Abbott achieves double-digit quarterly sales growth

Abbott has published its financial report for the first quarter of 2010, during which the company’s sales grew by 10.5 per cent year-on-year.

The pharmaceutical company’s total worldwide sales for the three-month period came to $7.7 billion (5 billion pounds), driven in part by the strong performance of its lipid management franchise and drugs such as Humira.

Other key business objectives achieved during the quarter included the acquisition of Solvay Pharmaceuticals and Starlims Technologies, while the purchase of Facet Biotech was also completed this week.

As a result, the company is now forecasting that it will achieve a growth in earnings per share of 12 per cent during 2010.

Miles White, chairman and chief executive officer at Abbott, said: “We delivered double-digit sales growth across each of our worldwide businesses in the first quarter, reflecting our balance, diversity and strength.”

Earlier this month, it was announced that Abbot will work together with Axis-Shield on the creation of a new immunoassay which monitors the progress of treatment among diabetes patients.