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Wyeth reports increased global revenue

Wyeth Pharmaceuticals has reported a 6 per cent increase to $5.7bn in worldwide net revenue despite generic competition to Protium
Wyeth Pharmaceuticals has reported a 6 per cent increase to $5.7bn in worldwide net revenue despite generic competition to Protium (Protonix).

Worldwide net revenue, excluding favourable impact of foreign exchange, went up by 1 per cent during the first quarter of 2008. Diluted shares in the company went down by 3 per cent to $0.89, compared to $0.94 in the first quarter of 2007.

Sales of Protium (pantoprazole sodium), a proton pump inhibitor for use in the treatment of gastroesophageal reflux disease, were affected by the release of a generic version from Israel-based manufacturer, Teva.

Protium experienced a 66 per cent decrease in sales figures during the first quarter of 2008, a fact attributed what Wyeth claims are infringing products from other companies.

Bernard Poussot, Wyeth's president and chief executive officer said: "We are pleased with a solid start o 2008 and, despite the significant negative impact from launches of infringing generic versions of Protium, are on track."

"We are encouraged by the performance of our biotech business, our diverse product portfolio and the international sales growth of our three divisions," he added.

Growth of the company's worldwide nutritional business has lead to the expansion of existing sites and the creation of a new manufacturing plant in China. The US Food and Drug Administration has granted approval for two Wyeth products in addition to a product approval in Canada.

 "We also had three new product approvals during the quarter: Pristiq for depression, Xyntha for haemophilia A and Relistor, in Canada, for opiod-induced constipation. At the same time, we are taking the necessary steps to transform our business going forward," Pousset added.

22nd April 2008

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