Wyeth ( WYE) posted a third-quarter profit and outlined cost-cutting moves that will result in as much as $1 billion in restructuring charges over the next few years.

The Madison, N.J., drugmaker earned $1.1 billion, or 81 cents a share, excluding items, on revenue of $4.7 billion for the three months ended Sept. 30. Analysts polled by Thomson First Call had been expecting a profit of $1.02 billion, or 76 cents a share, and revenue of $4.81 billion.

For the same period last year, Wyeth earned $1.01 billion, or 75 cents a share, excluding one-time items, on revenue of $4.47 billion.

The recently completed quarter was subject to several one-time items, including 5 cents a share for restructuring costs and 12 cents a share for an income tax charge related to Wyeth's repatriation of about $3.1 billion of earnings from foreign units.

When all one-time items are included, Wyeth earned $869.9 million, or 64 cents a share, for the third quarter of 2005.

For the full year, Wyeth said it expected to reach or exceed the upper end of an earnings range of $2.80 to $2.90 a share, which excludes charges for restructuring and repatriating earnings.

The estimate repeats a revised prediction that Wyeth issued earlier this month. The Wall Street consensus is a profit of $3.98 billion, or $2.93 a share, on revenue of $19.1 billion. Along with the solid forecast, shareholders had received another gift on Sept. 29 when Wyeth said it would raise it quarterly dividend by 9%. The quarterly payment of 25 cents is payable Dec. 1 to shareholders of record on Nov. 11. This was Wyeth's first dividend increase since 1999.

In midmorning trading, Wyeth's stock was off 31 cents to $45.92.

Among the company's best-selling drugs, the antidepressants Effexor and Effexor XR posted third-quarter sales of $861 million, down 4% from the same period last year. The company said sales reflect the impact of generic competition as well as a "slowdown" for all depression medications.

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