wyeth Citi Investment Research Global Healthcare Conference

Greg NordenSenior Vice President and Chief Financial Officer

May 21, 2008

2008 2008 Citi Citi Investment Research Investment Research Global Healthcare ConferenceGlobal Healthcare Conference

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Forward-Looking Statement

The statements in this presentation that are not historical facts are forward-looking statements based on current expectations of future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include risks associated with the inherent uncertainty of the timing and success of product research, development and commercialization (including with respect to the NDA filings for Wyeth’s pipeline products referenced in this presentation), drug pricing and payment for Wyeth’s products by government and third-party payers, manufacturing, data generated on the safety and efficacy of Wyeth’s products, the impact of competitive or generic products, trade buying patterns, global business operations, product liability and other types of litigation, the impact of legislation and regulatory compliance, intellectual property rights, strategic relationships with third parties, environmental liabilities, and other risks and uncertainties, including those detailed from time to time in Wyeth’s periodic reports filed with the Securities and Exchange Commission, including Wyeth’s current reports on Form 8-K, quarterly reports on Form 10-Q and annual reports on Form 10-K, particularly the discussion in Wyeth’s annual report on Form 10-K under the caption "Item 1A, Risk Factors." Wyeth assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.

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2008 Guidance*

n Pro Forma EPS $3.35 to $3.49 (-1% to -5%) n Revenue Comparable to 2007n Gross Margin 72% to 74%n SG&A Down 2% (Excluding Any Impact from Foreign

Exchange)n R&D Up Slightlyn Tax Rate 29% to 31%

* Excludes Certain Significant Items

Taking Aggressive Measures to Mitigate the Impact of the Loss of Protonix to the Extent Possible

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$0

$1

$2

$3

$4

$5

$6

1Q07 1Q08$0.0

$0.5

$1.0

$1.5

$2.0

1Q07 1Q08$0.00

$0.50

$1.00

1Q07 1Q08

$5.4B$5.4B

$5.7B$5.7B

$1.7B$1.7B

$1.8B$1.8B

$.94$.94

$.94$.94

+6% +7% +0%

Net Revenue ($B) Operating Profit ($B) Earnings Per Share*

Wyeth 1Q 2008: Solid Performance Despite Impact from “At-Risk” Generic Protonix Launches

* As Adjusted, Before Certain Significant Items

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Results by Division: 1Q 2008

Animal Health$276.6M

ConsumerHealthcare

$675.2M

Pharmaceuticals$4,758.8M

Worldwide Net Revenue Increased 6% to $5.7 Billion for the 2008 First Quarter

0%*0%*

6%*6%*

* Represents percentage increase in 2008 First Quarter Net Revenue compared with 2007 1Q

10%*10%*

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19%

$411M$342M

$1,021M

15%

Represents 2008 First Quarter Net Revenue and percentage increase (decrease) compared with 2007 1Q; amounts presented for Enbrel represent Net Revenue outside the U.S. and Canada,where Wyeth has exclusive rights

$706M

14%

Key Product Performance: 1Q 2008

$159M

(66)%

22%

$606M

36%

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Wyeth Pharmaceutical Success Imperatives

Drive Growth in Products and Regions

Successfully Introduce New Products

Sharpen Focus - Manage Costs – Define Path

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2007 Revenue: $2.4 Billion (+24%) Expect Mid-Teens Growth in 2008

Focus On Growth Drivers:

®®

Strong and Growing Product Lines

2007 Revenue: $2 Billion Int’l. (+36%) International Revenue Expected to Exceed $2.5 Billion in 2008 … $3 Billion Target in 2010

2007 Revenue: $1.4 Billion (+20%)Expect 2008 Growth to Be Similar to Last Year

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2007 Revenue: $3.8 Billion (+2%)Expect 2008 Sales to Be Comparable to 2007


