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Wyeth Reports Earnings Results for the 2009 First Quarter
Date:4/29/2009

reign exchange. The decrease was primarily due to reduced headcount and operating costs resulting from the Company's productivity initiatives and lower clinical trial costs.

Interest expense, net was $65.3 million for the 2009 first quarter as compared with interest income, net of $27.5 million for the 2008 first quarter. This change was primarily due to the significant reduction in interest rates around the world and the resulting decrease in interest income earned on our investments.

Other income, net for the 2009 first quarter was composed primarily of income associated with our foreign exchange hedging program and product divestiture and royalty income.

The Company's tax rate for the 2009 first quarter, excluding certain significant items, decreased to 28.4% from 31.1% in the 2008 first quarter. The decrease in the 2009 first quarter tax rate is primarily due to the renewal of the U.S. research and development tax credit, which was renewed by Congress in the fourth quarter of 2008, and increased profit in tax favorable jurisdictions.

Net income and diluted earnings per share for the 2009 first quarter were $1,l98.2 million and $0.89, respectively, compared with $1,196.9 million and $0.89, respectively, for the 2008 first quarter. The 2009 first quarter results included charges of $71.8 million ($54.6 million after-tax or $0.04 per share-diluted) related to the Company's productivity initiatives and merger-related expenses of $27.2 million ($0.02 per share-diluted), as discussed in the Notes to Results of Operations below. The 2008 first quarter results included net charges of $81.0 million ($69.6 million after-tax or $0.05 per share-diluted) related to the Company's productivity initiatives. Net income and diluted earnings per share, excluding these certain significant items, for the 2009 first quarter were $1,280.0 million and $0.95, respectively, compared with $1,266.6 million and $
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