Abbott Reports 17.4 Percent Sales Growth

AbbottAbbott (NYSE: ABT) announced financial results for the first quarter ended March 31, 2011. Worldwide sales increased 17.4 percent to more than $9 billion, including a favorable 1.3 percent effect of foreign exchange, which was driven by double-digit growth in each of Abbott's three major business categories.

Diluted earnings per share, excluding specified items, were $0.91, reflecting 12.3 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.55, including costs associated with acquisition integration, cost-reduction initiatives and acquired in-process R&D.

Durable Growth Business sales increased 24.3 percent, driven by strong Established Pharmaceuticals sales growth, including the contribution from the Solvay Pharmaceuticals and Piramal Healthcare Solutions acquisitions, and International Nutritionals sales growth of 15.8 percent.

Proprietary Pharmaceuticals sales increased 11.7 percent, including strong performance across several major global brands.

Innovation-Driven Device Business sales increased 10.7 percent, driven by double-digit growth in Vascular and Molecular Diagnostics.

Emerging markets sales were $2.3 billion, up 38.4 percent from the prior year, with strong growth across all of Abbott's operating divisions and including the impact of acquisitions.

Abbott is confirming ongoing earnings-per-share guidance for the full-year 2011, reflecting double-digit growth over 2010 at the midpoint of the range.

"Stronger-than-expected sales helped us deliver 12 percent ongoing earnings-per-share growth in the first quarter," said Miles White, chairman and chief executive officer. "Growth was balanced across our three key strategic business categories - Durable Growth, Proprietary Pharmaceuticals and Innovation-Driven Devices, reflecting healthy performance across our global operations, including continued rapid growth in emerging markets."

About Abbott
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs nearly 90,000 people and markets its products in more than 130 countries.

Most Popular Now

Meditation, yoga and vegetarian diet linked to dec…

In a novel controlled clinical trial, participants in a six-day Ayurvedic-based well-being program that featured a vegetarian diet, meditation, yoga and massages experien...

Read more

Abbott to sell Abbott Medical Optics to Johnson …

Abbott (NYSE: ABT) announced today that it will sell Abbott Medical Optics, its vision care business, to Johnson & Johnson for $4.325 billion in cash. Abbott's vision bus...

Read more

Novartis convenes experts to discuss new technolog…

Novartis today opened the 13th International Biotechnology Leadership Camp (BioCamp). Over the course of three days more than 60 selected students from international univ...

Read more

Caffeine and its analogues revert memory deficits …

A study published in the journal Scientific Reports from Nature publishing group, describes the mechanism by which caffeine counteracts age-related cognitive deficits in ...

Read more

Amgen obtains global development and commercial ri…

Amgen (NASDAQ:AMGN) and Boehringer Ingelheim today announced that Amgen has acquired global development and commercial rights from Boehringer Ingelheim for BI 836908 (AMG...

Read more

Vitamin C may boost effectiveness of acute myeloid…

A simple adjustment to patients' therapeutic regimen may improve the effectiveness of the standard epigenetic treatment for myeloid dysplastic syndrome (MDS) and acute my...

Read more

Roche ranked most sustainable healthcare company i…

For the eighth consecutive year, Roche (SIX: RO, ROG; OTCQX: RHHBY) has been recognised as Group Leader in sustainability within the Pharmaceuticals, Biotechnology & Life...

Read more

10th European Medical Information and Communicatio…

29 - 30 November 2016, Berlin, Germany The 10th year of the Annual European Medical Information and Communications Conference is a unique meeting organised by medical in...

Read more

Saniona and Boehringer Ingelheim sign collaboratio…

Boehringer Ingelheim, one of the world's 20 leading pharmaceutical companies, and Saniona, a leading biotech company in the field of ion channel drug discovery, have ente...

Read more

Study shows how Chinese medicine kills cancer cell…

Researchers at the University of Adelaide have shown how a complex mix of plant compounds derived from ancient clinical practice in China - a Traditional Chinese Medicine...

Read more

Benralizumab phase III trials show positive result…

Results from pivotal Phase III trials presented at the European Respiratory Society (ERS) International Congress demonstrated that adding benralizumab to standard-of-care...

Read more

Antibody reduces harmful brain amyloid plaques in …

Although the causes of Alzheimer's disease are still unknown, it is clear that the disease commences with progressive amyloid deposition in the brains of affected persons...

Read more

Pharmaceutical Companies

[ A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Z ]