Strong Contributors to Revenue

2007 Revenue: $1.1 Billion (+17%)Expect International Generic Competition and Possible Generic Competition in the U.S.

2007 Revenue: $1.1 Billion (+0%)Progress Continues in Clarifying the Benefit/Risk Profile of Hormone Therapy

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2007 Revenue: $705 Million (+7%)


Strong Contributors to Revenue


2007 Revenue: $1,042 Million (+11%)

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Hemophilia Franchise Grew 16% in 2007Franchise Is on Track to Reach $1B in 2009


Other Solid Contributors to Revenue



BMP-2

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Drive Growth in Regions

2000 2007

US EMEA/C APAC LA

Revenue 61%10%

5%

24%31%

6%12%

52%

$13.1B $22.5B

Wyeth’s Growing International Presence Evolution of Sales

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Increasing Contribution & Accelerating Growth In Emerging Markets for Pharma Industry

2007 IMS Health (Rx Market), Russia sales based on 3Q MAT 2007.MENA Countries include: IMS data for Saudi Arabia, S. Africa, UAE, Kuwait. The value is under-represented given several countries are not included in the audit.

Western EuropeWestern Europe$167B$167B+6%+6%

Japan$58B+5%

North AmericaNorth America$295B$295B+4%+4%

Select Emerging Markets

$62B+16%

China$14B+26%

India$7B

+13%

Brazil$8B

+10%

Russia$5B

+19%

Korea$8B

+14%

Korea$8B

+14%

Turkey/MENA$13B+16%

Mexico$7B+8%

ROW$31B +11%

2007 Global Rx Market: $612B (+6%)

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One Example of Wyeth’s Expansion Into Accelerated Growth Markets

Before Expansion 2008 Coverage

4545COVERED COVERED

CITIESCITIES

180180COVERED COVERED

CITIESCITIES

Currently Covered City City Expansion

Wyeth Nutritionals - Geographic Expansion in China

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cSSSI and cIAICommunity Acquired Pneumonia

Renal Cell Carcinoma

Opioid Induced Constipation

Successfully Introduce New Products Continued and Projected 2008 Launches

Hemophilia A

Depression

Flea and Tick Protection for Dogs and Flea Protection for Cats

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The Wyeth Development Pipeline Continues to Grow in Breadth, Depth and Innovation

GSI-136NSA-789BLI-489MMS-255HSD-016PDE-551ILS-920NRI-992ACC-002Staph AureusBLD-089AAB-002SBI-087 TRU-015 -Lupus

ILV-095RAS-111BMP-655BMP-2 –Fracture Prevent

ATR-107

PAZ-417AGG-523SRA-444HKI-357GAP-134PRA-027MnB - InfantILV-094 – RAILV-094 -

PsoriasisTRU-015 –Onc.AAB-001 – SCIMA-026

HCV-796SAM-531Relistor™ - Oral(Methlynaltrexone)

MoxidectinBosutinib - Breast

(SKI-606)Vabicaserin

(SCA-136)Neratinib - Breast

(HKI-272)Tygacil® - HAPMnB – AdolescentACC-001TRU-015 - RAAnrukinzumab

(IMA-638)BMP-2 Inject.

Lybrel® -Contraception (EU)

Pristiq™ - MDD (EU)Viviant™ - Osteo.

Prev. &Treat.Pristiq™ - VMSTygacil® - CAPTorisel® - MCL (EU)ReFacto® AF (EU)

Small MoleculesVaccinesProteins

Aprela™ - Osteo. & Vaso. Symptoms

Tygacil® - Diabetic Foot Ulcer

Bosutinib - CML (SKI-606)

Pristiq™ -Fibromyalgia

Pristiq™ -Neuropathic Pain

Relistor™ - IV - POI(Methylnaltrexone)

Lybrel® - PMDDProtonix® - Oral PedRapamune® - Liver13vPnC - Infant13vPnC - AdultBapineuzumab - ADInotuzumab - NHL(CMC-544)

