Abbott Labs - Big Pharma's Q2 2010 Earnings Report

FiercePharma says: Abbott's broad offering of drug and medical device products led the company to a sales increase of 18% to $8.83 billion. But Abbott's $3.9 billion buyout of generic drugmaker Piramal Healthcare in May offset that increase, causing Abbott's Q2 earnings to stay flat.

Highlights

  • Diluted earnings per share, excluding specified items, were $1.01, reflecting 13.5 percent growth, exceeding Abbott's previously issued guidance range of $0.98 to $1.00. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.83.
  • Worldwide sales increased 17.8 percent to $8.8 billion, including a favorable 2.7 percent effect of exchange rates.
  • Worldwide pharmaceutical sales increased 24.5 percent, including a favorable 2.8 percent effect of exchange rates and a full quarter of sales contribution from the Solvay Pharmaceuticals acquisition.
  • Worldwide vascular products sales increased 26.9 percent, including a favorable 2.3 percent effect of exchange rates, driven by strong international growth.
  • Worldwide diagnostics sales increased 8.0 percent, including a favorable 3.5 percent effect of exchange rates.
  • Worldwide nutritional sales increased 10.1 percent, including a favorable 2.8 percent effect of exchange rates, driven by strong double-digit growth in international nutritionals.

See Abbott's current stock quote from CNN Money

Abbott's website: http://www.abbott.com/
Full release: Abbott's release

Abbott Labs - Big Pharma's Q2 2010 Earnings Report
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