Financial Report: Wyeth

Wyeth

4Q Revenues: $5.8 billion (+10%)

4Q Earnings: $1.0 billion (+19%)

FY Revenues: $22.4 billion (+10%)

FY Earnings: $4.6 billion (+10%)

Comments: Worldwide pharmaceutical sales increased 10% in both 4Q07 and FY07 due to higher sales of Enbrel, Prevnar, Nutrition products, Zosyn, Protonix and Effexor. The increase was offset, in part, by lower sales of Inderal LA due to generic competition. Effexor sales in the quarter were $968 million (+3%) and for the year were $3.8 billion (+2%). 4Q Prevnar sales were $556 million (+11%) and FY sales were $2.4 billion (+24%). Enbrel sales (reported by marketing partner Amgen in the U.S. and Canada) were $856 million for the quarter and $3.2 billion for the year, up 8% and 12% respectively. The company recorded charges of $63.9 million in the quarter and $273.4 million for the year related to closing the manufacturing facility owned by Amgen used for Enbrel production—completed in 4Q2007. 4Q R&D expenses were $882.5 million (-3%) and were $3.3 billion (+5%) for the year.