Abbott Q3 Profit Tops View
Abbott Laboratories reported mixed quarterly results, with earnings topping estimates but sales missing expectations as growth slowed for its Humira arthritis drug and other branded medicines and for its nutritional products.
Abbott said on Wednesday it earned $1.94 billion, or $1.21 per share, in the third quarter, compared with $303 million, or 19 cents per share, in the year-earlier period, when the company took a $1.4 billion litigation-related charge.
Excluding special items, Abbott earned $1.30 per share. Analysts, on average, expected $1.28, according to Thomson Reuters I/B/E/S.
Global sales fell 0.4% to $9.77 billion and fell short of Wall Street expectations of $9.93 billion. Sales would have risen 4.1%, if not for a stronger dollar, which lowers the value of sales in overseas markets.
Abbott said it remains on track to spin off its branded drugs business by Jan. 1, 2013 into a publicly traded company called AbbVie.
Abbott narrowed its full-year 2012 profit forecast to $5.06 to $5.08 per share, from an earlier outlook of $5.00 to $5.10.
Sales of Humira, by far its biggest product, rose 10.1% to $2.33 billion - a slowdown from growth of almost 17% in the prior quarter.
Revenue from Abbott's array of patent-protected prescription drugs, which it calls proprietary pharmaceuticals, rose 2.4% to $4.42 billion, while sales of nutritional products rose 4.5% to $1.6 billion. Growth in both categories slowed down from the second quarter.
