Wyeth

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This article is about the corporation. For other uses of the word see Wyeth (disambiguation)
Wyeth
Image:wyeth_logo.gif
Type Public (S&P 500: WYE)
Founded Philadelphia, Pennsylvania (1860)
Headquarters Madison, New Jersey, USA
Key people Robert Essner, Chairman & CEO
Joseph Mahady, President, Wyeth Pharmaceuticals
John Wyeth, Founder
Industry Pharmaceuticals,
Healthcare
Products Premarin,
Effexor,
(See more products.)
Revenue Image:green up.png$18.756 billion USD (2005)
Employees 49,732 (2005)
Website www.wyeth.com

Wyeth, formerly known as American Home Products, is one of the largest pharmaceutical companies in the world. Corporate headquarters are in Madison, New Jersey, but its pharmaceutical division, which comprises the bulk of Wyeth's revenue and profits is run out of Collegeville, Pennsylvania, a suburb of Philadelphia. They are known for manufacturing the over-the-counter drugs Robitussin and the analgesic Advil (ibuprofen), as well as the prescription drugs Premarin and Effexor, which both boast over $1 billion in sales annually.

Contents

[edit] History

[edit] 1860-1899

In 1860, pharmacists John and Frank Wyeth opened a drugstore with a small research lab. In 1862, on the suggestion of doctors, they began to manufacture large quantities of commonly ordered medicines. They were successful, and in 1864 they began supplying medicines and beef extract to the Union army during the Civil War.

In 1872, Henry Bower, an employee of Wyeth, developed one of the first rotary compressed tablet machines in the United States. This enabled the mass production of medicines with unprecedented precision and speed. It was massively successful, and the Wyeth brothers won multiple awards at the Centennial Exhibition. In 1883, Wyeth opened its first foreign facility in Montreal, Canada and began vaccine production. Six years later, a fire destroyed the brothers' original Walnut Street store; the brothers sold the retail business and began focusing on mass-production.

[edit] 1900-1929

John Wyeth died in 1907 and his only son, Stuart, became the company's president. American Home Products, the holding company now known as Wyeth, was incorporated on February 4th, 1926. The Whitehall building in downtown Manhattan became the corporation's first headquarters. Global sales became stronger due to the sales of Wyeth's Kolynos brand of toothpaste. In 1929, Stuart Wyeth died and left controlling interest to Harvard University.

[edit] 1930-1949

In 1930, Wyeth purchased Anacin, a product for tension headaches which quickly became the company's flagship product. One year later, Harvard sold Wyeth back to American Home Products for $2.9 million.

In 1935, Alvin G. Brush, a Certified Public Accountant, became CEO of the entire organization; he would serve for thirty years. Under Brush's leadership, 34 new companies were acquired in the next fifteen years, including Chef Boyardee and the S.M.A. Corporation, a pharmaceutical firm specializing in innovative infant formulas. Wyeth also made its first licensing deal, acquiring an antibiotic for arthritis vaccine research.

In 1941, the United States entered World War II, and Wyeth shipped typical wartime drugs such as sulfa bacteriostatics, blood plasma, typhus vaccine, quinine, and atabrine tablets; they were later rewarded for their contribution to the war effort. During this time, Wyeth launched its Penicillin research facility with G. Raymond Rettew.

In 1943, Wyeth merged with Ayerst, McKenna and Harrison, Ltd. of Canada. With this merger came Premarin, the world's first conjugated estrogen tablets, which to this day is one of Wyeth's flagship products. Wyeth was one of 22 companies selected by the government in 1944 to manufacture penicillin for the military, and later for the general public.

In 1945, Wyeth acquired the Fort Dodge Serum Company, thus entering the animal health field, in which they are still active to this day.

[edit] 1950-1969

In 1951, Wyeth launched Antabuse, a drug for the treatment of alcoholism, as well as the antihistamine Phenergan. Ansolyen was launched the next year as a high blood pressure medication. The anticonvulsant Mysoline was introduced in 1954. Other drugs introduced during this time include Isordil, a vasodilator for treatment of angina, Dryvax, a freeze-dried smallpox vaccine, and Ovral, an oral contraceptive. Pharmaceuticals were generating an ever-increasing percentage of Wyeth's sales.

