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<P align="center"><FONT size="2"><B>As filed with the Securities and Exchange Commission on May&nbsp;27, 2003</B>
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<P align="right"><FONT size="2">Registration No.&nbsp;333-</FONT>

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<P align="center"><FONT size="5"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
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<DIV align="center"><FONT size="4">Washington, D.C. 20549
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<P align="center"><FONT size="5"><B>FORM S-8</B>
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<P align="center"><FONT size="2"><B>REGISTRATION STATEMENT</B><br><BR>
<B>under</B><br><BR>
<B>THE SECURITIES ACT OF 1933</B>
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<P align="center"><FONT size="6"><B>SCHERING-PLOUGH CORPORATION</B>
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<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
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    <TD valign="top" align="center"><FONT size="2"><B>New Jersey</B></FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>22-1918501</B></FONT></TD>
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    <TD valign="top" align="center"><FONT size="2">(State or other jurisdiction of
incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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(I.R.S. Employer
Identification Number)</FONT></TD>
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<P align="center"><FONT size="2"><B>2000 Galloping Hill Road<BR>
Kenilworth, NJ 07033</B>
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<P align="center"><FONT size="2">(Address of Principal Executive Offices)
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<P align="center"><FONT size="2"><B>Schering-Plough Employees&#146; Savings Plan</B>
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<DIV align="center"><FONT size="2">(Full title of the plan)
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<P align="center"><FONT size="2"><B>Joseph J. LaRosa<BR>
Secretary<BR>
Schering-Plough Corporation<BR>
2000 Galloping Hill Road<BR>
Kenilworth, NJ 07033</B>
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<DIV align="center"><FONT size="2">(Name and address of agent for service)
</FONT>
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<P align="center"><FONT size="2"><B>(908)&nbsp;298-4000</B>
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<DIV align="center"><FONT size="2">(Telephone number, including area code, of agent for service)
</FONT>
</DIV>

<P align="center"><FONT size="2"><B>CALCULATION OF REGISTRATION FEE</B>
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    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
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    <TD nowrap align="center"><FONT size="1"><B>Title of Securities</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount to be</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Proposed Maximum</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Aggregate Offering</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Amount of</B></FONT></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="center"><FONT size="1"><B>to be Registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registered (1)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Offering Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Price (2)</B></FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD nowrap align="center" colspan="3"><FONT size="1"><B>Registration Fee</B></FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Shares, par value
$0.50 per share (3)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">5,000,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.27</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">86,350,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">6,985.72</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">&nbsp;</FONT></DIV></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(1)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">In addition, pursuant to Rule&nbsp;416(c) under the Securities Act of 1933,
this registration statement also covers an indeterminate amount of
interests to be offered pursuant to the Employee Savings Plan.</FONT></TD>
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<TR>
    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(2)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">The price shown is the average of the high and low prices of the Common
Stock on the New York Stock Exchange consolidated reporting system on May
21, 2003, in accordance with Rule&nbsp;457(c), and is being utilized solely for
the purpose of calculating the registration fee.</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
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    <TD width="1%" align="left" nowrap><FONT size="2">(3)</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Includes one attached Preferred Share Purchase Right per share.</FONT></TD>
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<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
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<TR><TD colspan="9"><A HREF="#000">Part I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;1. Plan Information.*</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*</A></TD></TR>
