristan Amicone

“The people of Schering-Plough are steadily building an exciting

new enterprise. Step by step, we are succeeding – and growing.”

Fred Hassan, Schering-Plough Chairman and Chief Executive Officer

The trademarks indicated by Capital Letters in this publication are the property of, licensed to, promoted or distributed by Schering-Plough Corporation, its subsidiaries or related companies. As used in this publication, the terms “Schering-Plough” and the “Company” refer collectively to Schering-Plough Corporation, the publicly held parent company,

and its domestic and international subsidiaries, which are engaged in the discovery, development, manufacturing and marketing of pharmaceutical products worldwide.

Copyright © 2006, Schering-Plough Corporation. All Rights Reserved.

A Message from the CEO

“It all begins with the people.” This mindset has been driving a remark- able and continuing transformation of our organization. Today, I look with a lot of pride at what has been achieved by putting such faith in our people.

Out of a company that was under severe stress three years ago,

the people of Schering-Plough are steadily building an exciting new enterprise. Step by step, we are suc-ceeding – and growing.

The roadmap for our transformation has been a six- to eight-year Action Agenda that began with the Stabilize and Repair phases. Even as important dimensions of that work continue,

Fred Hassan, chairman and chief executive officer, Schering-Plough Corporation.

we are now deeply engaged in driving our Turnaround phase. We are moving from survive mode into thrive mode. We are investing for the long term – in better processes, in our supply chain,

in research and development, and in other areas, around the world.

This long-term commitment is so important because bringing new medicines from the lab to patients is a 10- to 15-year process. For example, we are investing heavily in creating a new treatment for hepatitis C. This compound could change the way doctors treat tens of thousands of patients suffering from this terrible disease. It is one of a number of promising new therapies that we are advancing from our labs toward patients.

Everywhere we look today, the health care environment is changing at high speed. This can be unsettling, even frightening – especially for more vulnerable populations. As we drive the continuing transformation of Schering-Plough, we are striving to put the patient at the center of how we think and what we do.

We are working hard to create value through superior R&D and manufac-turing, and then transfer the value through empathetic and useful medi-

cal education and patient-access programs. We see our role as a champion for doctors and patients. Our aim is to become very good in every dimension of our work, to keep learning, improving and reinventing ourselves. Our people know that superb medical science must be at the heart of this.

We also feel a special responsibility. We understand that our work directly affects the health and happiness of patients. We know that the potential new medicines in our pipeline are precious discoveries. They could save someone from cancer, prevent heartdisease, or bring new treatments to people living with HIV/AIDS.

This sense of special purpose is part of what makes me feel good about this Company and what we are doing. I am also moved by the attitude and performance of our people.

Our people have shown a special courage in confronting the difficult challenges we have faced as we build a new Schering-Plough. They are learn-ing and growing in a unique school of transformational change. I spend a lot of my time visiting our operations around the world and

also meeting with our customers and with other stakeholders. What I see and hear is that our teams are energized. They are passionate. They are getting in tune with each other and with our stakeholders. They are taking the time to listen to others and to learn. They are striving to execute with excellence.

When we began this transformational journey almost three years ago, we said that our vision was to earn trust – with each other, in our Company, and with our stakeholders. We know that trust gets earned by behavior and per-formance. Step by step, we believe we are making progress.

As we look ahead, we see a bright and fresh dawn breaking for Schering-Plough. We have a lot of challenges ahead, but I have confidence about our growing strength to overcome them. Above all, it is rewarding to know that we are succeeding because we are doing good things for health. Yes, it all begins with the people.

Sincerely,

Fred HassanChairman and Chief Executive Officer

Q: Hepatitis C is such an under-treated

and misunderstood disease. What can

be done to improve this situation?

DR. SMITH: Hepatitis C causes enormous

damage to societies around the world.

It is the number one cause of liver

transplants in this country. In some

places it is a worse problem even than

HIV/AIDS, and it is also very commonly

a co-infection with HIV.

