Wyeth reports financial results for second quarter

Wyeth has announced its financial results for the second quarter of the 2008 fiscal year, with the company reporting a five per cent rise in net revenue worldwide on the same quarter last year to $5.9 billion (three billion pounds).

Reported diluted earnings per share for the period fell five per cent compared to the same time in 2007 to $0.83.

Following the publication of these results, the company updated its full-year pro forma diluted earnings per share guidance to a range of $3.47 to $3.55.

Also in the last quarter, the company received European Commission and US Food and Drug Administration approval for Relistor (methylnaltrexone bromide) as a treatment for opioid-induced constipation.

Bernard Poussot, chairman, president and chief executive officer of Wyeth, said: “We are increasing 2008 pro forma earnings guidance due to the positive results achieved to date and the momentum we see going forward.”

He added that international volume growth experienced by the company has been enhanced by foreign exchange rates while the company continues to build on the strength of biotech products Enbrel (etanercept) and Prevnar (pneumococcal conjugate vaccine).

Earlier this month, Wyeth announced that two hormone therapy lawsuits filed against the firm had been dropped.