Wyeth
From Freepedia
- This article is about the corporation. For other uses of the word see Wyeth (disambiguation)
| Image:Wyeth logo.gif | |
| Type | Public (S&P 500: WYE) |
| Founded | Philadelphia, Pennsylvania (1860) |
| Location | 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$17.4 billion USD (2004) |
| Employees | 51,401 (2005) |
| Website | www.wyeth.com |
Wyeth, formerly known as American Home Products, is one of the largest pharmaceutical companies in the world. They are headquartered in New Jersey. 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.
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History
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.
1900-1929
John Wyeth died in 1907 and his only son, Stuart, became 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.
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 AHP 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 Two, 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.
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.
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 1980's, Wyeth acquired the animal health businesses of Bristol-Myers and Parke-Davis. Wyeth also acquired A.H. Robbins, makers of Robitussin, ChapStick and Dimetapp.
1990-Present
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 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. 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.
Divisions
Wyeth Consumer Healthcare
Wyeth Consumer Healthcare operates in over 65 countries. The division had sales of $2.5 million in 2004 and is the fifth largest over-the-counter health products company in the world.
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.
Fort Dodge Animal Health
Fort Dodge was founded in 1912 and became a division of Wyeth in 1945. They are a leading manufacturer of prescription and over-the-counter drugs for veterinary medicine as well as livestock.
Products
Wyeth Consumer Healthcare Products
Wyeth Pharmaceuticals Products
- Premarin (conjugated estrogen tablets) - Estrogen for menopausal women
- Effexor XR (venlafaxine HCl) - an SNRI for clinical depression, Generalized Anxiety Disorder, and Social Anxiety Disorder
- Protonix (pantoprazole) - a drug for the treatment of heartburn, particularly nighttime heartburn, related to Gastroesophageal Reflux Disease
- Enbrel (etanercept) - a drug approved for Psoriasis and various forms of Rheumatoid Arthritis
- Tygacil (tigecycline) - an antibiotic developed for treatment of infections such as MSRA
- Zosyn (piperacillin/tazobactam) - another intravenous antibiotic used mainly in intensive care medicine
