Abbott Reports Strong Sales and Earnings Growth in Third Quarter

AbbottAbbott (NYSE: ABT) has announced financial results for the third quarter ended Sept. 30, 2008.
  • Diluted earnings per share, excluding specified items, were $0.79, above Abbott's previously announced guidance range of $0.76 - $0.78, reflecting 17.9 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.69, up 50.0 percent.
  • Today, Abbott is raising its guidance for full-year 2008 adjusted earnings per share to $3.31 - $3.33 from $3.24 - $3.28, excluding specified items. Projected earnings per share under GAAP is $3.23 - $3.25.
  • Worldwide sales increased 17.6 percent to $7.5 billion, including a favorable 4.7 percent effect of exchange rates.
  • Worldwide pharmaceutical sales increased 16.7 percent driven by double-digit growth in HUMIRA(R), TriCor(R), Niaspan(R) and Kaletra(R). Global HUMIRA sales exceeded $1.2 billion; Abbott now expects full-year 2008 global HUMIRA sales of more than $4.4 billion.
  • Worldwide medical products sales increased 25.2 percent, driven by 15.3 percent growth in global diagnostics sales, and 57.9 percent growth in global vascular sales following the U.S. approval and successful launch of XIENCE V during the quarter. Drug-eluting stent (DES) franchise sales were $305 million.
  • Worldwide nutritional products sales increased 14.5 percent led by 22.2 percent growth in international nutritionals, with continued strength in emerging markets.
  • The Abbott board of directors has recently approved a new $5 billion share repurchase program. Last year, Abbott returned more than $3 billion to shareholders through dividends and share repurchase, and is on track to exceed this level in 2008.

"All of Abbott's businesses are performing exceptionally well, ahead of expectations," said Miles D. White, chairman and chief executive officer, Abbott. "Abbott remains well-positioned, with strong core growth franchises, including our emerging vascular business, which is rapidly becoming a significant contributor to Abbott's growth."

Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com.

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