American Home Products Corporation Annual Meeting of Stockholders and Declaration of Common and Preferred Stock Dividends

Apr 26, 2001, 01:00 ET from American Home Products Corporation

    MADISON, N.J., April 26 /PRNewswire/ -- John R. Stafford, Chairman and
 Chief Executive Officer of American Home Products Corporation (NYSE:   AHP),
 reported today that at the Company's annual meeting stockholders re-elected
 the
 11 present members of the Board of Directors named in the Company's proxy
 statement. Stockholders also ratified the appointment of Arthur Andersen LLP
 as the Company's principal independent public accountants for the year 2001.
     During his remarks to shareholders, Mr. Stafford said, "Our goal for 2000
 was not only to have a strong year but to make 2000 the base for a period of
 sustained, top-tier growth. We believe that with the continued success of our
 broad product line and our R&D strength, we have not only achieved that goal
 but we can all be very optimistic about the Company's future."
     Mr. Stafford added, "As a full-fledged, global pharmaceutical business,
 American Home Products has never been stronger and the Company is well
 positioned for excellent growth in 2001 and beyond."
     During the meeting, Mr. Stafford discussed the aggressive action taken to
 move toward resolution of the diet drug litigation. "We can now devote full
 attention to growing our pharmaceutical business and capitalizing on our many
 global opportunities," he emphasized. Mr. Stafford also discussed the
 divestiture of the agricultural products business in June of 2000, allowing
 AHP to focus exclusively on pharmaceuticals, consumer health care products and
 animal health care products.
     Commenting on AHP's growth strategies, Mr. Stafford said that the growth
 will continue to be driven by the Company's three foundation products,
 Effexor(R) for depression and generalized anxiety disorder; Premarin(R) for
 hormone replacement therapy; and Enbrel(R) for the treatment of rheumatoid
 arthritis. The Premarin(R) family of products is on track to surpass sales of
 $2 billion this year and Effexor(R) continues to be a significant growth
 opportunity for the Company, having crossed the billion-dollar threshold with
 nearly $1.2 billion in worldwide sales in 2000. In addition, AHP will continue
 to work closely with Immunex to fully develop the tremendous opportunity for
 Enbrel(R).
     Mr. Stafford said, "Over the last two years, the Company received approval
 for eight significant new pharmaceutical products, the best multiple new
 product launch in the industry and our best performance ever. The impact of
 these new products is already evident. We will continue to see these and our
 other products grow for many years to come as none of our major products face
 patent expiration during the next several years."
     AHP invested approximately $1.7 billion in R&D last year and the Company
 anticipates spending close to $2 billion this year. The Company is also making
 major investments in biopharmaceutical and vaccine development and in the
 manufacturing base to accommodate recent product introductions and the new
 product pipeline. In addition to the Company's own discovery research, AHP has
 a number of important alliances with other pharmaceutical and biotechnology
 firms.
     American Home Products Corporation has become a major player in
 biopharmaceuticals, with one of the largest investments in biotechnology in
 the industry. Using genomics, recombinant DNA and other technologies, AHP
 scientists are developing new strategies and innovative products in the fight
 against critical diseases.
     As previously announced, Robert Essner will become the Chief Executive
 Officer of AHP on May 1 and will continue as President, a position he has held
 since July of 2000. Mr. Stafford said, "The appointment of Bob Essner as the
 next CEO provides for continuity of our strategic direction as a first tier
 pharmaceutical company. Bob has been instrumental in leading our Wyeth-Ayerst
 Pharmaceutical business and you can rely on an orderly process and a dynamic
 transition plan for the future of the Company."
     Mr. Stafford concluded his remarks by saying, "The year 2001 will be an
 exciting one for American Home Products Corporation. The Company enters its
 76th year newly transformed into a highly competitive, global company focused
 on providing innovative pharmaceuticals and consumer health care products for
 many serious diseases to the world."
     At a meeting of the Board of Directors of American Home Products
 Corporation also held today, a dividend of twenty-three cents ($.23) per share
 on the outstanding shares of Common Stock was declared payable on June 1,
 2001, to stockholders of record at the close of business on May 11, 2001. A
 dividend of fifty cents ($.50) per share on the outstanding shares of
 Preferred Stock was declared payable on July 1, 2001, to stockholders of
 record at the close of business on June 13, 2001.
 
     American Home Products Corporation is one of the world's largest
 research-based pharmaceutical and health care products companies. It is a
 leader in the discovery, development, manufacturing and marketing of
 prescription drugs and over-the-counter medications. It is also a leader in
 vaccines, biotechnology and animal health care.
 
     The statements in this press release that are not historical facts are
 forward-looking statements that involve risks and uncertainties including,
 without limitation, risks associated with the inherent uncertainty of
 pharmaceutical research, product development and commercialization, the impact
 of competitive products, and patent, and other risks and uncertainties,
 including those detailed from time to time in AHP's periodic reports,
 including quarterly reports on Form 10-Q and the annual report on Form 10-K,
 filed with the Securities and Exchange Commission. Actual results may differ
 from forward-looking statements.
 
