Wyeth released its 2006 financial projections yesterday, saying that earnings per share would rise 10% over 2005, but the figures still fell short of analysts’ projections.
The US drugmaker said it expects EPS for 2006 to be in the range of $2.97 to $3.07, excluding the cost of any restructuring that could take place as a result of an ongoing review of the business. But analysts polled by Reuters had predicted an average EPS of $3.15 for the year.
That said, Wyeth raised its own forecasts for EPS in 2005 slightly, saying the actual figure will come in a little above its previously-forecast range of $2.80-$2.90. Wyeth also predicted that revenue will grow in the mid to upper single-digit range this year, helped by last year’s introduction of a new broad spectrum antibiotic, Tygacil (tigecycline), for resistant infections.
Robert Essner, the company’s chief executive, said Wyeth will end the year with five product lines together totaling sales of $5 billion in 2005. And it will be filing for six new product approvals in 2006, including the antidepressant desvenlafaxine extended-release (DVS-233; submitted two weeks ago).