Solvay costs and Meridia withdrawal take heavy toll on Abbott Labs 3rd-qtr 2010 results
US health care major Abbott Laboratories (NYSE: ABT) posted disappointing financial results for the third quarter of 2010, saying it earned $891 million, or $0. 57 per share, down from $1.48 billion, or $0.95 per share, in the year ago period. This reflected costs associated with its $6.2 billion acquisition of Belgian drugmaker Solvay Pharmaceuticals and the recent withdrawal of its obesity drug Meridia (sibutramine; The Pharma Letter October 11). Abbott’s shares were down 1.7% at $52 in mid-morning trading yesterday.
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