Abbott Laboratories announced financial results for the first quarter ended March 31, 2004.
Worldwide sales for the quarter were $5.216 billion, up 13.9 per cent from $4.580 billion in the first quarter of 2003. Total sales were favorably impacted 4.9 per cent due to the effect of exchange rates.
Abbott's diluted earnings per share increased 11.8 per cent to $0.57, excluding previously announced one-time charges related to acquisitions and the planned spin-off of Hospira - within the company's previous guidance of $0.55 to $0.57. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) increased 2.0 per cent to $0.52.
U.S. pharmaceutical sales grew 24.4 per cent, driven by strong growth across virtually all branded products, including Depakote, Synthroid, TriCor, Omnicef and Ultane.
Worldwide Humira sales were $149 million, including $47 million in international sales, exceeding company forecasts. As a result, Abbott for the first time is providing worldwide sales guidance of more than $1.2 billion for 2005.
Medical Products Group sales grew 9.2 per cent in the quarter, led by 10.9 per cent growth in Ross Products sales, double-digit growth in global Abbott Diabetes Care (formerly MediSense Products) and more than 20 per cent growth in Abbott Vascular Devices.
"We continue to gain momentum in our Medical Products Group with the U.S. nutritionals business delivering its best sales performance in five years," said Miles D. White, chairman and chief executive officer. "In the diagnostics division we were pleased with the award of new contracts and the launch of 17 diagnostic products, including the cardiac marker, BNP. In addition, we have just completed the acquisition of TheraSense, a leader in blood glucose monitoring devices.
"Our Pharmaceutical Products Group had another outstanding quarter led by the international launch of Humira, which exceeded our expectations. We also remain on track for a second-quarter spin-off of Hospira, as we continue to shift Abbott toward higher-growth, highly innovative businesses."