Abbott highlights “strong” results and AstraZeneca partnership

Abbott has reported “strong” second quarter results that beat the company’s own previous estimates, despite reporting a 30 per cent reduction in profits due to the purchase of Guidant’s vascular business.

Worldwide pharmaceutical sales reached $5.5 billion (2.98 billion pounds), a reduction of 0.9 per cent, which Abbott blamed on the impact of buying Guidant’s vascular business.

However, the company highlighted the progress made in Europe with the approval of a new indication for Humira, the company’s best-selling drug, for the treatment of ankylosing spondylitis, as well as approval for a tablet form of Kaletra, an anti-HIV treatment.

Additionally, Abbott’s chairman and chief executive, Miles D White, emphasised the importance of the company’s recent collaboration with AstraZeneca to develop a powerful new blood pressure and anti-cholesterol drug.

He stated: “Our second-quarter performance reflects the quality and strength of our broad base of businesses.”

“Our long-term growth outlook remains promising as we continue to enhance the mix of our large and diverse portfolio with higher-growth opportunities such as our recent Guidant vascular acquisition and our collaboration with AstraZeneca to develop a fixed-dose combination of TriCor and Crestor,” he added.

Abbott’s medical division reported increased sales of nearly 18 per cent, led by double-digit growth in the vascular business.

The company’s UK operation has a turnover of over 700 million pounds. Last week it was announced that Abbott’s membership of the Association of the British Pharmaceutical Industry was reinstated following a six month suspension for a breach of regulations.

© Adfero Ltd