Abbott Labs 4th-qtr net income plunges
US health care major Abbott Laboratories (NYSE: ABT) posted sales of $10.84 billion for the fourth quarter of 2012, up4.4% on a reported basis, with full-year turnover rising1.1% to $39.87 billion. Net income for the quarter decreased to $1.05 billion, or $0.66 GAAP a share, from $1.6 billion, or $1.02, a year earlier, the company noted. Full-year GAAP earnings per share were $3.72.
On January 1, 2013, Abbott completed the launch of AbbVie, a new research-based biopharmaceutical company which will continue to develop and market proprietary prescription medicines including the blockbuster rheumatoid arthritis drug Humira, which generated full-year sales of $9.26 billion, up 8.5%. Total proprietary medicine sales came in at $5.14 billion for the quarter, up 7%, and rose 3% to $18.01 billion for the year.
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