Wyeth Lifts '09 Forecast as Earnings Gain

Wyeth ( WYE) reported second-quarter earnings of $1.27 billion, or 94 cents a share, an increase from year-earlier earnings of $1.12 billion, or 83 cents a share, despite a 4% decline in revenue to $5.7 billion.

Excluding certain items, earnings in the latest period were 98 cents a share, above the expectation of analysts of 85 cents a share.

In a statement Thursday, the pharmaceuticals company said net revenue, excluding the impact of foreign exchange, rose by 2%. Sales of Prevnar rose 24%, while sales of Enbrel outside the U.S. and Canada gained 21%.

Wyeth raised its 2009 adjusted earnings guidance to $3.48 to $3.58 a share. Analysts polled by Thomson Reuters expect earnings of $3.46 a share.

Wyeth's merger with Pfizer ( PFE) is expected to close at the end of the third quarter or during the fourth quarter.

More from Stocks

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Danica Patrick's Final Race at 2018 Indianapolis 500: What She Thinks About Cars

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

Why The FANG Stocks' Dominance May Not Be So Bad For The Market

At End of May, Investors Signalling They May Stay Away

At End of May, Investors Signalling They May Stay Away

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Inside Carnival's Mind Blowing New Horizon Cruise Ship (Video)

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever

Neel Kashkari: The Heart of Our Financial System Is More Radioactive Than Ever