1. UBS Global Life Sciences
Conference
Mary Katherine Wold
Senior Vice President, Taxes and
Treasury
September 26, 2006

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 that
involve risks and uncertainties including, without limitation, risks
associated with the inherent uncertainty of pharmaceutical research,
product development, manufacturing, commercialization, economic
conditions including interest and currency exchange rate fluctuations, the
impact of competitive or generic products, product liability and other types
of lawsuits, the impact of legislative and regulatory compliance and
obtaining approvals, and patent, and other risks and uncertainties,
including those detailed from time to time in Wyeth’s periodic reports,
including quarterly reports on Form 10-Q and the annual report on Form 10-
K, filed with the Securities and Exchange Commission. Quarterly results, in
particular, can vary due to issues which include, but are not limited to,
changes in exchange rates, the timing of actions taken by the Company to
ensure long-term improvements to our manufacturing processes, the
timing of regulatory approval of new products and/or facilities and the
timing of promotional programs. Actual results may vary materially from
the forward-looking statements. The Company assumes no obligation to
publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise.
2

3. Wyeth Delivering Strong Growth For The
First Half 2006
Net Revenue ($B) Net Income* ($B) Earnings Per
Share*
$12 $2.5 $2.00
+16%
+15%
+8%
$10 $2.0
$1.50
$10B
$8
$1.5 $2.24B $1.64
$9.2B
$6 $1.00
$1.0 $1.94B $1.43
$4
$0.50
$0.5
$2
$0 $0.0 $0.00
1H05 1H06 1H05 1H06 1H05 1H06
* Excludes Certain Significant Items and Reflects the 2005 Pro
3 Forma Effect of Expensing Stock Options

4. Marketed Products
Strong Growth in 1H06
Enbrel +20%
$1,382 M (Amgen) $705 M (Wyeth) $2B
Effexor +6%
$1.9B
+33%
Prevnar $950 M
Protonix +7%
$923 M
Alliance Rev. $612 M +28%
Nutritionals +13%
$588 M
1H06 Pharma
Premarin +12%
$526 M
Revenue
Zosyn +4%
$479 M
Growth +10%
BeneFIX +5%
$180M
+13%
Rapamune $162M
BMP-2 +43%
$156 M
$0 $500 $1,000 $1,500 $2,000 $2,500
(in millions)
4

5. #1 Biologic Therapy Globally in
Rheumatology and Dermatology
One of Only Five International Biotech Products With Sales Greater than
n
$1 Billion
Enbrel’s ex-US Sales Growth Exceeded the Biologic Market’s for the
n
Third Consecutive Year-Over-Year Period
Manufacturing Capacity Expansion Completed
n
Significant Growth Opportunities Exist
n
4 Market Penetration – RA: US = ~30%; EU = 22%
4 Market Penetration – Psoriasis: US = <5%; EU= 3%
1H06 Net Sales: $1.4 Billion NA (+12%); $705 Million International (+39%)
n
4 International Growth Expected to Exceed 30% in 2006 over $1.1 Billion in 2005
Wyeth Receives Approximately Two-Thirds of
Enbrel Global Profit
5

6. #1 Selling Antidepressant Worldwide
Antidepressant Market Growth Slowed in 2005; Market
n
growing again in 2006
4 Market Trends Higher Then Expected, Still Lower Than History
4 Publicity Seems Balanced
4 Increasing Use of Generics in Antidepressant Market
Promotional Focus to Position Effexor to Best Satisfy
n
Largest Unmet Need of Efficacy
Panic Disorder Indication
n
4 Launched in Many Key Markets; Total of 30 Approvals Expected in 2006,
more in 2007
1H06 Revenue $1,862 Million (+6%)
n
4 Expect Modest Growth for Effexor in 2006 to over $3.5 Billion in 2005 (mid
single digit growth)
4 Resolved Effexor XR Patent Litigation with Teva
6

7. ®
First Ever Billion Dollar Vaccine
A “BioBlockbuster”
1H06 Revenues = $950 Million (+33%)
n
Major Improvements in Prevnar Manufacturing Capabilities
n
4 Exceeded Our Manufacturing Targets by Producing Over 31 Million Doses of
Prevnar in 2005 – Vials and Pre-filled Syringes
Significant Improvements to Healthcare Worldwide
n
4 94% Reduction in Invasive Pneumococcal Disease in Children Under Five*
4 29% Overall Reduction in Invasive Pneumococcal Disease in the Population
(Children and Adults)*
New National Vaccination Programs to be Launched in 2006
n
4 UK, Netherlands, Norway, Switzerland, Belgium, Greece
4 Support Stronger International Revenue Growth for Balance of 2006
Expect 2006 Revenues to Grow in Excess of 25% over $1.5
n
Billion in 2005
7 * Source: CDC – September 2005

