Wyeth unveils Q1 results

Pharmaceutical firm Wyeth has reported a worldwide net revenue increase of six per cent in the first quarter (Q1) of 2008, it emerged this week.

According to a statement issued by the firm, Wyeth’s worldwide net revenue reached $5.7 billion (2.85 billion pounds) in the period ending March 31st 2008.

Bernard Poussot, president and chief executive officer at Wyeth, said the firm is particularly “encouraged by the performance of our biotech business”, while products such as Enbrel – which treats chronic inflammatory diseases such as rheumatoid arthritis – and Prevnar – which the firm claims is the world’s bestselling vaccine – also enjoyed strong results.

In addition, the firm gained a total of three new product approvals during the first quarter of 2008, including Xyntha, which treats patients with hemophilia A to control and prevent episodes of bleeding.

According to Wyeth, the company is represented in more than 80 countries worldwide and cites the UK as “an important provider of skills within the global organisation”.