Updated from 7:40 a.m. EDT

Wyeth ( WYE) reported second-quarter earnings that beat Wall Street estimates, and the company predicted a very strong performance for the back half of the year.

Last week, Wyeth said full-year earnings would be at the upper range of its previous prediction of $2.97 to $3.07. On Thursday, the company was more enthusiastic. "The upper end of that range is now our floor," said Ken Martin, vice chairman and chief financial officer. "The range is somewhere north of $3.07."

Shares of Wyeth recently rose 54 cents, or 1.2%, to $44.87.

For the three months ended June 30, Wyeth reported earnings per share of 80 cents, excluding one-time items, which was 4 cents better than the Wall Street consensus, according to Thomson First Call. Second-quarter revenue of $5.16 billion topped analysts' average estimate of $4.96 billion.

Factoring in all items, Wyeth earned $1.06 billion, or 78 cents a share. For the year-ago period, Wyeth earned $976.6 million, or 72 cents a share, on revenue of $4.7 billion.

Wyeth's second quarter was paced by several veteran medications, including Enbrel, which treats a number of inflammatory diseases, among them rheumatoid arthritis and psoriasis. Wyeth has rights to the drug outside the U.S. and Canada. Second-quarter sales of $370 million were 36% higher than for the same quarter last year.

Amgen ( AMGN) holds Enbrel's U.S. and Canadian rights, and it will report sales later Thursday.

Sales of Prevnar, the vaccine to prevent invasive pneumococcal disease in infants and young children, jumped 60% to $518 million for the second quarter. The company's biggest product, the antidepressants Effexor and Effexor XR, produced $918 million in sales, up 3% from the same period last year. The severe heartburn drug, Protonix, suffered a 3% loss in revenue to $441 million.

Wyeth said its second quarter was affected by charges related to "productivity initiatives," closing some plants and cutting payroll, that started last year. The company recorded charges of $27.3 million, or 2 cents a share, in the second quarter and $51.5 million, or 4 cents a share, for the first half.

By June 30, Wyeth had recorded total net pretax charges of $265.2 million since the cost-cutting program began. The productivity push will continue for several years, and Wyeth said additional cuts could be worth $750 million to $1 billion on a pretax basis.

The company repeated remarks, issued last week, that it's moving quickly to resolve manufacturing problems cited by the Food and Drug Administration at a Puerto Rico plant. Bernard Poussot, vice chairman and president, said Wyeth has filed a comprehensive response to an FDA warning letter. He said he hopes the matter can be resolved by year-end.

Companies that fail to act quickly on manufacturing issues cited by the FDA can be subject to fines and even product seizures. The FDA can also refuse to review new-drug applications until the problems are corrected. Poussot said he didn't believe there would be any impact on its product applications assuming Wyeth settles the matter by the end of 2006.

The company said it expects to file three applications with the FDA in the next nine months for treating schizophrenia, kidney cancer and side effects from opioid painkillers. Wyeth expects final approval from the FDA in early 2007 for Lybrel, an oral contraceptive that eliminates menstrual periods. It also expects FDA clearance approval sometime next year for the antidepressant DVS-233. An FDA advisory committee is expected to review DVS-233 in September.