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Wyeth Reports Earnings Results for the 2007 Fourth Quarter and Full Year

ted to be comparable with 2007, a reflection of the significant decline in Protonix revenue, and gross margin is expected to continue to be approximately 72% to 74%. Selling, general and administrative expenses are expected to decrease approximately 2%, excluding the effect of foreign exchange, and research and development expenses are projected to be flat. Net interest is expected to be expense in 2008, not income as in 2007, due to declining interest rates, and other income is expected to decline substantially in 2008 primarily due to a decrease in royalty income. The tax rate is expected to be approximately 29% to 31%.

In 2008, Wyeth will begin Project Impact -- a company-wide program designed to redefine the Company's business model to facilitate long-term growth, as well as address short-term fiscal challenges.

Results of Operations

The comparative results of operations are as follows:

(In thousands except per share amounts)


Three Months Ended Full Year Ended

12/31/2007 12/31/2006 12/31/2007 12/31/2006

Net Revenue $5,763,526 $5,220,179 $22,399,798 $20,350,655

Cost of Goods Sold 1,691,418 1,490,920 6,313,687 5,587,851

Selling, General and


Expenses 1,882,476 1,796,036 6,753,698 6,501,976

Research and Development

Expenses 882,466 911,094 3,256,785 3,109,060

Interest Income, Net (17,071) (6,524) (90,511) (6,646)

Other Income, Net(1) (38,795) (65,951) (290,543) (271,490)

Income Before Income

Taxes 1,363,032 1,094,604 6,456,682 5,429,904

Provision for Income

Taxes 345,602 239,189 1,840,722 1,233,198

Net Income

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