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SOURCE American Home Products Corporation
    MADISON, N.J., April 26 /PRNewswire/ -- John R. Stafford, Chairman and
 Chief Executive Officer of American Home Products Corporation (NYSE:   AHP),
 reported today that at the Company's annual meeting stockholders re-elected
 the
 11 present members of the Board of Directors named in the Company's proxy
 statement. Stockholders also ratified the appointment of Arthur Andersen LLP
 as the Company's principal independent public accountants for the year 2001.
     During his remarks to shareholders, Mr. Stafford said, "Our goal for 2000
 was not only to have a strong year but to make 2000 the base for a period of
 sustained, top-tier growth. We believe that with the continued success of our
 broad product line and our R&D strength, we have not only achieved that goal
 but we can all be very optimistic about the Company's future."
     Mr. Stafford added, "As a full-fledged, global pharmaceutical business,
 American Home Products has never been stronger and the Company is well
 positioned for excellent growth in 2001 and beyond."
     During the meeting, Mr. Stafford discussed the aggressive action taken to
 move toward resolution of the diet drug litigation. "We can now devote full
 attention to growing our pharmaceutical business and capitalizing on our many
 global opportunities," he emphasized. Mr. Stafford also discussed the
 divestiture of the agricultural products business in June of 2000, allowing
 AHP to focus exclusively on pharmaceuticals, consumer health care products and
 animal health care products.
     Commenting on AHP's growth strategies, Mr. Stafford said that the growth
 will continue to be driven by the Company's three foundation products,
 Effexor(R) for depression and generalized anxiety disorder; Premarin(R) for
 hormone replacement therapy; and Enbrel(R) for the treatment of rheumatoid
 arthritis. The Premarin(R) family of products is on track to surpass sales of
 $2 billion this year and Effexor(R) continues to be a significant growth
 opportunity for the Company, having crossed the billion-dollar threshold with
 nearly $1.2 billion in worldwide sales in 2000. In addition, AHP will continue
 to work closely with Immunex to fully develop the tremendous opportunity for
 Enbrel(R).
     Mr. Stafford said, "Over the last two years, the Company received approval
 for eight significant new pharmaceutical products, the best multiple new
 product launch in the industry and our best performance ever. The impact of
 these new products is already evident. We will continue to see these and our
 other products grow for many years to come as none of our major products face
 patent expiration during the next several years."
     AHP invested approximately $1.7 billion in R&D last year and the Company
 anticipates spending close to $2 billion this year. The Company is also making
 major investments in biopharmaceutical and vaccine development and in the
 manufacturing base to accommodate recent product introductions and the new
 product pipeline. In addition to the Company's own discovery research, AHP has
 a number of important alliances with other pharmaceutical and biotechnology
 firms.
     American Home Products Corporation has become a major player in
 biopharmaceuticals, with one of the largest investments in biotechnology in
 the industry. Using genomics, recombinant DNA and other technologies, AHP
 scientists are developing new strategies and innovative products in the fight
 against critical diseases.
     As previously announced, Robert Essner will become the Chief Executive
 Officer of AHP on May 1 and will continue as President, a position he has held
 since July of 2000. Mr. Stafford said, "The appointment of Bob Essner as the
 next CEO provides for continuity of our strategic direction as a first tier
 pharmaceutical company. Bob has been instrumental in leading our Wyeth-Ayerst
 Pharmaceutical business and you can rely on an orderly process and a dynamic
 transition plan for the future of the Company."
     Mr. Stafford concluded his remarks by saying, "The year 2001 will be an
 exciting one for American Home Products Corporation. The Company enters its
 76th year newly transformed into a highly competitive, global company focused
 on providing innovative pharmaceuticals and consumer health care products for
 many serious diseases to the world."
     At a meeting of the Board of Directors of American Home Products
 Corporation also held today, a dividend of twenty-three cents ($.23) per share
 on the outstanding shares of Common Stock was declared payable on June 1,
 2001, to stockholders of record at the close of business on May 11, 2001. A
 dividend of fifty cents ($.50) per share on the outstanding shares of
 Preferred Stock was declared payable on July 1, 2001, to stockholders of
 record at the close of business on June 13, 2001.
 
     American Home Products Corporation is one of the world's largest
 research-based pharmaceutical and health care products companies. It is a
 leader in the discovery, development, manufacturing and marketing of
 prescription drugs and over-the-counter medications. It is also a leader in
 vaccines, biotechnology and animal health care.
 
     The statements in this press release that are not historical facts are
 forward-looking statements that involve risks and uncertainties including,
 without limitation, risks associated with the inherent uncertainty of
 pharmaceutical research, product development and commercialization, the impact
 of competitive products, and patent, and other risks and uncertainties,
 including those detailed from time to time in AHP's periodic reports,
 including quarterly reports on Form 10-Q and the annual report on Form 10-K,
 filed with the Securities and Exchange Commission. Actual results may differ
 from forward-looking statements.
 
                     MAKE YOUR OPINION COUNT -- Click Here
                http://tbutton.prnewswire.com/prn/11690X92179202
 
 SOURCE  American Home Products Corporation

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