Humira drug and Solvay purchase boost Abbott sales
Aims to expand presence in emerging markets
Abbott Laboratories reported a worldwide sales increase of 18% to US$8.83bn for the quarter to 30 June. The company’s profit was flat at US$1.29bn.
Abbott’s pharmaceutical sales rose 24.5% to US$4.9bn, aided by the US$3.7m acquisition of Belgian firm Solvay Pharmaceuticals in February.
Inflammatory disease drug Humira (US$1.59bn, up 21.5%) and cholesterol drugs Tricor and Trilipix (US$388m, up 16%) were Abbott’s leading pharmaceutical products.
Offsetting this growth, sales of HIV drug Kaletra fell 14% to US$294m.
Abbott’s vascular sales increased 26.9% to US$835m, diagnostics by 8% to US$948m, and nutritional sales by 3% to US$1bn.
For the first half of 2010, total sales were US$16bn (+16%). Vascular sales rose 21% to US$1.6bn; diagnostics 10% to US$1.9bn; and nutritional 11% to US$2.7bn.
Abbott became the biggest seller of branded generic drugs in India with May’s acquisition of Piramal's Healthcare Solutions business, a deal that will expand Abbott’s presence in emerging markets.
The Illinois, US-headquartered firm confirmed a double-digit earnings-per-share growth outlook for the full year.
‘Abbott's diverse sources of earnings growth led to strong financial results again this quarter, continuing Abbott's record of steady, reliable performance,’ said Miles White, chairman and chief executive officer.
‘We also strengthened our emerging markets presence with the announced acquisition of Piramal Healthcare Solutions, giving Abbott the number-one position in the fast-growing Indian pharmaceutical market. This follows several other strategic actions that provide Abbott critical mass to capture the significant growth expected in emerging markets.’
