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Non-Tech : Bill Wexler's Dog Pound -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (644)	4/8/1999 5:30:00 PM
From: Bob Trocchi	Respond to of 10293

Dale... Abbott posts their q's earnings and in the press release, somehow there is NO mention of Hextand. I thought blockbuster drugs would at least get a one liner! <G> Abbott Q1 Profits Rise By Susan Nadeau CHICAGO (Reuters) - Medical products company Abbott Laboratories (NYSE:ABT - news) Inc. Thursday reported higher first quarter profits that topped Wall Street forecasts and a sales gain that met expectations. The maker of nutritional, pharmaceutical and hospital products, including Similac baby formula, said profits rose 13.1 percent to $667 million from $590 million a year ago. Earnings per share on a diluted basis rose to 43 cents from 38 cents. According to First Call, which tracks earnings estimates, analyst forecasts averaged 42 cents a share. Worldwide sales for the first quarter were $3.3 billion, up from $3.0 billion a year ago. Breaking a recent trend, North Chicago, Ill.-based Abbott said foreign exchange had no significant impact on sales. Shares of Abbott jumped $2.06 in afternoon trade to $50.56 on the New York Stock Exchange. ''Abbott is a rock,'' said Corey Davis, pharmaceutical industry analyst with Hambrecht & Quist. ''Even though individual products may slip, they're so broad and diversified they can pick up the slack.'' Abbott said its pharmaceutical sales fell 4 percent from last year to $670 million, reflecting issues with its anti-AIDS drug Norvir and its blood clot-busting drug Abbokinase, Abbott spokeswoman Rhonda Luniak said. The U.S. Food and Drug Administration in December put shipments of Abbokinase on hold because of concerns it has with Abbott's manufacturing practices. While some product was released in January, Luniak said there is still a shortage and the FDA is still restricting other shipments. Problems manufacturing Norvir in a semi-solid capsule form have caused a shortage of that drug, but a liquid form is still available. Last week, Abbott asked the FDA to approve a new soft-gel capsule form of the drug. Luniak said the company hopes to have capsules on the market again in the third quarter. Sales of Ross products, which include Similac, were $501 million in the first quarter, a 10.9 percent increase from the previous year. Hospital products sales rose 13.0 percent to $517 million, and diagnostic product sales jumped 14.5 percent to $715 million. Chemical and agricultural product sales fell 19.2 percent to $64 million. Total first quarter U.S. sales were $2.0 billion compared with last year's $1.9 billion, while total international sales jumped to $1.3 billion from $1.1 billion, Abbott said. Research and development costs were $267 million, lower than last year's $280 million.