Seventh Amendment to Nationwide Diet Drug Settlement Receives Final Judicial Approval

26 May 2006

Wyeth (NYSE: WYE) today announced that the Seventh Amendment to the Nationwide Diet Drug Settlement has received final judicial approval.

"Final approval of the Seventh Amendment is an important milestone in our broader effort to resolve the diet drug issue," says Lawrence V. Stein, Senior Vice President and General Counsel of Wyeth.

Executed in May 2004, the Seventh Amendment to the Settlement Agreement will create a new claims processing structure and payment schedule for Matrix Level I or II claims, the least serious but most numerous claims in the Settlement.

The Seventh Amendment includes the following key terms:

- The Amendment creates a new Supplemental Fund to be administered by a

Fund Administrator appointed by the District Court. Wyeth will

ultimately deposit a total of $1.275 billion, net of certain credits,

into the Supplemental Fund. Under the terms of the Seventh Amendment,

Wyeth will deposit $400 million into the Supplemental Fund by May 23.

This brings its total contribution to date to $425 million. The

remainder of the $1.275 billion will be deposited into the Fund as

needed by the Fund Administrator.

- All participating matrix Level I and II claimants who qualify under the

Seventh Amendment, who pass the Supplemental Fund's medical review and

who otherwise satisfy the requirements of the Settlement, will receive a

pro rata share of the $1.275 billion Supplemental Fund, after deduction

of certain expenses and other amounts from the Supplemental Fund. The

pro rata amount will vary depending upon the number of claimants who

pass medical review, the nature of their claims, their age and other

factors. A Seventh Amendment participant who does not qualify after

medical review will be paid $2,000 from the Supplemental Fund.

- Participating class members who might in the future have been eligible

to file Level I and Level II matrix claims will receive a $2,000 payment

from the Settlement Trust; such payments will be funded by the Company

apart from its other funding obligations under the national settlement.

- If the participants in the Seventh Amendment have heart valve surgery or

certain other more serious medical conditions by December 31, 2011, they

will remain eligible to submit claims to the existing Settlement Trust

and be paid the current matrix amounts if they qualify for such payments

under terms modified by the Seventh Amendment. In the event the

existing Settlement Trust is unable to pay those claims, Wyeth will

guarantee payment.

- All class members who participate in the Seventh Amendment give up any

further opt-out rights. The Seventh Amendment also precludes any

lawsuits by the Trust or the Company to recover any amounts previously

paid to class members by the Trust, and terminates the Claims Integrity

Program as to all claimants who participate in the Seventh Amendment.

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 and nonprescription 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.

Source: prnewswire

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