Financial Report: Wyeth 4Q

Wyeth 4Q08

4Q Revenues: $5.3 billion (-7%)

4Q Earnings: $960 million (-5%)

FY Revenues: $22.8 billion (+2%)

FY Earnings: $4.4 billion (-2%)

Comments: Revenues dropped as Effexor sales fell 7% to $902 million in 4Q08. For the year, Effexor revenues grew 4% to $3.9 billion. Slight FY08 growth was fueled by Enbrel (+27% to $2.6 billion), Prevnar (+11% to $2.7 billion) and the nutritionals unit (+13% to $1.6 billion). Wyeth spent $115.6 million on restructuring in 4Q08, up from $63.9 million in 4Q07. In FY08, restructuring costs reached $467.0 million, pre-tax, up from $273.4 million in FY07.

According to chairman, president and chief executive officer Bernard Poussout, “Wyeth met its expectations in 2008 despite external pressures.” Wyeth will now be sold to Pfizer.