Abbott Laboratories has received setback during the year ended December 2010 on account of few specified items related to acquisitions of Solvay Pharmaceuticals, Piramal Healthcare Solutions and restructuring plans. Its net earnings declined by 19.5 per cent to $4,626 million from $5,746 million in the previous year. Excluding specified items its net earnings went up by 12 per cent to $6,501 million.
Its consolidated net sales increased by 14.3 per cent to $35,167 million from $30,765 million. Its total US sales increased by 6.8 per cent to $15,193 million and international sales moved up by 20.7 per cent to $19,974 million. World wide pharmaceutical sales increased by 20.7 per cent to $19,894 due to acquisition of Solvlay Pharmaceuticals and Piramal Healthcare Solutions.
Its operating earnings also declined by 2.4 per cent to $6,088 million from $6,236 million. The company's R&D expenditure went up by 35.7 per cent to Rs $3,725 from $2,744 million and its selling, general and administrative expenses increased by 23.4 per cent to $10,376 million from $8,406 million. The sales of Humira in US increased by 14 per cent to $2,872 million and that in international market up by 23.8 per cent to $3,676 million. Similarly, sales of Trilipix/TriCor improved by 1.3 per cent in US to $1,355 million.
"Despite a very challenging environment, 2010 was another productive year for Abbott, resulting in strong financial performance," said Miles D. White, chairman and chief executive officer, Abbott. "We also took decisive long-term strategic actions to expand our emerging markets presence and late-stage pipeline to better position Abbott for sustainable long-term growth. We anticipate delivering another year of double-digit ongoing earnings-per-share growth in 2011."