MADISON, N.J., Sept. 25 /PRNewswire-FirstCall/ -- At a meeting of its Board of Directors, held today, Wyeth (NYSE: WYE) declared an increase in its common stock dividend.
A dividend of thirty cents ($0.30) per share on the outstanding shares of common stock was declared payable on December 1, 2008 to stockholders of record at the close of business on November 13, 2008. This quarterly rate represents a 7.1 percent increase per share from the previous quarter ($0.28).
The dividend increase is a result of Wyeth's positive cash position, strong operating cash flow, receding diet drug litigation payments, and management's confidence in both the short- and long-term growth prospects for the Company. Wyeth's goal is to maintain financial flexibility to allow for future growth opportunities while also providing value to its shareholders.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
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