Cowen Health Care ConferenceCowen Health Care Conference

Geno GermanoPresident – U.S. and General ManagerWyeth Pharmaceuticals

March 13, 2007March 13, 2007

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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 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.

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$0

$5

$10

$15

$20

$25

FY 05 FY 06$0.0$0.5$1.0$1.5$2.0$2.5$3.0$3.5$4.0$4.5

FY 05 FY 06$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

FY 05 FY 06

$2.75$2.75

$3.14$3.14

+14%

$19B$19B$20B$20B

+9%

$3.7B$3.7B

$4.3B$4.3B

+15%

Net Revenue ($B) Net Income* ($B) Earnings Per Share*

* Excludes Certain Significant Items and Reflects the 2005 Pro Forma Effect of Expensing Stock Options

Wyeth Delivered Strong Growth in 2006

4 (in millions)$0 $1,000 $2,000 $3,000 $4,000 $5,000

BMP-2Rapamune

BeneFIXZosyn

PremarinNutritionals

Alliance Rev.ProtonixPrevnarEffexorEnbrel

+9%+16%

+17%+7%

+30%+8%

+20%

+15%

+30%

+12%

$4.4B

$3.7 B

$2.0 B

$1.8 B

$1.3 B

$1.2 B

$1.1 B

$972 M

$337M

$308 M

$2,880 M (Amgen) $1,50 M (Wyeth)

$358M +4%

Strong Growth In 2006

FY06 Pharma Revenue

Growth +10%

Marketed Products

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2006 Wyeth’s Leadership Positions

#1 Antidepressant

#1 RA & Psoriasis Biologic

#1 Vaccine

#1 I.V. Antibiotic

#1 Infant Formula (In Aggregate Market Where We Compete)

#1 HT

#1 Hemophilia B

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2007 Guidance*• Pro Forma EPS +8% to +11%• Revenue Growth Mid to High

Single Digit• Gross Margin 72% to 74%• SG&A Increase at a

Significantly Lower Rate than Revenue

• R&D Growth Mid Single Digit

• Continue to Grow the Bottom Line at a Meaningfully Faster Rate Than Revenue Growth

Project Springboard• Increase Efficiency of

Marketing/Selling Approach• Commercial Excellence• Marketing Excellence

• Enhance R&D Technical and Management Processes

• Learn and Confirm• Early Clinical Development

Centers

• Optimize Manufacturing Supply Chain

• 25 Sites in 2006 vs. 43 in 2000

* Excludes Certain Significant Items

Efforts Continue to Contain Cost Structure While Allowing Support of Key Brands and R&D

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New Commercial Model

Recognizing the Need for More Positive Interactions With Physicians, Consumers, and Payors, Wyeth Sought to Create a New Commercial Model That Would:

n Meet the Needs of the Market, Our Customers, and Shareholders

n Increase Effectiveness by Improving Access and Interaction With Physicians

n Recognize Alternative Methods to Deliver Product Messages to Physicians, Payors, and Consumers

n Re-establish Our Sales Representative Value Proposition

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New Primary Selling ModelOperational Summary

Old Modeln Shared Physician Targets

Within PODn Headquarters-driven Plan

of Actionn Shared Accountabilityn One Primary Productn Uniform Resource Allocationn District Management Matrixn Physician Segmented

by Volumen Rep Incentive Share/Volume

New Modeln Physician and Account

Responsibilityn Local Empowerment and

Decision Making n Individual Accountabilityn Portfolio Responsibilityn Custom Resource Allocationn DM Geographic Ownershipn Physician Segmented

by Valuen Rep Incentive Value

Generation

Early Indications Reflect Favorable Physician Response

Source: Health Strategies Group “2006 State of the Selling Environment Study”. Question: Overall, how satisfied are you with this pharmaceutical representative? Rate on a scale from 1-7 where 1 is Not at all satisfied and 7 is Very satisfied.

