- Stockholders Ratify Board Members, Elect New Member to Board, Reject
Stockholder Proposals -
- Board Declares Common and Preferred Stock Dividends -
MADISON, N.J., April 24 /PRNewswire-FirstCall/ -- At today's Annual
Meeting of Stockholders of Wyeth (NYSE: WYE), it was reported that
stockholders had re-elected 12 current members of the Company's Board of
Directors and elected nominee Michael J. Critelli, 58, Executive Chairman
of Pitney Bowes Inc. to the Board. This brings the composition of Wyeth's
Board to 13 members. Stockholders also ratified the appointment of
PricewaterhouseCoopers LLP as the independent registered public accounting
firm for 2008, approved the amendment and restatement of the Wyeth 2005
Amended and Restated Stock Incentive Plan, and approved the adoption of the
Wyeth 2008 Non-Employee Director Stock Incentive Plan.
In addition, stockholders rejected stockholder proposals regarding
reporting on the Company's political contributions and trade association
payments; and the adoption of a by-law for the recoupment of incentive
bonuses.
Also, at today's meeting of the Corporation's Board of Directors, a
dividend of twenty-eight cents ($0.28) per share on the outstanding shares
of Common Stock was declared payable on June 2, 2008, to stockholders of
record at the close of business on May 13, 2008. Additionally, a dividend
of fifty cents ($0.50) per share on the outstanding shares of Preferred
Stock was declared payable on July 1, 2008, to stockholders of record at
the close of business on June 13, 2008.
Following the business portion of the meeting, Bernard Poussot,
President and Chief Executive Officer, summarized highlights from the past
year, stating: "In 2007, our Company again delivered solid financial
performance, with worldwide net revenue increasing 10%. Effective cost
management added to the bottom line as pro forma diluted earnings per share
increased 12%." He attributed this performance to Wyeth's position as a
leading biotechnology company, the strength of its global business and
growth across all three of the Company's core businesses in 2007 -
pharmaceuticals, consumer healthcare products and animal health products.
Also, Wyeth's pharmaceuticals business, for the first time in the Company's
history, achieved more than $1 billion in full-year net sales in each of
seven major product franchises: Effexor(R), the Premarin(R) family,
Enbrel(R), Prevnar(R), Protonix(R), Zosyn(R) and Wyeth Nutritionals,
demonstrating the breadth and depth of Wyeth's product portfolio.
In 2007, Wyeth received both U.S. and European approvals for
Torisel(R), the first targeted therapy with a proven overall survival
benefit in patients with advanced renal cancer. The Company also received
U.S. marketing clearance for Lybrel(R), a low-dose combination
contraceptive.
Mr. Poussot noted that, within the first four months of 2008, Wyeth has
received U.S. Food and Drug Administration approval for two therapies that
bring unique benefits to patients. Pristiq(TM) was cleared for use in major
depressive disorder, providing patients with efficacy at a once-daily dose
and without the need for titration. Xyntha(TM), a recombinant factor VIII
product for patients with hemophilia A, was approved for the control and
prevention of bleeding episodes and surgical prophylaxis. In addition,
Relistor(TM) in a subcutaneous form was approved in Canada for the
treatment of opioid-induced constipation in patients with advanced illness
receiving palliative care.
Also during today's meeting, Emilio Emini, Ph.D., Executive Vice
President, Vaccine Research and Development at Wyeth Pharmaceuticals, and
Jim Connolly, Executive Vice President and General Manager of Wyeth
Vaccines, provided an overview of the Company's vaccine pipeline. The
scientific presentation focused on Prevnar, the first and only vaccine to
prevent pneumococcal disease in both infants and young children, which is
the world's best-selling vaccine and is available in 87 countries.
In addition, information was presented about Wyeth's vaccine pipeline,
including Prevnar 13 for infants and young children, and Prevnar 13 for
adults age 50 and over, which are scheduled for regulatory filings in 2009
and 2010 respectively. Prevnar 13 is a 13-valent pneumococcal vaccine that
will add protection for six additional serotypes to the seven already
present in Prevnar.
Wyeth is one of the world's largest research-driven pharmaceutical and
health care products companies. It is a leader in the discovery,
development, manufacturing and marketing of pharmaceuticals, vaccines,
biotechnology products, nutritional products and non-prescription medicines
that improve the quality of life for people worldwide. The Company's major
divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort
Dodge Animal Health.
The statements in this press release that are not historical facts are
forward-looking statements that 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, without
limitation, the inherent uncertainty of the timing and success of, and
expense associated with, research, development, regulatory approval and
commercialization of our products and pipeline products; government cost-
containment initiatives; restrictions on third-party payments for our
products; substantial competition in our industry, including from branded
and generic products; emerging data on our products and pipeline products;
the importance of strong performance from our principal products and our
anticipated new product introductions; the highly regulated nature of our
business; product liability, intellectual property and other litigation
risks and environmental liabilities; uncertainty regarding our intellectual
property rights and those of others; difficulties associated with, and
regulatory compliance with respect to, manufacturing of our products; risks
associated with our strategic relationships; economic conditions including
interest and currency exchange rate fluctuations; changes in generally
accepted accounting principles; trade buying patterns; the impact of
legislation and regulatory compliance; risks and uncertainties associated
with global operations and sales; and other risks and uncertainties,
including those detailed from time to time in our periodic reports filed
with the Securities and Exchange Commission, including our current reports
on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K,
particularly the discussion under the caption "Item 1A, Risk Factors" in
our Annual Report on Form 10-K for the year ended December 31, 2007, which
was filed with the Securities and Exchange Commission on February 29, 2008.
The forward-looking statements in this press release are qualified by these
risk factors. We assume no obligation to publicly update any
forward-looking statements, whether as a result of new information, future
developments or otherwise.
SOURCE Wyeth
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Related links:
http://www.wyeth.com
CONTACT:
Media Contact: Douglas Petkus,
+1-973-660-5218, or Investor Contact: Justin Victoria,
+1-973-660-5340, both of Wyeth
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