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Wyeth Reports Earnings Results for the 2008 Third Quarter and First Nine Months
Date:10/22/2008

on of cost savings as a result of Project Impact.

Research and development expenses, excluding certain significant items, decreased 1% for the 2008 third quarter versus the 2007 third quarter.

Other (income) expense, net for the 2008 third quarter primarily included costs associated with our foreign exchange hedging program and investment activity, which were partially offset by royalty income and product divestitures. The investment activity included write-downs of Lehman Brothers and Washington Mutual bonds totaling $68.7 million.

The Company's tax rate for the 2008 third quarter, excluding certain significant items, increased to 33.2% from 29.6% in the 2007 third quarter. The increase in the tax rate for the 2008 third quarter versus the 2007 third quarter resulted primarily from certain charges in countries with lower tax rates and the fact that there was no benefit in the 2008 third quarter from the U.S. Research and Development Tax Credit, which had expired in December 2007 but was subsequently renewed on October 3, 2008. The effect of the U.S. Research and Development Tax Credit renewal will be reflected in our 2008 fourth quarter tax rate. Our full year effective tax rate range is still expected to be 29% - 31%.

Net income and diluted earnings per share for the 2008 third quarter were $1,138.4 million and $0.84, respectively, compared with $1,145.9 million and $0.84 for the 2007 third quarter. The 2008 third quarter results included charges of $115.2 million ($79.8 million after-tax or $0.06 per share-diluted) related to the Company's productivity initiative. The 2007 third quarter results included productivity initiative charges of $117.1 million ($86.0 million after-tax or $0.06 per share-diluted). Net income and diluted earnings per share, before these certain significant items, for the 2008 third quarter were $1,218.2 million and $0.90, respectively, compared with $1,231.9 million and $0.90 for the 2007 third quarter.

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SOURCE Wyeth
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