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Home Industry News Wyeth reports 10% increase in net revenue

Wyeth reports 10% increase in net revenue

24th July 2007

Wyeth has announced its earnings results for the second quarter of the 2007 fiscal year, with the firm reporting a ten per cent increase in worldwide net revenue over the same period last year, with sales reaching $5.6 billion (2.73 billion pounds).

Net income for the quarter reached $1,198.5 million, with diluted earnings per share at $0.877, up from $1,064.8 million and $0.78 in the second quarter of 2006.

Pharmaceutical sales rose by 11 per cent to $4,746 million for the quarter, driven by enhanced sales of Enbrel, Prevnar, Protonix, Zosyn and nutrition products.

The firm reports that it is on course for another “excellent” financial year and has increased its pro formal diluted earnings per share guidance for the full year up to between $3.48 and $3.56.

Robert Essner, chairman and chief executive officer of the company, said: “Wyeth delivered another outstanding quarter and a solid 2007 first half led by growth of the biotech product Enbrel and Prevnar vaccine.”

He added that the quarter also saw the receipt of US Food and Drug Administration approval of advanced renal cancer drug Torisel and innovative contraceptive product Lybrel.

In April 2007, Wyeth announced its completion of the acquisition of Wyeth KK from Takeda Pharmaceuticals, purchasing the final 20 per cent stake in the firm, making it a wholly-owned subsidiary of the company.

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