Wyeth announces profit drop, plant closing

Manufacturing News, Source : TheManufacturer.com
Published : 21 Oct 2005 20:51

Pharmaceutical company Wyeth, maker of the antidepressant Effexor and Centrum vitamins, reported a third-quarter profit drop of 39 percent today.

The company reported net income of $869.9 million, down from $1.42 billion one year ago. Sales of Effexor dropped four percent to $861 million, while sales of Wyeth’s heartburn drug Protonix rose seven percent to $405 million.

Ten days ago, Wyeth announced that it is phasing out manufacturing at its Rouses Point, NY, facility, resulting in the discontinuation of all operations at that location by late 2008. The company will begin workforce reductions in 2006 that will extend over the next three years, and it is exploring options for sale of the site.

“The decision to discontinue operations at Rouses Point is a difficult one. We understand what a challenging time it is for our employees who will be affected by these changes,” said Robert Vincent, managing director of the Rouses Point facility.

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