Wyeth became a leading US vaccine producer after supplying polio vaccine for Salk trials. The corporate headquarters were moved to Radnor, Pennsylvania, where they remained until 2003. William F. Laporte became the Chairman and President of AHP in 1965, and served until 1981.

The WHO initiated the Global Smallpox Eradication Program in 1967, and approached Wyeth to develop a better injection system for smallpox that could be used in the field. Wyeth waived patent royalties on its innovative bifuricated needle, aiding in the delivery of over 200 million smallpox vaccines per year.

[edit] 1970-1989

Wyeth's oral contraceptives became extremely popular in the US. John W. Culligan, after becoming Chairman in CEO in 1981, spun off less profitable lines and focused resources on consumer and prescription drugs. Wyeth made history in 1984 with the introduction of Advil, the first nonprescription ibuprofen in America, as well as the most famous prescription-to-OTC switch in history.

John R. Stafford became CEO and Chairman in 1986. He completed the divesture of non-core businesses such as household products, foods, and candy. Wyeth and Ayerst were merged to form Wyeth-Ayerst Laboratories, thus strengthening and consolidating Wyeth's pharmaceutical operations.

In the late 1980s, Wyeth acquired the animal health businesses of Bristol-Myers and Parke-Davis. Wyeth also acquired A.H. Robins, makers of Robitussin, ChapStick, Dimetapp and the Dalkon Shield.

[edit] 1990-1999

Premarin becomes the #1 prescribed drug in the US in 1993. Effexor (venlafaxine HCl), the first SNRI (serotonin and norepinephrine reuptake inhibitor), is introduced for the treatment of depression and is later indicated for Generalized Anxiety Disorder and Social Anxiety Disorder.

In 1993 Wyeth founded the Women's Health Research Institute, the only institute in the pharmaceutical industry that is entirely dedicated to reasearch in women's health. The Institute conducts trials in menopausal issues, endometriosis, contraception and more.

In 1994 Wyeth acquired American Cyanamid and its subsidiary Lederle Laboratories. This acquisition brought the Lederle Praxis vaccines, new R&D capacity, and Centrum, the leading US multivitamin. Wyeth's sales topped $13 billion in 1995; two years later, Premarin became the company's first brand to reach $1 billion in sales.

In 1995 Wyeth acquired the animal health division of Solvay which was folded into Fort Dodge Animal Health. The acquisition gave Fort Dodge Animal Health strong market presence in Europe and Asia as well as expanding its product portfolio to include swine and poultry vaccines.

In 1997 Wyeth's controversial diet drug phentermine was taken off the market by the US Food and Drug Administration (FDA) after several reports of deaths and other health problems associated with the drug/supplement combination known as fen-phen occurred.

In 1998 American Home Products was left at the altar by British pharma powerhouse SmithKline Beecham, who pulled the plug on the estimated $70 billion merger. The deal was reportedly killed in response to British regulators who feared losing jobs to a proposed US headquarters location. SKB would eventually merge with fellow Brit Glaxo Wellcome in 1999 to form the world's leading drug company. This was the start of a three year losing streak in the M&A game for AHP.

In 1999 another American Home Products merger fell apart, this time a proposed $34 billion merger-of-equals with chemical and biotech manufacturer Monsanto. Though the companies issued a combined statement saying the breakup was mutual "because (the deal) was not in the best interests of shareholders", rumors swirled that AHP had called the deal off due to issues in the soon-to-be-combined boardroom. Monsanto announced in December of 1999 that it would merge with Pharmacia & Upjohn instead, who eventually spun Monsanto back off before being bought themselves by Pfizer in 2003.