Phase 0 Phase 1 Phase 2 Phase 3 Registration

Phase 019

Phase 112

Phase 213

Phase 313

Registration8

May 2008

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Prevnar 13v – Expanding the Coverage

• Phase 2 Proof of Concept Achieved

• Licensing Criteria Agreed Upon

• Worldwide Phase 3 Studies Ongoing

• Submission Early 2009

StatusStatus

Infant

> $3 BillionPeak SalesPeak Sales

• Provide BroadestCoverage Available for the Global Protection of Children Against Pneumococcal Disease

OpportunityOpportunity

• Proof of Concept Achieved

• Licensing Criteria Agreed Upon

• Worldwide Phase 3 Studies Ongoing

• Submission Early 2010

Adult

> $1.5 Billion

• Provide First and Only Conjugate Vaccine That Offers Adults, >50, an Opportunity to Prevent Pneumococcal Pneumonia for the Rest of Their Lives

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BapineuzumabPhase 3 for Alzheimer’s Disease

n Four Studies in Over 4,000 Patients Are Beginning Worldwide

First U.S. Patient Enrolled December 2007; International Studies to Initiate May 2008

n Co-Primary Efficacy Endpoints – Validated Cognitive and Functional Scales

Other Cognitive, Functional, Behavioral, Biomarkers, Health Outcomes Endpoints

n Phase 2 Data Mid-2008Top Line Press ReleaseFull Data at ICAD in July

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Project Impact: Focus and Sequence

20082008 20092009 2010+2010+

Level I:Level I: Cost ReductionCost Reduction

• Reduce/Eliminate Costs and Expense

Level I: Cost ReductionLevel I: Cost Reduction

Level II:Level II: Business Model & StructureBusiness Model & Structure

• Change How We Operate and Improve Performance Within Current Business Model and Structure

Level II: Business Model & Structure RefinementLevel II: Business Model & Structure Refinement

Level III:Level III: PharmaPharma Strategic DirectionStrategic Direction

• Change Our Business/Operating Model for the Future

Level III: Level III: PharmaPharma Strategic RedesignStrategic Redesign

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Project Impact: Functional Teams

n Offshoring and Outsourcingn Site Network and Spend Optimizationn Operational Efficiencies (Grants, etc.)n Alternative Investment Modeln Portfolio Optimization

Research and Pre-ClinicalClinical, Medical and Regulatory

n Global/Regional/Local/Business Unitn Affiliate Structure n Sales Operating Modeln Spend Effectiveness

Commercial

n Site Networkn Productivity and Performancen Process Excellence

Manufacturing and Supply

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Project Impact: Cross-Functional Teams

Infrastructure/ Support

Purchased goods and Services

Information Services

n Therapeutic/Disease Areasn Portfolio/Pipeline Mixn Specialty/Primary Care Mix

Strategic Direction

n Support Function Modelsn Demand Managementn Vendor Consolidationn Goods and Services Pricingn Facilities/Real Estate Review

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Key Financial Metrics

n Net Cash (Including Diet Drug Security Funds) = $2.8 Billion

Cash and Cash Equivalents at 3/31/08 = $14.5 BillionTotal Debt at 3/31/08 = $11.7 Billion

n Uses of CashMergers and Acquisitions/In-LicensingShare RepurchasesDividendsRepayment of Debt

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Wyeth: Positioning Itself for Future Growth

n Diversified by BusinessPrescription, Consumer, Animal Health

n Primary Product Engines Continue to Offer Growth Opportunities Enbrel, Prevnar, Nutritionals

n New Product Launches Contributing to Revenue Growthn Proven Capability in Three R&D Platforms and Proven Ability to

Successfully Commercialize Biotech, Vaccine and Small Molecules

n Pipeline Offers Range of Options Including Both Near-Term and Blockbuster Candidates

n Positioned to Take Advantage of Global Growth Opportunities

wyeth Citi Investment Research Global Healthcare Conference

Economy & Finance

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