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Wyeth Reports Earnings Results for the 2008 Third Quarter and First Nine Months

ly divested Synvisc product line. Other (income) expense, net also included pre-tax gains from product divestitures of $15,567 for the 2008 third quarter and $48,768 for the 2008 first nine months compared with $2,725 for the 2007 third quarter and $60,309 for the 2007 first nine months. Also included in Other (income) expense, net in the third quarter of 2008 are write-downs of Lehman Brothers and Washington Mutual bonds totaling $68,657.

(3) Certain significant items, which have been described under "Productivity Initiative," have been excluded from the results of operations - as adjusted for the 2008 and 2007 third quarter and first nine months as follows:


Three Months Ended Nine Months Ended

(In thousands except per

share amounts) 9/30/2008 9/30/2007 9/30/2008 9/30/2007

Cost of Goods Sold $42,765 $111,200 $156,334 $182,380

Selling, General and

Administrative Expenses 66,090 5,870 268,215 26,881

Research and Development

Expenses 6,395 30 31,516 239

Total Productivity

Initiative Charges(a) 115,250 117,100 456,065 209,500

Other Income, Net(b) - - (104,655) -

Net Productivity

Initiative Charges $115,250 $117,100 $351,410 $209,500

Net Productivity

Initiative Charges,

After-Tax $79,840 $86,000 $259,930 $152,500

Decrease in Diluted

Earnings per Share $0.06 $0.06 $0.19 $0.11

(a) 2008 charges are primarily severance and other employee-related costs associated with an approximate 6% reduction in workforce. 2007 charges were primarily related to manufac

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