Abbott reports 14% sales increase in Q2

Abbott Laboratories has released finiancial results for the second quarter ended June 30, 2004 that show worldwide sales were $4.703bn, up 14% on the second quarter of 2003. Total sales were favourably impacted 3.4% due to the effect of exchange rates.

The Pharmaceutical Products Group sales grew 14.4%, led by strong growth across most major branded products, including its treatment for Crohn's disease - Humira (adalimumab), TriCor and Omnicef. Abbott also announced its intent to submit a new drug application before the end of the year for Xinlay (atrasentan), its selective endothelin-a receptor antagonist currently in Phase III clinical development for metastatic, hormone-refractory prostate cancer.

The company said that worldwide Humira sales were $203m in the second quarter, including $65m in international sales, exceeding company forecasts. Based on the performance of Humira in the first half of this year, Abbott is raising its full year 2004 worldwide sales estimate for Humira from 'more than $700m' to 'more than $800m'

Abbott's Medical Products Group sales grew 12.8%, led by double digit growth in both US pediatric and adult nutritionals sales. The company also experienced strong sales growth in Abbott Vascular Devices and Abbott Diabetes Care, including the contribution of TheraSense.

'Abbott delivered another outstanding quarter across its broad-based business portfolio with double-digit sales growth in both medical products and pharmaceuticals,' said Miles White, chairman and chief executive officer, Abbott Laboratories. 'Our performance was driven by strong growth in our nutritionals and diabetes care businesses as well as solid performance in our major global pharmaceuticals. We are especially pleased with the outperformance of Humira, which continues to surpass our global sales forecasts. During the quarter, we also successfully completed the spin-off of Hospira, providing shareholders with equity investments in two separate companies and allowing Abbott to focus on higher growth, advanced technology businesses.'