Abbott announces 15.5% rise in sales

Abbott has reported its results for the first quarter of the 2007 financial year, with the firm generating global sales of $5.3 billion (2.64 billion pounds), a 15.5 per cent increase compared to the first quarter of last year.

The firm reported a 16.6 per cent growth in sales of pharmaceuticals worldwide, with this figure led by strong growth in sales of Humira (adalimumab), a medication indicated for ankylosing spondylitis, psoriatic arthritis and rheumatoid arthritis.

Growth in pharmaceutical sales was also driven by sales through the company’s recent acquisition of Kos Pharmaceuticals.

Following the presentation of these sales figures, the company increased its earnings per share guidance for 2007 to between $2.79 and $2.85.

Miles D White, chairman and chief executive officer of Abbott, said: “Our businesses continue to perform well and our outlook remains strong.”

He added that the company’s late-stage research and development pipeline was continuing to offer the firm key opportunities in all areas of its portfolio, enabling Abbott to predict continued success in the future.

Earlier this month, Abbott announced the opening of a new biotechnology manufacturing site in Puerto Rico to aid the manufacture and supply of Humira and other compounds.