same quarter last year. As in the past, adjusted SG&A expenses are
expected to increase in the fourth quarter versus the third quarter. The
Company still expects 2008 adjusted SG&A expense dollars excluding Wyeth
profit share expenses to be slightly higher versus 2007.
The Company still expects the full year 2008 adjusted tax rate to be similar to 2007 as the federal R&D credit has been retroactively extended in the fourth quarter of 2008.
Average diluted shares for adjusted EPS in the third quarter of 2008 were 1,063 million versus 1,089 million in the third quarter of 2007. The Company currently has $4.9 billion remaining under its authorized stock repurchase program.
Capital expenditures for the third quarter of 2008 were approximately $159 million versus $306 million in the third quarter of 2007. The Company now expects full year 2008 capital expenditures to be approximately $750 million. Worldwide cash and marketable securities were $9.8 billion and debt was $11.2 billion at the end of the third quarter of 2008.
2008 Revenue and EPS Guidance Raised
The Company is raising its revenue guidance range from the previously provided range of $14.6 billion to $14.9 billion to an increased range of $14.9 billion to $15.2 billion. The Company is also raising its 2008 adjusted EPS guidance range from the prior range of $4.25 to $4.45 to an increased range of $4.45 to $4.55, excluding stock option expense and certain other expenses, based upon sales momentum and lower operating expense due to continuing efficiencies.
Third Quarter Product and Pipeline Update
The Company provided updates on selected products and late-stage clinical programs.
Denosumab: The Company presented full data results from its pivotal
Phase 3 fracture study (FREEDOM) at the 2008 American Society of Bone and
Mineral Research (ASBMR) Annual Meeting in M
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