ABT Q2 09 earnings came in weaker than expected, mostly due to unfavorable exchange rates. Earnings were down from Q2 08, coming in at $129 million.
Abbott reported an increase in earnings of 53% (due mainly to a one time accounting change). Revenues decreased 0.7% due mainly to adverse currency movements.
ABT saw profits of $1.06 per share (which met analyst projections), and saw total Q4 sales revenue of close to $8 billion (which slightly beat expectations).
Abbot purchased the rest of Ibis Biosciences, a division of Isis Pharmaceuticals, for $175 million (total transaction including initial investment was $215 million).
3rd quarter sales rose to $1.08 billion, up 51 percent compared to a year ago. Sales of Abbott's Xience stent rose above expectations, doubling to $383 million in the 3rd quarter. The Xience stent has a design that makes it easier for doctors to implant into coronary arteries. Sales of the arthritis drug Humira also grew by 50 percent in the 3rd quarter.
Abbott's drug-coated stent was announced to be superior over Boston Scientific's Taxus stent at treating clogged heart arteries which caused share prices to jump from USD $53.86 to USD $57.24.
Abbott's release of new DNA tests in Europe to detect chromosomal abnormalities associated with some forms of leukemia send share price on an upward trend until January 24, when Abbott announces their 4th Quarter loss on the Kos Deal.
Abbott's share price fell from USD $47.47 to USD $45.65 after Abbott announced the acquisition of Kos Pharamaceuticals, Inc. for $3.7 billion.
On Nov 2, 1999, the Department of Justice, on behalf of the Food and Drug Administration (FDA), entered into a consent decree of permanent injunction with Abbott Laboratories and responsible officials. Actions were taken because of the firm´s long-standing failure to comply with the FDA´s good manufacturing practices (GMP) regulation, and its failures to fulfill commitments to correct deficiencies in its manufacturing operations.