July 23, 2008 / 11:58 AM / 10 years ago

UPDATE 1-Wyeth profit falls 7 pct, but beats estimates

(Recasts, adds details on results)

NEW YORK, July 23 (Reuters) - Wyeth WYE.N on Wednesday said second-quarter earnings fell 7 percent, hurt by generic forms of its Protonix ulcer drug, although results beat estimates as they were helped by its vaccine for childhood infections and a drug for inflammatory disease.

Wyeth said it earned $1.12 billion, or 83 cents per share, compared with $1.2 billion, or 87 cents per share, in the year-earlier period.

Excluding special items, Wyeth earned 91 cents per share, 4 cents ahead of the average estimate of analysts, according to Reuters Estimates.

Revenue rose 5 percent to $5.95 billion.

Sales of its Effexor antidepressant rose 5 percent to $1.02 billion. Sales of its Prevnar vaccine to prevent pneumococca infections in children rose 9 percent to $691 million.

Wyeth also benefited from its Enbrel drug, for which it shares rights with Amgen Inc (AMGN.O). The drug, for inflammatory diseases, including rheumatoid arthritis, saw sales outside the United States and Canada rise 36 percent to $692 million. Wyeth’s share of sales in the United States and Canada rose 6 percent to $284 million.

Wyeth’s branded Protonix sales have been under pressure by generic forms, launched by Teva Pharmaceutical Industries Ltd TEVA.O late last year. Sales of Protonix fell 59 percent to $228 million. (Reporting by Ransdell Pierson and Lewis Krauskopf; Editing by Maureen Bavdek)

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