Wyeth Warns of Drug Delays

Wyeth(WYE Quote) posted first-quarter results that easily beat estimates, as powerful gains by a vaccine against dangerous childhood diseases and a drug that treats several inflammatory conditions boosted its results.

However, shares slipped as Wyeth noted that some experimental compounds would be facing regulatory delays. By midafternoon, the stock was off 51 cents, or 1%, to $55.81. It fell as low as $54.26.

For the three months ended March 31, Wyeth earned 94 cents a share, excluding one-time items, on revenue of $5.37 billion. The consensus of analysts' forecasts compiled by Thomson First Call predicted earnings of 87 cents and revenue of $5.21 billion.

When items are added, Wyeth earned $1.25 billion, or 92 cents a share, up from $1.12 billion, or 82 cents a share, a year ago. Revenue in the 2006 first quarter was $4.84 billion.

"It was a very good quarter and a very solid start" to the fiscal year, said Ken Martin, the chief financial officer, during a telephone conference call with analysts. He said it was too early to determine if Wyeth would change its full-year adjusted profit guidance of $3.40 to $3.50.

First-quarter results were propelled by Prevnar, the vaccine for pneumoccocal disease in youngsters. Sales rose 43% to $617 million. Sales of Enbrel, for diseases such as rheumatoid arthritis and psoriasis, rose 33% to $445 million. Wyeth sells Enbrel outside the U.S. and Canada. Amgen(AMGN Quote) covers the other markets.