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Wyeth Profit Falls, Hurt by Charges
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Wyeth said Thursday that third-quarter earnings fell slightly, hurt by charges tied to productivity initiatives that offset higher sales of its pharmaceutical products.
Wyeth [WYE
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], which has endured a string of setbacks to its experimental drugs, also launched a $5 billion stock buyback program.
Profit fell to $1.15 billion, or 84 cents per share, from $1.16 billion, or 85 cents per share, a year earlier.
Excluding a charge tied to productivity initiatives, earnings were 90 cents per share, matching the analysts' average forecast compiled by Reuters Estimates. Revenue rose 9 percent to $5.62 billion.
Sales of Wyeth's Prevnar vaccine to prevent childhood infections rose 24 percent to $634 million. Sales of its Effexor antidepressant rose 4 percent to $958 million.
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