Wyeth beats forecasts despite generics

USA-based Wyeth Pharmaceuticals reported 6% higher revenues for the first quarter of 2008 compared to the same period in 2007, beating analysts expectations despite heavy generic competition.

Net revenue was up to $5.71 billion, but discounting the favorable affect of the weak dollar, this reduces to only a 1% increase. As such, the firm's net income dropped 4% to $1.2 billion and diluted earnings per share stood at $0.89, down 3% on the like, 2007 period.

Excluding certain charges, however,Wyeth's earnings per share were $0.94. Analysts polled by Thomson Financial had expected a revenue of $5.50 billion and earnings per share of $0.90.