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Abbott Profit Helped by U.S. Pharmaceuticals

October 11, 2000|Associated Press

Abbott Laboratories said third-quarter profit rose 11% to $654.4 million, or 42 cents a share, in line with estimates, buoyed by a continuing turnaround in its U.S. pharmaceutical business. Sales rose 5.8% to $3.32 billion. U.S. pharmaceutical sales, which represent about a fifth of Abbott's revenue, jumped 15% as the company benefited from five new products launched this year. The company also credited the profit growth on strong results in its U.S. hospital business and its TAP pharmaceutical firm, jointly owned with Japan's Takeda Chemical Industries, which sells the ulcer drug Prevacid. Abbott executives said they expect double-digit growth in U.S. pharmaceuticals in the fourth quarter and 2001, partly because of the bright outlook for its Kaletra AIDS pill, which won federal approval last month. Abbott shares rose $1.38 to close at $49.06 on the New York Stock Exchange after hitting a new 52-week high.

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