Exhibit 12
Wyeth
Computation of Ratio of Earnings to Fixed Charges
(in thousands except ratio amounts)
Year Ended December 31,
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2004 2003 2002 2001 2000
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Earnings (Loss):
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Income (loss) from continuing operations
before income taxes $(129,847) $2,361,612 $6,097,245 $2,868,747 $(1,101,040)
Add:
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Fixed charges 360,805 346,564 430,449 439,058 324,887
Minority interests 27,867 32,352 27,993 20,841 26,784
Amortization of capitalized interest 9,350 8,772 8,866 2,497 1,917
Less:
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Equity income (loss) (524) (468) 20,766 70,372 55,991
Capitalized interest 86,750 115,800 88,008 94,257 43,303
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Total earnings (loss) as defined $181,949 $2,633,968 $6,455,779 $3,166,514 $(846,746)
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Fixed Charges:
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Interest and amortization of debt expense $221,598 $182,503 $294,160 $301,145 $238,840
Capitalized interest 86,750 115,800 88,008 94,257 43,303
Interest factor of rental expense (1) 52,457 48,261 48,281 43,656 42,744
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Total fixed charges as defined $360,805 $346,564 $430,449 $439,058 $324,887
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Ratio of earnings to fixed charges (2) 0.5 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 year ended December 31, 2000 was inadequate to cover total fixed charges as defined.
The coverage deficiency for the year ended December 31, 2000 was $1,171,633.