1. 2008 Citi Investment Research
Global Healthcare Conference
Greg Norden
Senior Vice President and Chief
Financial Officer
May 21, 2008

2. 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 quot;Item 1A, Risk Factors.quot; 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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3. 2008 Guidance*
Pro Forma EPS $3.35 to $3.49 (-1% to -5%)
n
Revenue Comparable to 2007
n
Gross Margin 72% to 74%
n
SG&A Down 2% (Excluding Any Impact from Foreign
n
Exchange)
R&D Up Slightly
n
Tax Rate 29% to 31%
n
Taking Aggressive Measures to Mitigate the Impact of
the Loss of Protonix to the Extent Possible
* Excludes Certain Significant Items
3

4. Wyeth 1Q 2008: Solid Performance Despite Impact
from “At-Risk” Generic Protonix Launches
Net Revenue ($B) Operating Profit ($B) Earnings Per
Share*
+0%
+6%
$6 $2.0 $1.00
+7%
$5
$1.5
$4
$5.7B $1.8B $.94
$3 $1.0 $0.50
$5.4B $1.7B $.94
$2
$0.5
$1
$0 $0.0 $0.00
1Q07 1Q08 1Q07 1Q08 1Q07 1Q08
* As Adjusted, Before Certain Significant Items
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5. Results by Division: 1Q 2008
Worldwide Net Revenue
Increased 6% to $5.7 Billion for
the 2008 First Quarter
10%*
Pharmaceuticals
6%*
$4,758.8M
Animal Health
$276.6M
0%*
Consumer
Healthcare
$675.2M
* Represents percentage increase in 2008 First Quarter Net Revenue compared with 2007 1Q
5

6. Key Product Performance: 1Q 2008
36%
22%
19%
15% 14%
$1,021M
$706M
$606M
(66)%
$411M
$342M
$159M
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
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7. Wyeth Pharmaceutical Success Imperatives
Drive Growth in Products and Regions
1.
Successfully Introduce New Products
2.
Sharpen Focus - Manage Costs – Define Path
3.
7

8. Wyeth Pharmaceutical Success Imperatives
Drive Growth in Products and Regions
1.
Successfully Introduce New Products
2.
Sharpen Focus - Manage Costs – Define Path
3.
8

9. Focus On Growth Drivers:
Strong and Growing Product Lines
2007 Revenue: $2.4 Billion (+24%)
Expect Mid-Teens Growth in 2008
®
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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10. Focus On Growth Drivers:
Strong Contributors to Revenue
2007 Revenue: $3.8 Billion (+2%)
Expect 2008 Sales to Be Comparable to 2007
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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11. Focus On Growth Drivers:
Strong Contributors to Revenue
2007 Revenue: $705 Million (+7%)
2007 Revenue: $684 Million (+10%)
2007 Revenue: $1,042 Million (+11%)
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12. Focus On Growth Drivers:
Other Solid Contributors to Revenue
Hemophilia Franchise Grew 16% in 2007
Franchise Is on Track to Reach $1B in 2009
2007 Revenue: $359 Million (+17%)
BMP-2
2007 Revenue: $365 Million (+8%)
12

13. Drive Growth in Regions
Wyeth’s Growing International Presence
Evolution of Sales
2000 2007
24%
31%
61%
Revenue 52%
10%
12%
5%
6%
$13.1B $22.5B
US EMEA/C APAC LA
13

14. Increasing Contribution & Accelerating Growth
In Emerging Markets for Pharma Industry
Turkey/MENA
Western Europe Japan ROW $13B
China
+16%
$31B
$58B
$167B
$14B
+11%
+5%
+6%
+26%
Select Mexico
Emerging Markets $7B
$62B +8%
India
+16%
North America $7B
$295B Korea +13%
Korea
+4%
$8B
$8B
+14% Brazil
+14% Russia
$8B
$5B
+10%
+19%
2007 Global Rx Market: $612B (+6%)
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
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countries are not included in the audit.

15. One Example of Wyeth’s Expansion Into
Accelerated Growth Markets
Wyeth Nutritionals - Geographic Expansion in China
Before Expansion 2008 Coverage
180
45 COVERED
COVERED
CITIES
CITIES
Currently Covered City City Expansion
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16. Wyeth Pharmaceutical Success Imperatives
Drive Growth in Products and Regions
1.
Successfully Introduce New Products
2.
Sharpen Focus - Manage Costs – Define Path
3.
16

17. Successfully Introduce New Products
Continued and Projected 2008 Launches
cSSSI and cIAI
Community Acquired Pneumonia
Renal Cell Carcinoma
Depression
Hemophilia A
Opioid Induced Constipation
Flea and Tick Protection for Dogs and
Flea Protection for Cats
17

