Updated from 5:36 p.m. EDT

Drugmaker Wyeth ( WYE) projected healthy earnings Thursday, saying its third-quarter results will top Wall Street's estimate and full-year earnings could also come in above forecasts.

Commenting after markets had closed, Wyeth 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 from foreign subsidiaries under a tax-holiday law signed by President George Bush last year. The law enables repatriation at a sharply reduced tax rate.

Ken Martin, the chief financial officer, told analysts in a late afternoon telephone conference call, that Wyeth would take a third-quarter charge of 11 cents to 16 cents for repatriating earnings from foreign subsidiaries. He didn't say how much money was affected. Wyeth will repatriate "all that we are allowed to do," Martin said.

Many other big drug and biotech companies already have identified how much they plan to repatriate.

Martin also said Wyeth would take a charge of 3 cents to 5 cents in the third quarter for restructuring. He provided no details.

Martin said the third quarter would be better than expected because "business continues to be good." He didn't identify any products that led to the improved performance. Part of the third quarter's gain will be due to a lower tax rate thanks to the resolution of "certain tax issues," he said. Third-quarter results will be announced Oct. 21.

If you liked this article you might like

Are Fund Managers Better Than Their Funds?

Are Fund Managers Better Than Their Funds?

Can Regional Brokers Keep Outperforming?

Can Regional Brokers Keep Outperforming?

Wyeth Deal's Big, but Pfizer Still Needs a Blockbuster

Wyeth Deal's Big, but Pfizer Still Needs a Blockbuster

Cosmetic Surgery Stocks Keep Stiff Upper Lip

Cosmetic Surgery Stocks Keep Stiff Upper Lip

For Abbott, Diversity Remains Paramount

For Abbott, Diversity Remains Paramount