[edit] 2000-present

  • In 2000 American Home Products lost a $65 billion friendly takeover bid for rival drug company Warner-Lambert in their most dramatic merger loss yet. After the merger announcement, Pfizer offered a competing hostile bid, primarily to save their half of a Lipitor joint venture with Warner (at the time the #1 Rx drug in the world). At one point talks were under way in which Proctor & Gamble would ride in to save the day by buying both companies in a wild three-way merger, a rumor which cost P&G a 10% drop in its stock price. Eventually, despite both CEOs going on tour to defend the deal to shareholders, Pfizer won Warner-Lambert and formed the second largest drug company in the world, while AHP had to settle for a $1.8 billion poison pill payment.
  • Robert Essner, the company's current CEO, was appointed in 2001.
  • In 2002, American Home Products changed its name to Wyeth, having spun off unrelated businesses in order to focus on pharmaceuticals.
  • After large-scale scientific trials showed long term use of Prempro may increase risks of strokes, heart attacks, blood clots, and breast cancer, Wyeth experienced a significant decline in its sales of Premarin, Prempro (conjugated equine estrogens) and related hormones[citation needed], from over $2 billion in 2002 to $880,000,000 in 2004.[1] The results from the study were alarming enough that the trials were terminated due to a fear that their participants may be at risk. Although it is a corporation, Wyeth subsequently filed a 'citizens complaint' with the FDA on October 16, 2005, requesting that the US FDA prohibit pharmacies from providing bio-identical hormones to their patients. If honored, the request would undercut competitors, primarily those engaged in alternative medicine. See Hormone replacement therapy.
  • The European Commissioner for Health and Consumer Protection blamed the presence of illegal steroids in the food supply on "fraudulent exchange and disposal of pharmaceutical waste". A Wyeth factory disposing of the byproducts from synthetic progesterone manufacture was the source of the contamination. [2]
  • In 2003 Wyeth reportedly contributed funds to a not-for-profit support group, The Meningitis Centre, which lobbies the Australian Government to introduce universal immunisation against pneumococcal disease.[3]. Wyeth produces the only pneumococcal vaccine approved for young children in Australia.

[edit] Divisions

[edit] Wyeth Consumer Healthcare

Wyeth Consumer Healthcare (formally Whitehall Robins Consumer Healthcare operates in over 65 countries. The division had sales of $2.5 billion in 2004 and is the fifth largest over-the-counter health products company in the world.

[edit] Wyeth Pharmaceuticals

Wyeth Pharmaceuticals, formerly Wyeth-Ayerst Laboratories, is the original company founded by the Wyeth brothers, originally known as John Wyeth and Brother. They focus on the research, develop, and marketing of prescription drugs. The pharmaceuticals division is further subdivided into five subdivisions: Wyeth Research, Prescription Products, Biopharmaceuticals, Vaccines, and Nutritionals.

[edit] Fort Dodge Animal Health

Fort Dodge Animal Health was founded in 1912 as "Fort Dodge Serum Company". The company was established in Fort Dodge Iowa to manufacture Hog Cholera serum. It became a division of American Home Products (now Wyeth) in 1945. They are a leading manufacturer of prescription and over-the-counter vaccines and pharmaceuticals for veterinary medicine as well as livestock. Its global headquarters are located in Overland Park, Kansas.

Innovative Fort Dodge products include West Nile-Innovator®, Duramune® Adult, CYDECTIN® Pour-on, the Pyramid® vaccine line, Quest® Gel and EtoGesic® Tablets.

[edit] Products

[edit] Wyeth Consumer Healthcare Products

[edit] Wyeth Pharmaceuticals Products

[edit] Fort Dodge Animal Health Products

  • Bursine®-2
  • Cefa-Lak®/Cefa-Dri®
  • Duramune®
  • CYDECTIN®
  • Fel-O-Vax®
  • Dicural®
  • Fluvac Innovator®
  • EtoGesic® Tablets
  • GiardiaVax®
  • Ketaset®
  • LeptoVax™
  • Nolvasan®
  • LymeVax®
  • Polyflex®
  • Pinnacle® I.N.
  • QUEST® Gel
  • Presponse®
  • Synanthic®
  • PYRAMID®
  • SYNOVEX® Implants
  • Suvaxyn®
  • ToDAY®/ToMORROW®
  • Triangle® Cattle Vaccines
  • Torbugesic-SA®

[edit] Trivia

Wyeth on 1 July,2006 launched Prevenar — its international vaccine for Invasive Pneumococcal Disease (IPD) — in India. Prevenar is the first and only pneumococcal conjugate vaccine for infants and children that protects against pneumococcal disease like meningitis, bacterial pneumonia, septicaemia and bacteraemia (bacteria in the blood)

[edit] External links

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