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news.Revises FY guidance, expects increased earnings
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Fueled by strong sales of its rheumatoid arthritis drug Humira and nutritional products, Abbott Labs has reported net earnings of $1.48 billion for the third quarter of 2009, up 36.5% compared to $1.08 billion for the same quarter of 2008.
Diluted earnings per share, excluding specified items, was $0.92, above Abbott’s guidance range of $0.88 to $0.90.
Worldwide operational sales, excluding an unfavourable 4.9% effect of exchange rates, increased 8.4%. Reported sales, including the impact of exchange, increased 3.5%. Excluding the expected decline in Depakote sales due to generic competition, worldwide operational sales increased 11.4%.
Worldwide pharmaceutical operational sales increased 3.9%, excluding an unfavourable 5.5% effect of exchange rates. Excluding the impact of Depakote, worldwide pharmaceutical operational sales increased 9.3%. International pharmaceutical operational sales increased 15.1%, excluding an unfavourable 11.3% effect of exchange rates.
Worldwide medical products operational sales, excluding an unfavourable 5.1% effect of exchange rates, increased 16.2%. Worldwide nutritional operational sales, which excludes an unfavourable 3.3% effect of exchange rates, increased 13.1%.
Miles White, chairman and chief executive officer of Abbott said, “Abbott is performing well, generating higher-than-expected earnings growth in the third quarter. During the quarter, we announced several acquisitions that support our long-term growth strategy.
“These acquisitions add to our diverse mix of global businesses, with new technologies, established products and emerging market infrastructure that will help us deliver sustainable industry-leading growth. In particular, the acquisition of Solvay Pharmaceuticals will further diversify our global pharmaceuticals business.”
Abbott has increased its ongoing earnings-per-share forecast for the full-year 2009 to $3.70 – $3.72 from its previous guidance range of $3.65 – $3.70. The midpoint of 2009 guidance range reflects an 11.7% growth over 2008 ongoing earnings per share.