Wyeth Lifts '09 Forecast as Earnings Gain - TheStreet

Wyeth

(WYE)

reported second-quarter earnings of $1.27 billion, or 94 cents a share, an increase from year-earlier earnings of $1.12 billion, or 83 cents a share, despite a 4% decline in revenue to $5.7 billion.

Excluding certain items, earnings in the latest period were 98 cents a share, above the expectation of analysts of 85 cents a share.

In a statement Thursday, the pharmaceuticals company said net revenue, excluding the impact of foreign exchange, rose by 2%. Sales of Prevnar rose 24%, while sales of Enbrel outside the U.S. and Canada gained 21%.

Wyeth raised its 2009 adjusted earnings guidance to $3.48 to $3.58 a share. Analysts polled by Thomson Reuters expect earnings of $3.46 a share.

Wyeth's merger with

Pfizer

(PFE) - Get Report

is expected to close at the end of the third quarter or during the fourth quarter.