Abbott closes 2008 with strong Q4
Abbott Laboratories Wednesday reported its 2008 fourth quarter profit climbed 27 percent over the previous year-ago quarter, and reiterated expectations for strong earnings growth in 2009 despite a slumping global economy.
The fourth quarter, which ended Dec. 31, 2008, showed earnings earnings per share under Generally Accepted accounting principles (GAAP) were up 27.3 percent to $1.54 billion, compared to year-ago earnings of $1.2 billion, according to the company.
The Abbott Park, Ill-Abbott said its global sales increased 10.1 percent to $8 billion, including an unfavorable 2.5 percent effect of exchange rates. Full-year 2008 sales were nearly $30 billion. The company also said that its global pharmaceutical sales increased nearly 10 percent driven by in part by the TriCor/TriLipix franchise.
Abbott also reported that its global medical products sales increased 15.6 percent; with 58.9 percent growth in global vascular sales driven by Xience V drug-eluting stent, which gained FDA approval in July 2008.
“The strategic actions we've taken and our ongoing business momentum position Abbott to deliver continued double-digit growth in 2009,” according to Miles D. White, chairman and CEO at Abbott.
The fourth quarter, which ended Dec. 31, 2008, showed earnings earnings per share under Generally Accepted accounting principles (GAAP) were up 27.3 percent to $1.54 billion, compared to year-ago earnings of $1.2 billion, according to the company.
The Abbott Park, Ill-Abbott said its global sales increased 10.1 percent to $8 billion, including an unfavorable 2.5 percent effect of exchange rates. Full-year 2008 sales were nearly $30 billion. The company also said that its global pharmaceutical sales increased nearly 10 percent driven by in part by the TriCor/TriLipix franchise.
Abbott also reported that its global medical products sales increased 15.6 percent; with 58.9 percent growth in global vascular sales driven by Xience V drug-eluting stent, which gained FDA approval in July 2008.
“The strategic actions we've taken and our ongoing business momentum position Abbott to deliver continued double-digit growth in 2009,” according to Miles D. White, chairman and CEO at Abbott.