Abbott Laboratories Inc, which sold its branded generics pharmaceuticals and animal health businesses to Mylan and Zoetis during February 2015, has posted net profit growth of 7.8 per cent during the third quarter ended September 2015 to $580 million from $538 million in the corresponding period of last year. Its net sales improved marginally by 1.4 per cent to $5,510 million from $5,079 million. Its operating earnings declined by 2.1 per cent to $713 million from $728 million.
The sales of nutrition segment amounted to $1,789 million and that of diagnostics and medical devices worked out to $1,156 million and $1,230 million. Its international sales of established pharmaceuticals products worked out to $961 million and that in US were nil.
Established pharmaceuticals sales increased by 24.6 per cent on a reported basis. Excluding the impact of 2014 acquisitions and foreign exchange, sales increased double digits in the quarter. Operational sales growth in the quarter was led by India, Russia, Brazil, China and several markets throughout Latin America.
Worldwide medical devices sales decreased by 7.4 per cent on a reported basis. The sales of vascular products declined by 7.8 per cent to $672 million and that of diabetes care declined by 8.4 per cent 275 million. Its FreeStyle Libre Flash Glucose Monitoring System contributed to international sales growth in the quarter.
Miles D White, chairman and CEO, said, “Despite currency headwinds, we are on track to deliver the financial commitments we set at the beginning of the year. Our underlying growth is strong and we continue to see robust demand in emerging markets.”
For the nine months ended September 2015, Abbott's net increased by 2.2 per cent to $15,217 million from $14,891 million in the corresponding period of last year. Its net profit went up by 165 per cent to $3,656 million from $1,380 million due to gain on sale of discontinued operations of $1,752 million.
The company narrowed its full-year 2015 adjusted EPS guidance range for continuing operations to $2.14 to $2.16. Projected full-year 2015 EPS for continuing operations is $1.50 to $1.61.