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Abbott reports global sales of $9bn

Strong sales in emerging markets boost business growth to over 12 per cent

Strong sales in emerging markets boost business growth to over 12 per cent.

Abbott has reported double-digit sales and ongoing earnings per share (EPS) growth at above analysts' expectations.
The company has announced EPS of $0.91 (excluding specified items) in Q1 2011, reflecting growth of more than 12 per cent over the same period in the previous year. 



Global sales increased more than 17 per cent over the prior year to $9bn (including exchange) in the quarter, ahead of the First Call mean of $8.8bn.
These results were driven by strong growth across Abbott's diverse businesses, particularly in emerging markets which grew more than 38 per cent over the same period in 2010.



Emerging markets sales reached more than $2.3bn, comprising nearly 26 per cent of Abbott's total sales in the quarter, reflecting strong growth across all divisions.

Abbott's Established Pharmaceuticals business, created in 2010 to focus on branded generics business outside the US, reported sales of $726m in emerging markets, more than double the prior year, driven by strong performances in Russia, India and China and including contributions from the Solvay and Piramal acquisitions. The new unit had total sales of nearly $1.3bn.

Global Humira (adalimumab) sales totalled more than $1.6bn, an increase of nearly 18 per cent on the prior year and ahead of analyst expectations. In addition, Abbott's vascular business reported global sales of $845m, up more than 13 per cent over the prior year, driven by continued strong performance of the Xience family of drug-eluting stents, which holds the top position globally.

International nutritional sales increased nearly 16 per cent to $786m driven by continued strong growth in emerging markets, which grew more than 18 per cent to $589m behind strong growth in Asia and Latin America.

Abbott also confirmed full-year 2011 EPS guidance of $4.54 to $4.64, the midpoint reflecting double-digit growth over 2010.

"Stronger-than-expected sales helped us deliver 12 per cent ongoing earnings-per-share growth in the first quarter," said Miles White, Abbott's chairman and chief executive officer. "Growth was balanced across our three key strategic business categories; durable growth, proprietary pharmaceuticals and innovation-driven devices, reflecting healthy performance across our global operations, including continued rapid growth in emerging markets."

20th April 2011

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