Wyeth Says Estimates Too Low
Wyeth
(WYE)
said Monday that Wall Street analysts have underestimated the company's first-quarter earnings.
Commenting after markets had closed, the company said it expects per-share earnings that are roughly 10 cents above the consensus analyst estimate of 67 cents.
Wyeth said the results reflect the strong performance of "a number of key brands," along with favorable foreign-exchange rates and other unnamed factors.
The Madison, N.J.-based drugmaker said its full-year EPS should be in the range of $2.70 to $2.80, as previously forecast. But "if current business trends continue," the EPS would be at the higher end of that range. The Thomson First Call consensus EPS is $2.75.
Wyeth said the EPS estimates exclude adjustments due to new accounting rules on stock options and the potential impact of a new law allowing companies to repatriate earnings from foreign subsidiaries at a lower tax rate.
Wyeth's stock closed off 9 cents at $38.91 in regular trading. In after-hours trading, the stock gained $1.08 to $39.99.