- Appeal of Compensatory Award Will Now Proceed -
MADISON, N.J., July 9 /PRNewswire-FirstCall/ -- Wyeth (NYSE: WYE)
confirmed today that its motion for judgment as a matter of law on the
punitive damages award in the hormone therapy case of Donna Scroggin v.
Wyeth, in the U.S. District Court, Eastern District of Arkansas, has been
granted by the court. This ruling vacates the punitive damages award of
$19,360,000 rendered by the Little Rock jury last year. The decision also
clears the way for Wyeth to appeal the compensatory damages award of $2.75
million.
"We always believed there was no basis in fact or law for either award
in this case," says Lyn P. Pruitt, an attorney with Mitchell, Williams,
Selig, Gates & Woodyard, PLLC, a firm representing Wyeth. "We are pleased
with the Court's decision vacating the punitive damages award and we look
forward to presenting our arguments against the compensatory award to the
Court of Appeals."
The court's ruling also vacates the $7,760,000 punitive damages award
against co-defendant Upjohn.
The first phase of the trial began on February 5, 2008 before The
Honorable William R. Wilson. The punitive damages phase began on March 3,
2008. The plaintiff alleged that she developed breast cancer from the use
of Premarin(R) and Prempro(R), products marketed by Wyeth, as well as
Provera, a product marketed by Upjohn.
Premarin (conjugated estrogens tablets USP) and Prempro (conjugated
estrogens/medroxyprogesterone acetate tablets) are approved by the U.S.
Food and Drug Administration as safe and effective when used as indicated.
About Wyeth
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, nutritionals 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, Wyeth
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