EX-12 23 dex12.htm COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES Computation of Ratio of Earnings to Fixed Charges

Exhibit 12

Wyeth

Computation of Ratio of Earnings to Fixed Charges

(In thousands except ratio amounts)

 

     Six Months
Ended June 30,
2008		    Year Ended December 31,  
        2007    2006     2005     2004     2003  

Earnings (Loss):

               

Income (loss) from continuing operations before income taxes

    $3,376,833    $6,456,682    $5,429,904     $4,780,589     $(129,847)     $2,361,612  

Add:

               

Fixed charges

    317,478    754,290    625,513     461,431     360,805     346,564  

Minority interests

    10,477    23,277    29,769     26,492     27,867     32,352  

Amortization of capitalized interest

    15,900    24,240    22,465     21,356     9,350     8,772  

Less:

               

Equity income (loss)

    89    130    (317 )   (104 )   (524 )   (468 )

Capitalized interest

    33,400    79,600    71,400     46,450     86,750     115,800  
                                  

Total earnings as defined

    $3,687,199    $7,178,759    $6,036,568     $5,243,522     $181,949     $2,633,968  
                                  

Fixed Charges:

               

Interest and amortization of debt expense

    $255,224    $616,983    $498,847     $356,834     $221,598     $182,503  

Capitalized interest

    33,400    79,600    71,400     46,450     86,750     115,800  

Interest factor of rental expense (1)

    28,854    57,707    55,266     58,147     52,457     48,261  
                                  

Total fixed charges as defined

    $317,478    $754,290    $625,513     $461,431     $360,805     $346,564  
                                  

Ratio of earnings to fixed charges

    11.6    9.5    9.7     11.4     0.5     7.6  

 

(1) A 1/3 factor was used to compute the portion of rental expenses deemed representative of the interest factor.