EX-12 6 exhi2.txt Exhibit 12 Wyeth Computation of Ratio of Earnings to Fixed Charges (3) (In Thousands, except ratio amounts)
Six Months Ended Year ended December 31, ------------------------------------------------------------------ June 30, 2002 2001 2000 1999 1998 1997 ---------------- ---------- ------------ ------------ ---------- ---------- Earnings Income (loss) from continuing operations before federal and foreign taxes (2) $1,893,897 $2,868,747 ($1,101,040) ($1,907,299) $3,089,936 $2,364,753 Add: Fixed charges 211,766 439,058 324,887 403,694 371,986 513,860 Minority interests 13,117 20,841 26,784 30,301 620 2,421 Distributed equity income 0 0 0 0 771 0 Amortization of capitalized interest 4,951 2,497 1,917 1,803 1,487 1,057 Less: Equity income 20,529 70,372 55,991 2,122 473 9,777 Capitalized interest 37,482 94,257 43,303 15,375 9,497 12,898 ---------- ---------- ----------- ----------- ---------- ---------- Total earnings (loss) as defined $2,065,720 $3,166,514 ($846,746) ($1,488,998) $3,454,830 $2,859,416 ========== ========== =========== =========== ========== ========== Fixed Charges: Interest and amortization of debt expense $152,456 $301,145 $238,840 $343,271 $322,970 $461,370 Capitalized interest 37,482 94,257 43,303 15,375 9,497 12,898 Interest factor of rental expense (1) 21,828 43,656 42,744 45,048 39,519 39,592 ---------- ---------- ----------- ----------- ---------- ---------- Total fixed charges as defined $211,766 $439,058 $324,887 $403,694 $371,986 $513,860 ========== ========== =========== =========== ========== ========== Ratio of earnings to fixed charges (2) 9.8 7.2 - - 9.3 5.6 (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 twelve months ended December 31, 2001 are adequate to cover fixed charges as defined. However, the ratio is negatively affected by the REDUX and PONDIMIN diet drug litigation charge of $950,000 taken in the third quarter of 2001. Excluding the additional charge for the REDUX and PONDIMIN diet drug litigation, the pro forma ratio of earnings to fixed charges would be 9.4 for the twelve months ended December 31, 2001. The results of operations for the year ended December 31, 2000 are inadequate to cover total fixed charges as defined. The coverage deficiency for the year ended December 31, 2000 is $324,887. Excluding the charge for the REDUX and PONDIMIN diet drug litigation of $7,500,000, the gain on sale of Immunex common stock of $2,061,204 and the Warner-Lambert Company termination fee of $1,709,380, the pro forma ratio of earnings to fixed charges would be 8.9 for the year ended December 31, 2000. The results of operations for the year ended December 31, 1999 are inadequate to cover total fixed charges as defined. The coverage deficiency for the year ended December 31, 1999 is $403,694. Excluding the charge for the REDUX and PONDIMIN diet drug litigation of $4,750,000, the pro forma ratio of earnings to fixed charges would be 8.1 for the year ended December 31, 1999. (3) Amounts have been restated to reflect the Cyanamid Agricultural Products business as a discontinued operation.