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Financial Report: Wyeth 1Q08

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Wyeth

1Q Revenues: $5.7 billion (+6%)

1Q Earnings: $1.2 billion (-5%)

Comments: Pharmaceutical sales were $4.8 billion (+6%). Growth in the quarter was driven products, Enbrel, Prevnar and Nutritionals, offset, in part, by lower sales of the Protonix family of products due to generic competition. Effexor sales were $1.0 billion (+15%); Prevnar sales were $706 million (+14%); Enbrel sales outside the U.S. and Canada were $606 million (+36%). Alliance revenue was up 21% to $369.0 million due to an increase in Enbrel alliance revenue. R&D expenses were $839.4 million in the quarter (+12%). Wyeth gained three new product approvals in the quarter: the FDA approved Xyntha for patients with hemophilia A and Pristiq to treat adult patients with major depressive disorder; in Canada Relistor was approved for subcutaneous use for the treatment of opioid-induced constipation in patients with advanced illness receiving palliative care.

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