Wyeth Cuts Forecast, Adds to Suit Reserves
Bloomberg News
Wyeth’s profit will be less than expected this year after studies linked its best-selling hormone drugs to cancer and heart disease. It also put aside an additional $910 million for fen-phen diet pill lawsuits.
Wyeth expects earnings of $2.22 to $2.32 a share before a gain from selling part of Immunex Corp. and the charge for the legal reserves. Wall Street expected $2.49 a share.
Shares of Madison, N.J.-based Wyeth fell $7.35, or 19.1%, to $31.10 on the NYSE.
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