Earnings, Sales Jump at Abbott Labs

U.S. drug sales surge 20%.
Author:
Publish date:

Drug maker

Abbott Laboratories'

(ABT) - Get Report

third-quarter earnings rose, thanks to nearly a 12% jump in year-over-year sales, reflecting, among other things, a strong launch for rheumatoid arthritis treatment Humira.

Abbott earned $761.2 million, or 48 cents a share, on sales of $4.85 billion in the latest quarter, compared with earnings of $720.1 million, or 46 cents a share, on sales of $4.34 billion last year. Excluding some charges, Abbott earned $835.3 million, or 53 cents a share, in the latest quarter compared with $751.6 million, or 48 cents a share, last year.

Before charges, analysts surveyed by Thomson First Call were forecasting earnings of 53 cents a share on sales of $4.71 billion in the latest quarter.

U.S. pharmaceuticals sales jumped 20% in the quarter to $1.29 billion, while international sales rose 13.2% to $1.36 billion. Three percentage points of the overall sales gain was attributable to currency translation, the company said.

Abbott closed Wednesday unchanged at $41.95.