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<TITLE>FORM S-8</TITLE>
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<P align="center"><FONT size="2"><B>As filed with the Securities and Exchange Commission on February&nbsp;2, 2004</B>
</FONT>


<P align="right"><FONT size="2">Registration No.&nbsp;333-_______
</FONT>


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<P align="center"><FONT size="4"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B></FONT>


<P align="center"><FONT size="2">Washington, D.C. 20549
</FONT>


<P align="center"><HR align="center" size="1" noshade width="25%">

<P align="center"><FONT size="5"><B>FORM S-8</B></FONT>


<P align="center"><FONT size="2"><B>REGISTRATION STATEMENT UNDER<BR>
THE SECURITIES ACT OF 1933</B>
</FONT>


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<P align="center"><FONT size="6"><B>SCHERING-PLOUGH CORPORATION<BR>
<HR size="1" noshade width="90%" align="center"></B></FONT>

<DIV align="center"><FONT size="2">(Exact name of registrant as specified in its charter)
</FONT>
</DIV>


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<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><FONT size="2"><B>New Jersey</B><BR>
(State or other jurisdiction of<BR>
incorporation or organization)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="center" valign="top"><FONT size="2">
<B>22-1918501</B><BR>
(I.R.S. Employer Identification Number)</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="center"><FONT size="2"><B>2000 Galloping Hill Road<BR>
Kenilworth, NJ 07033</B><BR>
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</FONT>

<DIV align="center"><FONT size="2">(Address of Principal Executive Offices)
</FONT>
</DIV>


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<P align="center"><FONT size="2"><B>Schering-Plough Puerto Rico Employees&#146; Retirement Savings Plan (the &#147;Plan&#148;)</B><BR>
<HR size="1" noshade width="90%" align="center">
</FONT>

<DIV align="center"><FONT size="2">(Full title of the plan)
</FONT>
</DIV>


<P align="center"><HR align="center" size="1" noshade width="25%">


<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><BR>
<HR size="1" noshade width="90%" align="center">
</FONT>

<DIV align="center"><FONT size="2">(Name and address of agent for service)
</FONT>
</DIV>


<P align="center"><FONT size="2"><B>(908)&nbsp;298-4000</B><BR>
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</FONT>

<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>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="30%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="4%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="7%">&nbsp;</TD>
</TR>
<TR  valign="bottom">
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD><FONT size="1">&nbsp;</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>&nbsp;</B></FONT></TD>
</TR>
<TR  valign="bottom">
    <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>
</TR>
<TR  valign="bottom">
    <TD nowrap align="left"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
    <TD><FONT size="1">&nbsp;</FONT></TD>
    <TD colspan="3"><HR size="1" noshade></TD>
</TR>
<TR valign="bottom">
    <TD><DIV style="margin-left:10px; text-indent:-10px"><FONT size="2">Common Shares, par
value $0.50 per
share (3)</FONT></DIV></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">500,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">17.45</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">8,725,000</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="right"><FONT size="2">$</FONT></TD>
    <TD align="right"><FONT size="2">1,105.46</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>


<P>
<HR size="1" width="18%" align="left" noshade>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0">

<TR valign="top">
    <TD width="1%" nowrap align="right"><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 416(c) under the Securities Act of 1933,
this registration statement also covers an indeterminate amount of
interests to be offered pursuant to the Plan and such additional shares as
may hereinafter be offered or issued to prevent dilution resulting from
stock splits, stock dividends, and similar anti-dilution provisions.
</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><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
January&nbsp;29, 2004, in accordance with Rule&nbsp;457(c), and is being utilized
solely for the purpose of calculating the registration fee.
</FONT></TD>
</TR>

<TR><TD><FONT size="2">&nbsp;</FONT></TD></TR>

<TR valign="top">
    <TD width="1%" nowrap align="right"><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>
</TR>

</TABLE>



<P>
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<P align="center"><FONT size="2">&nbsp;
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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<BR> 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<BR> 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">Power of Attorney</A></TD></TR>
<TR><TD colspan="9"><A HREF="#013">INDEX TO EXHIBITS</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93614exv5.htm">OPINION OF REED SMITH LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93614exv15.htm">LETTER OF DELOITTE & TOUCHE LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93614exv23w1.htm">CONSENT OF REED SMITH LLP</A></TD></TR>
<TR><TD colspan="9"><A HREF="y93614exv23w2.htm">CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
</TABLE>
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<P align="center"><FONT size="2">&nbsp;
</FONT>

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<!-- link1 "Part I<BR> 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<BR>
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><TABLE width="100%" border="0" cellpadding="0" cellspacing="0">
<TR valign="top">
    <TD width="1%" nowrap align="right"><FONT size="2">*</FONT></TD>
 <TD width="1%"><FONT size="2">&nbsp;</FONT></TD>
 <TD><FONT size="2">Information required by Part&nbsp;I to be contained in the Section 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&nbsp;I of Form S-8.
</FONT></TD>
</TR>
</TABLE>


