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Introduction

This analysis examines the historical and forecast performance for Wyeth in the prescription pharmaceutical sector. The profile encompasses global company strategy, portfolio and pipeline analysis and assessment of financial performance, with 1-6 year sales forecasts for key drugs. An interactive forecasting and analysis tool provides continually updated quantitative and qualitative information.

Reasons to Purchase

*Benchmark Wyeth's performance against key rivals in the prescription pharmaceutical sector

*See how Wyeth's performance to 2013 will be hampered by the demise of four key products, cancelling out growth from a relatively promising pipeline

*Learn how the company's operating profit growth will be boosted by a strategy of continued cost containment

CHAPTER 1 ABOUT THIS PROFILE 2
Executive summary 2
Quarterly news update 2
Company introduction 2
Company sales 2
Company financials 2
Key products and competitors 3
Data sourcing 3
Sales data 3
Analyst consensus 3
CHAPTER 2 EXECUTIVE SUMMARY 4
Key findings 4
Prescription pharmaceutical sales performance, 2001-13 5
Financial performance, 2001-13 6
Wyeth: PharmaVitae forecasts at a glance 7
Strategic insight 8
Five key blockbusters will continue to define performance out to 2013... 8
...masking commercial potential of relatively strong pipeline 8
Falling costs leave the company in a strong financial position 9
SWOT analysis 11
Strengths 11
Strong financial position 11
Enbrel's insulation from generic competition 12
Potential to prolong lifecycle of key products through launch of follow-on products, Prevnar-13 and Pristiq 12
Weaknesses 12
Patent expiry of blockbuster products 12
Opportunities 13
Bapineuzumab potential to break new ground in the Alzheimer's market 13
Use cash reserves to pursue M&A activity or licensing deals 13
Threats 13
Failure to win Protonix court case 13
Failure of late-stage pipeline products to meet their potential 13
CHAPTER 3 QUARTERLY NEWS UPDATE 18
Product developments 18
Deals and alliances 19
Product deals 19
Technology deals 20
M&A activity 20
Company announcements 21
Future product milestones 22
CHAPTER 4 COMPANY INTRODUCTION 23
Key findings 23
Background 24
Key corporate developments 24
M&A history 24
Haptogen 25
Current corporate structure 26
Pharmaceuticals business unit structure 27
Prescription pharmaceuticals 27
Nutritionals 28
Consumer health 28
Animal health 28
CHAPTER 5 COMPANY SALES 29
Key findings 29
Prescription pharmaceutical sales and growth rate analysis, 2001-13 30
Product analysis 32
Product analysis, 2001-07 32
Product analysis, 2007-13 34
Therapy area analysis 36
Therapy area analysis, 2001-07 37
Therapy area analysis, 2007-13 39
Therapy area focus, 2001-13 41
Geographic analysis 42
Geographic analysis, 2001-07 43
Geographic analysis, 2007-13 44
Geographic focus, 2001-13 46
Launch/core/expiry analysis 47
Explanation of launch/core/expiry analysis 47
Launch analysis, 2007-13 48
Core analysis, 2007-13 49
Expiry analysis, 2007-13 50
Launch/core/expiry configuration, 2007-13 51
Molecule type analysis 53
Molecule type analysis, 2001-07 54
Molecule type analysis, 2007-13 55
Externalization analysis 58
Externalization analysis, 2001-07 59
Externalization analysis, 2007-13 60
CHAPTER 6 COMPANY FINANCIALS 62
Key findings 62
Reconciliation between PharmaVitae-formatted prescription pharma sales and company-reported total sales, 2001-07 63
