<PAGE> 1
Exhibit 12
MERCK & CO., INC. AND SUBSIDIARIES
Computation Of Ratios Of Earnings To Fixed Charges
(In millions except ratio data)
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31
June 30 -----------------------------------------------------------
2000 1999 1998 1997 1996 1995
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Income Before Taxes $4,671.3 $8,619.5 $8,133.1 $6,462.3 $5,540.8 $4,797.2
Add:
One-third of rents 32.3 66.7 56.0 47.0 41.0 28.1
Interest expense, net 178.9 236.4 150.6 98.2 103.2 60.3
Preferred stock dividends 89.0 120.7 62.1 49.6 70.0 2.1
-------- -------- -------- -------- -------- --------
Earnings $4,971.5 $9,043.3 $8,401.8 $6,657.1 $5,755.0 $4,887.7
======== ======== ======== ======== ======== ========
One-third of rents $ 32.3 $ 66.7 $ 56.0 $ 47.0 $ 41.0 $ 28.1
Interest expense 233.3 316.9 205.6 129.5 138.6 98.7
Preferred stock dividends 89.0 120.7 62.1 49.6 70.0 2.1
-------- -------- -------- -------- -------- --------
Fixed Charges $ 354.6 $ 504.3 $ 323.7 $ 226.1 $ 249.6 $ 128.9
======== ======== ======== ======== ======== ========
Ratio of Earnings
to Fixed Charges 14 18 26 29 23 38
== == == == == ==
</TABLE>
For purposes of computing these ratios, "earnings" consist of income before
taxes, one-third of rents (deemed by the Company to be representative of the
interest factor inherent in rents), interest expense, net of amounts
capitalized, and dividends on preferred stock of subsidiary companies. "Fixed
charges" consist of one-third of rents, interest expense as reported in the
Company's consolidated financial statements and dividends on preferred stock of
subsidiary companies.
