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The company repeated its recent full-year guidance of earnings of $2.80 to $2.90 per share, excluding any one-time costs.

Analysts are forecasting $2.86.

"If current strong business trends continue, full-year earnings are more likely to approach or exceed the upper end," Martin said.

That's despite plans to increase research spending substantially in the second half of the year.

Wyeth shares rose 75 cents, or 1.7 percent, to $45.75 in morning trading on the New York Stock Exchange, above their 52-week high of $45.76 reached earlier this month.

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