Wyeth raises full-year guidance

US pharmaceutical major Wyeth has raised its 2006 full-year 2006 guidance to $3.12-$3.18 pro forma diluted earnings per share. This estimate is considered pro forma as it excludes any potential restructuring charges from the company's ongoing review of business processes and systems.

This forecast assumes, among other things, the passage of the R&D tax credit legislation that is currently being debated by the US Congress and that the credit will be made retroactive to January 1, 2006.

In announcing the guidance revision, Wyeth's chief executive, Robert Essner cited the firm's solid first-half performance and the success of key pharmaceutical products. The revised guidance for 2006 represents an increase of 13%-16% over 2005 pro forma diluted EPS of $2.75 which excludes the restructuring charges associated with Wyeth's productivity initiatives, excludes the income tax charge recorded in connection with the repatriation of foreign earnings and includes the pro forma effect of expensing stock options.