Deutsche Bank Deutsche Bank Health Care ConferenceHealth Care Conference

Cavan M. Redmond Executive Vice President, General ManagerBioPharma Business Unit

May 3, 2007

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.

Ability to GloballyCommercialize Products

Ability to Create a Sustainable Biotech R&D Pipeline

Expertise in Process Development and Commercial Manufacturing

Biotechnology: Three Key Areas for Success

Biotech’s Unique Position in Healthcare

n Only 227 Commercial Biotech Products on the Market Today

n The Top 10 Biotech Companies Accounted for 100 of the 227 Biotech Products on the Market in 2006

n Ex-US Markets Have Become Important Biotech Markets

n Wyeth Has Two Top 20 Biotech Products: 4Enbrel

4Prevnar

Biotech Industry – Top 10 CompaniesWyeth Ranks 4th in Audited Sales

Source: Market Insights; IMS Quarterly Midas; Biotech industry based on definition by biotechnology industry organization, www.bio.org.*Enbrel for North America included in both Wyeth and Amgen; however, industry number does not double count Enbrel.

MAT/12/2006Rank

MAT/12/2006 (000's)

Total Biotech Industry $ 76,535,257 Top 10 Biotech Companies $ 54,302,797 AMGEN 1 15,895,830$ ROCHE 2 13,342,857$ JOHNSON & JOHNSON 3 6,751,136$ WYETH+ENBREL* 4 6,275,683$ NOVARTIS 5 3,055,300$ NOVO NORDISK 6 3,041,482$ GILEAD SCIENCES 7 2,331,733$ LILLY 8 2,265,241$ SANOFI-AVENTIS 9 2,156,318$ SCHERING-PLOUGH 10 2,149,310$

Wyeth is 3rd of Top 10 Pharma Companies in Biotech Audited Sales as a Percentage of the Business

Source: Market Insights; IMS Quarterly Midas; Biotech industry based on definition by Biotechnology Industry Organization, www.bio.org.

*Enbrel for North America included in both Wyeth and Amgen; however, industry number does not double count Enbrel.

MAT/12/2006Rank

MAT/12/2006 ('000's)

Percent Biotech

Global Rx Industry $ 552,691,651 14%Global Biotech Industry $ 76,535,257 NA

PFIZER 1 45,061,752$ 2% GLAXOSMITHKLINE 2 35,134,973$ 3% SANOFI-AVENTIS 3 29,058,798$ 7% NOVARTIS 4 28,826,878$ 11% ASTRAZENECA 5 26,389,075$ 0% MERCK & CO 6 24,734,873$ 1% JOHNSON & JOHNSON 7 22,662,100$ 30% ROCHE 8 21,371,780$ 62% WYETH+ENBREL+ALTACE* 9 17,971,027$ 35% AMGEN 10 15,992,680$ 99% ABBOTT 11 15,912,513$ 13%

Wyeth Biotech Worldwide Revenue

$1.7 Billion – 1Q2007

Biotech Reported Solid Results for 1Q07

1Q07 + 39%

1Q07 vs.1Q06

GROWTH

Wyeth Biotech Results2007 1Q

Latin Latin AmericaAmerica

92%92%

Wyeth Biotech – A Global Reach2007 1Q Results

US Region$847M

Asia Asia PacificPacific

16%16%

Asia Pacific$83M

EMEAEMEA--CanadaCanada$702M$702M

Latin America

$73M

US US RegionRegion

45%45%

EMEA EMEA CACA

34%34%

Growth vs. 1Q06

43%33%

13%

Represents 1Q2007 Net Revenue and percentage increase compared with prior year. Infuse/Inductos (BMP) represents Net Revenue reported by Wyeth for US sales recorded by MSD.

49%

$445M

$177M$97M

$617M

Wyeth Biotech Net Revenue Results2007 1Q Key Growth Drivers

(Ex North America)

Wyeth in Biotech: Global Growth Resulting in Two Products Reaching/Exceeding $3 Billion in 2010

n Enbrel: $3 Billion Ex-US 4Market Opportunities

4Geographic and Medical Expansion

4Unique Mechanism of Action With Extensive Safety/Efficacy

n Prevnar: Double Sales From 2005 to 20104Launches in New Countries

4National Immunization Programs

Enbrel – Second Largest Global Biotech Brand (Audited Sales)

MAT/12/2006Rank

MAT/12/2006 ('000's)

Selected Market 76,535,257$ ARANESP 1 4,964,712$ ENBREL 2 4,518,925$ ERYPO 3 3,661,877$ REMICADE 4 3,560,530$ NEULASTA 5 3,249,424$ MABTHERA 6 3,206,692$ EPOGEN 7 3,142,188$

