EXHIBIT 12
Wyeth
Computation of Ratio of Earnings to Fixed Charges (3)
(in thousands, except ratio amounts)
Year Ended December 31,
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2003 2002 2001 2000 1999
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Earnings (loss):
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Income (loss) from continuing operations
before federal and foreign taxes $2,361,612 $6,097,245 $2,868,747 $(1,101,040) $(1,907,299)
Add:
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Fixed charges 346,564 430,449 439,058 324,887 403,694
Minority interests 32,352 27,993 20,841 26,784 30,301
Amortization of capitalized interest 8,772 8,866 2,497 1,917 1,803
Less:
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Equity income (loss) (468) 20,766 70,372 55,991 2,122
Capitalized interest 115,800 88,008 94,257 43,303 15,375
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Total earnings (loss) as defined $2,633,968 $6,455,779 $3,166,514 $(846,746) $(1,488,998)
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Fixed Charges:
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Interest and amortization of debt expense $182,503 $294,160 $301,145 $238,840 $343,271
Capitalized interest 115,800 88,008 94,257 43,303 15,375
Interest factor of rental expense (1) 48,261 48,281 43,656 42,744 45,048
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Total fixed charges as defined $346,564 $430,449 $439,058 $324,887 $403,694
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Ratio of earnings to fixed charges (2) 7.6 15.0 7.2 - -
(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.