18. The Wyeth Development Pipeline Continues to
Grow in Breadth, Depth and Innovation
Phase 0 Phase 1 Phase 2 Phase 3 Registration
HCV-796 Aprela™ - Osteo. & Lybrel® -
GSI-136 PAZ-417
SAM-531 Vaso. Symptoms
NSA-789 Contraception (EU)
AGG-523
Tygacil® - Diabetic
Relistor™ - Oral
BLI-489 Pristiq™ - MDD (EU)
SRA-444
(Methlynaltrexone) Foot Ulcer
MMS-255 Viviant™ - Osteo.
HKI-357
Moxidectin Bosutinib - CML
HSD-016 Prev. &Treat.
GAP-134
Bosutinib - Breast
PDE-551 Pristiq™ - VMS
(SKI-606)
PRA-027
Pristiq™ -
(SKI-606) Tygacil® - CAP
ILS-920 MnB - Infant
Vabicaserin Fibromyalgia Torisel® - MCL (EU)
NRI-992 ILV-094 – RA
(SCA-136) Pristiq™ - ReFacto® AF (EU)
ACC-002 ILV-094 -
Neratinib - Breast Neuropathic Pain
Staph Aureus Psoriasis
(HKI-272) Relistor™ - IV - POI
BLD-089 TRU-015 –Onc.
Tygacil® - HAP (Methylnaltrexone)
AAB-002 AAB-001 – SC
MnB – Adolescent Lybrel® - PMDD
SBI-087 IMA-026
ACC-001 Protonix® - Oral Ped
TRU-015 -
TRU-015 - RA Rapamune® - Liver
Lupus
Anrukinzumab 13vPnC - Infant
ILV-095
(IMA-638) 13vPnC - Adult
RAS-111
BMP-2 Inject. Bapineuzumab - AD
BMP-655
Inotuzumab - NHL
BMP-2 –
(CMC-544)
Fracture Prevent
Small Molecules
ATR-107
Vaccines
Proteins
Phase 0 Phase 1 Phase 2 Phase 3 Registration
19 12 13 13 8
May 2008
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19. Prevnar 13v – Expanding the Coverage
Infant Adult
• Provide Broadest • Provide First and Only
Coverage Available for the Conjugate Vaccine That Offers
Global Protection of Adults, >50, an Opportunity to
Children Against Prevent Pneumococcal
Opportunity
Pneumococcal Disease Pneumonia for the Rest of Their
Lives
•
• Phase 2 Proof of Concept Proof of Concept Achieved
Achieved
• Licensing Criteria Agreed Upon
• Licensing Criteria Agreed • Worldwide Phase 3 Studies
Upon
Status
Ongoing
• Worldwide Phase 3 Studies
• Submission Early 2010
Ongoing
• Submission Early 2009
Peak Sales > $3 Billion > $1.5 Billion
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20. Bapineuzumab
Phase 3 for Alzheimer’s Disease
Four Studies in Over 4,000 Patients Are Beginning
n
Worldwide
First U.S. Patient Enrolled December 2007; International Studies to Initiate
May 2008
Co-Primary Efficacy Endpoints – Validated Cognitive
n
and Functional Scales
Other Cognitive, Functional, Behavioral, Biomarkers, Health Outcomes
Endpoints
Phase 2 Data Mid-2008
n
Top Line Press Release
Full Data at ICAD in July
20

21. Wyeth Pharmaceutical Success Imperatives
Drive Growth in Products and Regions
1.
Successfully Introduce New Products
2.
Sharpen Focus - Manage Costs – Define Path
3.
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22. Project Impact: Focus and Sequence
2008 2009 2010+
Level I: Cost Reduction
• Reduce/Eliminate Costs
and Expense
Level II: Business ModelModel & Structure
Level II: Business & Structure Refinement
• Change How We Operate and Improve Performance
Within Current Business Model and Structure
Level III: Pharma Strategic Redesign
Level III: Pharma Strategic Direction
• Change Our Business/Operating Model for the
Future
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23. Project Impact: Functional Teams
Manufacturing Site Network
n
and Supply Productivity and Performance
n
Process Excellence
n
Offshoring and Outsourcing
n
Research and
Site Network and Spend Optimization
n
Pre-Clinical
Operational Efficiencies (Grants, etc.)
n
Clinical, Medical and
Alternative Investment Model
n
Regulatory
Portfolio Optimization
n
Global/Regional/Local/Business Unit
n
Commercial
Affiliate Structure
n
Sales Operating Model
n
Spend Effectiveness
n
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24. Project Impact: Cross-Functional Teams
Purchased goods
and Services
Support Function Models
n
Demand Management
n
Information Services
Vendor Consolidation
n
Goods and Services Pricing
n
Facilities/Real Estate Review
n
Infrastructure/
Support
Therapeutic/Disease Areas
n
Portfolio/Pipeline Mix
Strategic Direction n
Specialty/Primary Care Mix
n
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25. Key Financial Metrics
Net Cash (Including Diet Drug Security Funds) = $2.8
n
Billion
Cash and Cash Equivalents at 3/31/08 = $14.5 Billion
Total Debt at 3/31/08 = $11.7 Billion
Uses of Cash
n
Mergers and Acquisitions/In-Licensing
Share Repurchases
Dividends
Repayment of Debt
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26. Wyeth: Positioning Itself for Future Growth
Diversified by Business
n
Prescription, Consumer, Animal Health
Primary Product Engines Continue to Offer Growth Opportunities
n
Enbrel, Prevnar, Nutritionals
New Product Launches Contributing to Revenue Growth
n
Proven Capability in Three R&D Platforms and Proven Ability to
n
Successfully Commercialize
Biotech, Vaccine and Small Molecules
Pipeline Offers Range of Options Including Both Near-Term and
n
Blockbuster Candidates
Positioned to Take Advantage of Global Growth Opportunities
n
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