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Wyeth reports 13 per cent earnings increase

US firm's financials top analysts expectations for Q2 and H1

Wyeth has reported a 13 per cent increase in diluted earnings per share for Q2, with a worldwide net revenue increase of 2 per cent for the quarter and first half of 2009 (excluding the impact of foreign exchange) compared with the same periods last year. Overall, worldwide net revenue decreased by 4 per cent to $5.7bn for Q2, and by 5 per cent to $11.1bn for the first half of 2009.

Revenue from pneumococcal vaccine Prevnar increased 24 per cent to $783m in the three months to June 30, while revenue from the anti-depressant Effexor, affected by increased generic competition, was down 22 per cent to $722m in the same period. Arthritis treatment Enbrel experienced an increase of 21 per cent (outside the US and Canada), generating revenue of $736m.

"Wyeth's results reflect the ongoing strength of our biotechnology and vaccine franchises Enbrel and Prevnar and our Nutritionals products, all of which performed strongly around the world," said Bernard Poussot, chairman, president and CEO of Wyeth.

Based on the data for the first half of 2009 and assuming foreign exchange rate trends continue, Wyeth has raised its 2009 full year expectations, excluding key costs, to between $3.48 and $3.58 per share.

This news follows approval from the European Commission and Wyeth's shareholders backing for its takeover by rival Pfizer. The transaction is expected to close at the end of Q3 or during Q4 2009.

In contrast, Pfizer reported a 19 per cent fall in revenue for Q2 2009 to $2.3bn due to the unfavourable exchange rates and costs associated with the $68bn acquisition of Wyeth.

23rd July 2009

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