Robert EssnerChairman, President and Chief Executive Officer

Bear Stearns Healthcare Bear Stearns Healthcare ConferenceConference

September 14, 2004September 14, 2004

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.

3

Wyeth Delivering Strong Growth in 1st Half 2004

Revenues +11% Human Pharmaceuticals +11%

Consumer Health +9%

Animal Health +16%

SG&A +5%

R&D* +10%

EPS* +5%* Excluding Impact of Certain Significant Items

A reconciliation of reported net income and diluted EPS as reported under GAAP to net income and diluted EPS before certain significant items is available in Wyeth’s 2nd quarter earnings release found at www.wyeth.com.

4

®®

Focus on Growth Opportunities: Five “Billion Dollar” Franchises in 2004

5

U.S. Antidepressant Market Growth Slowed

Comparison to Increased Utilization Following 9/11

Recent Negative Publicity Regarding Suicidality in Adolescents

International Growth Continues to be Strong

Effexor is #1 Selling Antidepressant in International Markets

Expect the Category to Rebound and Effexor to Grow Faster Than the Category Overall

Focus on Growth Opportunities: Near-TermStrong and Growing Product Line

6

Will Be a Market Leader in Biologic Therapy for All Indications

Ankylosing Spondylitis – Approved Psoriatic Arthritis – Approved Psoriasis – Approved U.S., EU Year-end

- New and Total Prescription Volume in Dermatology Up Sharply in 2nd Quarter

On Target to Achieve 2004 Revenue Near the High-end of Guidance Range for North America

Sales Outside of North America to More Than Double

Focus on Growth Opportunities: Near-TermStrong and Growing Product Line

7

Remains One of the Fastest Growing Brands in the Highly Competitive PPI Marketplace

Protonix Has Continued Strong Growth Despite the Launch of Prilosec OTC and generic omeprazole

Continues to Maintain the Highest Overall Managed-care Formulary Access and Reimbursement of the PPI Class

Focus on Growth Opportunities: Near-TermStrong and Growing Product Line

8

Major Improvements in Prevnar Manufacturing Capabilities

Contract Vial Filling Now Online Pre-filled Syringes Projected for 2005

Global Demand for Prevnar Remains Strong – Recognizing Public Health Impact

CDC Returned to 3-dose Series in July EMEA Returned to 4-dose Series in

August®®

Focus on Growth Opportunities: Near-TermStrong and Growing Product Line

9

Continue to Support the Appropriate Use of Hormone Therapy for Indicated Uses

Lower Doses Provide Clinicians with New Treatment Options

Low Dose DTC Campaign Underway®®

Focus on Growth Opportunities: Near-TermStrong and Growing Product Line

10

Challenges Facing Today’s Pharmaceutical Industry

Political Issues

Structural Issues

Litigation

11

Wyeth R&D: Focus on Innovation

Create an Environment Within R&D That Supports, Sustains and Recognizes Scientific Innovation

Create a System That Does Not Screen Out Innovation, Even When Its Potential Is Hard to Understand Early on

Develop an Organization With the Ability to Continually Adapt to Follow Where the Science Leads

12

Innovative Early R&D Programs

Alzheimer’s Disease Programs Immunotherapeutic Approaches / Small Molecule for Symptomatic

Treatment

Oncology Platforms Three Oncology R&D Strategies

- Cell Cycle Inhibitors

- Cell Signaling Pathway Inhibitors

- Antibody-Targeted Chemotherapy

Inflammation Programs Small Molecule Inhibition of TNF-alpha cPLA Inhibitors for Inflammation, Pain, Asthma

13

Wyeth’s Strong Phase 3 Pipeline

Tygacil™ - New Broad-spectrum Antibiotic for Empiric Treatment of Serious Infections

Bazedoxifene/Bazedoxifene/CE – New Selective Estrogen Receptor Modulator and Combination for Osteoporosis and Vasomotor Symptoms

DVS-233 – New SNRI for Depression and Non-hormonal Treatment of Vasomotor Symptoms

Temsirolimus – Novel mTOR Inhibitor Approach Effective in Multiple Tumor Types

Bifeprunox – Novel Treatment for Schizophrenia with Improved Safety Profile

Tanaproget – First Nonsteroidal Oral Contraceptive

New Molecular EntitiesNew Molecular Entities

Librel™ - New Oral Contraceptive To Eliminate Cycling and Premenstrual Dysphoric Disorder

Other Important Life Cycle Programs Ongoing

Life Cycle Management ProgramsLife Cycle Management Programs

14

Tygacil™

Effexor® XR Panic

BMP-2 Posterolateral Spine

Bazedoxifene Osteoporosis Prevention

Librel®

Rapamune® Renal (Life Cycle Programs)

DVS-233 Depression

Bifeprunox

Tanaproget

DVS-233 Vasomotor Symptoms

Temsirolimus RenalCell Cancer

Temsirolimus MantleCell Lymphoma

Temsirolimus Breast Cancer

Rapamune ® Liver

ReFacto® AF

Next Wave of Filings: 2004-2006

2004

2005

2006

15

2004 2005 2006 20072004 2005 2006 2007

Enbrel (psoriasis)*

Temsirolimus

LibrelTygacil

Bazedoxifene DVS-233 (dep)

Bifeprunox

Tanaproget

DVS-233 (vaso)

>$1 Billion Peak Year Sales Potential

>$500 Million Peak Year Sales Potential

Leading to Significant New Product Opportunities to Support Growth at Wyeth

Projected Launches 2004-2007

* Launched U.S. 2Q04

16

Diet Drug Litigation

17

Diet Drug Litigation

Initial Opt Out Cases The Company Has Resolved the Claims of All but a

Small Percentage of the Initial Opt Outs

Downstream Opt Out Cases Will Continue to Defend Wyeth Aggressively and Bring

Cases to Trial Continue to Challenge Many of the Downstream Opt Out Cases That

Appear Medically Deficient Some Early Successes in the Philadelphia and New Jersey Courts Recent Ruling by Judge Bartle on Bifurcated Trials

18

Diet Drug Litigation

PPH Cases As of July 19, 2004, Wyeth Has Been Named in ~350

Lawsuits Where the Plaintiff Alleges a Claim of PPH~75 Cases Appear Eligible to Pursue a PPH Lawsuit Under the

Terms of the National Settlement

~95 Expect to be Dismissed

~180 Insufficient Information

Appeal of Cappel - Texas Verdict Underway

Wyeth 10-Q filed August 9, 2004

19

Diet Drug Litigation

Seventh Amendment to National Settlement Preliminary Approval Received Last Month Designed to Resolve Matrix Level 1 and 2 Claims As

Well as Future Matrix Claims

20

Wyeth Is A Company That Has Built Itself Around Innovation

A Strong Line of Growing Products on the Market Supported by a Dynamic and Competitive Commercial Organization

Outstanding Near-term Pipeline With Significant Commercial Potential

Backed by a Research Organization of Remarkable Productivity

Wyeth Has the Flexibility and Creativity to Take the Right Product and Make It Successful in Virtually Any Category Anywhere in the World