ARGUS Maintains Hold Rating on Wyeth (WYE)

August 29, 2008 11:59 AM EDT

ARGUS maintains a short- and long-term Hold ratings on Wyeth Corp. (NYSE: WYE).

ARGUS analyst says, "The FDA recently approved three new products: Pristiq, for depression; Relistor,
for opioid-induced dysfunction; and Xyntha, for hemophilia. Those approvals came as welcome news following several new product setbacks under the FDA's increased regulatory scrutiny, including delays in timelines for osteoporosis agents Viviant and Aprela, and the termination of Wyeth's partnership with Solvay for schizophrenia drug bifeprinox. In addition, the company has made progress in reducing expenses as part of its most recent restructuring initiative, which is offsetting much of the impact from the drop in Protonix following the 1Q08 launch of generics...Meanwhile, the outlook for some currently marketed products, such as Enbrel and Prevnar, appears solid. The company has recently launched Torisel for kidney cancer. Wyeth has also made progress with its diet drug settlement, although the hormone replacement therapy lawsuits bear watching."

Wyeth is engaged in the discovery, development, manufacture, distribution and sale of a line of products in three primary businesses: Wyeth Pharmaceuticals (Pharmaceuticals), Wyeth Consumer Healthcare (Consumer Healthcare), and Fort Dodge Animal Health (Animal Health). [SM]

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