Abbott net income climbs 13.9% for 2000

17 January 2001

Abbott Laboratories has recorded a 13.9% rise in net income for 2000 to$2.79 billion, while worldwide sales for the year were $13.75 billion, an increase of 4.3%, though the company noted that the strong dollar knocked 2% off the total. The group ended the year well, with fourth quarter sales rising 6.8% to $3.71 billion, or 10.1% excluding the impact of the strong dollar. For the full year, turnover at TAP Pharmaceutical, Abbott's joint venture with Takeda of Japan, increased 20.9% to $3.54 billion.

Miles White, Abbott's chief executive, said that the company had delivered financially in line with its commitments, "despite a challenging foreign exchange environment." He expressed his enthusiasm for Abbott's new combination HIV treatment Kaletra (lopinavir plus ritonavir; formerly ABT-378r), which received earlier-than-expected approval from the US Food and Drug Administration (Marketletter September 25, 2000) and highlighted the firm's forthcoming $6.9 billion acquistion of BASF's pharmaceutical operations (Marketletter January 1 & 8). The purchase increases Abbott's R&D spending capacity by around $300 million.

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