Wyeth's 2nd-qtr net income climbs 12.5%

New Jersey, USA-based Wyeth said that strong sales of its anti-inflammatory agent Enbrel (etanercept), outside the USA and Canada, and its pneumococcal meningitis vaccine Prevnar were key to its improved second-quarter 2007 performance. Revenues from the two drugs grew 37% to $508.0 million and 22% to $633.0 million, respectively.

Net income increased 12.5% to $1.20 billion, equivalent to diluted earnings per share of $0.87, while total turnover grew 10% reaching $5.64 billion. Wyeth added that, excluding a charge of $49.8 million relating to as productivity initiative it has undertaken, its net earnings would have been $1.24 billion, or $0.90 per share. Despite this, the firm's results were ahead of the consensus forecast of analysts polled by Thomson Financial who predicted sales of $5.48 billion for the period.

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