<HTML>
<HEAD>
<TITLE>S-8</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>
<DIV style="font-family: 'Times New Roman',Times,serif">






<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>As filed with the Securities and Exchange Commission on May&nbsp;19, 2006</B></DIV>


<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Registration No.&nbsp;333-
</DIV>


<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 1pt solid black; font-size: 1pt">&nbsp;</DIV>




<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM S-8</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>REGISTRATION STATEMENT<BR>
under<BR>
THE SECURITIES ACT OF 1933<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>SCHERING-PLOUGH CORPORATION</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


<DIV align="center" style="font-size: 10pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>


<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="47%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="47%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD align="center" valign="top"><B>New Jersey</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>22-1918501</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(State or other jurisdiction of
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">incorporation or organization)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">Identification Number)</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>2000 Galloping Hill Road<BR>
Kenilworth, NJ 07033</B><BR>
(Address of Principal Executive Offices)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Schering-Plough Corporation Directors Compensation Plan<BR>
Schering-Plough Corporation 2006 Stock Incentive Plan<BR>
Schering-Plough Employees&#146; Savings Plan</B><BR>
(Full title of the plan)<BR>
<DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>Susan Ellen Wolf<BR>
Corporate Secretary, Vice President, Corporate Governance and Associate General Counsel<BR>
Schering-Plough Corporation<BR>
2000 Galloping Hill Road<BR>
Kenilworth, NJ 07033</B><BR>
(Name and address of agent for service)</DIV>



<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>(908)&nbsp;298-4000</B><BR>
(Telephone number, including area code, of agent for service)</DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000">&nbsp;</DIV></DIV></DIV>
<DIV align="center" style="font-size: 10pt; margin-top: 12pt"><B>CALCULATION OF REGISTRATION FEE</B></DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="1%">&nbsp;</TD>
    <TD width="43%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD><!-- VRule -->
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>

    <TD width="1%">&nbsp;</TD>
</TR><TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="28" style="border-bottom: 3px double #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>Title of Securities</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount to be</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Proposed Maximum</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Amount of</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">    <TD width="1%">&nbsp;</TD>

    <TD nowrap align="center"><B>to be Registered (1)</B></TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registered</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="7"><B>Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Aggregate Offering Price</B></TD>
    <TD>&nbsp;</TD>
    <TD style="border-right: 2px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="center" colspan="2"><B>Registration Fee</B></TD>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Common Shares, par value
$0.50 per share (2)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">100,000,000 </TD>
    <TD nowrap style="border-top: 2px solid #000000">(3)</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" colspan="6" style="border-top: 2px solid #000000">19.55(4)</TD>
    <TD nowrap style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">$&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">1,955,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">209,185</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000"><DIV style="margin-left:15px; text-indent:-15px">Directors Deferred
Compensation
Obligations (5)</DIV></TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">25,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap align="left" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD nowrap style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 0px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">100%&nbsp;</TD>
    <TD align="right" style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">25,000,000</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-right: 2px solid #000000; border-top: 2px solid #000000">&nbsp;</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD align="left" style="border-top: 2px solid #000000">$</TD>
    <TD align="right" style="border-top: 2px solid #000000">2,675</TD>
    <TD style="border-top: 2px solid #000000">&nbsp;</TD>
    <TD width="1%" style="border-top: 2px solid #000000">&nbsp;</TD>
</TR>
<TR style="font-size: 1px" valign="bottom">
    <TD nowrap align="left" colspan="28" style="border-top: 3px double #000000">&nbsp;</TD>
</TR>

<!-- End Table Body -->
</TABLE>
</DIV>



<DIV style="margin-top: 3pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD width="96"></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">(1)</TD>
    <TD>&nbsp;</TD>
    <TD>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 or sold pursuant to
the Schering-Plough Employees&#146; Savings Plan.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(2)</TD>
    <TD>&nbsp;</TD>
    <TD>Includes one attached Preferred Share Purchase Right per share.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(3)</TD>
    <TD>&nbsp;</TD>
    <TD>Of the 100,000,000 Common Shares covered by this Registration Statement, 1,000,000 are
issuable under the Schering-Plough Corporation Directors Compensation Plan, 92,000,000 are
issuable under the Schering-Plough Corporation 2006 Stock Incentive Plan and 7,000,0000 are
issuable under the Schering-Plough Employees&#146; Savings Plan. In addition, pursuant to Rule
416, this registration statement shall also cover additional Common Shares that may become
issuable under the Plans by reason of any stock split, stock dividend, recapitalization or
other
similar transactions effected without consideration that results in an increase in the number of
the Registrant&#146;s outstanding Common Shares.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(4)</TD>
    <TD>&nbsp;</TD>
    <TD>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&nbsp;15, 2006 in
accordance with Rules 457(c) and 457(h), and is estimated solely for the purpose of
calculating the registration fee.</TD>
</TR>

