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.

Abbott launched numerous new products across its diversified businesses in 2012, positioning the company well for future growth. Key pipeline innovations include the launch of its Absorb bioresorbable vascular scaffold; the next-generation drug-eluting stent, XIENCE Xpedition; 80 launches across its Nutrition business; new tests in Diagnostics; as well as several new product and geographic expansion initiatives in Established Pharmaceuticals, Diabetes Care and Vision Care.