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Bernard Poussot President and Chief Executive Officer Goldman Sachs Annual Global Goldman Sachs Annual Global Healthcare Conference Healthcare Conference June 11, 2008 June 11, 2008

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Bernard PoussotPresident and Chief Executive Officer

Goldman Sachs Annual Global Goldman Sachs Annual Global Healthcare ConferenceHealthcare Conference

June 11, 2008June 11, 2008


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 "Item 1A, Risk Factors." Wyeth assumes no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.


Wyeth’s Goal: Generate Sustainable GrowthIn a Tumultuous Environment

1. Manage the Impact of Protonix on the Bottom Line

Achieve Full Potential of Core Products2.

Successfully Launch New Products3.

The Transforming Potential of R&D4.

Optimize Diversification By Accelerating International Expansion5.

Continue Wyeth Transformation6.


Manage the Impact of Protonix® on the Bottom Line

n Pro Forma EPS $3.35 to $3.49 (-1% to -5%)*

* Excludes Certain Significant Items

Take Aggressive Measures to Mitigate the Impact of the Loss of Protonix to the Extent Possible


Optimize Growth Engines




Strong U.S. Acceptance; International Launches Taking Place Throughout 2008

Only Targeted RCC Agent with Overall Survival Benefit in Patients with Multiple Risk Factors

Future Standard for Relief of Opioid Side Effects; Full Launch Expected in July

Successfully Introduce New Products Continued and Projected 2008 Launches

Improved Manufacturing Process Eliminates Risk of Viral Contamination and Increases Yields

Launch Just Underway – May 2008; Early Rx and Formulary Acceptance In-Line with Projections

Flea and Tick Protection for Dogs and Flea Protection for Cats


The Transforming Potential of R&DOptimal Use of Three Technology Platforms … A Competitive Advantage for Wyeth

n Prevnar 13v4More Than Just Prevnar 7v for Infants4Further Expansion into Infant Population … Especially International4New Indication for Adult Population

n Alzheimer’s Disease4Potential to Transform Medicine and Wyeth410 A.D. Compounds in Development at Wyeth4Bapineuzumab Furthest Along

n Oncology4Two New Products Advanced to Phase 34Inotuzumab (CMC-544) –Treatment of Follicular Lymphoma4Bosutinib (SKI-606) - Treatment of Chronic Myelogenous Leukemia

Enhance Internal R&D Efforts with M&A: Technologies, Companies or Attractive Products


Optimize Diversification By Accelerating International Expansion

Wyeth Revenue

Strong Growth From International Businesses

FY 2007 1Q 2008



U.S. Int’l.


Optimize Diversification By Accelerating International Expansion

4100% ex-U.S.; Growing 19% 1Q084Operating Margins Similar to Pharmaceutical

Business4Continued Innovation to Offer Scientifically Advanced

Nutritional Products

463% ex-U.S.; Growing 14% 1Q084Leading Biological/Vaccine Businesses4Growing Strength in Companion Category

e.g., ProMeris

452% ex-U.S.; Growing 20% 1Q084Leadership in Pain, Cough/Cold and

Vitamin/Nutritionals Categories


Optimize Diversification By Accelerating International Expansion

Dedicated Executive Management Leadership

Enhanced Financial Support

Focused/Accelerated Decision Making


Continue Wyeth Transformation

n Level One4Cost Reduction to Absorb Protonix Losses

n Level Two4Business Model & Structure Refinement

4Enhance Productivity Initiatives- R&D

- Manufacturing

- Commercial

- Administrative

n Level Three4Pharma Strategic Redesign

Project Impact


Effectively Manage Costs


34.4% 34.5%33.4%

32.2% 31.6%30.2%





2000 2001 2002 2003 2004 2005 2006 2007

SG&A as a % of Revenue

… And More to Come From Project Impact


Leading Wyeth Forward

Employing Multiple and Diverse Employing Multiple and Diverse Assets to Secure Future GrowthAssets to Secure Future Growth