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Wyeth (Madison NJ) fell the most in more than two months after it reported that third-quarter profit was little changed from a year earlier and that European regulatory approval for its experimental Alzheimer's drug may be delayed.

Wyeth (Madison NJ) fell the most in more than two months after it reported that third-quarter profit was little changed from a year earlier and that European regulatory approval for its experimental Alzheimer's drug may be delayed. Net income fell less than 1% to $1.14 billion, or 84 cents a share, the company said. A 45% decrease in revenue from the ulcer drug Protonix, facing generic competition, damped profits. Wyeth said that Bapineuzumab, a manmade antibody that attacks beta-amyloid proteins that clump in the brain in Alzheimer's disease, may be delayed. "It's one of their next big things, or had the potential to be one of their next big things," said David Moskowitz, an analyst with Caris & Co. in New York who recommends buying Wyeth shares.

Wyeth's profit excluding some items for the quarter was 80 cents a share, matching analysts' estimates. The drugmaker raised the lower end of its full-year earnings forecast to $3.49 to $3.55 a share from the $3.47 to $3.55 offered on July 23. Pharmaceutical sales overall rose 5% to $4.89 billion, even as Protonix fell by $191 million to $234 million. Sales of the Prevnar vaccine rose 13% to $717 million, helped by its addition to national immunization programs. The World Health Organization recommended last year that developing countries add Prevnar to their immunization programs to reduce bacterial pneumonia and meningitis caused by pneumococcus.

Revenue from Enbrel, an anti-inflammatory drug used to treat arthritis, jumped by 32% to $697 million outside the U.S. and Canada, and by 23% to $294 in the U.S. and Canada. Sales of the antidepressant Effexor, Wyeth's best-selling drug, rose 3% to $982 million. Wyeth shares closed the week down 49 cents at $32.39.
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Title Annotation:EARNINGS ROUNDUP
Publication:MondayMorning
Article Type:Brief article
Geographic Code:1USA
Date:Oct 27, 2008
Words:292
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