Wyeth reports 9% increase in net revenues

Wyeth has published its financial results for the third quarter of its 2007 fiscal year, with the company announcing a nine per cent increase in net revenues to $5.6 billion (2.74 billion pounds).

Net income for the period was $1.15 billion, while the company reported a one per cent drop in diluted earnings per share, down to $0.84.

Wyeth also announced a 7.7 per cent increase in dividend to stockholders and a $5 billion share repurchase programme.

This figure includes share repurchases of approximately $1.2 billion already completed throughout the year.

Robert Essner, chairman and chief executive officer of Wyeth, said: “Outstanding 2007 third quarter performance was driven by revenue growth from our broad portfolio of drugs, vaccines and biotech products.

“We are on track to achieve annual sales of more than $1 billion in seven product categories.”

He added that the company is experiencing growth across all its business segments, including its Fort Dodge Animal Health unit which is forecast to hit sales of $1 billion for the first time this year.

Earlier this month, Wyeth announced the signing of an agreement to acquire Scottish-based biotechnology therapy company Haptogen, with the firm becoming part of its Wyeth Discovery Research division.