<TR style="font-size: 3pt"><TD>&nbsp;</TD></TR>

<TR valign="top">
    <TD nowrap align="left">(5)</TD>
    <TD>&nbsp;</TD>
    <TD>The Directors Deferred Compensation Obligations are unsecured obligations of the Registrant
to pay deferred compensation in the future pursuant to a non-employee directors&#146; deferral of
annual directors fees in accordance with the terms of the Schering-Plough Corporation
Directors Compensation Plan.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">As permitted by Rule&nbsp;429 under the Securities Act of 1933, this Registration Statement constitutes
a post-effective amendment to the Registrant&#146;s registration statements numbered 333-105567 and
333-91440 on Form S-8.
</DIV>


<DIV style="width: 100%; border-bottom: 1pt solid black; margin-top: 10pt; font-size: 1pt">&nbsp;</DIV>
<DIV style="width: 100%; border-bottom: 2pt solid black; font-size: 1pt">&nbsp;</DIV>





<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- TOC -->
<A name="toc"><DIV align="CENTER" style="page-break-before:always"><U><B>TABLE OF CONTENTS</B></U></DIV></A>

<P><CENTER>
<TABLE border="0" width="90%" cellpadding="0" cellspacing="0">
<TR>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="3%"></TD>
	<TD width="76%"></TD>
</TR>
<TR><TD colspan="9"><A HREF="#000">PART II</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#001">Item&nbsp;3. Incorporation of Documents by Reference</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#002">Item&nbsp;4. Description of Securities</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#003">Item&nbsp;5. Interests of Named Experts and Counsel</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#004">Item&nbsp;6. Indemnification of Directors and Officers</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#005"> Item&nbsp;7. Exemptions from Registration Claimed</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#006"> Item&nbsp;8. Exhibits</A></TD></TR>
<TR><TD></TD><TD colspan="8"><A HREF="#007"> Item&nbsp;9. Undertakings</A></TD></TR>
<TR><TD colspan="9"><A HREF="#008">SIGNATURES</A></TD></TR>
<TR><TD colspan="9"><A HREF="#009">EXHIBIT INDEX</A></TD></TR>
<TR><TD colspan="9"><A HREF="y21195exv4w3.htm">EX-4.3: SCHERING-PLOUGH EMPLOYEES' SAVINGS PLAN</A></TD></TR>
<TR><TD colspan="9"><A HREF="y21195exv5.htm">EX-5: OPINION OF SUSAN ELLEN WOLF, ESQ.</A></TD></TR>
<TR><TD colspan="9"><A HREF="y21195exv15.htm">EX-15: LETTER OF DELOITTE & TOUCHE LLP REGARDING UNAUDITED INTERIM FINANCIAL INFORMATION</A></TD></TR>
<TR><TD colspan="9"><A HREF="y21195exv23w1.htm">EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP</A></TD></TR>
</TABLE>
</CENTER>
<!-- /TOC -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always"><A HREF="#toc">Table of Contents</A></H5><P>




<!-- link1 "PART II" -->
<DIV align="left"><A NAME="000"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>PART II</B>
</DIV>

<!-- link2 "Item&nbsp;3. Incorporation of Documents by Reference" -->
<DIV align="left"><A NAME="001"></A></DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;3. Incorporation of Documents by Reference.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following documents, which have been filed by the Registrant with the Securities and
Exchange Commission (the &#147;Commission&#148;) pursuant to the Securities Exchange Act of 1934 (the
&#147;Exchange Act&#148;), are incorporated by reference in this Registration Statement:
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s latest Annual Report on Form 10-K for the fiscal year ended
December&nbsp;31, 2005 filed with the Commission on February&nbsp;28, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s latest Quarterly Report on Form 10-Q for the fiscal quarter
ended March&nbsp;31, 2006 filed with the Commission on April&nbsp;27, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant&#146;s Current Reports on Form 8-K filed with the Commission on April
20, 2006 and March&nbsp;15, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(d)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The information contained in the Registrant&#146;s 2006 Proxy Statement on Schedule
14A filed with the Commission on March&nbsp;22, 2006;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(e)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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 Exchange Act, and any amendment or
report filed for the purpose of updating such description;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(f)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(g)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Schering-Plough Employees&#146; Savings Plan&#146;s 2004 Report on Form 11-K filed on June&nbsp;28, 2005.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All documents subsequently filed by the Registrant pursuant to Sections&nbsp;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.
</DIV>

