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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

s compared with the 2008 first half. The 2% increase, excluding the impact of foreign exchange, was primarily due to higher sales of Wyeth's key pharmaceutical franchises Prevnar,( )Enbrel (outside the U.S. and Canada) and Nutritional products, along with higher sales of Pristiq, the Protonix family, Tygacil( )and Torisel. These increases were partially offset by decreased sales of Effexor due primarily to increased generic competition in international markets and lower Enbrel alliance revenue. Excluding the impact of foreign exchange, net revenue for the 2009 first half for the Pharmaceuticals and Animal Health segments increased 2% and 6%, respectively, while Consumer Healthcare was comparable to the 2008 first half.

Gross margin, as a percentage of net revenue, excluding certain significant items, increased 1.2 percentage points to 74.3% for the 2009 first half from 73.1% for the 2008 first half. The increase was primarily due to the impact of foreign exchange rates and favorable manufacturing variances during the 2009 first half.

Selling, general and administrative expenses, excluding certain significant items, decreased 7% for the 2009 first half versus the 2008 first half and were comparable to the 2008 first half, excluding the impact of foreign exchange, as cost savings related to the Company's productivity initiatives were offset by increased pension expense.

Research and development expenses, excluding certain significant items, were comparable for the 2009 first half versus the 2008 first half and increased 2%, excluding the impact of foreign exchange. The increase, excluding the impact of foreign exchange, was primarily due to increased clinical trial spending, including oncology projects and Prevnar 13 adult.

Interest expense, net was $148.3 million for the 2009 first half as compared with interest income, net of $8.8 million for the 2008 first half. Thi
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