Abbott's fourth-quarter income jumps 51%
Austin Business Journal
January 16, 2004
11:32 AM CST, Friday
Abbott Laboratories Inc. posted a 51 percent jump in fourth-quarter income, the health care giant announced Friday.
The company reported fourth-quarter profit of $944 million, or 60 cents per share, up from $627 million, or 40 cents per share, for the same quarter last year.
Fourth-quarter revenue was $5.5 billion, compared with $4.8 billion for the fourth quarter of 2002.
U.S. pharmaceutical sales grew 27.8 percent in the fourth quarter, according to Abbott.
"2003 was a year of many accomplishments for Abbott as we continued to reshape our businesses for longer-term growth," says Miles White, chairman and CEO. "We are especially pleased with the significant progress we have made implementing our quality initiatives and the positive results of the U.S. Food and Drug Administration's recent inspection of one of our diagnostics facilities."
Abbott expects 2004 annual income of $2.40 to $2.48 per share, and income of 55 cents to 57 cents for the first quarter of 2004.
Abbott Labs' hospital products division, based in North Austin, employs 1,300 people. In June, Abbott purchased Austin-based Spinal Concepts Inc.
Spinal Concepts' 75 employees and more than 100 independent sales representatives joined the hospital products division. Abbott Park, Ill.-based Abbott Labs [NYSE: ABT] develops and markets pharmaceuticals and medical products.
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