<P align="center" style="font-size: 10pt">2
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">
<!-- link2 "Item&nbsp;4. Description of Securities" -->
<DIV align="left"><A NAME="002"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;4. Description of Securities.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The securities being registered under this Registration Statement include (1)&nbsp;common shares of
the Registrant, par value $0.50 per share (the &#147;Common Shares&#148;), including attached Preferred Share
Purchase Rights (the &#147;Rights&#148;) and (2)&nbsp;obligations of the Registrant under the Schering-Plough
Corporation Directors Compensation Plan (the &#147;Directors Plan&#148;) to pay in the future that value
amounts credited to participants&#146; directors fee deferral accounts (&#147;Deferral Accounts&#148;) in
accordance with the terms of the Directors Plan (the &#147;Directors Deferred Compensation
Obligations&#148;). A description of the Registrant&#146;s Common Shares and Rights is incorporated by
reference in this Registration Statement pursuant to Item&nbsp;3 above. A description of the Directors
Deferred Compensation Obligations follows.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Directors Plan, non-employee directors of the Registrant may elect to defer receipt
of all or a portion of their annual directors fees, which are otherwise payable approximately
one-third in Common Shares and two-thirds in cash. Fee deferrals are credited to unfunded and
unsecured Deferral Accounts maintained by the Registrant on behalf of participants. Deferrals of
the Common Share portion of the annual directors fee are credited to a share deferral sub-account
as deferred stock units (&#147;DSUs), which are valued by reference to Common Shares and are credited
with dividends equivalents at the same time and in the same amount as dividends on Common Shares.
Deferrals of the cash portion of the annual directors fee are credited to a cash deferral
sub-account. At the participant&#146;s election, amounts credited to the cash deferral sub-account can
be deemed invested in either a Simple Interest Fund, which earns interest at a pre-selected
commercial interest rate, or as DSUs in a DSU Fund, which are substantially identical to the DSUs
credited under the share deferral sub-account. Deemed investments of a participant Deferral
Account in either the DSU Fund or the Simple Interest Fund are for accounting purposes only (as if
the deferred compensation had been so invested) and no investments will actually be made in any
such Funds. Since no fee deferrals actually will be invested in any investment fund, participants
will not have any ownership interest in any investment fund or in their Deferral Accounts.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Deferred Compensation Obligations are unsecured general obligations of the
Registrant to pay in the future the value of the Deferral Accounts adjusted to reflect the
performance of the applicable measurement investment funds in accordance with the terms of the
Directors Plan. The Directors Deferred Compensation Obligations will rank without preference with
other unsecured and unsubordinated indebtedness of the Registrant from time to time outstanding and
are, therefore, subject to the risks of the Registrant&#146;s insolvency. The Registrant is not
required to fund or otherwise segregate assets to be used for the payment of the Directors Deferred
Compensation Obligations.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When a participant becomes entitled to payment of the Directors Deferred Compensation
Obligations, the participant will be paid an amount in cash equal to the balance of the cash
credits in the participant&#146;s Simple Interest Fund and will be issued a number of whole Common
Shares equal to the number of whole Deferred Stock Units credited to the participant&#146;s DSU Fund;
any fractional DSUs will be paid in cash. Payments of Directors Deferred Compensation Obligations
will begin on the payment commencement date elected by the participant at the time he or she elects
to make a fee deferral.
</DIV>

<P align="center" style="font-size: 10pt">3
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Participants may elect to receive payment of the Directors Deferred Compensation Obligations
under the Directors Plan commencing either: (i)&nbsp;upon termination of Board membership, (ii)&nbsp;on a
specified anniversary of the termination of Board membership (up to the 15<SUP style="font-size: 85%; vertical-align: text-top">th</SUP>
anniversary), (iii)&nbsp;upon attaining a specified age, (iv)&nbsp;on any other specified date, (v)&nbsp;upon the
earlier of termination of Board membership or the attainment of a specified age or date, (vi)&nbsp;upon
the later of termination of Board membership or the attainment of a specified age or date, or (vii)
upon the earlier of becoming disabled or any of the other permissible payment dates under the
Directors Plan. Payments are made in a simple lump sum or in either 5, 10 or 15 annual
installments, as elected by the participant at the time he or she elects to make a fee deferral.
Generally, once the participant elects a payment commencement date and method of payment, payment
of the Directors Deferred Compensation Obligations may not be accelerated, except in the case of
the participant&#146;s death, a change in control of the Registrant or in the event of an unforeseeable
financial emergency as determined by the Nominating and Corporate Governance Committee of the
Registrant&#146;s Board of Directors.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Directors Deferred Compensation Obligations cannot be assigned, alienated, pledged or
encumbered, and are not convertible into any security of the Registrant, except that amounts
credited as DSUs under the share deferral sub-account or DSU Fund under the cash deferral
sub-account are paid in Common Shares at the time of distribution.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Registrant&#146;s Board of Directors may amend the Directors Plan at any time, except that
certain amendments (<I>e.g.</I>, amendments that materially modify eligibility or the number of Common
Shares issuable under the Directors Plan) will not become effective until approved by the
Registrant&#146;s shareholders.
</DIV>
<!-- link2 "Item&nbsp;5. Interests of Named Experts and Counsel" -->
<DIV align="left"><A NAME="003"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;5. Interests of Named Experts and Counsel.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The validity of the securities being registered hereby has been passed upon for the Registrant
by Susan Ellen Wolf, Corporate Secretary, Vice President, Corporate Governance and Associate
General Counsel of the Registrant. Ms.&nbsp;Wolf is an officer of the Registrant and beneficially owns
Common Shares and holds options to purchase additional Common Shares. Ms.&nbsp;Wolf is eligible to
participate in the Schering-Plough Corporation 2006 Stock Incentive Plan and the Schering-Plough
Employees&#146; Saving Plan and may receive benefits under those Plans.
</DIV>
<!-- link2 "Item&nbsp;6. Indemnification of Directors and Officers" -->
<DIV align="left"><A NAME="004"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;6. Indemnification of Directors and Officers.</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
</DIV>

