said it matched analysts' first-quarter estimates as revenue rose by 7%.
The pharmaceutical research company, formerly known as American Home Products, posted net income, excluding charges relating to the amortization of goodwill, of $871.9 million, or 65 cents a share. In the year-ago quarter, the company earned $733.6 million, or 55 cents a share. The results were in line with analysts' estimates, according to Thomson Financial/First Call.
Revenue for the quarter increased to $3.6 billion from $3.5 billion a year ago, led by a 10% increase in the company's human pharmaceuticals segment. Analysts had been expecting revenue of $3.7 billion.
For 2002, the company reiterated its prior guidance, saying it expects to earn $2.55 to $2.65 a share, a 17% to 22% increase. Analysts were looking for EPS of $2.61.
Shares of Wyeth were recently trading down about 2% to $60.05 on the news after closing at $61 Tuesday.