Financial statements, 2001-07 65
Profit and loss account, 2001-07 65
Balance sheet, 2001-07 66
Operating costs and profit analysis 68
Operating costs and profit analysis, 2001-07 69
Operating cost ratio and profit margin analysis, 2001-07 70
Operating cost ratio and profit margin analysis, 2007-13 71
Operating costs and profit analysis, 2007-13 73
Return on capital employed analysis 75
Capital employed analysis, 2001-07 76
Return on capital employed (RoCE) analysis, 2001-07 78
Market capitalization analysis 81
Market capitalization analysis, 2001-07 81
Total shareholder returns analysis, 2001-07 82
CHAPTER 7 KEY PRODUCTS AND COMPETITORS 84
Key findings 84
Overview 85
CNS 86
bapineuzumab 86
Overview 87
Sales forecast 88
Pristiq 91
Overview 92
Sales forecast 93
Product overview 93
Effexor 97
Overview 97
Sales forecast 98
Product overview 98
Infectious diseases 105
Prevnar & Prevnar-13 105
Overview 105
Sales forecast 107
Product overview 108
Tygacil 113
Overview 113
Sales forecast 114
Product overview 114
Tazocin 116
Overview 116
Sales forecast 117
Product overview 117
Inflammation & immunology 120
Enbrel 120
Overview 121
Sales forecast 122
Product overview 122
Urology & gender-specific health disorders 127
Premarin 127
Overview 127
Sales forecast 128
Product overview 128
Gastroenterology 134
Protonix 134
Overview 134
Sales forecast 135
Product overview 135
Musculoskeletal 142
Viviant/Aprela 142
Overview 143
Sales forecast 144
Product overview 144
CHAPTER 8 APPENDIX 148
R&D pipeline 148
References 149
Abbreviations 149
List of Tables
Table 1: Wyeth - PharmaVitae forecasts at a glance 7
Table 2: Wyeth key product developments, Q1 2008 18
Table 3: Wyeth product deals and alliances, Q1 2008 19
Table 4: Wyeth technology deals and alliances, Q1 2008 20
Table 5: Wyeth M&A activity, Q1 2008 20
Table 6: Wyeth company announcements, Q1 2008 21
Table 7: Wyeth future product milestones, 2008-10 22
Table 8: Wyeth product portfolio overview ($m), 2001-07 32
Table 9: Wyeth product portfolio overview ($m), 2007-13 34
Table 10: Wyeth product portfolio overview ($m), 2001-07 37
Table 11: Wyeth product portfolio overview ($m), 2007-13 39
Table 12: Wyeth portfolio overview by geographic region ($m), 2001-07 43
Table 13: Wyeth portfolio overview by geographic region ($m), 2007-13 44
Table 14: Wyeth launch portfolio overview ($m), 2007-13 48
Table 15: Wyeth core portfolio overview ($m), 2007-13 49
Table 16: Wyeth expiry portfolio overview ($m), 2007-13 50
Table 17: Wyeth portfolio overview by molecule type ($m), 2001-07 54
Table 18: Wyeth product portfolio overview by molecule type ($m), 2007-13 55
Table 19: Wyeth product portfolio overview by source ($m), 2001-07 59
Table 20: Wyeth product portfolio overview by source ($m), 2007-13 60
Table 21: Total Wyeth sales by business unit ($m), 2001-07 63
Table 22: Wyeth profit and loss account ($m), 2001-07 65
Table 23: Wyeth balance sheet ($m), 2001-07 66
Table 24: Wyeth operating revenue/cost analysis ($m), 2001-07 69
Table 25: Wyeth operating cost ratio analysis (% of total revenues), 2001-07 70
Table 26: Wyeth operating cost ratio analysis (% of total revenues), 2007-13 71
Table 27: Wyeth operating revenue/cost analysis ($m), 2007-13 73
Table 28: Wyeth capital employed ($m), 2001-07 76
Table 29: Wyeth EBIT return on capital employed ($m), 2001-07 78
