Abbott Reports Increase in Sales, Earnings in Second
Quarter, First Half
ABBOTT PARK, Ill., July 12 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT - news) today reported an increase in sales and earnings for both the second quarter and first half ended June 30, 2000.
Worldwide sales for the second quarter were $3.370 billion, up 3.4 percent from $3.259 billion in the second quarter of 1999. Total sales were unfavorably impacted 1.4 percent due to the effect of the relatively stronger U.S. dollar. Without the impact of exchange, total sales would have increased by 4.8 percent. Earnings per share for the quarter rose to 44 cents, up 7.3 percent from 41 cents a year ago. Net earnings increased 6.2 percent to $685 million, from $645 million in the second quarter of 1999. During the second quarter, research and development expense was $362 million, an increase of 13.7 percent.
Sales for TAP Pharmaceutical Products Inc., Abbott's joint venture with Takeda Chemical Industries, Ltd., of Osaka, Japan, were $839 million in the second quarter, up 21.1 percent from $693 million in the second quarter of 1999. (While sales from the joint venture are not consolidated in Abbott's net sales, Abbott's portion of TAP's income is included in a separate income line on the consolidated statement of earnings. Abbott's portion of TAP sales would have added 1.7 percent to sales growth.)
``Abbott continues to make progress particularly with our quality initiatives and in our efforts to strengthen our commitment to science,'' said Miles D. White, chairman and chief executive officer. ``We significantly increased our R&D spending to support our growing pipeline of promising drug candidates and, through business alliances, continued to access promising technologies.
In addition, our board of directors elected Dr. Jeffrey Leiden to the newly created position of chief scientific officer. On the product front, we launched several important new pharmaceutical products, including a once-daily version of our flagship macrolide antibiotic, BIAXIN®. These new products will help accelerate growth in the second half of 2000 and beyond.''
Additional Second-Quarter Results
Pharmaceutical products segment sales were $563 million in the second quarter, a 3.5 percent increase from $544 million in the second quarter of 1999.
Ross products segment sales were $497 million in the second quarter, a 6.0 percent increase from $469 million in the second quarter of 1999.
Hospital products segment sales were $659 million in the second quarter, a 17.4 percent increase from $561 million in the second quarter of 1999.
biz.yahoo.com
Wait till the aids drug makes a splash...the impotence drug, well only some time will tell, but the real profits for them are still in the bread and butter hospital supplies...
Still the lowest priced big pharma around.
chris |