The key needs right now are to get better

screening for HCV so people can get

treatment, and we need to have better

health literacy and behavior so people

do not get infected in the first place.

HASSAN: This disease still carries a stigma,

somewhat like HIV/AIDS. We must

break down that stigma. This will take

courage, including political courage.

Also, we need better treatments. While

treatment has improved, there is still

a huge, unmet need.

Q: Not long ago many people said that

there was not a big need for new

treatments for infectious diseases.

Now we hear about new, resistant

strains of bacteria and, of course, the

avian flu threat. What’s going on?

DR. SMITH: It was a big mistake to be

complacent – although I have to say

I have never felt complacent about

infectious disease! Clearly we need

new treatments, not only for hepatitis C

and HIV/AIDS, but for other serious

infections. Avian flu appears to show us

also – again – the challenge posed by

organisms that mutate and can resist

established treatments. The bacterial

resistance problem is huge and growing.

HASSAN: This is an area in which research-

based pharmaceutical and biopharma

companies could have been doing much

more over the past decade or so.

Now attention is being re-focused on this

area. It is an important example of where

the key is to keep thinking outside of

the box, not accepting common wisdom.

Q: Choices about prescribing and

taking medicines depend on striking

a balance between effectiveness and

safety. Where are we today, post the

Vioxx withdrawal?

HASSAN: The pendulum has clearly swung

too far. We are seeing a preoccupation

with safety that could begin to harm the

flow of new treatments that patients

need. If we expect total safety from a

medicine, we will have no new medicines.

Even aspirin has side effects. This calls

for a much higher level of health and

science literacy in our societies.

Then we can begin to get the right,

balanced approach.

DR. SMITH: Another way of looking at this

is that expectations are unrealistic.

Some people have the expectation that

everything can be solved, and that they

do not have responsibilities. The reality

is that we all need to take responsibility

for our own health, for health mainte-

nance and disease prevention. Things like

eating right, getting exercise, not smok-

ing, getting vaccinated.

Q: Speaking of health literacy and

awareness, what about advertisements

for prescription drugs?

DR. SMITH: I actually believe even more

communication with consumers,

including more advertising, would be

appropriate. It’s all in how you do it.

How it is executed is key. I personally

feel health education advertising about

disease states would be compelling.

HASSAN: Advertising and other communi-

cations with consumers are something

relatively new when it comes to prescrip-

tion drugs. Everyone is learning. As a

result, I think you will see different kinds

of communications in the next few

years – more appropriate, more tailored

to the special situations of health care.

Dialogue: Fred Hassan and Leon G. Smith, M.D., M.A.C.P.

Fred Hassan, Schering-Plough chairman and CEO, and Leon G. Smith, M.D., M.A.C.P., chairman of Medicine at Saint Michael’s Medical Center, Newark, N.J., and executive vicepresident, Health Care Policy, for Catholic Health & Human Services, exchanged ideas (below) on current health care issues and pharmaceutical research challenges. Dr. Smith is a practicing physician and globally recognized infectious disease expert.

“It All Begins With the People”

The people of Schering-Plough are making our transformation happen. With passion, courage and tenacity,

they are building a new kind of health care company.In the pages that follow, some of our people introduce

themselves and what they do.

“We work at the forefront of science in drug discovery, looking for new compounds to affect the pathways of disease.”

“In our labs, we apply proprietary screening

and chemistry technologies to identify

novel, active compounds. Someday these

compounds or variations may become

medicines to treat cancer, inflammation

or infection. The idea that my work could

in the future help improve someone’s

health or save a life is compelling. I find

it exciting and energizing to be part of

this process, and to work for a major

pharmaceutical company that can take a

compound from early discovery to

the global health care marketplace.”

Jerry Shipps, Ph.D., is director of chemical research for Schering-Plough Research Institute in Cambridge, Mass. He also is the scientific co-founder of NeoGenesis Pharmaceuticals, Inc., from which Schering-Plough acquired assets in 2005. His team in Lead Discovery focuses on identifying drug development candidates in cancer, inflammation and infection.

