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Published on 24 January 2008

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Drug sales success boosts Abbott

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Pharmaceutical firm Abbott Laboratories has recorded a profit in the fourth quarter after sales of some of its most popular drugs all increased.

Rheumatoid arthritis (RA) medication Humira (adalimumab), epilepsy drug Depakote (valproate semisodium), cholesterol compound TriCor (fenofibrate), and HIV medicine Kaletra (lopinavir/ritonavir), all posted double-digit growth.

Abbott said it made $1.2bn in the three months ending 31 December, compared with a loss of $476.2m a year ago, but the 2006 figure was affected by the acquisition of Kos Pharmaceuticals.

Abbott’s US pharmaceutical sales increased 16.6% in the period, while its international drug sales rose 21.3%.

Humira recorded $527m in sales in the quarter, up 43% from a year earlier, and totalled more than $3bn for the year to exceed analysts’ forecasts. Abbott predicts sales will reach $4bn during 2008.

The company’s chairman and CEO, Miles White, said: “The strength and balance of Abbott’s broad mix of businesses helped us to deliver another year of consistent performance.

“Both our sales and earnings per share increased double digits. Given the leadership positions of our major businesses, and the new products launching over the next year, we expect another year of strong results in 2008.”

Copyright © PA Business 2008

Abbott Laboratories

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