Table 30: Wyeth EBIT pre-tax return/Capital employed driver analysis (%), 2001-07 79
Table 31: Wyeth market capitalization ($ billion), 2001-07 81
Table 32: Wyeth total shareholder returns (annual %), 2001-07 82
Table 33: Key products overview 85
Table 34: bapineuzumab: overview 87
Table 35: bapineuzumab: sales forecast ($m), 2007-13 88
Table 36: Pristiq: overview 92
Table 37: Pristiq: sales forecast ($m), 2007-13 93
Table 38: Effexor: overview 97
Table 39: Effexor: sales forecast ($m), 2007-13 98
Table 40: Prevnar: overview 105
Table 41: Prevnar-13: overview 106
Table 42: Prevnar: sales forecast ($m), 2007-13 107
Table 43: Prevnar-13: sales forecast ($m), 2007-13 107
Table 44: Tygacil: overview 113
Table 45: Tygacil: sales forecast ($m), 2007-13 114
Table 46: Tazocin: overview 116
Table 47: Tazocin: sales forecast ($m), 2007-13 117
Table 48: Enbrel: overview 121
Table 49: Enbrel: sales forecast ($m), 2007-13 122
Table 50: Premarin: overview 127
Table 51: Premarin: sales forecast ($m), 2007-13 128
Table 52: Protonix: overview 134
Table 53: Protonix: sales forecast ($m), 2007-13 135
Table 54: Viviant/Aprela: overview 143
Table 55: Viviant/Aprela: sales forecast ($m), 2007-13 144
Table 56: Wyeth's R&D pipeline (Phase I-registration) 148
List of Figures
Figure 1: Wyeth prescription pharmaceutical performance, sales ($m) and growth rate (%), 2001-13 5
Figure 2: Wyeth's financial performance ($m), 2001-13 6
Figure 3: Blockbusters shape Wyeth's outlook and mask launch performance 9
Figure 4: Reducing S,G&A is key lever on raising operating profit margin 10
Figure 5: Wyeth SWOT analysis 11
Figure 6: Current corporate structure 26
Figure 7: Pharmaceuticals business unit structure 27
Figure 8: Wyeth prescription pharmaceutical performance, sales ($m) and growth rate (%), 2001-13 30
Figure 9: Wyeth key sales growth driver & resistors ($m), 2001-07 33
Figure 10: Wyeth key sales growth drivers & resistors ($m), 2007-13 35
Figure 11: Wyeth prescription pharmaceutical sales by therapy area ($m), 2001-13 36
Figure 12: Wyeth prescription pharma sales by therapy area (% of total), 2001-13 41
Figure 13: Wyeth prescription pharmaceutical sales by geographic region ($m), 2001-13 42
Figure 14: Wyeth growth drivers and resistors by geographic region ($m), 2001-07 43
Figure 15: Wyeth drivers and resistors by geographic region ($m), 2007-13 44
Figure 16: Wyeth prescription pharmaceutical sales by geographic region (% of total), 2001-13 46
Figure 17: Wyeth launch/core/expiry configuration ($m), 2007-13 51
Figure 18: Wyeth prescription pharmaceutical sales by molecule type ($m), 2001-13 53
Figure 19: Wyeth growth drivers and resistors by molecule type ($m), 2007-13 56
Figure 20: Wyeth prescription pharmaceutical sales by source ($m), 2001-13 58
Figure 21: Wyeth growth drivers and resistors by source ($m), 2001-07 59
Figure 22: Wyeth growth drivers and resistors by source ($m), 2007-13 61
Figure 23: Wyeth operating revenue/cost analysis ($m), 2001-13 68
Figure 24: Wyeth operating cost ratio analysis (% of total revenues), 2001-13 72
Figure 25: Wyeth return on capital employed, EBIT margin and capital turnover, 2001-07 75
Figure 26: Return on capital employed formula 79
Figure 27: Wyeth market capitalization ($ billion), 2001-07 82
Figure 28: Wyeth total shareholder returns vs. S&P 500 ($m), 2001-07 83
Figure 29: Prevnar and Prevnar-13 global sales ($m), 2007-13 108
Figure 30: Different scenarios: Protonix 140