Teva Pharmaceutical Industries Ltd. (TEVA) reported earnings of 89 cents in the third quarter of 2009, up 16% from the year-ago period and a cent above the Zacks Consensus Estimate. Strong sales of Copaxone and in the respiratory business helped drive earnings in the reported quarter. Net sales increased 25% to $3.55 billion, with the Barr acquisition contributing to sales across different geographical segments. The strengthening U.S. dollar adversely impacted net sales by $160 million or 6%. Revenue performance across key business segments was mixed. While the Pharmaceuticals Sales segment posted growth of 27% with revenues coming in at $3.4 billion, the active pharmaceutical ingredients (API) segment reported an 8% decline in growth with sales coming in at $136 million. Pharmaceutical segment sales were driven by strong performances in the North American, European and International segments. The launch of generic versions of Ortho Tri-Cyclen Lo ...

On July 23, 2009 Wyeth Inc. (WYE) reported financial results for the period ending June 30, 2009. Revenue came in at $5,695 million, compared to our and the Street’s estimates of $5,620 million and $5,580 million, respectively. Revenue was down 4% on a reported basis but up 2% excluding the impact from foreign exchange (Fx).  Revenues were driven by products like Prevnar and Enbrel. Prevnar sales came in at $783 million, up 13% y-o-y (up 24% excluding Fx). We remain bullish on the future prospects for the vaccine.  Enbrel, which is partnered with Amgen (AMGN), contributed $736 million, up 6% (up 21% excluding Fx). Enbrel is facing tough competition from J&J’s (JNJ) Remicade and Abbott’s (ABT) Humira. Besides this, J&J has two other autoimmune compounds drugs, Stelara and Simponi, which could provide significant competition. Nutritionals grew 1% (+9% excluding Fx) to $436 million. ...

We currently rate shares of Wyeth, Inc. (WYE) a Hold with a $49 price target. Our target assumes Pfizer's (PFE) shares trade up near $16.00 (currently $14.85) by the expected close date in the third or fourth quarter. At an exchange ratio of 0.985 and combined with the $33 cash per Wyeth share, this equates to roughly $49 per share.Revenue in 2008 grew 2% and was up 1% excluding the benefit from foreign exchange. EPS was flat from 2007 on lower interest income and a higher tax rate, partially offset by lower SG&A spend. Revenue in the first quarter 2009 was lower than our forecast. This was largely due to a stronger-than-expected impact from foreign exchange, lower contribution from Alliance revenue (as a result of softer U.S. sales of Enbrel) and weaker-than-expected international sales of Effexor.Global economic weakness also ...

We currently rate shares of Wyeth (WYE) a Hold with a $47 price target. Our target assumes Pfizer Inc.'s (PFE) shares trade up near $14.50 (currently $13.25) by the expected close date in the third or fourth quarter. At an exchange ratio of 0.985 and combined with the $33 cash per Wyeth share, this equates to roughly $47 per share.Revenue in 2008 grew 2% and was up 1% excluding the benefit from foreign exchange. EPS was flat from 2007 on lower interest income and a higher tax rate, partially offset by lower SG&A spend. Revenue in the first quarter 2009 was lower than our forecast. This was largely due to a stronger than expected impact from foreign exchange, lower contribution from Alliance revenue as a result of softer U.S. sales of Enbrel and weaker-than-expected international sales of Effexor.The global economic weakness also appears ...

We currently rate shares of Wyeth (WYE) a Hold with a $49 price target. Our target assumes Pfizer Inc. (PFE) shares trade up near $16 (currently $13.49) by the expected close date in the third or fourth quarter. At an exchange ratio of 0.985 and combined with the $33 cash per Wyeth share, this equates to roughly $49 per share.Revenue in 2008 grew 2% and was up 1% excluding the benefit from foreign exchange. EPS was flat from 2007 on lower interest income and a higher tax rate, partially offset by lower SG&A spend. Fourth quarter results disappointed due to softness in a number of products and a foreign exchange headwind.The global economic weakness appears to be taking a toll on sales of a number of Wyeth's pharmaceutical products as well as the consumer business. We model flat sales and EPS growth in ...