said sales surged in the second quarter, helped by growth in U.S. pharmaceutical revenue and favorable foreign exchange rates, but overall profits fell after the company factored in one-time charges.
Worldwide sales rose 9.5% to $4.72 billion from $4.32 billion in the second quarter of 2002. Sales in U.S. markets were $2.79 billion, up 7.2% from a year ago, and international sales climbed 12.9% to $1.93 billion.
Earnings under generally accepted accounting principles fell to $246.6 million, or 16 cents a share, from $592.3 million, or 38 cents a share. Excluding items in both quarters, earnings rose to $819.8 million, or 52 cents a share, from $771 million, or 49 cents a share.
Analysts polled by Thomson First Call were looking for earnings of 52 cents, before charges.
U.S. pharmaceutical sales rose 26.8% in the quarter, driven by strong growth of Depakote, Flomax, TriCor, Biaxin, Kaletra and Omnicef. Worldwide Humira sales totaled $57 million, including $54 million in the U.S. Abbott expects Humira sales to total more than $250 million in 2003.
Abbott maintained its earnings guidance for the year of $2.20 to $2.25 a share, excluding charges. Analysts are calling for $2.21. Including one-time items, the company projected earnings of $1.83 to $1.88.
However, third-quarter earnings could be below expectations. The company forecast a profit, before charges, of 52 cents to 54 cents a share, while analysts are targeting 55 cents. On a GAAP basis, earnings for the third quarter will be 51 cents to 53 cents a share, Abbott said.