<TR><TD colspan="9"><A HREF="#003">Part II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;3. Incorporation of Documents by Reference.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005">Item&nbsp;4. Description of Securities.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006">Item&nbsp;5. Interests of Named Experts and Counsel.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007">Item&nbsp;6. Indemnification of Directors and Officers.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#008">Item&nbsp;7. Exemption from Registration Claimed.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#009">Item&nbsp;8. Exhibits.</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#010">Item&nbsp;9. Undertakings.</A></TD></TR>
<TR><TD colspan="9"><A HREF="#011">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#012">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87036aexv15.htm">LETTER OF DELOITTE & TOUCHE LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y87036aexv23w1.htm">CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
</TABLE>
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<!-- link1 "Part I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS" -->
<DIV align="left"><A NAME="000"></A></DIV>
<P align="center"><FONT size="2"><B>Part I</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS</B>
</FONT>

<!-- link2 "Item&nbsp;1. Plan Information.*" -->
<DIV align="left"><A NAME="001"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;1. Plan Information.*
</FONT>

<!-- link2 "Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*" -->
<DIV align="left"><A NAME="002"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;2. Registrant Information and Employee Plan Annual Information.*</FONT>

<P>
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    <TD width="1%" align="left" nowrap><FONT size="2">*</FONT></TD>
    <TD width="3%"><FONT size="2">&nbsp;</FONT></TD>
    <TD width="96%"><FONT size="2">Information required by Part I to be contained in the Section&nbsp;10(a)
prospectus is omitted from this Registration Statement in accordance with
Rule&nbsp;428 under the Securities Act, and the &#147;Note&#148; to Part I of Form&nbsp;S-8.</FONT></TD>
</TR>
</TABLE>
<P align="center"><FONT size="2">2</FONT>
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<!-- link1 "Part II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="003"></A></DIV>
<P align="center"><FONT size="2"><B>Part II</B>
</FONT>

<P align="center"><FONT size="2"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B>
</FONT>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
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<P align="left"><FONT size="2">Item&nbsp;3. Incorporation of Documents by Reference.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents are incorporated by reference in this Registration
Statement:
</FONT>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;the description of the Registrant&#146;s common shares, par value
$0.50 per share, contained in the Registrant&#146;s Registration Statement on
Form&nbsp;8-A dated March&nbsp;16, 1979 for registration of such common shares
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange
Act&#148;), and any amendment or report filed for the purpose of updating such
description</FONT></TD>
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</TABLE>
<P>
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    <TD width="10%"></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;the description of the Registrant&#146;s Preferred Share Purchase
Rights contained in the Registrant&#146;s Registration Statement on Form&nbsp;8-A
dated June&nbsp;30, 1997 for registration of such
rights under the Exchange Act, and any amendment or report filed for the
purpose of updating such description</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; the Registrant&#146;s 2002 Report on Form&nbsp;10-K (the &#147;2002 10-K&#148;)
</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
<TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp; the Registrant&#146;s first quarter 2003 Report on Form&nbsp;10-Q
</FONT></TD>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Registrant&#146;s Form&nbsp;8-Ks filed January&nbsp;10, 2003; January&nbsp;21,
2003; January&nbsp;23, 2003; February&nbsp;7, 2003; February&nbsp;25, 2003; March&nbsp;5,
2003; March&nbsp;31, 2003; April&nbsp;21, 2003; and May&nbsp;13, 2003</FONT></TD>
</TR>
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<P>
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    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;the information contained in the Registrant&#146;s Proxy Statement
dated March&nbsp;13, 2003 for its Annual Meeting of Shareholders held on April
22, 2003 that has been incorporated by reference in the 2002 10-K</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in the Registration Statement and to be part
thereof from the date of filing of such documents. Any statement contained
herein or in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for all purposes to the
extent that a statement contained herein or in any other subsequently filed
document that is also incorporated or deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
</FONT>
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<DIV align="left"><A NAME="005"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;4. Description of Securities.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">3</FONT>
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<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel." -->
<DIV align="left"><A NAME="006"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;5. Interests of Named Experts and Counsel.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers." -->
<DIV align="left"><A NAME="007"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;6. Indemnification of Directors and Officers.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant is organized under the laws of the State of New Jersey.