- Jerry Shipps, Ph.D.

“It’s rewarding to know that the scientific information I provide can help doctors make better treatment decisions for their patients.”

“The patient is really the focus of what I

do. As a sales representative, I’m on

the frontlines every day, speaking with

health care professionals who directly

counsel and treat patients. I work hard to

build relationships with my customers –

and to earn their trust. I find that this

happens when I am providing new infor-

mation that helps them achieve their

goal – making the best treatment

choices for their patients. I feel great

when I hear about success stories

and how better treatment has helped

improve the health of a patient.”

Bo Kwok is a district trainer and professional sales representative for respiratory products. Her territory is Manhattan South in New York City.

- Bo Kwok

“What makes me feel great is coaching my people and seeing them make a difference.”

“Our goal is to deliver on our commitments

and to earn the trust of our stakeholders.

One of the key initiatives in my country

operation has been to bring alive our

Company’s commitment to a collaborative,

shared-accountability way of working

with colleagues. This is resulting in a

better, more efficient and trusted organi-

zation. In Greece, we are seeing that,

by being aligned in how we work, we are

adding value and serving our patients

and doctors better.”

Maria Teresa Rico is general manager, Greece, based in Athens. She is responsible for Schering-Plough’s business operations in Greece and Cyprus.

- Maria Teresa Rico

Stephen Morales is senior product manager, Global Cholesterol Marketing, in Kenilworth, N.J. His responsibilities include the marketing of Vytorin and Zetia, cholesterol-lowering medicines managed through a joint venture with Merck & Co., Inc.

“Science is at the center of our cholesterol-lowering franchise, and it adds apowerful message for our products.”

“Communicating science and information

is an important part of my job. We work

to provide doctors with the tools they

need to help their patients understand

the value of lowering their cholesterol,

of getting to goal. High cholesterol is one

of the major risk factors for heart disease,

a leading killer of women and men

around the world. This is why I find it so

rewarding working with researchers

to communicate the science behind

Vytorin and Zetia. Sharing scientific

innovation and education ultimately

benefits patients, helping them live

healthier lives.”

- Stephen Morales

“It’s fascinating to work on creating technology solutions that can deliver improved product benefits for consumers.”

“Skin cancer is the most prevalent of all

types of cancers, yet it is largely prevent-

able. We need to find ways to make it

easier and more pleasant for consumers

to protect themselves against the

damaging effects of the sun. In Sun Care

R&D and New Technologies, we’re dedi-

cated to identifying technology solutions

to create innovative products that bring

new benefits. Coppertone Continuous

spray Sunscreen is an example of

how we joined a known packaging

system and sunscreen formulation

to create a significantly improved

consumer experience.”

Beth Anne Lange, Ph.D., is senior director of Sun Care R&D and New Technologies for Consumer Health Care in Memphis, Tenn. Her team in Sun Care R&D develops innovative sunscreen products. In New Technologies R&D, her team identifies novel technology solutions for sun care and foot care products and over-the-counter medicines.

- Beth Anne Lange, Ph.D.

“Turning a compound into a medicine that can be manufactured commercially is challenging – and rewarding.”

“I’m part of a team working directly in the

product flow pathway from the discovery

laboratory to the patient. We develop

manufacturing processes for oral dosage

products for Schering-Plough, providing

scientific expertise and technical support

during the small-scale manufacture

of compounds used in clinical trials.

Throughout the development

process – through scale-up and technology

transfer to the commercial manufacturing

site -- we work to ensure that our

compounds consistently meet high quality

standards. I learn something new every

day in this job, as the science and tech-

nology continue to evolve.”

Colin Walters is a principal scientist, Pharmaceutical Development, in Kenilworth, N.J. He provides technical leadership in developing manufacturing processes for oral dosage forms of Schering-Plough products.

- Colin Walters

Every medicine we create begins as

an idea in the mind of one of our people.

