wyeth UBS Global Life Sciences Conference

UBS Global Life Sciences UBS Global Life Sciences ConferenceConference

Mary Katherine WoldSenior Vice President, Taxes and Treasury

September 26, 2006September 26, 2006

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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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Wyeth Delivering Strong Growth For The First Half 2006

$0

$2

$4

$6

$8

$10

$12

1H05 1H06

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

1H05 1H06

$0.00

$0.50

$1.00

$1.50

$2.00

1H05 1H06

$9.2B$9.2B

$10B$10B

$1.94B$1.94B

$2.24B$2.24B

$1.43$1.43

$1.64$1.64

+8%+16% +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

4(in millions)

Marketed Products

$0 $500 $1,000 $1,500 $2,000 $2,500

BMP-2

Rapamune

BeneFIX

Zosyn

Premarin

Nutritionals

Alliance Rev.

Protonix

Prevnar

Effexor

Enbrel

+4%

+12%

+28%

+7%

+33%

+6%

+20%

+13%

+43%

+13%

$2B

$1.9B

$950 M

$923 M

$612 M

$588 M

$526 M

$479 M

$162M

$156 M

$1,382 M (Amgen) $705 M (Wyeth)

$180M +5%

Strong Growth in 1H06

1H06 Pharma Revenue

Growth +10%

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n One of Only Five International Biotech Products With Sales Greater than $1 Billion

n Enbrel’s ex-US Sales Growth Exceeded the Biologic Market’s for the Third Consecutive Year-Over-Year Period

n Manufacturing Capacity Expansion Completed

n Significant Growth Opportunities Exist4 Market Penetration – RA: US = ~30%; EU = 22%

4 Market Penetration – Psoriasis: US = <5%; EU= 3%

n 1H06 Net Sales: $1.4 Billion NA (+12%); $705 Million International (+39%)4 International Growth Expected to Exceed 30% in 2006 over $1.1 Billion in 2005

#1 Biologic Therapy Globally in Rheumatology and Dermatology

Wyeth Receives Approximately Two-Thirds of Enbrel Global Profit

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n Antidepressant Market Growth Slowed in 2005; Market growing again in 20064 Market Trends Higher Then Expected, Still Lower Than History4 Publicity Seems Balanced4 Increasing Use of Generics in Antidepressant Market

n Promotional Focus to Position Effexor to Best Satisfy Largest Unmet Need of Efficacy

n Panic Disorder Indication 4 Launched in Many Key Markets; Total of 30 Approvals Expected in 2006,

more in 2007

n 1H06 Revenue $1,862 Million (+6%)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

#1 Selling Antidepressant Worldwide

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®®

n 1H06 Revenues = $950 Million (+33%)n Major Improvements in Prevnar Manufacturing Capabilities

4 Exceeded Our Manufacturing Targets by Producing Over 31 Million Doses of Prevnar in 2005 – Vials and Pre-filled Syringes

n Significant Improvements to Healthcare Worldwide4 94% Reduction in Invasive Pneumococcal Disease in Children Under Five*

4 29% Overall Reduction in Invasive Pneumococcal Disease in the Population (Children and Adults)*

n New National Vaccination Programs to be Launched in 20064 UK, Netherlands, Norway, Switzerland, Belgium, Greece4 Support Stronger International Revenue Growth for Balance of 2006

n Expect 2006 Revenues to Grow in Excess of 25% over $1.5 Billion in 2005

First Ever Billion Dollar VaccineA “BioBlockbuster”

* Source: CDC – September 2005

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n Strategy is to Align Pricing, Contracting, Marketing and Selling Efforts on High Margin Growth Opportunities4Volume 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

n 1H06 Revenue $923 Million (+7%)

n Expect Net Revenue in 2006 to Grow at a Rate Similar to 2005 (6%)

Focusing on Profitable Growth

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n Continue to Support the Appropriate Use of Hormones and Provide Perspective on Benefit/Risk

n Provide Clinicians with Treatment Options and Doses to Individualize Therapy

n DTC Campaigns Educate and Inform

n 1H06 Revenue $526 Million (+12%)

n 2006 Revenue Expected to be ~$1 Billion

New Medical Consensus Emerging on Value of Hormone Therapy

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n Preferred “Workhorse” Antibioticn Became #1 Ranked IV Antibiotic

Globally in 2H 2005n Unsurpassed Efficacy – Only IV

Antibiotic Proven to Help Minimize the Emergence of Bacterial Resistance

n New Formulation Launched 20064 Expanded Compatibility with Diluents

and Aminoglycosides4 Patent Protected Through 2023

n 1H06 Revenue Reached $480 Million (+4%)4 Demand Remains Strong4 Recovery from Manufacturing Supply

Limitations Continues Through 2006

Largest Selling IV Antibiotic Globally

$0

$200

$400

$600

$800

$1,000

$406

$639

$760

2002 2003 2004 2006

Revenues (in millions)

2005

$890

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n Only Effective Empiric Monotherapy That Simplifies Treatment of Serious Infections

n Indications:4 Complicated Skin & Skin Structure Infections

4 Complicated Intra-Abdominal Infections4 Community Acquired & Hospital Acquired Pneumonia Submission in Early

2007n Strong Formulary Acceptance in US

4 Already Listed on More Than 1,800 Hospital Formulariesn European Approval Received May 2006; International Launches

Will Take Place Throughout 2006n 1H06 Revenue $27 Millionn Peak Year Sales Potential $1 Billion

World’s First Glycylcycline Antibiotic1st New Class of Broad Spectrum Antibiotic in 20 Years

Wyeth’s Evolving Phase 3 Pipeline

Late 2008/Early 2009Opioid Induced Constipation

Methylnaltrexone (Oral)

Late 2007/Early 2008Post Operative IleusMethylnaltrexone (IV)

Filed 6/05ContraceptionLybrel

Filed 12/05DepressionDVS-233

Early 2007CAP/HAPTygacil

Early 2007Opioid Induced ConstipationMethylnaltrexone (Sub Q)

Late 2007Vaso/OsteoBazedoxifene/CE

Late 2006Renal CellTemsirolimus

Near TermSchizophreniaBifeprunox

Filed 6/06VasomotorDVS-233

Filed 6/06Osteo PreventionBazedoxifene

Proposed FilingIndicationProject

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Products Impacted by

Future Patent Expirations

36%

Products with Expired Patents

11%

Consumer and Animal Health

18%

Slice 55%

BioPharma and Vaccines

24%

Nutritionals6%

About One-Third of Wyeth’s Business Exposed to Traditional Risk

29%

Premarin5%

Longer Term Outlook

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Cost Management

2006 Guidance*v Gross Margin 71% to 73%

Ø Gross Margin 73.4% in 1H06

v SG&A Low Single Digit IncreaseØ SG&A Up 1% for 1H06

Ø Anticipate an increase in promotional investment for certain key products in 2H06.

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

Project Springboardv Increase Efficiency of Selling

ApproachØ Commercial Excellence

v Enhance R&D Technical and Management ProcessesØ Learn and Confirm

Ø ECDCs

vOptimize Manufacturing Supply ChainØ 27 Sites in 2005 vs. 43 in 2000

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

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• Achieve Solid Top Line Growth

• Effectively Manage Costs

• Grow the Bottom Line at a Meaningfully Faster Rate Than the Growth in Revenues

Wyeth’s Objectives Remain:

Conclusion