PROFITS OF DRUG-MAKER WYETH INCREASE 50%.Byline: Evan Pondel Staff Writer Drug maker Wyeth reported Wednesday that its first-quarter profit jumped more than 50 percent, benefiting from the $860.6 million sale of a stake in Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. biotechnology giant Amgen. Robust demand for its antidepression drug Effexcor also helped boost Wyeth's profits. The Madison, N.J., company's net income rose to $1.2 million, or 96 cents a share, compared with $871.9 million, or 65 cents a share, in the same period a year ago. Excluding the gain from the Amgen stake, Wyeth's net income decreased 18 percent, to $719.2 million, or 54 cents a share. ``The sale of the stake in Amgen did factor into Wyeth's results, but overall it's demand for Wyeth's products that have been a boon Boon A general term that refers to a benefit or improvement for investors. This can include such things as increased dividends, a stock market rally and stock buybacks. Notes: for the company,'' said Richard Lawrence This article is about would-be U.S. Presidential assassin Richard Lawrence. For other people named Richard Lawrence, see Richard Lawrence (disambiguation). Richard Lawrence , analyst with Parker/Hunter Inc. in Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York . Effexcor accounted for $593 million in first-quarter sales, up 41 percent from the year-ago period. The drug has become a popular option for those patients who haven't benefited from other therapies such as Prozac. ``The sales of this drug have been very important to Wyeth,'' said Adam Greene, analyst with First Albany Corp. in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . ``But Enbrel also factors into the equation.'' Amgen and Wyeth share ownership rights to Enbrel. Lowell Weiner, a Wyeth spokesman, said Amgen's relationship with Wyeth is still very important even though the company recently sold its stake in the biotechnology group. Wyeth expects the antianemia drug to generate sales in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. of between $1.2 million and $1.4 million this year. Internationally, Wyeth churned about $43 million in Enbrel sales during the first quarter. Wyeth shares rose $4.14, or 11.6 percent, to close at $40.05, while Amgen shares gained $2.86, or 4.7 percent, to close at $63.80 Wednesday. |
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