Wyeth Reports Earnings Results for the 2007 Third Quarter and First N...(becertain significant items for purposes...),Health

Date:10/18/2007

be certain significant items for purposes of analyzing the Company's results of operations. Net income and diluted earnings per share, before certain significant items, for the 2007 third quarter were $1,231.9 million and $0.90, respectively, compared with $1,141.4 million and $0.84, respectively, for the 2006 third quarter.

The increase in net income and diluted earnings per share for the 2007 third quarter, before certain significant items, resulted from higher net revenue, lower selling, general and administrative expenses, as a percentage of net revenue, higher interest income, net and higher other income, net offset, in part, by higher cost of goods sold, as a percentage of net revenue, higher research and development spending and increased income taxes. Included in other income, net were pre-tax gains from product divestitures of $2.7 million and $4.4 million for the 2007 and 2006 third quarter, respectively.

2007 First Nine Months Results

Net income and diluted earnings per share for the 2007 first nine months were $3,598.5 million and $2.63, respectively, compared with $3,341.3 million and $2.45 for the 2006 first nine months. The 2007 first nine months results included charges of $209.5 million ($152.5 million after-tax or $0.11 per share-diluted) related to the Company's productivity initiatives. The 2006 first nine months results included charges of $154.8 million ($106.4 million after-tax or $0.08 per share-diluted) related to the Company's productivity initiatives and a favorable income tax adjustment of $70.4 million ($0.05 per share-diluted) related to the reduction of certain deferred tax asset valuation allowances. The 2007 and 2006 productivity initiatives charges and the 2006 income tax adjustment are considered to be certain significant items for purposes of analyzing the Company's results of operations. Net income and diluted earnings per share, before certain significant items, for the 2007 first nine months were $3,751.0 mil
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SOURCE Wyeth Copyright©2007 PR Newswire. All rights reserved

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