Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2010.
- Diluted earnings per share, excluding specified items, were $0.81, reflecting 11.0 percent growth, at the high end of Abbott's previously issued guidance range of $0.79 to $0.81. Excluding an unfavorable $0.03 per share impact from U.S. health care reform, first quarter ongoing earnings per share would have been $0.84, up 15.1 percent. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.64.
- Worldwide sales increased 14.6 percent to $7.7 billion, including a favorable 4.1 percent effect of exchange rates. Sales were reduced by approximately $60 million as a result of higher Medicaid rebates under U.S. health care reform. Excluding this impact, sales would have increased 15.5 percent.
- Worldwide pharmaceutical sales increased 12.9 percent, including a favorable 4.4 percent effect of exchange rates, driven by double-digit growth for HUMIRA and Abbott's lipid management franchise.
- Worldwide vascular products sales increased 15.8 percent, including a favorable 3.2 percent effect of exchange rates, driven by strong international growth. Abbott's XIENCE is now the number one drug-eluting stent in the world with its successful launch in Japan during the first quarter.
- Worldwide nutritional sales increased 11.8 percent, including a favorable 2.6 percent effect of exchange rates, driven by strong double-digit growth in international nutritionals.
- Worldwide diagnostics sales increased 12.1 percent, including a favorable 5.5 percent effect of exchange rates, driven by strong growth in molecular, point of care and international core laboratory diagnostics.
"We delivered double-digit sales growth across each of our worldwide businesses in the first quarter, reflecting our balance, diversity and strength," said Miles D. White, chairman and chief executive officer, Abbott. "We also enhanced our emerging markets presence and pharmaceutical pipeline with the closing of the Solvay Pharmaceuticals acquisition and the announced acquisition of Facet Biotech, augmenting Abbott's long-term growth outlook."
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