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Home Industry News Abbott announces second-quarter financial results

Abbott announces second-quarter financial results

19th July 2007

Abbott has announced its financial results for the second quarter of the 2007 fiscal year, with the firm reporting a 15.8 per cent growth in sales compared to the same period last year to $6.4 billion (3.1 billion pounds).

These sales figures were driven by $3.5 billion global pharmaceutical sales, a rise of 17.2 per cent compared to the second quarter of 2006.

Double-digit growth was seen in a number of pharmaceutical products, including Depakote, Humira, Kaletra and Tricor, while the firm reported Niaspan sales of $170 million.

Net sales for the first half of 2007 were 15.3 per cent up on the comparable period last year, reaching $12.3 billion.

Miles D White, chairman and chief executive officer of Abbott, said: “Our performance this quarter was strong in both our US pharmaceuticals business and in several of our medical products businesses.

“In addition, we strengthened our broad-based pipeline and advanced several key programs into later-stage development.”

He added that the firm is expecting to submit five regulatory filings for approval during 2007, with these products representing noteworthy opportunities for future growth at the company.

In April 2007, Abbott recorded sales of $5.3 billion for the quarter, 15.5 per cent higher than the same period last year, with the firm attributing this rise to robust pharmaceutical product sales and the acquisition of Kos Pharmaceuticals.

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