The New Jersey Business Corporation Act provides that a New Jersey corporation
has the power to indemnify its directors, officers, employees and other agents
against expenses and liabilities in connection with any proceeding involving
such person by reason of his/her being or having been a director, officer,
employee or other agent, other than a proceeding by or in the right of the
corporation, if he/she acted in good faith and in a manner he/she reasonably
believed to be in or not opposed to the best interests of the corporation and,
with respect to any criminal proceeding, such person had no reasonable cause to
believe his/her conduct was unlawful. Expenses incurred by a director,
officer, employee or other agent in connection with a proceeding may be, under
certain circumstances, paid by the corporation before the final disposition of
the proceeding as authorized by the board of directors. The power to indemnify
and pay expenses under the New Jersey Business Corporation Act does not exclude
other rights, including the right to be indemnified against liabilities and
expenses incurred in proceedings by or in the right of the corporation, to
which a director, officer, employee or other agent of the corporation may be
entitled to under a certificate of incorporation, by-law, agreement, vote of
shareholders, or otherwise; provided that no indemnification is permitted to be
made to or on behalf of such person if a judgment or other final adjudication
adverse to such person establishes that his/her acts or omissions were in
breach of his/her duty of loyalty to the corporation or its shareholders, were
not in good faith or involved a violation of the law, or resulted in the
receipt of such person of an improper personal benefit.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The New Jersey Business Corporation Act further provides that a New Jersey
corporation has the power to purchase and maintain insurance on behalf of any
director, officer, employee or other agent against any expenses incurred in any
proceeding and any liabilities asserted against him/her by reason of his/her
being or having been a director, officer, employee or other agent, whether or
not the corporation would have the power to indemnify him/her against such
expenses and liabilities under the New Jersey Business Corporation Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant&#146;s Certificate of Incorporation provides that directors and
officers of the registrant shall not be personally liable (in the case of
officers, for the duration of any time permitted by law) to the registrant or
its shareholders for damages for breach of any duty owed to the registrant or
its shareholders, except for liability for any breach of duty based upon an act
or omission (i)&nbsp;in breach of such persons&#146; duty of loyalty to the registrant or
its shareholders, (ii)&nbsp;not in good faith or involving a knowing violation of
law or (iii)&nbsp;resulting in receipt by such persons of an improper personal
benefit.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Certificate of Incorporation of the registrant also provides that each
person who was or is made a party or is threatened to be made a party to or who
is involved in any pending, threatened or completed civil, criminal,
administrative or arbitrative action, suit or proceeding, or any appeal therein
or any inquiry or investigation which could lead to such action, suit or
proceeding (a &#147;proceeding&#148;), by reason of his/her being or having been a
director, officer, employee, or agent of the registrant or of any constituent
corporation absorbed by the registrant
</FONT>
<P align="center"><FONT size="2">4</FONT>
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<P align="left"><FONT size="2">in a consolidation or merger, or by reason of his/her being or having been
a director, officer, trustee, employee or agent of any other corporation
(domestic or foreign) or of any partnership, joint venture, sole
proprietorship, trust, employee benefit plan or other enterprise (whether or
not for profit), serving as such at the request of the registrant or of any
such constituent corporation, or the legal representative of any such director,
officer, trustee, employee or agent, shall be indemnified and held harmless by
the registrant to the fullest extent permitted by the New Jersey Business
Corporation Act, as the same exists or may be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the registrant
to provide broader indemnification rights than said Act permitted prior to such
amendment), from and against any and all reasonable costs, disbursements and
attorneys&#146; fees, and any and all amounts paid or incurred in satisfaction of
settlements, judgments, fines and penalties, incurred or suffered in connection
with any such proceeding, and such indemnification shall continue as to a
person who has ceased to be a director, officer, trustee, employee or agent and
shall inure to the benefit of his/her heirs, executors, administrators and
assigns; provided, however, that, the registrant shall indemnify any such
person seeking indemnification in connection with a proceeding (or part
thereof) initiated by such person only if such proceeding (or part thereof) was
specifically authorized by the Board of Directors of the registrant. The
Certificate of Incorporation provides that such right to indemnification shall
be a contract right and shall include the right to be paid by the registrant
the expenses incurred in connection with any proceeding before the final
disposition of such proceeding as authorized by the Board of Directors;
provided, however, that, if the New Jersey Business Corporation Act so
requires, the payment of such expenses before the final disposition of a
proceeding shall be made only upon receipt by the registrant of an undertaking,
by or on behalf of such director, officer, employee, or agent to reimburse the
amounts so paid if it is not ultimately determined that such person is entitled
to be indemnified under the Certificate of Incorporation or otherwise. The
right to indemnification and payment of expenses provided by or granted
pursuant to the Certificate of Incorporation shall not exclude or be exclusive
of any other rights to which any person may be entitled under a certificate of
incorporation, by-law, agreement, vote of shareholders or otherwise, provided
that no indemnification shall be made to or on behalf of such person if a
judgment or other final adjudication adverse to such person establishes that
such person has not met the applicable standard of conduct required to be met
under the New Jersey Business Corporation Act.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The registrant may purchase and maintain insurance on behalf of any
director, officer, employee or agent of the registrant or another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
against any expenses incurred in any proceeding and any liabilities asserted
against him/her by reason of such person&#146;s being or having been such a
director, officer, employee or agent, whether or not the registrant would have
the power to indemnify such person against such expenses and liabilities under
the provisions of the Certificate of Incorporation or otherwise. The
registrant maintains such insurance on behalf of its directors and officers.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The foregoing statements are subject to the detailed provisions of the New
Jersey Business Corporation Act and the registrant&#146;s Certificate of
Incorporation.
