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Wyeth Reports Earnings Results for the 2007 Fourth Quarter and Full Year
Date:1/31/2008

ar were $4,616.0 million and $3.38, respectively, compared with $4,196.7 million and $3.08 for the 2006 full year. The 2007 full year results included charges of $273.4 million ($194.4 million after-tax or $0.14 per share-diluted) related to the Company's productivity initiatives. The 2006 full year results included charges of $218.6 million ($154.5 million after-tax or $0.11 per share-diluted) related to the Company's productivity initiatives and a favorable income tax adjustment of $70.4 million ($0.05 per share-diluted) related to the reduction of certain deferred tax asset valuation allowances. The 2007 and 2006 productivity initiatives charges and the 2006 income tax adjustment are considered to be certain significant items for purposes of analyzing the Company's results of operations. Net income and diluted earnings per share, before certain significant items, for the 2007 full year were $4,810.4 million and $3.52, respectively, compared with $4,280.8 million and $3.14, respectively, for the 2006 full year.

The increase in net income and diluted earnings per share for the 2007 full year, before certain significant items, resulted from higher net revenue, lower selling, general and administrative expenses, as a percentage of net revenue, higher interest income, net and higher other income, net offset, in part, by higher cost of goods sold, as a percentage of net revenue, higher research and development spending and increased income taxes. Included in other income, net were pre-tax gains from product divestitures of $79.4 million and $44.1 million for the 2007 and 2006 full year, respectively.

Productivity Initiatives

The Company continued with its long-term productivity initiatives, known as Project Springboard, which was launched in 2005. The Company recorded charges of $63.9 million ($41.9 million after-tax or $0.03 per share-diluted) for the 2007 fourth quarter and $273.4 million ($194.4 million after-tax or $0.14 per share-diluted) for
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