Abbott 2Q Profit Beats Expectations As Humira Sales Grow
BRIEF: Abbott 2Q Profit Beats Expectations As Humira Sales Grow [Chicago Tribune]
From Chicago Tribune (IL) (July 18, 2012)
July 18--Abbott Laboratories said second-quarter earnings narrowly beat analysts’ estimates, fueled by the continued robust growth of its top-selling drug Humira.
The company said Wednesday net income for the quarter declined to $1.75 billion, or $1.08 per share, from $1.94 billion, or $1.23 per share in the same quarter last year.
Excluding certain charges related to the company’s forthcoming split, profits jumped 11.2 percent to $1.97 billion, or $1.23 per share.
Sales rose 2 percent to $9.81 billion, helped by a 16.5 percent surge in Humira, which accounted for $2.3 billion in sales in the quarter.
Analysts on average expected earnings per share of $1.22 billion on $9.84 billion in revenue.
Excluding the effects of unfavorable foreign exchange rates, sales jumped 6.7 percent, Abbott said.
The North Chicago-based healthcare company said it remains on track to separate into two publicly held concerns later this year, one of which will retain the Abbott Labs name and sell nutritional products and diagnostic tools. The spin-off company, dubbed AbbVie, will sell proprietary pharmaceuticals, including Humria.
Abbott posted sales growth for both segments in its second quarter.
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Posted: July 2012