Wyeth Posts Loss on New Fen-Phen Charges
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Wyeth on Monday reported a quarterly  loss due to a $4.5 billion charge for its recalled "fen-phen"  diet drugs and warned of disappointing profit for 2005, sending  its shares down almost 8 percent.
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The owner of the Nine West and Jones New York brands posted a smaller fourth-quarter net loss of $89.8 million as the absence of a large charge offset the impact of a weak selling season.
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U.S. drugmaker Wyeth  said on Wednesday it was maintaining its profit forecast for 2007, but added that first-quarter earnings would exceed current Wall Street average estimates of 85 cents per share.
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The company reported a fourth-quarter net loss of $2.58 billion,  citing a $6.1 billion charge related to transferring employees from a multi-employer pension fund.
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WILMINGTON, Del. -- Chemical company Hercules Inc. posted a third-quarter loss, weighed down by a charge, and said it will restate results for certain quarters after it reviewed its accounting practices.
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Wyeth  said Monday it will support a proposed amendment to a national settlement of less serious claims from people who say they were damaged by its diet drugs, potentially resolving much of the uncertainty that has surrounded the settlement.
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Merck posted a $1.63 billion fourth-quarter loss on Wednesday as  charges for its Vioxx litigation settlement dragged down results and share prices.
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The decision comes as a major blow to Wyeth, based in Madison, N.J., which hopes to market the drug as the first nonhormonal treatment for menopausal symptoms.
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Wyeth  on Friday said it is  considering cost cuts that could eliminate 10 percent of its  work force over a three-year period, although the U.S.  drugmaker said details of the initiative are not "etched in  stone."
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Merck and Co  on Wednesday reported a fourth-quarter loss due to charges from a costly settlement related to its withdrawn Vioxx arthritis drug, but results soundly beat Wall Street forecasts and lifted its shares 2 percent.
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The food and household products maker said it lost $62 million in its most recent quarter, largely because of one-time charges.
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Wyeth on Monday said it will support  proposed changes to a national settlement with former users of  its "fen-phen" diet drugs, allowing quicker settlements for  claims related to some of the less serious side effects from  the recalled appetite suppressants.
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The troubled mortgage lender posted a loss of $422 million, citing rising loss provisions and impairment charges.
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As expected, the athletic-shoe retailer posts a loss in the first quarter.
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Wyeth on Friday said a Philadelphia  jury refused to award damages to a woman who claimed she was  harmed by the company's recalled "fen-phen" diet drug Pondimin,  but that the same jury in a separate case awarded $41,000 to  another woman who had taken the drug.
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The company said its quarterly loss ballooned to $302.6 million as it struggled with its mortgage lending arm and said it is trying to renegotiate the sale of the unit.
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The Vienna, Va.-based developer of treatments for cancer and infectious diseases said its loss fell to 1 cent per share versus 3 cents per share in the same quarter a year earlier, according to an SEC filing.