April 18, 2007
Abbott posts strong sales, profit drop
By Matthew L. Brown
Abbott Laboratories Inc., which has operations in Worcester, reported a 19 percent drop in first-quarter net earnings.
The company, which is based in Abbott Park, Ill., blamed the profit plunge on acquisition expenses, administrative expenses and research and development costs.
Abbott reported a revenue increase over the first quarter 2006.
The company also reported strong sales of its drug Humira.
First quarter net earnings totaled $697.5 million compared to $864.9 million for the same period the previous year.
Revenue for the quarter increased 15 percent to $5.29 billion from $4.58 billion the previous year.
The company reported a sales increase of 10.3 percent in the U.S. and a 22 percent sales increase outside the country.
The company, which is based in Abbott Park, Ill., blamed the profit plunge on acquisition expenses, administrative expenses and research and development costs.
Abbott reported a revenue increase over the first quarter 2006.
The company also reported strong sales of its drug Humira.
First quarter net earnings totaled $697.5 million compared to $864.9 million for the same period the previous year.
Revenue for the quarter increased 15 percent to $5.29 billion from $4.58 billion the previous year.
The company reported a sales increase of 10.3 percent in the U.S. and a 22 percent sales increase outside the country.
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