Financial Report: Abbott

Abbott

1Q Revenues: $6.8 billion  (+14%)

1Q Earnings: $937.9 million (+35%)

Comments: Growth in the quarter was driven by Humira, Niaspan and Kaletra. Humira sales were $878 million (+54%), Niaspan sales were $176 million (+24%), and Kaletra sales were $353 million (+18%). In March, Abbott and Takeda ended the TAP joint venture, splitting the assets. Abbott will have U.S. rights to Lupron, as well as cash payments for the next five years. In the quarter, the FDA approved Humira for psoriasis and for juvenile rheumatoid arthritis, and Simcor for cholesterol.  Earnings in the quarter excludes after-tax charges of $37 million for cost reduction initiatives, $15 million for acquired in-process R&D, and $7 million for acquisition integration.