Wyeth Q1 net income increases slightly to $1.198 billion

Wyeth has reported a net income of $1.198 billion, or $0.89 per diluted share, for the first quarter of 2009, compared to $1.196 billion, or $0.89 per diluted share, for the first quarter of 2008.

The company reported net revenues of $5.38 billion for the first quarter of 2008, a decrease of 6%, compared to $5.71 billion for the first quarter of 2008.

Net revenue increased 2%, excluding the impact of foreign exchange, as compared with the 2008 first quarter. The 2% increase was primarily due to higher sales of Wyeth’s key pharmaceutical franchises Enbrel (outside the US and Canada), Prevnar and nutritional products, along with new products Tygacil, Pristiq and Torisel, as well as Protonix, the company said.

Gross margin, as a percentage of net revenue, excluding certain significant items, increased 1.8% to 75.6% for the 2009 first quarter from 73.8% for the 2008 first quarter. The increase was primarily due to the impact of foreign exchange rates and favorable manufacturing variances during the first quarter of 2009.

Bernard Poussot, chairman, president and CEO of Wyeth, said: Wyeth delivered a solid first quarter led by double-digit revenue growth in constant dollars from core product franchises Enbrel, outside the US and Canada, Prevnar and nutritionals.

Enbrel and Prevnar are the top products in their categories as more patients around the world benefit from Wyeth’s innovative medicines. We are committed to meeting our financial targets while working with Pfizer to shape the world’s premier biopharmaceutical company.