Philadelphia Inquirer, The - Wyeth quarterly profit up 17%, yearly 10%
Wyeth's earnings jumped 17 percent in last year's fourth quarter and rose nearly 10 percent for all of 2007, the company said yesterday. But the Madison, N.J., firm projected an earnings drop of 1 percent to 5 percent in 2008, mostly from the impact of its heartburn medicine Protonix's facing generic competition.
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Seven Wyeth products topped $1 billion in sales last year, including the antidepressant Effexor at $3.8 billion, and the children's vaccine Prevnar at $2.4 billion. Wyeth's half interest in the autoimmune-disease drug Enbrel brought in $2 billion, a 36 percent spike. But 2007 was also a year in which four new drugs were stalled by U.S. regulators. And the year saw the likely loss of patent exclusivity on Protonix, whose 2007 sales of $1.9 billion are expected to plummet. Wyeth this week launched its own generic version of Protonix, following a similar launch Dec. 21 by Teva Pharmaceuticals …
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