Often the spark comes from witnessing

firsthand a patient’s medical need.

At Schering-Plough, an important part

of my job is to create an environment

that allows those ideas to develop into

successful drugs – by putting science

at the center of a highly collaborative

way of working.

Our primary driver in deciding what

treatments to pursue is medical need.

Input for that comes from a variety of

sources. Communication with physicians

and with patients themselves is an

important source of insight, as are new

scientific findings from labs around

the world.

A few years ago some of our scientists

in Milan, Italy, were studying Parkinson’s

disease and wanted to learn more about

what patients really need. By sitting

down and talking with neurologists and

their patients, our scientists learned that

the most disturbing aspect of the disease

was not the tremors but rather the akine-

sia, or sudden inability to move. So our

scientists began focusing on this aspect

back in the labs, and today this thinking

is driving our continuing research into

movement disorders.

Similarly, meeting with cancer patients

or confronting the tragedy of Alzheimer’s

disease drives our discovery and clinical

scientists to work even harder to discover

a drug that has the “legs” to make it all

the way through initial development and

clinical testing to the patient.

Another factor in deciding what to pursue

is determining what is mechanistically

possible. We focus much of our research

efforts on molecular targets that have the

potential to become sources of drugs for

multiple therapeutic areas. At Schering-

Plough, both small molecule and biologics

efforts are integrated into a single discov-

ery organization, positioning us to adopt

the best approach for each therapeutic tar-

get. Our Company’s size, the proximity of

our researchers to one another, and their

collaborative behaviors produce a synergy

across these approaches that makes the

science move faster. We further strength-

ened our small molecule and biologics

capabilities in 2005 with the consolidation

of our California labs to form Schering-

Plough Biopharma and the opening of our

new research site in Cambridge, Mass.

Building a Science-centered Company

“Meeting with cancer patients or confronting the

tragedy of Alzheimer’s disease drives our discovery

and clinical scientists to work even harder.”

Catherine D. Strader, Ph.D., is executive vice president for Discovery Research at Schering-Plough Research Institute in Kenilworth, N.J. She is responsible for Schering-Plough’s global drug discovery operations, including biology, genomics, medicinal and structural chemistry research, conducted through both internal programs and external collaborations.

Innovation also results from the science

we apply to existing projects and treat-

ments. For example, interferon alfa-2b

started out as a treatment for hairy cell

leukemia, a rare cancer. Through the

continued application of clinical science,

we discovered new uses, more effective

drug combinations and more convenient

formulations. PeG-Intron/Rebetol com-

bination therapy is now a standard of

care for hepatitis C. This kind of research

expands the utility of our medicines,

with the result that more patients benefit.

For patients, new drug delivery systems

and formulations can be important

medical innovations. If a new formulation

makes it possible for a patient to take

one pill a day instead of three, that’s

a change that can ensure more consis-

tent dosing and yield a better medical

outcome. The pharmaceutical science

behind these types of innovations is

a real strength within Schering-Plough.

One of the hallmarks of Schering-

Plough’s science is that we focus on

getting the job done, not on artificial

boundaries. Discovery and development

scientists collaborate with physicians

outside the Company and with

commercial colleagues to bring a drug

forward in our pipeline. Wonderful in-

sights come from these collaborations.

The science behind the discovery of

a compound drives the development

strategy. Conversely, knowledge gained

during the development process can

have a tremendous impact on the next

compound in our discovery pipeline.

This same collaborative mindset makes

us attractive as a partner to smaller

biotech companies and other outside

organizations.

Schering-Plough invested $1.9 billion in

research and development in 2005, and

we expect to spend more in future years.

These investments have built a strong

early development pipeline, with potential

treatments for oncology, inflammation,

infectious and respiratory diseases, and

cardiovascular and neurological diseases.

As we set our research goals, we believe

it is very important that we continue

to go after new frontiers. This is where

the risk of failure is very high, but where,

if we succeed, we can really change

the paradigm for treating disease.

Patients are waiting for these new treat-

ments. This is what gives our work

such urgency.