Primary CarePrimary CareCompanyCompany

20062006 RankRank 20052005 RankRankWyeth 71% 1 57% 8Eli Lilly 69% 2 51% 13Pfizer 69% 3 77% 1GlaxoSmithKline 67% 4 64% 5Forest 66% 5 68% 2Abbott 63% 6 48% 16AstraZeneca 63% 7 62% 6Merck 62% 8 55% 11Takeda 62% 9 60% 7Novartis 60% 10 68% 2Boehringer-Ingelheim 59% 11 56% 10Sanofi-Aventis 58% 12 51% 13Schering-Plough 55% 13 66% 4Bristol-Myers Squibb 50% 14 38% 17TAP 50% 14 57% 8Johnson & Johnson 47% 15 52% 12Procter & Gamble 44% 16 50% 15Roche 41% 17 N/A N/AIndustry Average 59% N/A 58% N/A

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Continuous Learning

n Sales Remain on Target With All Brands Achieving or Exceeding Established Goals

n Strong Customer Relationships Enhanced or Maintained72% of Physicians Indicated the New Model Would Allow Them to Establish Stronger Relationships With Their RepresentativesSales Representatives Report Improved Access in Many Offices As a Result of Account Ownership

n Increased EfficiencyApproximately 70% of Physicians Say the Current Model Is an Improvement That Provides More Value for Them/Their Staff

n Greater Flexibility for Market and Environmental Changesn Local Empowerment to Increase Productivity

and Job Satisfaction

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Marketing Excellence VisionInnovating for Sustainable Advantage in a Changing Marketplace

Build a Customer-focused Organization That:

1. Understands and Meets Our Customers’ Needs

2. Values and Rewards Innovation & Creativity

3. Optimizes Our Structure to Deliver Flawless Execution in a Cost-efficient Manner

4. Drives Preference for Our Brands

5. Is Recognized As a Leader at the Forefront of Change

Create Sustainable Competitive Advantage

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Other Industries Offer Rich Source of Learning for Wyeth Marketing

Examples

Brand Planning

Systematic and Rigorous Approach to Business Planning and Metrics

Channel Management

Use Multi-channels to Segment, Acquire and Retain Customers

Customer Insights

Novel Approaches to Research (E.G., Anthropology, Ethnography) to Capture Unique Insights

Payor As Customer

Deep Understanding of Payor Behavior and Business Drivers

Marketing Organization

Clearly Defined Roles and Rules of Engagement Between Brand Team and Marketing Support

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Key Areas of Focus:

Gain Deeper Customer Insights

Enhance Customer-focused Marketing

Increase Rigor to Marketing Processes and Talent

Focus on U.S. Business

Marketing ExcellenceBuild a Customer-focused Marketing Organization That Innovates to Achieve Sustainable Advantage in a Changing Marketplace

Marketing ExcellenceMarketing Excellence

HCPHCPRelationshipRelationship

MarketingMarketing

ConsumerConsumerEngagementEngagement

PayorPayorExcellenceExcellence

Insights PowerhouseInsights Powerhouse: : Building Deep Customer InsightsBuilding Deep Customer Insights

Talent ManagementTalent Management: : Strengthening Talent and DevelopmentStrengthening Talent and Development

Business AlignmentBusiness Alignment: : Balancing Business Management & Demand GenerationBalancing Business Management & Demand Generation

Brand PlanningBrand Planning: : Creating a Creating a ““Wyeth WayWyeth Way”” of Planningof Planning

14* Priority Review

New Pharmaceutical Products Pending FDA Approval

ProjectProject IndicationIndication FiledFiled PDUFAPDUFA

Lybrel™ Contraception June 2005 May 2007

Pristiq™ Depression December 2005 Approvable January 2007

Pristiq™ Vasomotor June 2006 2Q 2007

Viviant™ Osteo Prevention June 2006 2Q 2007

Bifeprunox Schizophrenia October 2006 3Q 2007

Torisel™ Renal Cell October 2006 2Q 2007*

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Pristiq™ – Proven SNRI Pharmacological Impact for Management of Depression

nSimilar to Effexor XR® in Terms of Efficacy, Safety and Tolerability

nVery Low Potential for Drug-drug Interaction

nWell-established QTc Safety Profile

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Female71%

Source: SDI Longitudinal Patient Data, April 2006 (USA)

Women Represent Over 70% of Patients Treated with an Antidepressant

Treated Patients by Gender

Male29%Male29%

Female<40 Years

19%

Female<40 Years

19%

Female>40 Years

52%

Female>40 Years

52%

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Transition Through Menopause Can Be Associated With New Onset or Recurrence of a Major Depressive Episode

n Estrogen Fluctuation or Decline May Diminish Serotonin and Norepinephrine Functioning

n Dual Reuptake Inhibitor May Be a Better Fit for Depression Associated With Menopause

18*SSRIs=fluoxetine, fluvoxamine, paroxetine, sertraline, and citalopram. †P≤0.05 drug vs. placebo. ‡P≤0.05 vs. SSRIs.Younger women = age ≤40; older women = age >55.Cohen LS, et al. Poster presented at ACNP Annual Meeting; San Juan, Puerto Rico; December 2004.

