Key questions and answers from the third quarter earnings call conducted by Schering-Plough Corp. on October 22, 2007.

Steve Scala (Cowen and Company): What did you see in terms of the RVR data?

Thomas Koestler: We reported in our press release that the early virologic response data was at 12 weeks. We also have rapid virologic response data, and we want to preserve these data so that we can get the right opportunity to present them at a scientific symposium.

Steve Scala (Cowen and Company): Do you believe that generic Simvastatin has penetrated the market sufficiently?

Carrie Cox: This is largest market that we all compete in and we see the overall market continuing to grow. But we also believe that generics will continue to have some increased penetration though the rate of growth has been slowing.

Chris Schott (Banc of America): On the VYTORIN side, what percent of your sales are now coming from switches in this marke?

Carrie Cox: We have roughly 60% of the business coming from the new patient market and about 40% coming from switches and it reflects the continued focus on getting patient's LDL to goal and that continues to be a lower goal than ever.

John Boris (Bear Stearns): As you are approaching the completion of the Organon BioSciences transaction. What are your priorities for integrating that transaction?

Fred Hassan: We are going to be focusing on the customer experience and on delivering because that is one of the big promises of this merger and we are going to be doing that one right. We are excited about the opportunity to add value here.

John Boris (Bear Stearns): Can you provide color on the trial design for Boceprevir, going forward?

Tom Koestler: We have this naive patient trial which is ongoing. We are looking at 24, 28, and 48, weeks of dosing. We have a fast track status with FDA but right now we are confident about the design of our run-in phase, which is the utilized interferon plus Ribavirin for four weeks, before dosing with a protease inhibitor.

John Boris (Bear Stearns): With the introduction of Apotex's generic Fluticasone, are you anticipating additional generic entrants that could further the shelf-cost deceleration on the NASONEX program?

Carrie Cox: NASONEX has continued to grow this year, and we also had very competitive second-tier access. This is based on the fact that we have a unique range of indications that other competing products do not have.

Tim Anderson (Sanford Bernstein): Do you have plans to invest more behind VYTORIN in the US?

Carrie Cox: There are still a lot of patients who are not at their cholesterol goal and we are still pleased with our performance in the US. The investment levels appear to be adequate at this point, but we always work to maintain the appropriate share of ways in investments that are needed in the marketplace.

Jami Rubin (Morgan Stanley): What impact do you see Boceprevir having on your PEGINTRON/Ribavirin franchise?

Carrie Cox: We are delighted that as new therapies are being developed for Hepatitis C treatment, PEGINTRON combination therapy will continue to be the backbone of therapy, and it will be background therapy in the addition of any new regimens that come to market. The patent situation for PEGINTRON in the US is expected to have extended exclusivity until 2018 to 2020.

Catherine Arnold (Credit Suisse): How soon after the Organon deal closure, are you going to come out on topics like Sugammadex and Organon's pipeline?

Fred Hassan: We will use an initial opportunity to share with you the financial reporting aspects of the transaction, and there is complexity with all the changes that have occurred in recent years.

We will share with you the assessment that we will have of the R&D portfolio, as well as the marketed product portfolio and what we plan to do.