Abbott boosted by Solvay integration

Abbott has posted a set of strong sales for the second quarter, buoyed by the integration of Solvay Pharmaceuticals and a strong showing for its vascular products. 

Pharmaceutical sales grew by nearly a quarter on last year to $8.8 billion with a quarter of revenue contribution coming from the Solvay acquisition in February and a worldwide sales increase of 21.4% to $1.58 billion for its vascular products.

Miles White, Abbott’s chairman and chief executive, said: "Abbott's diverse sources of earnings growth led to strong financial results again this quarter, continuing Abbott's record of steady, reliable performance.

"We also strengthened our emerging markets presence with the announced acquisition of Piramal Healthcare Solutions, giving Abbott the number one position in the fast-growing Indian pharmaceutical market. This follows several other strategic actions that provide Abbott critical mass to capture the significant growth expected in emerging markets."

Rheumatoid arthritis treatment Humira remains Abbott’s biggest selling product, taking $1.6 billion, up nearly 21.5% on last year, with a 3% favourable impact from foreign exchange rates.

Anti-cholesterol treatment TriCor rose steadily by 15.6% to $388 million, making it Abbott’s second best-selling product.

Anti-HIV treatment Kaletra dropped 14.2% and prostate cancer drug Lupron fell by 5% globally due to generic pressures and the company’s global diagnostics sales increased by a reported eight per cent.  

Ben Adams