Wyeth's first-quarter 2009 profit flat year-on-year as it prepares for Pfizer mega-merger
US drug major Wyeth's first quarter profit was unchanged year-on-year, as the firm prepared to be acquired by global drug giant Pfizer (Marketletters passim).
The firm's net income was flat at $1.2 billion, or $0.90 per share, while R&D expenses were down 8% to $773.1 million as the company cut costs ahead of its merger.
Group turnover decreased 6% to $5.38 billion, with nutritional products contributing $415.0 million to the total, an increase of 1%.
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