WYETH AND SUBSIDIARIES
                               CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
                                              (In Thousands Except Per Share Amounts)
                                                            (Unaudited)
Six Months Ended June 30, 2002:
                                               $2.00                                                Accumulated
                                            Convertible                Additional                      Other            Total
                                             Preferred      Common      Paid-in       Retained     Comprehensive    Stockholders'
                                               Stock        Stock       Capital       Earnings         Loss             Equity
                                            -----------    --------    ----------    ----------    -------------    -------------
Balance at January 1, 2002                          $51    $440,190    $4,295,051      $170,309        ($833,028)     $4,072,573

Net income                                                                            1,471,779                        1,471,779
Currency translation adjustments                                                                         152,093         152,093
Unrealized losses on derivative
     contracts                                                                                           (25,764)        (25,764)
Unrealized losses on marketable
     securities                                                                                           (7,544)         (7,544)
                                                                                                                    ------------
     Comprehensive income                                                                                              1,590,564
                                                                                                                    ------------

Cash dividends declared (1)                                                            (914,172)                        (914,172)
Purchases of common stock for treasury                         (667)       (5,472)     (107,788)                        (113,927)
Common stock issued for stock options                         1,956       184,773                                        186,729
Other exchanges                                      (4)        135        19,762        (3,179)                          16,714
                                            -----------    --------    ----------    ----------    -------------    ------------
Balance at June 30, 2002                            $47    $441,614    $4,494,114      $616,949        ($714,243)     $4,838,481
                                            ===========    ========    ==========    ==========    =============    ============


Six Months Ended June 30, 2001:
                                               $2.00                                                Accumulated
                                            Convertible                Additional                      Other            Total
                                             Preferred      Common      Paid-in      Accumulated   Comprehensive    Stockholders'
                                               Stock        Stock       Capital        Deficit         Loss             Equity
                                            -----------    --------    ----------    -----------   -------------    -------------
Balance at January 1, 2001                          $55    $437,258    $3,952,457     ($899,118)       ($672,559)     $2,818,093

Net income                                                                            1,210,550                        1,210,550
Currency translation adjustments                                                                        (155,729)       (155,729)
Unrealized gains on derivative
     contracts                                                                                            16,135          16,135
Unrealized gains on marketable
     securities                                                                                            1,878           1,878
                                                                                                                    ------------
     Comprehensive income                                                                                              1,072,834
                                                                                                                    ------------

Cash dividends declared (2)                                                            (907,287)                        (907,287)
Common stock issued for stock options                         1,548       127,337                                        128,885
Other exchanges                                      (2)        102        12,514        (2,724)                           9,890
                                            -----------    --------    ----------    ----------    -------------    ------------
Balance at June 30, 2001                            $53    $438,908    $4,092,308     ($598,579)       ($810,275)     $3,122,415
                                            ===========    ========    ==========    ==========    =============    ============

(1)   Includes the 2002 third quarter common stock cash dividend of $0.23 per share ($304,713 in the aggregate) declared on
      June 20, 2002 and payable on September 1, 2002, and the 2002 second and third quarter preferred stock cash dividends
      of $0.50 per share ($19 in the aggregate) paid on July 1, 2002 and payable on October 1, 2002, respectively.

(2)   Includes the 2001 third quarter common stock cash dividend of $0.23 per share ($302,847 in the aggregate) declared on
      June 21, 2001 and paid on September 1, 2001, and the 2001 second and third quarter preferred stock cash dividends of
      $0.50 per share ($21 in the aggregate) paid on July 1, 2001 and October 1, 2001, respectively.

The accompanying notes are an integral part of these consolidated condensed financial statements.