Revenue from its heartburn drug Protonix dropped 59% year over year after Teva Pharmaceuticals
Despite those troubles, total revenue was up 5%, thanks in large part to two drugs that won't see generic competition in the U.S. anytime soon. Why? There's no pathway here in the U.S. for approval of follow-on biologics. Sales of rheumatoid arthritis drug Enbrel was up 6% in the U.S. and Canada where it shares marketing duties with Amgen
Despite the increase in revenue, income slipped 6.4% as the company spent $155 million laying off all those workers that might have been used to sell Protonix. The good news is that those are one-time expenses, and a leaner Wyeth should be able to grow from here.
The next big stock-moving event for Wyeth could come next week when it and Elan
Like all drugmakers, Wyeth's future lies in its pipeline and the growth of drugs it'll launch this year -- such as the opioid-induced constipation treatment Relistor that it's marketing for Progenics Pharmaceuticals
However, the pipeline has to get a bit bulkier to convince me that its generic heartburn can be relieved. I won't be buying quite yet.
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