<P align="center" style="font-size: 10pt">4
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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
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.
</DIV>

<P align="center" style="font-size: 10pt">5
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&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.
</DIV>

<!-- link2 " Item&nbsp;7. Exemptions from Registration Claimed" -->
<DIV align="left"><A NAME="005"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;7. Exemptions from Registration Claimed.</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.
</DIV>

<!-- link2 " Item&nbsp;8. Exhibits" -->
<DIV align="left"><A NAME="006"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;8. Exhibits.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>

    <TD colspan="3">The following exhibits are filed as part of this Registration Statement:</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schering-Plough Corporation Directors Compensation Plan
(incorporated by reference to Exhibit&nbsp;J to the Registrant&#146;s 2006 Proxy
Statement on Schedule&nbsp;14A filed with the Commission on March&nbsp;22, 2006)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schering-Plough Corporation 2006 Stock Incentive Plan (incorporated
by reference to Exhibit&nbsp;K to the Registrant&#146;s 2006 Proxy Statement on
Schedule&nbsp;14A filed with the Commission on March&nbsp;22, 2006)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">4.3</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Schering-Plough Employees&#146; Savings Plan (as amended and restated)</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">6
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">5</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Opinion of Susan Ellen Wolf, Esq. as to the legality of the
securities being registered</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">15</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Letter of Deloitte &#038; Touche LLP regarding unaudited interim
financial information</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.1</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Deloitte &#038; Touche LLP</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">23.2</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Consent of Susan Ellen Wolf, Esq. (included in Exhibit&nbsp;5)</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">24</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Powers of Attorney (included as part of the signature pages)</TD>
</TR>

</TABLE>
</DIV>
<!-- link2 " Item&nbsp;9. Undertakings" -->
<DIV align="left"><A NAME="007"></A></DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Item&nbsp;9. Undertakings.</B>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">A.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant hereby undertakes:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(1)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To file, during any period in which offers or sales are being made, a
post-effective amendment to this Registration Statement:</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(a)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To include any prospectus required by Section&nbsp;10(a)(3) of
the Securities Act of 1933;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(b)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price
set forth in the &#147;Calculation of Registration Fee&#148; table in the effective
registration statement; and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="10%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(c)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>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;</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>provided, however, that paragraphs (A)(1)(a) and (A)(1)(bi) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section&nbsp;13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(2)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>That, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">7
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR valign="top" style="font-size: 10pt; color: #textcolor#; background: #bgcolor#">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</TD>
</TR>
<TR><TD style="font-size: 6pt;">&nbsp;</TD></TR>
<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="6%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">(3)</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.</TD>
</TR>

</TABLE>
</DIV>

<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">B.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>The Registrant further undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant&#146;s annual report pursuant
to Section 13(a) or Section 15(d) of the Exchange Act (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.</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="2%" style="background: transparent">&nbsp;</TD>
    <TD width="3%" nowrap align="left">C.</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>Insofar as indemnification for liabilities arising under the Securities Act of 1933
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 Commission such indemnification is against public policy as
expressed in the 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
Act and will be governed by the final adjudication of such issue.</TD>
</TR>

</TABLE>
</DIV>
<P align="center" style="font-size: 10pt">8
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV style="margin-top: 6pt"><TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">



</TABLE>
</DIV>
<!-- link1 "SIGNATURES" -->
<DIV align="left"><A NAME="008"></A></DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>S I G N A T U R E S</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, 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 City of Kenilworth, State of New Jersey, on May&nbsp;19, 2006.
</DIV>


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left"><B>SCHERING-PLOUGH CORPORATION</B><BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/&nbsp;&nbsp;Steven
H. Koehler</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Steven H. Koehler&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Vice President and Controller&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">9
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">


