Wyeth's Motion to Overturn Punitive Damages Award Granted by Arkansas Court
MADISON, N.J., July 09, 2008 /PRNewswire-FirstCall/ -- Wyeth confirmed today that its motion for judgment as a matter of law on the punitive damages award in the hormone therapy case of Donna Scroggin v. Wyeth, in the U.S. District Court, Eastern District of Arkansas, has been granted by the court. This ruling vacates the punitive damages award of $19,360,000 rendered by the Little Rock jury last year. The decision also clears the way for Wyeth to appeal the compensatory damages award of $2.75 million.
"We always believed there was no basis in fact or law for either award in this case," says Lyn P. Pruitt, an attorney with Mitchell, Williams, Selig, Gates & Woodyard, PLLC, a firm representing Wyeth. "We are pleased with the Court's decision vacating the punitive damages award and we look forward to presenting our arguments against the compensatory award to the Court of Appeals."
The court's ruling also vacates the $7,760,000 punitive damages award against co-defendant Upjohn.
The first phase of the trial began on February 5, 2008 before The Honorable William R. Wilson. The punitive damages phase began on March 3, 2008. The plaintiff alleged that she developed breast cancer from the use of Premarin(R) and Prempro(R), products marketed by Wyeth, as well as Provera, a product marketed by Upjohn.
Premarin (conjugated estrogens tablets USP) and Prempro (conjugated estrogens/medroxyprogesterone acetate tablets) are approved by the U.S. Food and Drug Administration as safe and effective when used as indicated.
Wyeth is one of the world's largest research-driven pharmaceutical and health care products companies. It is a leader in the discovery, development, manufacturing and marketing of pharmaceuticals, vaccines, biotechnology products, nutritionals and non-prescription medicines that improve the quality of life for people worldwide. The Company's major divisions include Wyeth Pharmaceuticals, Wyeth Consumer Healthcare and Fort Dodge Animal Health.
The statements in this press release that are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These risks and uncertainties include, without limitation, the inherent uncertainty of the timing and success of, and expense associated with, research, development, regulatory approval and commercialization of our products and pipeline products; government cost- containment initiatives; restrictions on third-party payments for our products; substantial competition in our industry, including from branded and generic products; emerging data on our products and pipeline products; the importance of strong performance from our principal products and our anticipated new product introductions; the highly regulated nature of our business; product liability, intellectual property and other litigation risks and environmental liabilities; uncertainty regarding our intellectual property rights and those of others; difficulties associated with, and regulatory compliance with respect to, manufacturing of our products; risks associated with our strategic relationships; economic conditions including interest and currency exchange rate fluctuations; changes in generally accepted accounting principles; trade buying patterns; the impact of legislation and regulatory compliance; risks and uncertainties associated with global operations and sales; and other risks and uncertainties, including those detailed from time to time in our periodic reports filed with the Securities and Exchange Commission, including our current reports on Form 8-K, quarterly reports on Form 10-Q and annual report on Form 10-K, particularly the discussion under the caption "Item 1A, Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2007, which was filed with the Securities and Exchange Commission on February 29, 2008. The forward-looking statements in this press release are qualified by these risk factors. We assume no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments or otherwise.
CONTACT: Media Contact: Douglas Petkus, +1-973-660-5218 or InvestorContact: Justin Victoria, +1-973-660-5340, Wyeth
Web site: http://www.wyeth.com/
Ticker Symbol: (NYSE:WYE)
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Posted: July 2008
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