Abbott sales rise 2.5% in 2nd quarter, but profits plunge

17 July 2013

US health care company Abbott Laboratories (NYSE: ABT), which split out its research-based prescription drug business into AbbVie (NYSE: ABBV) from the beginning of this year, has today announced better-than-expected second quarter results for 2013, despite reported a decline in profit to $476 million, from $1.73 billion in the year-ago quarter.

The company said the quarter’s highlights include 24 new product launches in nutrition, the first FDA-approved hepatitis C virus (HCV) genotyping test, the initiation of a randomized clinical trial in Japan for Abbott's bioresorbable vascular scaffold Absorb, the approval of XIENCE Xpedition in Japan; and the US approval and launch of the TECNIS Toric 1-Piece Intraocular Lens (IOL) for cataract patients with astigmatism.

Second-quarter 2013 worldwide sales reached $5.4 billion. Reported sales increased 2.5% including an unfavorable 1.7% effect of foreign exchange. Sales were driven by 8.4% operational sales growth in nutrition, including 18.4% international growth, and 7.6% operational sales growth in diagnostics.

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