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

008 First Nine Months Results

Net revenue increased 5% for the 2008 first nine months, primarily driven by Wyeth's key pharmaceutical franchises, such as Enbrel, Prevnar and Nutritional products, and the favorable impact of foreign exchange. Net revenue from EFFEXOR(R) and ZOSYN(R) also increased for the 2008 first nine months due primarily to price increases in the case of Effexor and increased volume in the case of Zosyn. Partially offsetting the increases were lower sales of the Protonix family.

Selling, general and administrative expenses, excluding certain significant items, for the first nine months of 2008 increased 2% (and decreased 2% excluding the impact of foreign exchange) versus the first nine months of 2007.

Research and development expenses, excluding certain significant items, for the 2008 first nine months increased 3% (2% excluding the impact of foreign exchange) versus the 2007 first nine months due to higher late-stage clinical trial spending.

Other (income) expense, net, excluding certain significant items, for the first nine months of 2008 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. Royalty income included a one-time royalty milestone payment of $60.0 million related to the previously divested SYNVISC(R) product line.

The Company's tax rate for the first nine months of 2008, excluding certain significant items, increased to 31.6% from 29.3% in the first nine months of 2007. As noted earlier, the tax rate for the first nine months of 2008 does not include any benefit from the U.S. Research and Development Tax Credit.

Net income and diluted earnings per share for the first nine months of 2008 were $3,457.4 million and $2.56, respectively, compared with $3,598.5 m
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SOURCE Wyeth
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