Wyeth Boosts Profit Outlook

Thanks to a second-quarter financial report that beat Wall Street estimates, Wyeth (WYE Quote) said Thursday it is raising its full-year earnings guidance.

"We had an excellent first half and look forward to a great year," Robert Essner, the chairman and CEO, told analysts during a telephone conference call.

He raised the full-year earnings outlook to a range of $3.48 to $3.56, excluding one-time items. The previous guidance had been $3.40 to $3.50. The consensus had been $3.49.

The news sent Wyeth's stock up 97 cents, or 1.7%, to $57.58.

For the three months ended June 30, Wyeth earned 90 cents a share, excluding items, or 3 cents better than what was expected by analysts polled by Thomson First Call.

When all items are included, Wyeth earned $1.2 billion, or 87 cents a share, on revenue of $5.65 billion. Analysts had been expecting revenue of $5.48 billion. For the same period last year, Wyeth earned $1.06 billion, or 78 cents a share, on revenue of $1.37 billion.

Wyeth executives said they expect to launch as many as seven new drugs in the next 18 months, including two this month, the oral contraceptive Lybrel and the advanced kidney cancer drug Torisel. Lybrel, which eliminates menstrual periods, was approved by the Food and Drug Administration May 22. Torisel was cleared May 30.

Next on the FDA menu is Pristiq for treating symptoms of menopause. The agency is expected to act early next week. In mid-August, the FDA is scheduled to decide on bifeprunox for schizophrenia. Wyeth is collaborating with the drug's developer, Solvay of Belgium.