Wyeth reports 9% increase in worldwide net revenue

Wyeth has published its financial results for the fourth quarter of 2006 and full year. The company announced a nine per cent increase in worldwide net revenue during the year to $20.4 billion (10.44 billion pounds).

Reported net income for the year was $4.2 billion, with diluted net earning per share reaching $3.08.

Decreasing sales of Zoton, which faced competition from generics, was offset by improved sales of Prevnar, Enbrel, Effexor Protonix and Zosyn, with worldwide pharmaceutical sales for the year increasing by ten per cent.

Revenue from pharmaceutical alliances rose by 17 per cent during the year to $1.3 billion.

Robert Essner, chairman and chief executive officer of Wyeth, said: “We achieved strong growth with all of our major products in 2006 and achieved a billion or multi-billion dollar status in annual sales in six product franchises.”

He added that the company had completed six regulatory filings during the year, related to four new products, while increased investment in research and development would place the company in a positive position for strong growth in the future.

Mr Essner is the subject of a profile feature in the current issue of the NYSE magazine, a bimonthly publication from the New York Stock Exchange.