Enbrel Remains One of Top 10 Pharmaceutical Products Worldwide

Prevnar®

Launched in 76 CountriesLaunched in 76 Countries

Additional 9 Launchesby 2008

National Immunization Programs

n United Statesn Australian Canadan Francen Germanyn Greecen Kuwaitn Luxembourg

n Austrian Denmarkn Finlandn Hong Kongn Icelandn Irelandn Japann Taiwan

n New Zealandn Portugaln Saudi Arabian Singaporen South Korean Spainn Swedenn Costa Rica

Potential NIPs

Total Birth Cohort ~10 Million Total Birth Cohort ~3 Million

n Netherlandsn Norwayn Qatarn Switzerlandn United Kingdomn Mexicon Italyn Belgium

Current NIPs

Emerging Market Opportunities

Private to Potential NIPsn Chile

n China

n Ecuador

n Hungary

n India

n Indonesia

n Malaysia

n Pakistan

n Peru

n Philippines

n Romania

n Russia

n South Africa

n Thailand

n Uruguay

n Argentina

n Brazil

n Colombia

n Czech Republic

n Poland

n Turkey

n Venezuela

Private Markets

Total Birth Cohort ~8 Million Total Birth Cohort ~58 Million

Hemophilia Franchise: Driving New Innovation

n Recombinant FVIII

n ReFacto AF4New Albumin-Free ReFacto 4Manufactured Using No

Human or Animal Products 4Filed 2Q07

n Additional Convenience Devices to Meet Patient’s Needs

n The Only Recombinant Factor IX

n A New Formulation of BeneFIX Expected to Launch Mid-20074Key Additional Convenience

Devices to Meet Patient’s Needs

n Full European Rights Revert to Wyeth in July 2007

BMP-2: Innovating Biotech & Devices

n Revolutionary Product Meeting Significant Medical Needs

n Oral Maxillofacial Procedures4 Approved by FDA in March 2007

n AMPLIFY for PosterolateralSpinal Fusion

4 Submitted to and Accepted by FDA in Q1 2006

$0

$100

$200

$300

$400

$500

$600

$700

2003 2004 2005 2006

+ 102%

+ 41%

+ 30%

CAGR: ~50%

$ m

il

INFUSE Sales(As Reported by Medtronic)

2002: Spinal Fusion

2004: Open Tibia Fracture

Indications

Andover, MAAndover, MA

Sanford, NCSanford, NC

Algete, SpainAlgete, Spain

Pearl River, NYPearl River, NY

Grange Castle, IrelandGrange Castle, Ireland

Biology Over Stainless Steel

n Our Current Investments Are in Process Standardization and Upstream/Downstream Process Efficiencies and Yields

n Upstream: Proprietary Position on Enhancing Cell Culture Yields With Defined Media (2004)4 “Wyeth Recently Created a Cell Culture System

That Can Generate 9 Grams of Protein Per Liter of Culture. Just Four Years Ago, the Standard Was 1 Gram Per Liter.” Nature Biotechnology, September 2006

n We Are Focused on Further CHO Cell Improvement Through Genetic and Metabolic Engineering (Gene Chip)

CHO Chip Scan

Changing the Paradigm of Biotech Manufacturing Capacity

n DOWNSTREAM: Proprietary Position on Two-Column Purification for Mabs (2005)

n All Proprietary Processes Incorporated Into Standardized Platform4 Speed to IND and Launch

n 10 Metric Tons of Theoretical Capacity From Standard Facilities4 Or 1 Metric Ton X 4 Products -

Sept 2006 ACS in SF

n Transforms the Thinking on Cost Structure and Importance of Volumetric Capacity

CME-548AAB-002TRU-015 (Onc)IMA – 026ILV-095RAS -072SBI -087BLD-089BMP-12BHS-019ACC-002HIV Vaccine (4)Staph aureus

Inotuzumab/ (CMC-544)IMA-638ILV-094MnB Infant ACC-001

Bapineuzumab GAP-486TRU-015 (RA)BMP-2 Inject.MYO-029MnB Adolescent

Mylotarg® – AMLTorisel™

ReFacto® AF

ProteinsVaccines

13vPnC Infant13vPnC Adult

Phase 0Phase 0 Phase 1Phase 1 Phase 2Phase 2 Phase 3Phase 3 RegistrationRegistration

Our Discovery Pipeline Continues To Grow

A Robust Biotech Pipeline Contributing to Future Growth

n 1/3 of Current Pipeline Is Biotech and Vaccines

n Combination of In-house and In-licensing

n Broad Therapeutic Coverage4 Immunology

4 Vaccines

4 Oncology

4 Bone Growth

4 Neuroscience

4 Hemophilia

Biotech at Wyeth – A Look At the Future

200020002000

14%14%14% 200620062006

33%33%33% 2010 (est.)

2010 2010 (est.)(est.)

45%45%45%