Exhibit 12
Wyeth
Computation of Ratio of Earnings to Fixed Charges (3)
(in thousands, except ratio amounts)
Years Ended December 31,
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2002 2001 2000 1999 1998
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Earnings
Income (loss) from continuing operations
before federal and foreign taxes $6,097,245 $2,868,747 ($1,101,040) ($1,907,299) $3,089,936
Add:
Fixed charges 430,449 439,058 324,887 403,694 371,986
Minority interests 27,993 20,841 26,784 30,301 620
Distributed equity income 0 0 0 0 771
Amortization of capitalized interest 8,866 2,497 1,917 1,803 1,487
Less:
Equity income 20,766 70,372 55,991 2,122 473
Capitalized interest 88,008 94,257 43,303 15,375 9,497
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Total earnings (loss) as defined $6,455,779 $3,166,514 ($846,746) ($1,488,998) $3,454,830
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Fixed Charges:
Interest and amortization of debt expense $294,160 $301,145 $238,840 $343,271 $322,970
Capitalized interest 88,008 94,257 43,303 15,375 9,497
Interest factor of rental expense (1) 48,281 43,656 42,744 45,048 39,519
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Total fixed charges as defined $430,449 $439,058 $324,887 $403,694 $371,986
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Ratio of earnings to fixed charges (2) 15.0 7.2 - - 9.3
(1) A 1/3 factor was used to compute the portion of rental expenses deemed representative of the interest factor.
(2) The results of operations for the years ended December 31, 2000 and 1999 were inadequate to cover total fixed
charges as defined. The coverage deficiency for the years ended December 31, 2000 and 1999 was $1,171,633 and
$1,892,692, respectively.
(3) Amounts have been restated to reflect the Cyanamid Agricultural Products business as a discontinued operation.