Abbott Reports 16 Percent Earnings Growth in First Quarter
Abbott has announced financial results for the first quarter ended March 31, 2009. Diluted earnings per share, excluding specified items, were $0.73, reflecting 15.9 percent growth, and $0.03 above the mid-point of Abbott's previous first-quarter guidance range. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.92, up 53.3 percent.
Worldwide operational sales, which excludes an unfavorable 6.1 percent effect of exchange rates, increased 5.4 percent. Reported sales, including the impact of exchange, declined 0.7 percent. Excluding the expected decline in Depakote® sales, due to generic competition, worldwide operational sales increased 8.9 percent.
Worldwide medical products operational sales, which excludes an unfavorable 6.8 percent effect of exchange rates, increased 15.6 percent. Global vascular sales increased more than 40 percent driven by the continued success of the XIENCE V® drug-eluting stent (DES).
Worldwide pharmaceutical operational sales,which excludes an unfavorable 6.6 percent effect of exchange rates, increased 0.9 percent. The decline in Depakote sales lowered worldwide pharmaceutical sales growth by 6.1 percentage points. Global HUMIRA® operational sales increased 27.7 percent, which excludes an unfavorable 11.0 percent effect of exchange rates.
Global nutritional operational sales,which excludes an unfavorable 4.2 percent effect of exchange rates, increased 10.6 percent. Reported sales increased 6.4 percent. International nutritional operational sales increased 17.7 percent.
"Our first-quarter results demonstrate again the value of a well-balanced and highly diverse portfolio of businesses capable of top-tier earnings performance in even the most difficult market conditions," said Miles D. White, chairman and chief executive officer, Abbott. "This quarter our collective businesses delivered mid-teens earnings-per-share growth, including continued strong double-digit operational sales growth in global nutritionals, global vascular and international pharmaceuticals. We also saw significant profitability improvements in our vascular and diagnostics segments."
About Abbott Abbott (NYSE: ABT) 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 more than 72,000 people and markets its products in more than 130 countries.