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Financial Report: Wyeth 2Q

Excluding the unfavorable impact of foreign exchange, earnings were up 2% for the quarter and first half.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Wyeth 2Q

2Q Revenues: $5.7 billion (-4%)

2Q Earnings: $1.3 billion (+13%)

YTD Revenues: $11.1 billion (-5%)

YTD Earnings: $2.5 billion (+7%)

Comments: Excluding the unfavorable impact of foreign exchange, earnings were up 2% for the quarter and first half. Effexor sales were down 25% to $772 million in the quarter. Prevnar sales rose 24% to $783 million. Enbrel alliance revenue was $304 million (+7%), while Wyeth’s sales of Enbrel outside the U.S. and Canada were $736 million (+6%). Premarin product sales were down 5% to $257 million. Hemophilia product sales were $248 million (-1%). Protonix product sales were $237 million (+4%). Results in the quarter include charges of $66.1 million related to productivity initiatives and costs associated with the proposed merger with Pfizer. R&D expenses in the quarter were up 7% to $885.3 million.

View Wyeth in Contract Pharma’s Top Companies Report:
http://contractpharma.com/articles/2009/07/wyeth

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