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

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<!-- link1 "Part II<BR> INFORMATION REQUIRED IN THE REGISTRATION STATEMENT" -->
<DIV align="left"><A NAME="003"></A></DIV>

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

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference." -->
<DIV align="left"><A NAME="004"></A></DIV>

<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>


<P align="left"><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 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>


<P align="left"><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 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>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;the Registrant&#146;s 2002 Report on Form 10-K (the &#147;2002 10-K&#148;) filed with
the SEC on March&nbsp;10, 2003;
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;the Registrant&#146;s first, second, and third quarter 2003 Reports on Form
10-Q filed with the SEC on May&nbsp;13, 2003, July&nbsp;31, 2003, and
November&nbsp;7, 2003;
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;the Registrant&#146;s Form 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; May&nbsp;13, 2003; May&nbsp;30, 2003; June&nbsp;3, 2003; July&nbsp;1, 2003;
July&nbsp;7, 2003; July&nbsp;23, 2003; August&nbsp;12, 2003; August&nbsp;13, 2003; August&nbsp;22, 2003
(two filings on this date); August&nbsp;26, 2003; September&nbsp;4, 2003; September&nbsp;9,
2003; September&nbsp;19, 2003; October&nbsp;10, 2003; October&nbsp;22, 2003; October&nbsp;24, 2003;
November&nbsp;5, 2003; November&nbsp;12, 2003; November&nbsp;19, 2003; November&nbsp;21, 2003 (two
filings on this date); November&nbsp;24, 2003; November&nbsp;28, 2003; December&nbsp;18, 2003;
and January&nbsp;26, 2004;
</FONT>


<P align="left"><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&nbsp;22, 2003
that has been incorporated by reference in the 2002 10-K; and
</FONT>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;the Form 11-K for the 2002 Plan Year filed for the Plan on June&nbsp;27,
2003.
</FONT>


<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>

<!-- link2 "Item&nbsp;4. Description of Securities." -->
<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>

<!-- PAGEBREAK -->
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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following exhibits are filed as part of this Registration Statement:
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Reed Smith LLP</FONT></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 Reed Smith LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</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>

</TABLE>
</DIV>

<!-- 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 align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>


<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 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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<P><HR noshade><P>
<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>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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 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
30th day of January&nbsp;2004.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="16%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="11%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="63%">&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">
By:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">/s/ Robert J. Bertolini</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:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">Robert J. Bertolini</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">
Title:
</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top" nowrap><FONT size="2">Executive Vice President and
Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
</DIV>

<!-- link1 "Power of Attorney" -->
<DIV align="left"><A NAME="012"></A></DIV>

<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 Robert J. Bertolini, 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 January&nbsp;30, 2004.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&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><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Robert J. Bertolini
<HR size="1" noshade>
Robert J. Bertolini (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><TD>&nbsp;</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>
</DIV>



<P align="center"><FONT size="2">8
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&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><TD>&nbsp;</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><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Philip Leder
<HR size="1" noshade>
Philip Leder, M.D. (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</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><TD>&nbsp;</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><TD>&nbsp;</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><TD>&nbsp;</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><TD>&nbsp;</TD></TR>
<TR>
    <TD valign="top"><FONT size="2">/s/ Patricia F. Russo
<HR size="1" noshade>
Patricia F. Russo (Director)</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
<TR><TD>&nbsp;</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><TD>&nbsp;</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><TD>&nbsp;</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>
</DIV>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="100%">
<TR valign="bottom">
    <TD width="2%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="41%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">By:</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>
    <TD valign="top"><FONT size="2">&nbsp;</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
<HR size="1" noshade></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">
Joseph J. LaRosa, Attorney-in-fact</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">&nbsp;</FONT></TD>
</TR>
</TABLE>
</DIV>


<P align="left"><FONT size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schering-Plough Puerto Rico Employees&#146; Retirement Savings Plan. Pursuant
to the requirements of the Securities Act of 1933, the Employee Benefits
Committee, as Administrator of the Plan 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
30th day
of January&nbsp;2004.
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="55%">
<TR valign="bottom">
    <TD width="45%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="50%">&nbsp;</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" nowrap><FONT size="2">
<B>SCHERING-PLOUGH CORPORATION<BR>
EMPLOYEE BENEFITS COMMITTEE</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>
</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: /s/ Vincent Sweeney</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">
<HR size="1" noshade></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" nowrap><FONT size="2">
Vincent Sweeney<BR>
Chairman, Employee Benefits Committee</FONT></TD>
</TR>
</TABLE>
</DIV>