</FONT>
<!-- link2 "Item&nbsp;7. Exemption from Registration Claimed." -->
<DIV align="left"><A NAME="008"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;7. Exemption from Registration Claimed.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</FONT>
<P align="center"><FONT size="2">5</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link2 "Item&nbsp;8. Exhibits." -->
<DIV align="left"><A NAME="009"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;8. Exhibits.
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Schering-Plough has received a
determination letter from the Internal Revenue Service
(&#147;IRS&#148;) that Schering-Plough Employees&#146; Savings Plan,
as amended to date, qualifies under Section 401 of the Internal
Revenue Code (&#147;401&#148;). Schering-Plough will submit future
amendments to the Schering-Plough Employees&#146; Savings Plan to the
IRS in a timely manner and will make all changes required by the IRS
in order to maintain the Plan&#146;s qualification under 401.</B>
</font>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Letter of Deloitte &#038; Touche LLP
regarding unaudited financial information</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney (included as part of the signature pages)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Schering-Plough Employees&#146; Savings Plan
(incorporated by reference to Exhibit&nbsp;4 to
Registration No.&nbsp;333-87077)</FONT></TD>
</TR>
</TABLE>
</CENTER>
<!-- link2 "Item&nbsp;9. Undertakings." -->
<DIV align="left"><A NAME="010"></A></DIV>
<P align="left"><FONT size="2">Item&nbsp;9. Undertakings.
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp; The undersigned Registrant hereby undertakes:
</FONT>

<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration
Statement to include any material information with respect to the
plan of distribution not previously disclosed in the Registration
Statement or any material change to such information in the
Registration Statement;</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;That, for the purpose of determining any liability under
the Securities Act of 1933, as amended (the &#147;Securities Act&#148;), each
such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof; and</FONT></TD>
</TR>
</TABLE>
<P>
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR>
    <TD width="10%"></TD>
    <TD width="90%"></TD>
</TR>
<TR valign="top">
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;To remove from registration by means of post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.</FONT></TD>
</TR>
</TABLE>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;The undersigned Registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the
Registrant&#146;s annual report pursuant to Section&nbsp;13(a) or 15(d) of the
Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) (and, where
applicable, each filing of an employee benefit plan&#146;s annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
</FONT>
<P align="center"><FONT size="2">6</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp; Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of
such issue.
</FONT>
<P align="center"><FONT size="2">7</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="011"></A></DIV>
<P align="center"><FONT size="2"><B>SIGNATURES</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form&nbsp;S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the Borough of Kenilworth, State of New Jersey, on the 27th
day of May 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD colspan="3" valign="top" align="left"><FONT size="2"><B>SCHERING-PLOUGH CORPORATION</B></FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Jack L. Wyszomierski</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Name:<BR>
Title:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Jack L. Wyszomierski<br>
Executive Vice President and<br>
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2"><B>Power of Attorney</B>
</FONT>

<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Jack L. Wyszomierski, Thomas H. Kelly and Joseph
J. LaRosa, and each of them, his or her true and lawful attorneys-in-fact and
agents, each with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any
and all amendments, including post-effective amendments, to this Registration
Statement and any and all related registration statements necessary to register
additional securities, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
each said attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
</FONT>
<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed below by the following persons in
the indicated capacities on May&nbsp;27, 2003.
</FONT>
<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Fred Hassan
<HR size="1" noshade>
Fred Hassan (Principal Executive Officer and Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Jack L. Wyszomierski
<HR size="1" noshade>
Jack L. Wyszomierski Officer (Principal Financial Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Thomas H. Kelly
<HR size="1" noshade>
Thomas H. Kelly (Principal Accounting Officer)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">8</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="60%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="30%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Hans W. Becherer
<HR size="1" noshade>
Hans W. Becherer (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ David H. Komansky
<HR size="1" noshade>
David H. Komansky (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Eugene R. McGrath
<HR size="1" noshade>
Eugene R. McGrath (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Donald L. Miller
<HR size="1" noshade>
Donald L. Miller (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Carl E. Mundy, Jr.
