Company spun off by Abbott off to good start

Thu, Jan 24, 2013, 00:00

AbbVie, a new branded pharmaceuticals company spun off by Abbott Laboratories, is off to a good start judging by fourth-quarter sales of arthritis drug Humira and other products in its medicine chest.

Analysts said the picture, although healthy, could be more challenging for the remaining Abbott, which continues to sell medical devices, diagnostics, nutritional products and generic drugs.

Abbott expects 2013 earnings, excluding special items, of $1.98 to $2.04 per share, in line with earlier guidance and above the average forecast.

Fourth-quarter sales of products that remain with Abbott were $5.7 billion, roughly in line with forecasts by analysts.

The global sales of the branded drugs now belonging to AbbVie rose 7.4 per cent to $5.14 billion during the fourth quarter. – (Reuters)