<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>

</TABLE>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Power of Attorney</B>
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each person whose signature appears below constitutes and appoints Robert Bertolini, Steven H.
Koehler and Susan Ellen Wolf, and each of them, his or her true and lawful attorneys-in-fact and
agent, 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 Commission, granting unto such
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 such
attorneys-in-fact and agents, or any of them or their or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on May&nbsp;19, 2006.
</DIV>
<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Fred Hassan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Fred Hassan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Chairman of the Board, Chief
Executive Officer
(Principal Executive Officer)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert Bertolini
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert Bertolini
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Steven H. Koehler
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Steven H. Koehler
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vice President and Controller
(Principal Accounting Officer)</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Hans W. Becherer
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Hans W. Becherer
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Thomas J. Colligan
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Thomas J. Colligan
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">10
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="40%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left"><B>Signature</B></TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left"><B>Title</B></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>

<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ C. Robert Kidder
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
C. Robert Kidder
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Philip Leder, M.D.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Philip Leder, M.D.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Eugene R. McGrath
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Eugene R. McGrath
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Carl E. Mundy, Jr.
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Carl E. Mundy, Jr.
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Patricia F. Russo
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Patricia F. Russo
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Kathryn C. Turner
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Kathryn C. Turner
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Robert F. W. van Oordt
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Robert F. W. van Oordt
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top"><DIV style="margin-left:0px; text-indent:-0px">/s/ Arthur F. Weinbach
<DIV style="font-size: 1pt; border-top: 1px solid #000000">&nbsp;</DIV>
Arthur F. Weinbach
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Director&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">11
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Pursuant to the requirements of the Securities Act of 1933, the administrator of the
Schering-Plough Employees&#146; Savings 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 May&nbsp;19, 2006.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="40%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="14%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="3" valign="top" align="left"><B>SCHERING-PLOUGH EMPLOYEES&#146;<BR>
SAVINGS PLAN</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">/s/ Vincent Sweeney
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Vincent Sweeney</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Title:
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Plan Administrator,<BR>
Schering-Plough<BR>
Employees&#146; Savings Plan</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">12
</DIV>

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

<DIV style="font-family: 'Times New Roman',Times,serif">

<!-- link1 "EXHIBIT INDEX" -->
<DIV align="left"><A NAME="009"></A></DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>EXHIBIT INDEX</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Exhibit&nbsp;Number&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>
<!-- End Table Head -->
<!-- Begin Table Body -->
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schering-Plough Corporation Directors Compensation Plan (incorporated by
reference to Exhibit&nbsp;J to the Registrant&#146;s 2006 Proxy Statement on Schedule
14A filed with the Commission on March&nbsp;22, 2006)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schering-Plough Corporation 2006 Stock Incentive Plan (incorporated by
reference to Exhibit&nbsp;K to the Registrant&#146;s 2006 Proxy Statement on Schedule
14A filed with the Commission on March&nbsp;22, 2006)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">4.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Schering-Plough Employees&#146; Savings Plan (as amended and restated)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">5</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Opinion of Susan Ellen Wolf, Esq. as to the legality of the securities
being registered</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">15</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Letter
of Deloitte &#038; Touche LLP regarding unaudited interim financial information</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Deloitte &#038; Touche LLP</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">23.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Consent of Susan Ellen Wolf, Esq. (included in Exhibit&nbsp;5)</DIV></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">24</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Powers of Attorney (included as part of the signature pages)</DIV></TD>
</TR>
<!-- End Table Body -->
</TABLE>
</DIV>