<P align="center"><FONT size="2">9
</FONT>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<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="013"></A></DIV>

<P align="center"><FONT size="2"><B>INDEX TO EXHIBITS</B>
</FONT>

<DIV align="center">
<TABLE cellspacing="0" border="0" cellpadding="0" width="75%">
<TR valign="bottom">
    <TD width="8%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="87%">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><FONT size="2">5</FONT></TD>
    <TD><FONT size="2">&nbsp;</FONT></TD>
    <TD align="left" valign="top"><FONT size="2">
Opinion of Reed Smith LLP</FONT></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 Reed Smith LLP</FONT></TD>
</TR>

<TR valign="bottom">
    <TD valign="top"><FONT size="2">23.2</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>

</TABLE>
</DIV>



<P align="center"><FONT size="2">&nbsp;
</FONT>

</BODY>
</HTML>
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{"company-data": {"conformed-name": "SCHERING PLOUGH CORP", "cik": "0000310158", "assigned-sic": "2834", "irs-number": "221918501", "state-of-incorporation": "NJ", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "S-8", "act": "33", "file-number": "333-112421", "film-number": "04559753"}, "business-address": {"street1": "ONE GIRALDA FARMS", "city": "MADISON", "state": "NJ", "zip": "07940-1000", "phone": "9738227000"}}
FORM S-8
Table of Contents
As filed with the Securities and Exchange Commission on February 2, 2004
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
(State or other jurisdiction of
incorporation or organization)
22-1918501
(I.R.S. Employer Identification Number)
2000 Galloping Hill Road
Kenilworth, NJ 07033
(Address of Principal Executive Offices)
Schering-Plough Puerto Rico Employees' Retirement Savings Plan (the "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)
500,000
$
17.45
$
8,725,000
$
1,105.46
(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 Plan and such additional shares as
may hereinafter be offered or issued to prevent dilution resulting from
stock splits, stock dividends, and similar anti-dilution provisions.
(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
January 29, 2004, 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
Power of Attorney
INDEX TO EXHIBITS
OPINION OF REED SMITH LLP
LETTER OF DELOITTE & TOUCHE LLP
CONSENT OF REED SMITH LLP
CONSENT OF DELOITTE & TOUCHE LLP
Table of Contents
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") filed with
the SEC on March 10, 2003;
(d) the Registrant's first, second, and third quarter 2003 Reports on Form
10-Q filed with the SEC on May 13, 2003, July 31, 2003, and
November 7, 2003;
(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; May 13, 2003; May 30, 2003; June 3, 2003; July 1, 2003;
July 7, 2003; July 23, 2003; August 12, 2003; August 13, 2003; August 22, 2003
(two filings on this date); August 26, 2003; September 4, 2003; September 9,
2003; September 19, 2003; October 10, 2003; October 22, 2003; October 24, 2003;
November 5, 2003; November 12, 2003; November 19, 2003; November 21, 2003 (two
filings on this date); November 24, 2003; November 28, 2003; December 18, 2003;
and January 26, 2004;
(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; and
(g) the Form 11-K for the 2002 Plan Year filed for the Plan on June 27,
2003.
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.
The following exhibits are filed as part of this Registration Statement:
5
Opinion of Reed Smith LLP
15
Letter of Deloitte & Touche LLP regarding unaudited financial information
23.1
Consent of Reed Smith LLP
23.2
Consent of Deloitte & Touche LLP
24
Powers of Attorney (included as part of the signature pages)
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
30th day of January 2004.
SCHERING-PLOUGH CORPORATION
By:
/s/ Robert J. Bertolini
Name:
Robert J. Bertolini
Title:
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 Robert J. Bertolini, 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 January 30, 2004.
/s/ Fred Hassan
Fred Hassan (Principal Executive Officer and Director)
/s/ Robert J. Bertolini
Robert J. Bertolini (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/ Philip Leder
Philip Leder, M.D. (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/ Patricia F. Russo
Patricia F. Russo (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)
By:
Joseph J. LaRosa, Attorney-in-fact
Schering-Plough Puerto Rico Employees' Retirement Savings Plan. Pursuant
to the requirements of the Securities Act of 1933, the Employee Benefits
Committee, as Administrator of the Plan 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
30th day
of January 2004.
SCHERING-PLOUGH CORPORATION
EMPLOYEE BENEFITS COMMITTEE
By: /s/ Vincent Sweeney
Vincent Sweeney
Chairman, Employee Benefits Committee
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INDEX TO EXHIBITS
5
Opinion of Reed Smith LLP
15
Letter of Deloitte & Touche LLP regarding unaudited financial information
23.1
Consent of Reed Smith LLP
23.2
Consent of Deloitte & Touche LLP
24
Powers of Attorney (included as part of the signature pages)