- Catherine D. Strader, Ph.D.

“Patients are waiting for these new treatments.

This is what gives our work such urgency.”

Our Customer Focus

At Schering-Plough, we organize and

develop our product lines around our

customers. For primary care physicians,

we bring together medicines that will

be most useful to them and appropriate

for the patients they treat. In specialty

care, we group our products according

to the needs of health professionals

treating specialized therapy areas, such as

oncology and infectious disease, as well

as hospital-based treatment centers.

“Our business is based on science. We seek to discover new molecules that can prevent, modify or block the progression of disease. When we succeed, patients benefit.”

Our business is based on science.

We seek to discover new molecules

that can prevent, modify or block

the progression of disease. When we

succeed, patients benefit.

In addition to prescription pharmaceu-

ticals, we also develop and market

consumer and animal health products.

Our over-the-counter business enables

us to extend the life cycle of certain

products when their exclusivity as a

prescription medicine expires.

Cholesterol Franchise

Primary Care

Specialty Care

*

*

*

**

See inside back cover for INFORMATION ON LICENSED PRODUCTS

Consumer Health Care

*

*

**

Managed through a joint venture with Merck & Co., Inc.*

Sold by Schering-Plough in U.S. only*

Sold by Schering-Plough outside U.S. only*

Animal Health

OtomaxBanamine(flunixin meglumine) (gentamicin sulfate,

betamethasone valerate USP, clotrimazole)

(florfenicol)

Our animal health business also allows

Schering-Plough to take discoveries

made in human pharmaceuticals and

find new applications in treating

animal populations.

Cholesterol Franchise

Schering-Plough has rapidly become a

global cardiovascular leader, building on

the strength of its cholesterol franchise.

Our cholesterol-lowering medicines are

Vytorin and Zetia, managed through

a joint venture with Merck & Co., Inc.

Cardiovascular disease is a leading killer

around the world, with high cholesterol

being a major risk factor. Zetia and Vytorin

offer physicians valuable medicines

to address this serious health challenge.

Discovered by Schering-Plough

researchers, Zetia is the first agent to

selectively inhibit the absorption of

cholesterol in the intestine. Vytorin

combines both Zetia and Merck’s Zocor

(simvastatin) statin product. Vytorin

is the first and only once-daily medication

able to inhibit both the absorption

and production of cholesterol.

Primary Care Schering-Plough has long been a leader

in the U.S. respiratory market. For the

treatment of asthma, we broadened

our U.S. product offerings in 2005 with

Asmanex Twisthaler, an orally inhaled

corticosteroid. The product is also avail-

able in a number of international countries.

We continue to make available in

the U.S. Foradil Aerolizer, a long-acting

beta2 agonist, for asthma and chronic

obstructive pulmonary disease.

For treating allergies, Nasonex, a nasally

inhaled corticosteroid, became the

fastest-growing U.S. brand in its category

in 2005. The Clarinex family of

nonsedating antihistamines is now

available in six formulations to help pa-

tients address their allergy symptoms.

Our U.S. primary care treatments

also include the antibiotics Avelox and

Cipro and the erectile dysfunction

medicine Levitra (co-promoted with

GlaxoSmithKline), under a strategic

alliance with Bayer.

Specialty Care

In hepatitis C, we are a global leader

in the discovery and development

of new therapies to treat this serious

disease, which afflicts more than

10 million people in developed world

markets. The Company offers the

combination therapy of PEG-Intron,

a once-weekly alpha interferon,

with the antiviral agent Rebetol.

The newest addition to our anti-

infective portfolio is Noxafil, an oral

treatment for serious invasive fungal

infections. Noxafil was approved in

the European Union in October 2005.

A U.S. application was granted priority

review in February 2006.

In the area of anti-inflammatory

agents, Remicade is a leading medicine

in a class known as anti-tumor

necrosis factor alpha (TNF-alpha)

therapies. This monoclonal antibody

has been shown to offer significant

benefits for patients with such

debilitating diseases as rheumatoid

arthritis, ankylosing spondylitis,

psoriatic arthritis, Crohn’s disease,

ulcerative colitis and psoriasis.

