Wyeth ( WYE) reported that its first-quarter earnings were flat compared with a year ago, and said revenue declined 6% as a stronger dollar overseas cut into returns.

The Madison, N.J., drugmaker had net income of $1.2 billion, or 89 cents a diluted share, on revenue of $5.4 billion.

Excluding charges of $71.8 million for cost-cutting measures, the company earned 93 cents a share. Analysts on average were expecting EPS of 88 cents a share and revenue of $5.52 billion.

In the first quarter last year, Wyeth had revenue of $5.7 billion. The company attributed its wider profit margins in 2009 to cost cutting measures and a lower tax rate.

The company also said that, taking into account currency fluctuations, its revenue for the quarter increased 2% from a year ago, though several important product lines experienced weakness in the period. Sales of the popular antidepressant Effexor, for example, tumbled 20% from a year ago to $819 million, hurt by stronger competition from generics.

Wyeth shares were trading down slightly Wednesday morning at 42.11, off less than 1%.
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