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news.Abbott Laboratories' stock has climbed more than 3% after the company revealed strong estimate-beating second quarter earnings and raised its full-year earnings outlook.
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For the second quarter ended June 30, 2006, Abbott’s earnings were just over $612 million, down 30% on the previous year’s $877 million. However, the company’s diluted earnings per share for the second quarter were $0.62, excluding specified items and including the impact of stock compensation expense, exceeding the company’s previous guidance range of $0.56 to $0.58.
Worldwide sales increased 12.3%, adjusting both periods for the amendment of the Boehringer Ingelheim (BI) distribution agreement and before an unfavorable 0.9% effect of exchange rates. Worldwide sales include a partial quarter’s impact from the Guidant vascular acquisition. Reported worldwide sales were $5.5 billion, down 0.4%.
US pharmaceutical sales increased 12%, adjusting both periods for the amendment of the BI distribution agreement. The strong US performance was led by sales of Humira, which increased nearly 50%, as well as double-digit growth for Kaletra, Depakote, Omnicef and TriCor. Reported US pharmaceutical sales were down 21.9% (which includes the impact of the amended BI agreement).
Based on this encouraging performance, Abbott is raising its earnings-per-share guidance range for full-year 2006 to $2.49 to $2.53, up from its previous guidance range of $2.44 to $2.50, both excluding specified items and including the impact of stock compensation expense.
Abbott also announced the submission of the first module of the pre-market approval application for FDA approval of its Xience V drug-eluting coronary stent.