<P align="center" style="font-size: 10pt">13
</DIV>


</BODY>
</HTML>
[{"type": "S-8", "sequence": "1", "filename": "y21195sv8.htm", "description": "FORM S-8", "secsgml_size_bytes": 74235}]
{"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": "333-134281", "film-number": "06854565"}, "business-address": {"street1": "2000 GALLOPING HILL ROAD", "city": "KENILWORTH", "state": "NJ", "zip": "07033", "phone": "9082984000"}, "mail-address": {"street1": "2000 GALLOPING HILL ROAD", "city": "KENILWORTH", "state": "NJ", "zip": "07033"}}
S-8
Table of Contents
As filed with the Securities and Exchange Commission on May 19, 2006
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
(I.R.S. Employer
incorporation or organization)
Identification Number)
2000 Galloping Hill Road
Kenilworth, NJ 07033
(Address of Principal Executive Offices)
Schering-Plough Corporation Directors Compensation Plan
Schering-Plough Corporation 2006 Stock Incentive Plan
Schering-Plough Employees' Savings Plan
(Full title of the plan)
Susan Ellen Wolf
Corporate Secretary, Vice President, Corporate Governance and Associate General Counsel
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
Title of Securities
Amount to be
Proposed Maximum
Proposed Maximum
Amount of
to be Registered (1)
Registered
Offering Price
Aggregate Offering Price
Registration Fee
Common Shares, par value
$0.50 per share (2)
100,000,000
(3)
$
19.55(4)
$
1,955,000,000
$
209,185
Directors Deferred
Compensation
Obligations (5)
$
25,000,000
100%
$
25,000,000
$
2,675
(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 or sold pursuant to
the Schering-Plough Employees' Savings Plan.
(2)
Includes one attached Preferred Share Purchase Right per share.
(3)
Of the 100,000,000 Common Shares covered by this Registration Statement, 1,000,000 are
issuable under the Schering-Plough Corporation Directors Compensation Plan, 92,000,000 are
issuable under the Schering-Plough Corporation 2006 Stock Incentive Plan and 7,000,0000 are
issuable under the Schering-Plough Employees' Savings Plan. In addition, pursuant to Rule
416, this registration statement shall also cover additional Common Shares that may become
issuable under the Plans by reason of any stock split, stock dividend, recapitalization or
other
similar transactions effected without consideration that results in an increase in the number of
the Registrant's outstanding Common Shares.
(4)
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 15, 2006 in
accordance with Rules 457(c) and 457(h), and is estimated solely for the purpose of
calculating the registration fee.
(5)
The Directors Deferred Compensation Obligations are unsecured obligations of the Registrant
to pay deferred compensation in the future pursuant to a non-employee directors' deferral of
annual directors fees in accordance with the terms of the Schering-Plough Corporation
Directors Compensation Plan.
As permitted by Rule 429 under the Securities Act of 1933, this Registration Statement constitutes
a post-effective amendment to the Registrant's registration statements numbered 333-105567 and
333-91440 on Form S-8.
TABLE OF CONTENTS
PART II
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. Exemptions from Registration Claimed
Item 8. Exhibits
Item 9. Undertakings
SIGNATURES
EXHIBIT INDEX
EX-4.3: SCHERING-PLOUGH EMPLOYEES' SAVINGS PLAN
EX-5: OPINION OF SUSAN ELLEN WOLF, ESQ.
EX-15: LETTER OF DELOITTE & TOUCHE LLP REGARDING UNAUDITED INTERIM FINANCIAL INFORMATION
EX-23.1: CONSENT OF DELOITTE & TOUCHE LLP
Table of Contents
PART II
Item 3. Incorporation of Documents by Reference.
The following documents, which have been filed by the Registrant with the Securities and
Exchange Commission (the "Commission") pursuant to the Securities Exchange Act of 1934 (the
"Exchange Act"), are incorporated by reference in this Registration Statement:
(a)
The Registrant's latest Annual Report on Form 10-K for the fiscal year ended
December 31, 2005 filed with the Commission on February 28, 2006;
(b)
The Registrant's latest Quarterly Report on Form 10-Q for the fiscal quarter
ended March 31, 2006 filed with the Commission on April 27, 2006;
(c)
The Registrant's Current Reports on Form 8-K filed with the Commission on April
20, 2006 and March 15, 2006;
(d)
The information contained in the Registrant's 2006 Proxy Statement on Schedule
14A filed with the Commission on March 22, 2006;
(e)
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 Exchange Act, and any amendment or
report filed for the purpose of updating such description;
(f)
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; and
(g)
The Schering-Plough Employees' Savings Plan's 2004 Report on Form 11-K filed on June 28, 2005.
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.
2
Table of Contents
Item 4. Description of Securities.
The securities being registered under this Registration Statement include (1) common shares of
the Registrant, par value $0.50 per share (the "Common Shares"), including attached Preferred Share
Purchase Rights (the "Rights") and (2) obligations of the Registrant under the Schering-Plough
Corporation Directors Compensation Plan (the "Directors Plan") to pay in the future that value
amounts credited to participants' directors fee deferral accounts ("Deferral Accounts") in
accordance with the terms of the Directors Plan (the "Directors Deferred Compensation
Obligations"). A description of the Registrant's Common Shares and Rights is incorporated by
reference in this Registration Statement pursuant to Item 3 above. A description of the Directors
Deferred Compensation Obligations follows.
Under the Directors Plan, non-employee directors of the Registrant may elect to defer receipt
of all or a portion of their annual directors fees, which are otherwise payable approximately
one-third in Common Shares and two-thirds in cash. Fee deferrals are credited to unfunded and