We make this therapy available in

certain countries outside the U.S.

Oncology is a treatment area where

Schering-Plough intends to grow

its presence. We offer Temodar,

a treatment for certain types of brain

tumors; Caelyx, marketed outside of

the U.S. as a treatment for advanced

ovarian cancer, metastatic breast

cancer and AIDS-related Kaposi’s

sarcoma; and Intron A for malignant

melanoma and other cancers.

In cardiovascular care, we assumed

exclusive U.S. marketing rights in 2005

to InteGrilin, a GP IIb-IIIa inhibitor used

primarily in hospitals to treat heart

patients with acute coronary syndrome,

under a restructured agreement with

Millennium Pharmaceuticals, Inc.

Consumer Health Care

Our consumer offerings include over-

the-counter (OTC), sun care and

foot care products, primarily in North

America. Our OTC brands include

Claritin, a leading non-drowsy allergy

medication, as well as other well-

established brands including Afrin

and Coricidin.

With the well-known Coppertone brand,

Schering-Plough is the leader in the

U.S. sun care market. Our foot care

franchise also leads the North American

foot care market, anchored by the

Dr. scholl’s brand.

Animal Health For the past 50 years, Schering-Plough’s

global animal health business has

played an important role in extending

the life-cycle of our prescription

medicines and the value of our R&D

investment. Today, these products

include pharmaceuticals, vaccines and

parasiticides, having a presence in five

entry markets: ruminant, swine, live-

stock, poultry, companion animal and

aquaculture. In addition, our HomeaGain

pet recovery service has reunited

thousands of pets and owners.

NORTH AMERICA

CANADA Pointe-Claire

UNITED STATES:

California Palo Alto

Delaware Millsboro

Florida Miami Lakes

Georgia Atlanta / Suwanee

Illinois Rolling Meadows

Indiana Terre Haute

Kansas Williamsburg

Louisiana Baton Rouge

Maryland Rockville

Massachusetts Cambridge

Nebraska Elkhorn / Omaha

Nevada Reno / Sparks

New Jersey Berkeley Heights /

Branchburg / Cranford / Kenilworth /

Lafayette / Madison / Springfield /

Summit / Union

Puerto Rico Las Piedras / Manati /

Toa Baja

Tennessee Cleveland / Memphis

Washington, D.C.