8. Focusing on Profitable Growth
Strategy is to Align Pricing, Contracting, Marketing and
n
Selling Efforts on High Margin Growth Opportunities
4Volume Growth in High Value Managed Care Segment
4Highest Overall Managed Care Formulary Access of the PPI Class
4Now the 2nd Most Prescribed Brand in the HMO Segment
4Decreasing Volume Expected from the Least Profitable Segments
1H06 Revenue $923 Million (+7%)
n
Expect Net Revenue in 2006 to Grow at a Rate
n
Similar to 2005 (6%)
8

9. New Medical Consensus Emerging
on Value of Hormone Therapy
Continue to Support the Appropriate
n
Use of Hormones and Provide
Perspective on Benefit/Risk
Provide Clinicians with Treatment
n
Options and Doses to Individualize
Therapy
DTC Campaigns Educate and Inform
n
1H06 Revenue $526 Million (+12%)
n
2006 Revenue Expected to be ~$1
n
Billion
9

10. Largest Selling IV Antibiotic Globally
Preferred “Workhorse” Antibiotic
n
Revenues
Became #1 Ranked IV Antibiotic
n (in millions)
Globally in 2H 2005
$1,000
Unsurpassed Efficacy – Only IV
n $890
Antibiotic Proven to Help Minimize
$800 $760
the Emergence of Bacterial
Resistance
$639
$600
New Formulation Launched 2006
n
4 Expanded Compatibility with Diluents
$406
and Aminoglycosides $400
4 Patent Protected Through 2023
1H06 Revenue Reached $480 Million
n
$200
(+4%)
4 Demand Remains Strong
$0
4 Recovery from Manufacturing Supply 2002 2003 2004 2005 2006
Limitations Continues Through 2006
10

11. World’s First Glycylcycline Antibiotic
1st New Class of Broad Spectrum Antibiotic in 20 Years
Only Effective Empiric Monotherapy That Simplifies Treatment of
n
Serious Infections
Indications:
n
4 Complicated Skin & Skin Structure Infections
4 Complicated Intra-Abdominal Infections
4 Community Acquired & Hospital Acquired Pneumonia Submission in Early
2007
Strong Formulary Acceptance in US
n
4 Already Listed on More Than 1,800 Hospital Formularies
European Approval Received May 2006; International Launches
n
Will Take Place Throughout 2006
1H06 Revenue $27 Million
n
Peak Year Sales Potential $1 Billion
n
11

12. Wyeth’s Evolving Phase 3 Pipeline
Project Indication Proposed Filing
Lybrel Contraception Filed 6/05
DVS-233 Depression Filed 12/05
Bazedoxifene Osteo Prevention Filed 6/06
DVS-233 Vasomotor Filed 6/06
Bifeprunox Schizophrenia Near Term
Temsirolimus Renal Cell Late 2006
Opioid Induced Early 2007
Methylnaltrexone (Sub Q)
Constipation
Tygacil CAP/HAP Early 2007
Bazedoxifene/CE Vaso/Osteo Late 2007
Methylnaltrexone (IV) Post Operative Ileus Late 2007/Early 2008
Methylnaltrexone (Oral) Opioid Induced Late 2008/Early 2009
Constipation

13. Longer Term Outlook
About One-Third of Wyeth’s Business Exposed to Traditional Risk
BioPharma and
Products
Vaccines
Impacted by
24%
29%
Future Patent
Expirations
36%
Premarin
Slice 5
5%
5%
Consumer and
Products with
Animal Health
Nutritionals Expired
18%
6% Patents
11%
13

14. Cost Management
Efforts Continue to Contain Cost Structure While
Allowing Support of Key Brands and R&D
2006 Guidance* Project Springboard
v Increase Efficiency of Selling
v Gross Margin 71% to 73%
Approach
Ø Gross Margin 73.4% in 1H06
Ø Commercial Excellence
v SG&A Low Single Digit
v Enhance R&D Technical and
Increase
Management Processes
Ø SG&A Up 1% for 1H06
Ø Learn and Confirm
Ø Anticipate an increase in
promotional investment for Ø ECDCs
certain key products in 2H06.
v Optimize Manufacturing
Supply Chain
Ø 27 Sites in 2005 vs. 43 in 2000
* Excludes Certain Significant Items and Reflects the 2005 Pro Forma Effect of
14 Expensing Stock Options.

15. Conclusion
Wyeth’s Objectives Remain:
• Achieve Solid Top Line Growth
• Effectively Manage Costs
• Grow the Bottom Line at a Meaningfully Faster Rate
Than the Growth in Revenues
15