unsecured Deferral Accounts maintained by the Registrant on behalf of participants. Deferrals of
the Common Share portion of the annual directors fee are credited to a share deferral sub-account
as deferred stock units ("DSUs), which are valued by reference to Common Shares and are credited
with dividends equivalents at the same time and in the same amount as dividends on Common Shares.
Deferrals of the cash portion of the annual directors fee are credited to a cash deferral
sub-account. At the participant's election, amounts credited to the cash deferral sub-account can
be deemed invested in either a Simple Interest Fund, which earns interest at a pre-selected
commercial interest rate, or as DSUs in a DSU Fund, which are substantially identical to the DSUs
credited under the share deferral sub-account. Deemed investments of a participant Deferral
Account in either the DSU Fund or the Simple Interest Fund are for accounting purposes only (as if
the deferred compensation had been so invested) and no investments will actually be made in any
such Funds. Since no fee deferrals actually will be invested in any investment fund, participants
will not have any ownership interest in any investment fund or in their Deferral Accounts.
The Directors Deferred Compensation Obligations are unsecured general obligations of the
Registrant to pay in the future the value of the Deferral Accounts adjusted to reflect the
performance of the applicable measurement investment funds in accordance with the terms of the
Directors Plan. The Directors Deferred Compensation Obligations will rank without preference with
other unsecured and unsubordinated indebtedness of the Registrant from time to time outstanding and
are, therefore, subject to the risks of the Registrant's insolvency. The Registrant is not
required to fund or otherwise segregate assets to be used for the payment of the Directors Deferred
Compensation Obligations.
When a participant becomes entitled to payment of the Directors Deferred Compensation
Obligations, the participant will be paid an amount in cash equal to the balance of the cash
credits in the participant's Simple Interest Fund and will be issued a number of whole Common
Shares equal to the number of whole Deferred Stock Units credited to the participant's DSU Fund;
any fractional DSUs will be paid in cash. Payments of Directors Deferred Compensation Obligations
will begin on the payment commencement date elected by the participant at the time he or she elects
to make a fee deferral.
3
Table of Contents
Participants may elect to receive payment of the Directors Deferred Compensation Obligations
under the Directors Plan commencing either: (i) upon termination of Board membership, (ii) on a
specified anniversary of the termination of Board membership (up to the 15
th
anniversary), (iii) upon attaining a specified age, (iv) on any other specified date, (v) upon the
earlier of termination of Board membership or the attainment of a specified age or date, (vi) upon
the later of termination of Board membership or the attainment of a specified age or date, or (vii)
upon the earlier of becoming disabled or any of the other permissible payment dates under the
Directors Plan. Payments are made in a simple lump sum or in either 5, 10 or 15 annual
installments, as elected by the participant at the time he or she elects to make a fee deferral.
Generally, once the participant elects a payment commencement date and method of payment, payment
of the Directors Deferred Compensation Obligations may not be accelerated, except in the case of
the participant's death, a change in control of the Registrant or in the event of an unforeseeable
financial emergency as determined by the Nominating and Corporate Governance Committee of the
Registrant's Board of Directors.
The Directors Deferred Compensation Obligations cannot be assigned, alienated, pledged or
encumbered, and are not convertible into any security of the Registrant, except that amounts
credited as DSUs under the share deferral sub-account or DSU Fund under the cash deferral
sub-account are paid in Common Shares at the time of distribution.
The Registrant's Board of Directors may amend the Directors Plan at any time, except that
certain amendments (
e.g.
, amendments that materially modify eligibility or the number of Common
Shares issuable under the Directors Plan) will not become effective until approved by the
Registrant's shareholders.
Item 5. Interests of Named Experts and Counsel.
The validity of the securities being registered hereby has been passed upon for the Registrant
by Susan Ellen Wolf, Corporate Secretary, Vice President, Corporate Governance and Associate
General Counsel of the Registrant. Ms. Wolf is an officer of the Registrant and beneficially owns
Common Shares and holds options to purchase additional Common Shares. Ms. Wolf is eligible to
participate in the Schering-Plough Corporation 2006 Stock Incentive Plan and the Schering-Plough
Employees' Saving Plan and may receive benefits under those Plans.
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
4
Table of Contents
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
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.
5
Table of Contents
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. Exemptions from Registration Claimed.
Not applicable.
Item 8. Exhibits.
The following exhibits are filed as part of this Registration Statement:
4.1
Schering-Plough Corporation Directors Compensation Plan
(incorporated by reference to Exhibit J to the Registrant's 2006 Proxy
Statement on Schedule 14A filed with the Commission on March 22, 2006)
4.2
Schering-Plough Corporation 2006 Stock Incentive Plan (incorporated
by reference to Exhibit K to the Registrant's 2006 Proxy Statement on
Schedule 14A filed with the Commission on March 22, 2006)
4.3
Schering-Plough Employees' Savings Plan (as amended and restated)
6
Table of Contents
5