<HR size="1" noshade>
Carl E. Mundy, Jr. (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Richard de J. Osborne
<HR size="1" noshade>
Richard de J. Osborne (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Kathryn C. Turner
<HR size="1" noshade>
Kathryn C. Turner (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Robert F. W. van Oordt
<HR size="1" noshade>
Robert F. W. van Oordt (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Arthur F. Weinbach
<HR size="1" noshade>
Arthur F. Weinbach (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</CENTER>
<P align="center"><FONT size="2">9</FONT>
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<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<!-- link1 "INDEX TO EXHIBITS" -->
<DIV align="left"><A NAME="012"></A></DIV>
<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<CENTER>
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="90%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">15</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Letter of Deloitte &#038; Touche LLP regarding unaudited financial information</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.1</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Consent of Deloitte &#038; Touche LLP</FONT></TD>
</TR>


<TR valign="bottom">
    <TD valign="top"><FONT size="2">24</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Powers of Attorney (included as part of the signature pages)</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">99</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Schering-Plough Employees&#146; Savings Plan (incorporated by reference to Exhibit&nbsp;4 to
Registration No.&nbsp;333-87077)</FONT></TD>
</TR>
</TABLE>
</CENTER>

<P align="center"><FONT size="2">10</FONT>




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SCHERING-PLOUGH CORPORATION
Table of Contents
As filed with the Securities and Exchange Commission on May 27, 2003
Registration No. 333-
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM S-8
REGISTRATION STATEMENT
under
THE SECURITIES ACT OF 1933
SCHERING-PLOUGH CORPORATION
(Exact name of registrant as specified in its charter)
New Jersey
22-1918501
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification Number)
2000 Galloping Hill Road
Kenilworth, NJ 07033
(Address of Principal Executive Offices)
Schering-Plough Employees' Savings Plan
(Full title of the plan)
Joseph J. LaRosa
Secretary
Schering-Plough Corporation
2000 Galloping Hill Road
Kenilworth, NJ 07033
(Name and address of agent for service)
(908) 298-4000
(Telephone number, including area code, of agent for service)
CALCULATION OF REGISTRATION FEE
Proposed Maximum
Title of Securities
Amount to be
Proposed Maximum
Aggregate Offering
Amount of
to be Registered (1)
Registered (1)
Offering Price (2)
Price (2)
Registration Fee
Common Shares, par value
$0.50 per share (3)
5,000,000
$
17.27
$
86,350,000
$
6,985.72
(1)
In addition, pursuant to Rule 416(c) under the Securities Act of 1933,
this registration statement also covers an indeterminate amount of
interests to be offered pursuant to the Employee Savings Plan.
(2)
The price shown is the average of the high and low prices of the Common
Stock on the New York Stock Exchange consolidated reporting system on May
21, 2003, in accordance with Rule 457(c), and is being utilized solely for
the purpose of calculating the registration fee.
(3)
Includes one attached Preferred Share Purchase Right per share.
TABLE OF CONTENTS
Part I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
Part II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
Item 4. Description of Securities.
Item 5. Interests of Named Experts and Counsel.
Item 6. Indemnification of Directors and Officers.
Item 7. Exemption from Registration Claimed.
Item 8. Exhibits.
Item 9. Undertakings.
SIGNATURES
INDEX TO EXHIBITS
LETTER OF DELOITTE & TOUCHE LLP
CONSENT OF DELOITTE & TOUCHE LLP
Table of Contents
Part I
INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS
Item 1. Plan Information.*
Item 2. Registrant Information and Employee Plan Annual Information.*
*
Information required by Part I to be contained in the Section 10(a)
prospectus is omitted from this Registration Statement in accordance with
Rule 428 under the Securities Act, and the "Note" to Part I of Form S-8.
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Part II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference.
