Wyeth Q2 Earnings Beat Estimates, Full Year Guidance Upped

Wyeth reported a 13% rise in Q2 net income to $1.2 billion, or $0.87/share, with adjusted EPS of $0.90 beating the Street by $0.03. Revenues rose 9.5% to $5.6b, boosted by overseas sales of the Prevnar vaccine and biotech product Enbrel. Wyeth raised its full year pro forma diluted EPS guidance to $3.48 - $3.56. Analysts had been expecting $3.49 on average, with the lowest estimate at $3.14 and the highest at $3.55. Wyeth earned $3.14/share last year. CEO Robert Essner said Wyeth is "on track for another excellent year," and announced the company "received FDA approval for the novel contraceptive Lybrel, as well as Torisel for the treatment of advanced renal cancer during the quarter." Wyeth is untraded so far in the pre-market. Its shares lost 0.1% to $56.61 on Wednesday.

Sources: Press release, Bloomberg
Commentary: Barron's: Value Investor Cliff Hoover's Quality Picks • Stocks Trading Just Above Their 50-Day Moving Averages • HealthShares Founder: Buy Biotech Stocks and ETFs, Avoid Big Pharma
Stocks/ETFs to watch: Wyeth (WYE). Competitors: Eli Lilly & Co. (LLY), Novartis AG (NVS), Pfizer, Inc. (PFE). ETFs: Pharmaceutical HOLDRs (PPH), Health Care Select Sector SPDR (XLV), iShares Dow Jones US Healthcare (IYH)

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