Opinion of Susan Ellen Wolf, Esq. as to the legality of the
securities being registered
15
Letter of Deloitte & Touche LLP regarding unaudited interim
financial information
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Susan Ellen Wolf, Esq. (included in Exhibit 5)
24
Powers of Attorney (included as part of the signature pages)
Item 9. Undertakings.
A.
The 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:
(a)
To include any prospectus required by Section 10(a)(3) of
the Securities Act of 1933;
(b)
To reflect in the prospectus any facts or events arising
after the effective date of the Registration Statement (or the most recent
post-effective amendment thereof) which, individually or in the aggregate,
represent a fundamental change in the information set forth in the
Registration Statement. Notwithstanding the foregoing, any increase or
decrease in volume of securities offered (if the total dollar value of
securities offered would not exceed that which was registered) and any
deviation from the low or high end of the estimated maximum offering range
may be reflected in the form of prospectus filed with the Commission pursuant
to Rule 424(b) if, in the aggregate, the changes in volume and price
represent no more than a 20% change in the maximum aggregate offering price
set forth in the "Calculation of Registration Fee" table in the effective
registration statement; and
(c)
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;
provided, however, that paragraphs (A)(1)(a) and (A)(1)(bi) do not apply if the
information required to be included in a post-effective amendment by those
paragraphs is contained in periodic reports filed with or furnished to the
Commission by the Registrant pursuant to Section 13 or Section 15(d) of the
Exchange Act that are incorporated by reference in the Registration Statement.
(2)
That, for the purpose of determining any liability under the Securities
Act of 1933, each such post-effective amendment shall be deemed to be a new
registration statement relating to the securities offered therein, and the offering
7
Table of Contents
of such securities at that time shall be deemed to be the initial bona fide
offering thereof.
(3)
To remove from registration by means of a post-effective amendment any
of the securities being registered which remain unsold at the termination of the
offering.
B.
The Registrant further undertakes that, for purposes of determining any liability
under the Securities Act of 1933, each filing of the Registrant's annual report pursuant
to Section 13(a) or Section 15(d) of 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.
C.
Insofar as indemnification for liabilities arising under the Securities Act of 1933
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 Commission such indemnification is against public policy as
expressed in the 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
Act and will be governed by the final adjudication of such issue.
8
Table of Contents
S I G N A T U R E S
Pursuant to the requirements of the Securities Act of 1933, 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 City of Kenilworth, State of New Jersey, on May 19, 2006.
SCHERING-PLOUGH CORPORATION
By:
/s/  Steven
H. Koehler
Steven H. Koehler
Vice President and Controller
9
Table of Contents
Power of Attorney
Each person whose signature appears below constitutes and appoints Robert Bertolini, Steven H.
Koehler and Susan Ellen Wolf, and each of them, his or her true and lawful attorneys-in-fact and
agent, 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 Commission, granting unto such
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 such
attorneys-in-fact and agents, or any of them or their or his or her substitute or substitutes, may
lawfully do or cause to be done by virtue hereof.
Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has
been signed below by the following persons in the capacities indicated on May 19, 2006.
Signature
Title
/s/ Fred Hassan
Fred Hassan
Chairman of the Board, Chief
Executive Officer
(Principal Executive Officer)
/s/ Robert Bertolini
Robert Bertolini
Executive Vice President and
Chief Financial Officer
(Principal Financial Officer)
/s/ Steven H. Koehler
Steven H. Koehler
Vice President and Controller
(Principal Accounting Officer)
/s/ Hans W. Becherer
Hans W. Becherer
Director
/s/ Thomas J. Colligan
Thomas J. Colligan
Director
10
Table of Contents
Signature
Title
/s/ C. Robert Kidder
C. Robert Kidder
Director
/s/ Philip Leder, M.D.
Philip Leder, M.D.
Director
/s/ Eugene R. McGrath
Eugene R. McGrath
Director
/s/ Carl E. Mundy, Jr.
Carl E. Mundy, Jr.
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
11
Table of Contents
Pursuant to the requirements of the Securities Act of 1933, the administrator of the
Schering-Plough Employees' Savings 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 May 19, 2006.
SCHERING-PLOUGH EMPLOYEES'
SAVINGS PLAN
By:
/s/ Vincent Sweeney
Name:
Vincent Sweeney
Title:
Plan Administrator,
Schering-Plough
Employees' Savings Plan
12
Table of Contents
EXHIBIT INDEX
Exhibit Number            Description
4.1
Schering-Plough Corporation Directors Compensation Plan (incorporated by
reference to Exhibit J to the Registrant's 2006 Proxy Statement on Schedule
14A filed with the Commission on March 22, 2006)
4.2
Schering-Plough Corporation 2006 Stock Incentive Plan (incorporated by
reference to Exhibit K to the Registrant's 2006 Proxy Statement on Schedule
14A filed with the Commission on March 22, 2006)
4.3
Schering-Plough Employees' Savings Plan (as amended and restated)
5
Opinion of Susan Ellen Wolf, Esq. as to the legality of the securities
being registered
15
Letter
of Deloitte & Touche LLP regarding unaudited interim financial information
23.1
Consent of Deloitte & Touche LLP
23.2
Consent of Susan Ellen Wolf, Esq. (included in Exhibit 5)
24
Powers of Attorney (included as part of the signature pages)
13