Abbott Laboratories sales up 13.5%

Abbott Laboratories has reported its worldwide sales for 2005 were up 13.5 per cent to $22.3 billion.

The company also reported earnings of $3.4 billion, but warned that a pact with Boehringer Ingelheim will hit its 2006 sales growth, which are now predicted to be in single figures.

Pharmaceutical product sales grew by almost ten per cent in the last quarter of 2005, helped along by strong sales for the arthritis drug Humira (Adalimumab), which grew 66 per cent.

Abbott expects Humira sales to reach $1.9 billion worldwide in 2006, up by $0.5 billion.

Abbott chairman and chief executive Miles White said: “Our balanced, broad-based businesses delivered strong results once again in 2005, in-line with our expectations.

“With a breadth of opportunities across medical technology, biologics, nutritionals and pharmaceuticals, we have the earnings power and stability to continue to deliver consistent earnings-per-share growth.”

The company has also received a boost as Guidant has opted for Boston Scientific’s takeover bid over Johnson & Johnson’s.

As a part of the deal Abbott will buy Guidant’s endovascular and vascular businesses for around $3.8 billion.

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