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Wyeth Expects 3Q To Beat Street

The drugmaker says full-year results could top its forecast if trends continue.
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projected healthy earnings, saying its third-quarter results will top Wall Street's estimate and full-year earnings could also come in above forecasts.

The company estimated third-quarter earnings per share will be in the mid- to upper-70-cent range, above analysts' mean estimate of 72 cents. Comparable earnings a year earlier were 76 cents a share.

Wyeth also reiterated its forecast for full-year earnings of $2.80 to $2.90 a share, excluding charges, but noted that 2005 results will "more than likely" meet or exceed the top end of that range if current trends continue. Analysts polled by Thomson First Call have a mean estimate for earnings of $2.92 a share.

Wyeth had already raised its full-year targets in June from its original guidance of $2.70 to $2.80 a share. The Madison, N.J., company's forecasts exclude restructuring charges and a planned charge related to repatriating earnings under the American Jobs Creation Act.

For 2006, Wyeth expects earnings will rise in the high single-digit range from 2005, assuming an adjustment of about 17 cents a share related to expensing stock options. According to First Call, analysts project 2006 earnings of $3.12 a share.

Wyeth shares recently changed hands at $46.27, up 20 cents, or 0.4%, after hours.