Wyeth Earnings Dip Slightly

Wyeth ( WYE) said third-quarter earnings fell slightly to $1.14 billion, or 84 cents a share, from $1.15 billion, or 84 cents a share, a year earlier, as revenue rose.

Excluding items, earnings in the quarter were 90 cents a share, meeting the estimate of analysts surveyed by Thomson Reuters and matching last-year's result.

The drug developer recorded after-tax charges in the third quarter of $80 million, or 6 cents a share, from its productivity initiatives, and a similar amount of charges a year earlier.

Revenue in the quarter rose to 4% to $5.8 billion, driven by increases in Enbrel, Prevnar and its nutritionals franchise, the company said Wednesday.

Earnings guidance for 2008, before certain items, was revised to a range of $3.49 to $3.55 a share.

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