Contents:

CHAPTER 1 5. Key findings 5 Strategic outlook 6 Current positioning: competitive outlook 2004 7 Wyeth’s forecast revenue stream, 2005–10 8 Key issues facing Wyeth: 2005–10 9 CHAPTER 2 GLOBAL COMPANY STRATEGY 17. Introduction to Wyeth 18 Assessment of strategic position 18 Strengths 19 Weaknesses 20 Opportunities 21 Threats 22 Strategic recommendations 24 Therapeutic foci 25 Evolution of R&D focus/R&D productivity 26 Development opportunities 27 Partnerships/licensing 28 CHAPTER 3 GLOBAL PORTFOLIO AND PIPELINE ANALYSIS 31. Therapy area focus in 2004 32 Evolution of therapy area focus, 2004–10 33 Key growth drivers and resistors of future performance, 2005–10 35 CNS franchise 37 Marketed products 37 R&D compounds 48 CNS portfolio sales forecasts and forecast revenue growth 57 Gastrointestinal franchise 58 Marketed products 58 R&D compounds 67 Gastrointestinal portfolio sales forecasts and forecast revenue growth 67 Women’s health franchise 68 Marketed products 68 R&D compounds 80 Women’s Health portfolio sales forecasts and forecast revenue growth 90 Vaccines franchise 91 Marketed products 91 R&D compounds 98 Vaccines portfolio sales forecasts and forecast revenue growth 99 Arthritis, immune and inflammatory disorders franchise 100 Marketed products 100 R&D compounds 110 Arthritis, immune and inflammatory disorders portfolio sales forecasts and forecast revenue growth 113 Infectious disease franchise 114 Marketed products 114 R&D compounds 122 Infectious disease portfolio sales forecasts and forecast revenue growth 124 Hematology franchise 124 Marketed products 124 R&D compounds 129 Hematology portfolio sales forecasts and forecast revenue growth 130 Other products 131 Marketed products 132 R&D compounds 143 Other products sales forecasts and forecast revenue growth 147 CHAPTER 4 US STRATEGY, PORTFOLIO AND PIPELINE 148. US company strategy 149 Introduction to Wyeth’s presence in the US 149 US marketing strategy 149 US product sourcing strategy 150 Wyeth’s geographic focus 151 US portfolio and pipeline analysis 152 US evolution of therapy area focus, 2004–10 152 US sales forecasts and revenue growth of major products 154 CNS franchise 154 Women’s Health franchise 156 Gastrointestinal franchise 157 Vaccines franchise 158 Infectious disease franchise 159 AIID franchise 160 Hematology franchise 161 Other franchise 162 CHAPTER 5 CORPORATE DEVELOPMENT 164. Financial position, 2003–04 165 Revenue growth 165 Historical assessment of Wyeth’s’s profitability, 2000–04 166 Cost structure 168 2004 operating cost ratio benchmarking 169 Business model clustering according to 2004 cost ratios 169 Liquidity, 2000–04 171 2004 growth and investment momentum 172 CHAPTER 6 APPENDIX: SUPPORTING DATA 174. Financial data 174 Exchange rates 174 Methodology for therapy area forecasting 175 Bibliography 176 LIST OF TABLES Table 1: Breakdown of Wyeth’s ethical sales by therapy area, 2003–04 32 Table 2: Breakdown of Wyeth’s ethical sales by therapy area, 2004–10 33 Table 3: Wyeth’s CNS portfolio, 2003–04 37 Table 4: Wyeth’s CNS R&D pipeline, 2004 48 Table 5: Forecast sales for Wyeth’s CNS portfolio, 2005–10 57 Table 6: Wyeth’s marketed gastrointestinal portfolio 58 Table 7: Forecast sales for Wyeth’s gastrointestinal portfolio, 2005–10 67 Table 8: Wyeth’s marketed women’s health portfolio 68 Table 9: Wyeth’s women’s health R&D pipeline, 2004 80 Table 10: Forecast sales for Wyeth’s Women’s Health portfolio, 2005–10 90 Table 11: Wyeth’s marketed vaccines portfolio 91 Table 12: Wyeth’s vaccines R&D pipeline, 2005 98 Table 13: Forecast sales for Wyeth’s vaccines portfolio, 2005–10 99 Table 14: Wyeth’s marketed AIID portfolio 100 Table 15: Wyeth’s AIID R&D pipeline, 2005 110 Table 16: Forecast sales for Wyeth’s AIID portfolio, 2005–10 113 Table 17: Wyeth’s marketed infectious disease portfolio 114 Table 18: Wyeth’s infectious disease R&D pipeline, 2005 122 Table 19: Forecast sales for Wyeth’s infectious disease portfolio, 2005–10 124 Table 20: Wyeth’s marketed hematology portfolio 125 Table 21: Forecast sales for Wyeth’s hematology portfolio, 2005–10 130 Table 22: Wyeth’s other marketed products 132 Table 23: Wyeth’s other R&D products, 2005 143 Table 24: Forecast sales of Wyeth’s other products portfolio, 2005–10 147 Table 25: Wyeth’s regional sales, 2004 151 Table 26: Breakdown of Wyeth’s US ethical sales by therapy area, 2004–10 152 Table 27: Wyeth’s US CNS franchise 154 Table 28: Wyeth’s US Women’s Health franchise 156 Table 29: Wyeth’s US GI franchise 157 Table 30: Wyeth’s US Vaccine franchise 158 Table 31: Wyeth’s US Infectious disease franchise 159 Table 32: Wyeth’s US AIID franchise 160 Table 33: Wyeth’s US Hematology franchise 161 Table 34: Wyeth’s US other franchise 162 Table 35: Wyeth’s revenues by division, 2003–04 165 Table 36: Wyeth’s operating expenses, 2003–04 168 Table 37: Exchange rates*, 2004 174 LIST OF FIGURES Figure 1: Assessment of Wyeth’s strategic position, 2005 6 Figure 2: Competitive positioning of Wyeth within the North American pharmaceutical market, 2004 7 Figure 3: Forecast sales for Wyeth’s major therapy areas, 2005–10 8 Figure 4: Wyeth’s level of generic threat by therapy area to 2010 9 Figure 5: Development of Wyeth’s therapeutic strategy, 2004–10 26 Figure 6: Wyeth’s business development by therapy area 27 Figure 7: Wyeth’s ethical sales breakdown, 2004–10 34 Figure 8: Wyeth’s growth drivers and resistors, 2005–10 35 Figure 9: Wyeth’s US ethical sales breakdown, 2004-10 153 Figure 10: Wyeth’s profitability stream, 2000–04 166 Figure 11: R&D and S,G&A spend and COGS as a proportion of sales, 2004 170 Figure 12: Wyeth’s liquid assets versus total liabilities,2000–04 171 Figure 13: Benchmarking of financial strength, 2004 172