The following documents are incorporated by reference in this Registration
Statement:
(a) the description of the Registrant's common shares, par value
$0.50 per share, contained in the Registrant's Registration Statement on
Form 8-A dated March 16, 1979 for registration of such common shares
under the Securities Exchange Act of 1934, as amended (the "Exchange
Act"), and any amendment or report filed for the purpose of updating such
description
(b) the description of the Registrant's Preferred Share Purchase
Rights contained in the Registrant's Registration Statement on Form 8-A
dated June 30, 1997 for registration of such
rights under the Exchange Act, and any amendment or report filed for the
purpose of updating such description
(c)  the Registrant's 2002 Report on Form 10-K (the "2002 10-K")
(d)  the Registrant's first quarter 2003 Report on Form 10-Q
(e) the Registrant's Form 8-Ks filed January 10, 2003; January 21,
2003; January 23, 2003; February 7, 2003; February 25, 2003; March 5,
2003; March 31, 2003; April 21, 2003; and May 13, 2003
(f) the information contained in the Registrant's Proxy Statement
dated March 13, 2003 for its Annual Meeting of Shareholders held on April
22, 2003 that has been incorporated by reference in the 2002 10-K
All documents subsequently filed by the Registrant pursuant to Sections
13(a), 13(c), 14 and 15(d) of the Exchange Act, prior to the filing of a
post-effective amendment which indicates that all securities offered have been
sold or which deregisters all securities then remaining unsold, shall be deemed
to be incorporated by reference in the Registration Statement and to be part
thereof from the date of filing of such documents. Any statement contained
herein or in a document incorporated or deemed to be incorporated by reference
herein shall be deemed to be modified or superseded for all purposes to the
extent that a statement contained herein or in any other subsequently filed
document that is also incorporated or deemed to be incorporated by reference
herein modifies or supersedes such statement. Any such statement so modified
or superseded shall not be deemed, except as so modified or superseded, to
constitute a part of this Registration Statement.
Item 4. Description of Securities.
Not applicable.
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Item 5. Interests of Named Experts and Counsel.
Not applicable.
Item 6. Indemnification of Directors and Officers.
The registrant is organized under the laws of the State of New Jersey.
The New Jersey Business Corporation Act provides that a New Jersey corporation
has the power to indemnify its directors, officers, employees and other agents
against expenses and liabilities in connection with any proceeding involving
such person by reason of his/her being or having been a director, officer,
employee or other agent, other than a proceeding by or in the right of the
corporation, if he/she acted in good faith and in a manner he/she reasonably
believed to be in or not opposed to the best interests of the corporation and,
with respect to any criminal proceeding, such person had no reasonable cause to
believe his/her conduct was unlawful. Expenses incurred by a director,
officer, employee or other agent in connection with a proceeding may be, under
certain circumstances, paid by the corporation before the final disposition of
the proceeding as authorized by the board of directors. The power to indemnify
and pay expenses under the New Jersey Business Corporation Act does not exclude
other rights, including the right to be indemnified against liabilities and
expenses incurred in proceedings by or in the right of the corporation, to
which a director, officer, employee or other agent of the corporation may be
entitled to under a certificate of incorporation, by-law, agreement, vote of
shareholders, or otherwise; provided that no indemnification is permitted to be
made to or on behalf of such person if a judgment or other final adjudication
adverse to such person establishes that his/her acts or omissions were in
breach of his/her duty of loyalty to the corporation or its shareholders, were
not in good faith or involved a violation of the law, or resulted in the
receipt of such person of an improper personal benefit.
The New Jersey Business Corporation Act further provides that a New Jersey
corporation has the power to purchase and maintain insurance on behalf of any
director, officer, employee or other agent against any expenses incurred in any
proceeding and any liabilities asserted against him/her by reason of his/her
being or having been a director, officer, employee or other agent, whether or
not the corporation would have the power to indemnify him/her against such
expenses and liabilities under the New Jersey Business Corporation Act.
The registrant's Certificate of Incorporation provides that directors and
officers of the registrant shall not be personally liable (in the case of
officers, for the duration of any time permitted by law) to the registrant or
its shareholders for damages for breach of any duty owed to the registrant or
its shareholders, except for liability for any breach of duty based upon an act
or omission (i) in breach of such persons' duty of loyalty to the registrant or
its shareholders, (ii) not in good faith or involving a knowing violation of
law or (iii) resulting in receipt by such persons of an improper personal
benefit.
