Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
CHEELEY C RON
   2. Issuer Name and Ticker or Trading Symbol
SCHERING PLOUGH CORP [SGP] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
SCHERING-PLOUGH CORPORATION, 2000 GALLOPING HILL ROAD		 3. Date of Earliest Transaction (Month/Day/Year)
01/30/2007
(Street)

KENILWORTH, NJ 07033		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Shares 01/31/2007   M   10,720 A $ 16.62 29,078 D  
Common Shares 01/31/2007   M   21,056 A $ 18.2 50,134 D  
Common Shares 01/31/2007   M   13,752 A $ 20.7 63,886 D  
Common Shares 01/31/2007   F   4,048 D $ 24.88 59,838 D  
Common Shares 01/31/2007   S   41,480 D $ 24.88 18,358 D  
Common Shares               1,497.75 (1) I By 401(k)

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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Option (right to buy) $ 16.62 01/31/2007   M     10,720   (2) 07/31/2013 Common Shares 10,720 (3) 79,280 D  
Option (Right to Buy) $ 18.2 01/31/2007   M     21,056   (4) 02/22/2014 Common Shares 21,056 (3) 138,944 D  
Option (right to buy) $ 20.7 01/31/2007   M     13,752   (5) 04/24/2015 Common Shares 13,752 (3) 186,248 D  
Phantom Stock Unit (6) 01/30/2007   I   97.6     (7)   (7) Common Shares 97.6 $ 24.96 1,433.23 (8) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
CHEELEY C RON
SCHERING-PLOUGH CORPORATION
2000 GALLOPING HILL ROAD
KENILWORTH, NJ 07033		       Senior Vice President  

Signatures

 /s/ Cheeley, C. Ron   02/01/2007
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) These shares underlie 83.49 units of interest in the Issuer's Stock Fund of the Issuer's 401(k) plan, as of December 31, 2006. The number of shares underlying each unit may fluctuate based on plan holdings.
(2) Granted under the Schering-Plough Corporation 2002 Stock Incentive Plan, exercisable in one-third increments on August 2 of each 2004, 2005 and 2006.
(3) Not Applicable.
(4) Granted under the Schering-Plough Corporation 2002 Stock Incentive Plan, exercisable in one-third increments on February 24 of each 2005, 2006 and 2007.
(5) Granted under the Schering-Plough Corporation 2002 Stock Incentive Plan, exercisable in one-third increments on April 26 of each 2006, 2007 and 2008, subject to Schering-Plough's satisfaction of certain performance criteria for the year 2005 with respect to 40,000 option shares.
(6) 1 for 1
(7) Shares of phantom stock are payable in cash following the reporting person's termination of employment with the Issuer and may be transferred by the reporting person into an alternative investment account at any time.
(8) These shares underlie 79.88 deemed units of interest in the Issuer's phantom stock fund under the Issuer's non-qualified deferred compensation plan, as of January 30, 2007. The number of shares underlying each unit may fluctuate based on deemed plan holdings.

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