Wyeth

(WYE)

posted second-quarter earnings results Wednesday morning that beat Wall Street estimates on an adjusted basis.

The Madison, N.J., drugmaker posted net income of $1.12 million, or 83 cents a share, down from $1.2 million, or 87 cents a share, in the second quarter of 2007. Those results, however, include charges of $155.2 million from severance related to workforce reductions in its Protonix business.

Factoring out these charges, adjusted income came to 91 cents a share, up a penny from the same quarter last year and 4 cents better than the Wall Street consensus estimate.

Wyeth generated revenue of $5.9 billion, up from $5.6 billion a year ago.

Analysts were looking for earnings of 87 cents a share on $5.69 billion in revenue, according to Thomson Reuters estimates.

On a product-by-product basis, sales of Enbrel, an inflammation treatment marketed with

Amgen

(AMGN) - Get Report

, rose 6%; sales of pediatric pneumococcal vaccine Prevnar rose 9%; sales of antidepressant Effexor rose 5%;

Sales of proton pump inhibitor Protonix, however, took a 59% sales hit due to continued competition from generics, primarily the launch of generic pantoprazole tablets in the U.S. by

Teva Pharmaceutical

(TEVA) - Get Report

and Sun Pharmaceutical. Wyeth, which launched its own generic version of Protonix tablets in the first quarter, said, "While Wyeth's own generic has had some success in the marketplace, the sales of Wyeth's own generic have not, and cannot, offset the substantial harm caused by the launch of infringing generics." Wyeth said it "will continue to vigorously pursue its litigation against Teva, Sun and other infringing generics."

Looking forward, Wyeth raised its 2008 full-year earnings guidance to a range of $3.47 to $3.55.

This article was written by a staff member of TheStreet.com.