Abbott reports ‘outstanding’ financial results

At its annual general meeting Abbott has announced its financial results for the 2007 fiscal year, while this momentum has carried over into its performance this year.

The company has also reported a term of international growth while claiming that its product pipeline provides a basis for continued growth.

In 2007, each of the firm’s major units, including diabetes care, diagnostics, pharmaceuticals, nutritionals and vascular, contributed to a 15 per cent increase in sales.

Furthermore, the company delivered a total return to shareholders of 18 per cent last year, the second successive year it outperformed the S&P 500 Index.

Miles D White, chief executive officer of the firm, said: “2007 was an outstanding year for Abbott across all of our major businesses and our strong momentum has carried into 2008.

“We delivered another year of strong sales and profitability. We expanded our business in important emerging economies such as China, India, Russia and Latin America.”

He added that the company has been highly productive in the development of its drug pipeline, which is providing a foundation for a steady new stream of products and ongoing success in the future.

Earlier this month, Abbott announced a 13.8 per cent increase in sales figures for the first quarter of 2008, up to $6.8 billion (3.45 billion pounds).