Wyeth 3Q revenues up 9%, on track to reach $1 billion in annual sales

By Lisa Kerner

Charlotte, N.C., Oct. 19 - Wyeth said its worldwide revenues increased 9% to $5.1 billion for the 2006 third quarter and 8% to $15.1 billion for the first nine months ended Sept. 30.

"With our outstanding 2006 third quarter, Wyeth is on its way to achieving annual sales of more than $1 billion for six product franchises," chairman and chief executive officer Robert Essner said in a company news release.

Strong sales are expected to continue, led by Enbrel and Prevnar.

Net income and diluted earnings per share for the quarter were up at $1.16 billion and $0.85, respectively, from $869.9 million and $0.64 for the 2005 third quarter.

The performance led Wyeth to raise its 2006 pro forma diluted earnings per share guidance range 13% to 16% to $3.12 to $3.18.

For the nine-month period, the Madison, N.J., pharmaceutical company reported net income and diluted earnings per share of $3.34 billion and $2.45, respectively, up from $2.93 billion and $2.16 for the same period in 2005.

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