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Wyeth Reports Earnings Results for the 2009 Second Quarter and First Half and Raises Full Year 2009 Guidance
Date:7/23/2009

8 second 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 offset, in part, by the increase in our 2009 second quarter investment balances as compared with the 2008 second quarter.

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

The Company's tax rate for the 2009 second quarter, excluding certain significant items, decreased to 29.3% from 30.5% in the 2008 second quarter. The decrease in the 2009 second quarter tax rate was 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 second quarter were $1,272.0 million and $0.94, respectively, compared with $1,122.1 million and $0.83, respectively, for the 2008 second quarter. The 2009 second quarter results included charges of $66.1 million ($52.0 million after-tax or $0.04 per share-diluted) related to the Company's productivity initiatives and costs associated with the merger, as discussed in the Notes to Results of Operations below. The 2008 second quarter results included net charges of $155.2 million ($110.5 million after-tax or $0.08 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 second quarter were $1,324.1 million and $0.98, respectively, compared with $1,232.6 million and $0.91, respectively, for the 2008 second quarter.

2009 First Half Results

Net revenue decreased 5% for the 2009 first half and increased 2%, excluding the impact of foreign exchange, a
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