The Certificate of Incorporation of the registrant also provides that each
person who was or is made a party or is threatened to be made a party to or who
is involved in any pending, threatened or completed civil, criminal,
administrative or arbitrative action, suit or proceeding, or any appeal therein
or any inquiry or investigation which could lead to such action, suit or
proceeding (a "proceeding"), by reason of his/her being or having been a
director, officer, employee, or agent of the registrant or of any constituent
corporation absorbed by the registrant
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in a consolidation or merger, or by reason of his/her being or having been
a director, officer, trustee, employee or agent of any other corporation
(domestic or foreign) or of any partnership, joint venture, sole
proprietorship, trust, employee benefit plan or other enterprise (whether or
not for profit), serving as such at the request of the registrant or of any
such constituent corporation, or the legal representative of any such director,
officer, trustee, employee or agent, shall be indemnified and held harmless by
the registrant to the fullest extent permitted by the New Jersey Business
Corporation Act, as the same exists or may be amended (but, in the case of any
such amendment, only to the extent that such amendment permits the registrant
to provide broader indemnification rights than said Act permitted prior to such
amendment), from and against any and all reasonable costs, disbursements and
attorneys' fees, and any and all amounts paid or incurred in satisfaction of
settlements, judgments, fines and penalties, incurred or suffered in connection
with any such proceeding, and such indemnification shall continue as to a
person who has ceased to be a director, officer, trustee, employee or agent and
shall inure to the benefit of his/her heirs, executors, administrators and
assigns; provided, however, that, the registrant shall indemnify any such
person seeking indemnification in connection with a proceeding (or part
thereof) initiated by such person only if such proceeding (or part thereof) was
specifically authorized by the Board of Directors of the registrant. The
Certificate of Incorporation provides that such right to indemnification shall
be a contract right and shall include the right to be paid by the registrant
the expenses incurred in connection with any proceeding before the final
disposition of such proceeding as authorized by the Board of Directors;
provided, however, that, if the New Jersey Business Corporation Act so
requires, the payment of such expenses before the final disposition of a
proceeding shall be made only upon receipt by the registrant of an undertaking,
by or on behalf of such director, officer, employee, or agent to reimburse the
amounts so paid if it is not ultimately determined that such person is entitled
to be indemnified under the Certificate of Incorporation or otherwise. The
right to indemnification and payment of expenses provided by or granted
pursuant to the Certificate of Incorporation shall not exclude or be exclusive
of any other rights to which any person may be entitled under a certificate of
incorporation, by-law, agreement, vote of shareholders or otherwise, provided
that no indemnification shall be made to or on behalf of such person if a
judgment or other final adjudication adverse to such person establishes that
such person has not met the applicable standard of conduct required to be met
under the New Jersey Business Corporation Act.
The registrant may purchase and maintain insurance on behalf of any
director, officer, employee or agent of the registrant or another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise
against any expenses incurred in any proceeding and any liabilities asserted
against him/her by reason of such person's being or having been such a
director, officer, employee or agent, whether or not the registrant would have
the power to indemnify such person against such expenses and liabilities under
the provisions of the Certificate of Incorporation or otherwise. The
registrant maintains such insurance on behalf of its directors and officers.
The foregoing statements are subject to the detailed provisions of the New
Jersey Business Corporation Act and the registrant's Certificate of
Incorporation.
Item 7. Exemption from Registration Claimed.
Not applicable.
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Item 8. Exhibits.
Schering-Plough has received a
determination letter from the Internal Revenue Service
("IRS") that Schering-Plough Employees' Savings Plan,
as amended to date, qualifies under Section 401 of the Internal
Revenue Code ("401"). Schering-Plough will submit future
amendments to the Schering-Plough Employees' Savings Plan to the
IRS in a timely manner and will make all changes required by the IRS
in order to maintain the Plan's qualification under 401.
The following exhibits are filed as part of this Registration Statement:
15
Letter of Deloitte & Touche LLP
regarding unaudited financial information
23.1
Consent of Deloitte & Touche LLP
24
Powers of Attorney (included as part of the signature pages)
99
Schering-Plough Employees' Savings Plan
(incorporated by reference to Exhibit 4 to
Registration No. 333-87077)
Item 9. Undertakings.
(a)  The undersigned Registrant hereby undertakes:
(1) To file, during any period in which offers or sales are
being made, a post-effective amendment to this Registration
Statement to include any material information with respect to the
plan of distribution not previously disclosed in the Registration
Statement or any material change to such information in the
Registration Statement;
(2) That, for the purpose of determining any liability under
the Securities Act of 1933, as amended (the "Securities Act"), each
such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein,
and the offering of such securities at that time shall be deemed to
be the initial bona fide offering thereof; and
(3) To remove from registration by means of post-effective
amendment any of the securities being registered which remain
unsold at the termination of the offering.
