Wyeth reports mixed results for Q2
MADISON, N.J. Drug maker Wyeth had mixed fortunes during second quarter 2009, according to a financial report released Thursday.
The company reported a 13% increase in diluted earnings per share, but also a 4% decrease to $5.7 billion in global net revenue, though global net revenue increased by 2% when excluding the adverse effects of foreign exchange rates.
Wyeth also reported mixed results for its top-selling products. Sales of the antidepressant Effexor (venlafaxine hydrochloride) decreased by 25% for the quarter, though the children’s pneumococcal vaccine Prevnar (pneumococcal 7-valent conjugate vaccine [diphtheria CRM197 protein]) had a 13% sales increase, while the autoimmune disease drug Enbrel (etanercept) had a 7% increase in U.S. and Canadian sales.
“Wyeth’s results reflect the ongoing strength of our biotechnology and vaccine franchises Enbrel and Prevnar and our nutritionals products, all of which performed strongly around the world,” Wyeth CEO Bernard Poussot said in a statement. “Execution of our medical innovation strategy led to positive revenue growth in constant dollar terms.”
The company’s acquisition by Pfizer, announced earlier this year, received overwhelming support from Wyeth shareholders, the company said, with 98% of votes cast in favor. The acquisition is expected to close at the end of third quarter or during fourth quarter 2009.