Compared with the other big drugmakers reporting earnings this morning, Wyeth offered little spectacular news. But that’s not necessarily such a good thing, either. Earnings inched down about 1 percent - to $1.15 billion, or 84 cents - thanks to costs associated with a plant closing and ongoing cutbacks. And sales of its blockbuster Effexor antidepressant rose only 4 percent.

Overall, revenue rose 9.3 percent to $5.62 billion, helped by a 24 percent jump in sales of the Prevnar vaccine and 39 percent gains posted by the Enbrel arthritis treatment. But the real issue facing Wyeth - which recently decided to promote Bernard Poussot to replacing the retiring Bob Essner as ceo - is how to cope with the repeated regulatory failures this year of products that were slated to generate billions of dollars.

The FDA has postponed approval of bifeprunox for schizophrenia, Pristiq for depression and menopausal hot flashes, and Viviant for bone loss. Wyeth estimated the potential sales at more than $4 billion a year, which is crucial since Effexor loses patent protection in three years.

This is the complete Wyeth earnings statement.