Alexa

Wyeth boosts 2006 profit forecast slightly at investor meeting

Wyeth boosts 2006 profit forecast slightly at investor meeting

Drugmaker Wyeth boosted its profit forecast for this year by about 4 percent Thursday, citing solid first-half performance and strong sales of key drugs as it opened a daylong meeting with stock analysts and investors.
Wyeth, the maker of antidepressant Effexor and pain relievers Advil and Anacin, said it now expects to earn between $3.12 and $3.18 per share, excluding possible restructuring charges as it continues to review its operations. The forecast also assumes Congress will pass the Research & Development Tax Credit currently being debated and make it retroactive to Jan. 1, 2006.
The consensus forecast of analysts surveyed by Thomson Financial was $3.13 per share.
As recently as July, the Madison-based company said it expected a profit of $2.97 to $3.07 a share.
The new forecast range is about 15 percent higher than Wyeth's 2005 profit of $2.75 per share, excluding restructuring and other charges.
Wyeth shares rose 80 cents, or 1.6 percent, to $51.98 in premarket trading.
___
http://www.wyeth.com


Updated : 2021-03-03 20:31 GMT+08:00