(b) The undersigned Registrant hereby undertakes that, for purposes
of determining any liability under the Securities Act, each filing of the
Registrant's annual report pursuant to Section 13(a) or 15(d) of the
Securities Exchange Act of 1934 (the "Exchange Act") (and, where
applicable, each filing of an employee benefit plan's annual report
pursuant to section 15(d) of the Exchange Act) that is incorporated by
reference in the Registration Statement shall be deemed to be a new
registration statement relating to the securities offered therein, and
the offering of such securities at that time shall be deemed to be the
initial bona fide offering thereof.
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(c)  Insofar as indemnification for liabilities arising under the
Securities Act may be permitted to directors, officers and controlling
persons of the Registrant pursuant to the foregoing provisions, or
otherwise, the Registrant has been advised that in the opinion of the
Securities and Exchange Commission such indemnification is against public
policy as expressed in the Securities Act and is, therefore,
unenforceable. In the event that a claim for indemnification against
such liabilities (other than the payment by the Registrant of expenses
incurred or paid by a director, officer or controlling person of the
Registrant in the successful defense of any action, suit or proceeding)
is asserted by such director, officer or controlling person in connection
with the securities being registered, the Registrant will, unless in the
opinion of its counsel the matter has been settled by controlling
precedent, submit to a court of appropriate jurisdiction the question
whether such indemnification by it is against public policy as expressed
in the Securities Act and will be governed by the final adjudication of
such issue.
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SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as amended,
the Registrant certifies that it has reasonable grounds to believe that it
meets all of the requirements for filing on Form S-8 and has duly caused this
Registration Statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in the Borough of Kenilworth, State of New Jersey, on the 27th
day of May 2003.
SCHERING-PLOUGH CORPORATION
By:
/s/ Jack L. Wyszomierski
Name:
Title:
Jack L. Wyszomierski
Executive Vice President and
Chief Financial Officer
Power of Attorney
KNOW ALL MEN BY THESE PRESENTS, that each person whose signature appears
below constitutes and appoints Jack L. Wyszomierski, Thomas H. Kelly and Joseph
J. LaRosa, and each of them, his or her true and lawful attorneys-in-fact and
agents, each with full power of substitution and resubstitution, for him or her
and in his or her name, place and stead, in any and all capacities, to sign any
and all amendments, including post-effective amendments, to this Registration
Statement and any and all related registration statements necessary to register
additional securities, and to file the same, with all exhibits thereto, and
other documents in connection therewith, with the Securities and Exchange
Commission, granting unto said attorneys-in-fact and agents, and each of them,
full power and authority to do and perform each and every act and thing
requisite and necessary to be done, as fully to all intents and purposes as he
or she might or could do in person, hereby ratifying and confirming all that
each said attorneys-in-fact and agents or any of them, or their or his
substitute or substitutes, may lawfully do or cause to be done by virtue
hereof.
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed below by the following persons in
the indicated capacities on May 27, 2003.
/s/ Fred Hassan
Fred Hassan (Principal Executive Officer and Director)
/s/ Jack L. Wyszomierski
Jack L. Wyszomierski Officer (Principal Financial Officer)
/s/ Thomas H. Kelly
Thomas H. Kelly (Principal Accounting Officer)
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/s/ Hans W. Becherer
Hans W. Becherer (Director)
/s/ David H. Komansky
David H. Komansky (Director)
/s/ Eugene R. McGrath
Eugene R. McGrath (Director)
/s/ Donald L. Miller
Donald L. Miller (Director)
/s/ Carl E. Mundy, Jr.
Carl E. Mundy, Jr. (Director)
/s/ Richard de J. Osborne
Richard de J. Osborne (Director)
/s/ Kathryn C. Turner
Kathryn C. Turner (Director)
/s/ Robert F. W. van Oordt
Robert F. W. van Oordt (Director)
/s/ Arthur F. Weinbach
Arthur F. Weinbach (Director)
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INDEX TO EXHIBITS
15
Letter of Deloitte & Touche LLP regarding unaudited financial information
23.1
Consent of Deloitte & Touche LLP
24
Powers of Attorney (included as part of the signature pages)
99
Schering-Plough Employees' Savings Plan (incorporated by reference to Exhibit 4 to
Registration No. 333-87077)
10