Pharmabiz
 

Abbott Laboratories’ net profit dips by 15.3% in Q3

Our Bureau, MumbaiMonday, October 24, 2005, 08:00 Hrs  [IST]

Abbott Laboratories net profit for the quarter ended September 2005 declined by 15.3 per cent to US$ 681 million from $804 million in the corresponding period of last year basically due to unfavourable court ruling and acquisition of two small medical products. The company’s net sales increased by 15 per cent to $5384 million from Rs 4682 million in the similar period of last year. Its earning per share came down to $0.44 from $ 0.51. Pharmaceutical products group sales increased by 13.7 per cent in the third quarter, driven by strong contributions from major branded products including HUMIRA, Kaletra and Omnicef. US Pharmaceutical sales increased more than 14 per cent. Medical Products Group sales also increased double digits in the third quarter led by more than 20 per cent growth in Abbott Diabetes Care and Ross Nutritionals. Its US sales increased by 12.9 per cent to $2987 million. Abbott continues to forecast 2005 worldwide sales for HUMIRA of more than $ 1.3 billion. Other products contributing to growth in the US included TriCor, Omnicef, Kaletra and Mobic. US Synthroid sales of $ 121 million in the quarter were consistent with Abbott’s expectations. Sales from its international pharma operations increased by 15.3 per cent. Commenting on the performance Miles D White, chairman and CEO, said “We continue to make steady progress in strengthening our diverse business model. In our Medical Products Group, Abbott Vascular is gaining momentum after the successful launch of our cartid stent system and the continued advancement of our ZoMaxx dug-eluting stent clinical program. The company received regulatory approval for two important new HUMIRA indications, including psooriati arthritis, where HUMIRA has demonstrated best-in-class efficacy.” The company’s net sales for the nine months period ended September 2005 increased by 16.1 per cent to $ 16290 million from $ 14026 million in the corresponding period of last year. Its net profit, including specified items, also increased by 8.9 per cent to $ 2396 million from $ 2261 million.

 
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