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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 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 first half investment balances as compared with the 2008 first half.

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

The Company's tax rate for the 2009 first half, excluding certain significant items, decreased to 28.8% from 30.8% in the 2008 first half. The decrease in the 2009 first half 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 first half were $2,470.2 million and $1.83, respectively, compared with $2,319.0 million and $1.72, respectively, for the 2008 first half. The 2009 first half results included charges of $165.1 million ($133.8 million after-tax or $0.10 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 first half results included net charges of $236.2 million ($180.1 million after-tax or $0.13 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 half were $2,604.0 million and $1.93, respectively, compared with $2,499.1 million and $1.85, respectively, for the 2008 first half.

2009 Guidance

Based on the 2009 first half results and outlook for the remainder of 2009 and assuming trends in foreign exchange rates continue, the Company has raised its 2009 full year guidance for dilu
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