This document contains slides from Robert Essner, Chairman and CEO of Wyeth, presented at the Bear Stearns 19th Annual Healthcare Conference on September 12, 2006. The slides show that Wyeth has consistently delivered earnings per share (EPS) growth over the past several years, with EPS growth of 11% in 2005. Revenue has also steadily increased year-over-year. EPS growth is projected to continue, with 12% growth guidance for 2006. Strong performance continued in the first half of 2006, with 15% EPS growth compared to the same period in 2005.

1. Bear Stearns 19th Annual
Healthcare Conference
Robert Essner
Chairman and Chief Executive Officer
September 12, 2006

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 Consistently Delivers on EPS Growth
EPS* Growth
+11%
$3.00 +7%
$2.92
+10%
+2%
$2.50 +15% $2.62
$2.44
$2.22
$2.00 $2.18
WHI
$1.50
$1.00
$0.50
$0.00
2001 2002 2003 2004 2005
*Before Certain Significant Items

4. Strong, Consistent Revenue Growth
Revenue Growth
+8%
$20.0
+10%
$18.0
+9% $18.8
+3% $17.4
$16.0 +7%
$15.9
$14.0
$14.6
(in billions)
$14.1
$12.0
WHI
$10.0
$8.0
$6.0
$4.0
$2.0
$0.0
2001 2002 2003 2004 2005

5. EPS Continues to Grow in 2006
EPS* Growth +12%+**
$3.50
+11%
$3.00 $3.07+
+7% $3.07
+10% $2.92
$2.50 +15% +2% $2.62 Guidance
$2.44
$2.00 $2.22
$2.18
$1.50
$1.00
$0.50
$0.00
2001 2002 2003 2004 2005 2006
*Before Certain Significant Items
** When Adjusted for Stock Option Expensing in 2005

6. Strong First Half 2006 Performance
EPS* Growth +15%
$1.65
$1.64
$1.60
$1.55
$1.50
$1.45
$1.43
$1.40
$1.35
$1.30
1H2005 1H2006
*Before Certain Significant Items and Assuming the Expensing of Stock Options

7. EPS Will Continue to Grow at a Higher Rate
Than Revenues
15%
16%
14%
11%
12%
10%
8%
8%
8%
6%
4%
EPS
2%
0%
Revenue
2005
1H06

8. Wyeth Analyst Day
October 5th