EUROPE

AUSTRIA Traiskirchen

BELGIUM Brussels / Heist-Op-Den-Berg

BULGARIA Sofia

CROATIA Zagreb

CZECH REPUBLIC Prague

DENMARK Farum

ESTONIA Tallinn

FINLAND Espoo

FRANCE Herouvill-St-Clair /

Levallois-Perret / Segre

GERMANY Burgwedel / Friesoythe /

Munich

GREECE Alimos

HUNGARY Budapest

IRELAND Bray / County Cork / Rathdrum

ITALY Comazzo / Lodi / Milan / Segrate

LATVIA Riga

LITHUANIA Vilnius

NETHERLANDS Utrecht

NORWAY Elksmarka

POLAND Warszawa

PORTUGAL Agualva-Cacem

ROMANIA Bucharest

RUSSIA Moscow

SERBIA Belgrade

SLOVAK REPUBLIC Bratislava

SLOVENIA Ljublijana

SPAIN Madrid / San Agustin

SWEDEN Stockholm

SWITZERLAND Lucerne / Schachen /

Werthenstein

UKRAINE Kiev

UNITED KINGDOM Hertfordshire /

Suffolk / Middlesex

ASIA / AFRICA / AUSTRALIA

AUSTRALIA Sydney

CHINA Shanghai

EGYPT Cairo

GEORGIA Tbilisi

HONG KONG

INDIA Mumbai

INDONESIA Jakarta / Jawa Timur

ISRAEL Petah Tikva

JAPAN Osaka / Shiga / Tokyo

JORDAN Amman

KAZAKHSTAN Almaty

LEBANON Beirut

MALAYSIA Selangor

NEW ZEALAND Upper Hutt

PAKISTAN Islamabad

PHILIPPINES Manila

SAUDI ARABIA Riyadh

SINGAPORE

SOUTH AFRICA Gauteng

SOUTH KOREA Seoul

TAIWAN Taipei

THAILAND Bangkok

TURKEY Istanbul

LATIN AMERICA

ARGENTINA Buenos Aires

BRAZIL Cotia / Sao Paulo

CHILE Santiago

COLOMBIA Bogota

ECUADOR Quito

MEXICO Mexico City / Beisa

PANAMA REPUBLIC Colon / Panama City

PARAGUAY Asuncion

PERU Lima

VENEZUELA Caracas

Schering-Plough Globally Connected

Schering-Plough is a network of business, research and manufacturing operations reaching around the world. We strive to work as a global team to ensure a steady supply of medicines to our physicians, patients and other customers. We have a presence in more than 120 countries. Below are listed the Company’s principal locations around the world.

Executive Offices: The Company’s corporate headquarters

is located at:

2000 Galloping Hill Road,

Kenilworth, N.J. 07033-0530

Telephone: (908) 298-4000

Corporate Web Site:The Company’s Web site address is

http://www.schering-plough.com.

Schering-Plough’s Web site offers links

to other Web sites providing information

on Company products and treatment

categories as well as patient assistance

and support programs. Information

of interest to shareholders is available

in the Investor Relations section of

the Web site, including news releases,

investor frequently asked questions,

Securities and Exchange Commission

filings, corporate governance guidelines

and the charters of Committees of

the Board of Directors.

Investor Inquiries: Information for investors can be found in

the Investor Relations section of the Web

site, or investors can call the Investor

Relations Department at (908) 298-7436.

Careers: Information about possible career

opportunities at Schering-Plough can

be found in the Careers section of

the Company’s Web site,

http://www.schering-plough.com.

Shares Listed: New York Stock Exchange

(Ticker Symbol: SGP)

INFORMATION ON LICENSED PRODUCTSSchering-Plough has exclusive rights in the U.S. and Puerto Rico under a 2004 strategic agreement with Bayer to market, sell and distribute Bayer’s Avelox (moxifloxacin HCl) and Cipro (ciprofloxacin HCl) antibiotics and to undertake Bayer’s U.S. commercialization activities for the erectile dysfunction medicine Levitra (vardenafil HCl) under Bayer’s co-promotion agreement with GlaxoSmithKline PLC.

Caelyx (pegylated liposomal doxorubicin HCI) is licensed for marketing outside the U.S., except in Japan and Israel, from ALZA Corporation. Caelyx is marketed as Doxil® in the U.S. by Tibotec Thera-peutics, Division of Ortho Biotech Products, L.P.

Schering-Plough has exclusive U.S. marketing rights to Foradil Aerolizer (formoterol fumarate inhalation powder) under a 2002 agreement with Novartis Pharmaceuticals Corporation.

Through a licensing agreement with Millennium Pharmaceuticals, Inc., Schering-Plough markets Integrilin (eptifibatide) Injection, a GP IIb/IIIa inhibitor, in the U.S. and certain countries outside the U.S.

Peg-intron (peginterferon alfa-2b) uses propri-etary pegylation technology licensed from Enzon Pharmaceuticals, Inc. From Valeant Pharmaceu-ticals International, Schering-Plough has rights to market oral ribavirin for hepatitis C in all major world markets.

Schering-Plough has marketing rights to RemiCade (infliximab) in all global markets except the U.S., China, Japan and parts of the Far East through an agreement with Centocor, a Johnson & Johnson subsidiary.

Temodar (temozolomide) (marketed as Temodal in certain countries) is licensed for worldwide marketing from Cancer Research Technology Ltd.

Corporate Information

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