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Home Industry News Wyeth Pharmaceuticals predicts earnings to be below expectations

Wyeth Pharmaceuticals predicts earnings to be below expectations

10th January 2006

Effexor maker Wyeth has said that its earnings for 2006 will be below the expectations of the US financial markets.

It said in a financial statement that it expected earnings to be between $2.97 and $3.07 per share, excluding any restructuring charges resulting from the company’s review of its business.

However, Associated Press reported that chief executive Robert Essner remained bullish about the potential for the next 12 months, with several drugs selling at blockbuster levels whilst the firm waits approval for six more medicines.

“2005 has been a year of strong performance, and I am pleased to say that we are expecting another strong year,” he said in a conference call.

He added: “By the end of 2006, we expect to have seven products at or nearly at the $1 billion sales level.” These include Wyeth’s infant milk formula, Effexor and rheumatoid arthritis drug Enbrel, which are all expected to achieve sales of $1 billion outside the US.

It added that earnings for 2005 would likely exceed its previous predictions of $2.80 to $2.90 per share.

track© Adfero Ltd

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