on Wednesday reported first-quarter financial results that topped analysts' expectations.
The results were sufficiently strong to prompt the company to predict it would exceed its previous earnings-per-share guidance for the full year. Wyeth had said it expected to achieve a range of $2.70 to $2.80 for the full year.
Now, Wyeth says "it is likely that the upper end of the range will be exceeded." The Wall Street consensus is $2.78. The company's EPS calculations exclude the impact of changes in accounting for stock options and of the repatriation of earnings from foreign-based subsidiaries under a law that allows a one-time tax holiday for such profits.
For the first quarter, Wyeth earned $1.08 billion, or 80 cents a share, on revenue of $4.58 billion. The consensus of analysts polled by Thomson First Call predicted a profit of $1.02 billion, or 77 cents a share, on revenue of $4.46 billion.
For the same period last year, Wyeth earned $749.7 million, or 55 cents a share, on revenue of $4.01 billion. Those results were affected by a one-time, after-tax charge of $94.6 million, or 7 cents a share, related to a collaboration with the Belgian company
to develop four drugs.