†

†‡ †‡

0

10

20

30

40

50

(n=263) (n=1041) (n=1007)(n=108) (n=367) (n=355)<40 >55<40 >55 <40 >55

Rem

issi

on R

ate,

Wee

k 8

(%)

Placebo

SSRIs* Effexor®/Effexor XR®P≤0.05

36%

30%

Pooled Analysis of 32 Depression Studies

Remission of Depression: Differential Response With Age

SSRIs vs. SNRIs

Age

Fibromyalgia

1 National Institute of Mental Health. “What To Do When A Friend is Depressed…” Bethesda (MD): National Institute of Mental Health, National Institutes of Health, U.S. Department of Health and Human Services, 2001.

2 Wyeth /ICR Patient Study Dec 2005, projected to total population using U.S. census data3 Patient Base by Decision Resources, August 2005

2006 Syndicated Depression Omnibus shows VMS and depression overlap of ~3M women, 2005 Depression Consumer Landscape Study shows fibromyalgia and depression overlap of ~1M women

Vasomotor Symptoms

23 Million2

Women

U.S. Prevalence

Providing Specific Benefits for Over35 Million Women

4 Million3

Women

Major Depression

12 Million1

Women

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Pristiq™ Differentiation

With FDA-approval, the FirstNon-hormonal Treatment of

Moderate-to-severe Vasomotor Symptoms (VMS) Associated With Menopause

With FDA-approval, the FirstNon-hormonal Treatment of

Moderate-to-severe Vasomotor Symptoms (VMS) Associated With Menopause

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30% Use Estrogen Therapy

Hysterectomized WomenExperiencing Hot Flushes

Menopausal WomenExperiencing Hot Flushes

10% UseHormoneTherapy

Sources: Wyeth/ICR Patient Study Dec 2005, projected to total population using U.S. census data

A Small Percentage of the 23 Million Symptomatic Women Use Available Treatments

15 Million Women 8 Million Women

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StatusMDD Approvable Jan 2007

VMS NDA June 2006

Peak Sales > $2 Billion

Pristiq™ Product Profile for Major Depression or VMS

Can Become the First and Only SNRI Proven to Effectively Address the Distinctive Symptoms

and Therapeutic Needs of Women With Depression Associated With Menopause

or Vasomotor Symptoms

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2007 Planned FDA Submissions

ProjectProject IndicationIndication Proposed FilingProposed Filing

Methylnaltrexone Opioid Induced Constipation March 2007

Tygacil® CAP/HAP Mid 2007

ReFacto® AF Hemophilia Mid 2007

Aprela™ Menopausal Symptoms / Osteoporosis Late 2007

Methylnaltrexone Post Operative Ileus Late 2007/Early 2008

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New Product Summary

7 7 NCENCE’’ss

11 New Indications11 New Indications

Competing in Markets Worth >$30B in Competing in Markets Worth >$30B in Annual SalesAnnual Sales

Late Stage Pipeline Addressed at 10/5/06 Analyst Meeting

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Positioning Wyeth To Be A Stronger Companyn Build Breadth and Diversity Into Every Aspect of the

Company So Wyeth Will Never Be Dependent on One Product or Any One Research Program

n Continue to Improve Profitability by Enhancing Productivity

n Achieve Solid Top Line Growth, Effectively Manage Costs, and Grow the Bottom Line at a Meaningfully Faster Rate Than the Growth in Revenues

n Position Wyeth to Be a Stronger Company at the End of the Decade Then We Are Today and Enter the Next Decade With Great Momentum

Questions?Questions?

Geno GermanoPresident – U.S. and General ManagerWyeth Pharmaceuticals