Abbott Reports Higher Profit On Key Drugs
Make a commentBy Ed Silverman // July 18th, 2007 // 8:13 am
The drugmaker reports that second-quarter profit rose 61 percent, thanks to meds for migraines and Humira, which treats Crohn’s disease. Net income was $988.7 million, or 63 cents, up from $612.2 million, or 40 cents, a year earlier. Revenue rose 16 percent to $6.47 billion from $5.5 billion.
During the quarter, Humira sales jumped 50 percent to $735 million while sales of Depakote, a drug for migraine headache and epileptic disorders, rose 27 percent to $404 million. Sales of the Kaletra AIDS med rose 19 percent, to $315 million. Excluding costs for integrating acquisitions, such as Kos Pharmaceuticals; writing down the value of the Omnicef antibiotic; and ending a deal to sell its diagnostics unit, Abbott earned 69 cents, beating Wall Street estimates of 68 cents.