Wyeth Reports Earnings Results for the 2008 Third Quarter and First N...(ly divested Synvisc product line. Other ...)

Date:10/22/2008

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:

(UNAUDITED)

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
'/>"/>

SOURCE Wyeth Copyright©2008 PR Newswire. All rights reserved

0 GOOD

Page: 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Related biology technology :

1. Wyeth Wins Philadelphia Diet Drug Trial Involving Claim of PPH
2. Wyeth Announces Increase in Common Stock Dividend
3. Retrospective Analysis of Phase 3 Data Suggest Wyeths Investigational Compound Bazedoxifene/Conjugated Estrogens Comparable to Placebo on Incidence of Abnormal Mammograms
4. Wyeth Sets Webcast And Conference Call for 2008 Third Quarter Earnings
5. Cyprus and Ireland Add Wyeths 7-Valent Pneumococcal Conjugate Vaccine (PCV7) to Their National Immunisation Schedules
6. Wyeth Names Daniel J. McIntyre Vice President, Corporate Communications
7. Wyeth and Impax Announce Final Settlement of Effexor XR Patent Suit
8. Wyeths Motion to Overturn Punitive Damages Award Granted by Arkansas Court
9. Wyeth Announces Bernard Poussot Assumes Chairman of the Board Position
10. Wyeth Declares Common and Preferred Stock Dividends
11. Wyeth Pharmaceuticals Announces Organizational Change