Abbott books strong Q3, raises full-year guidance

Abbott has increased its net sales and net earnings for the third quarter of 2009, which ended Sept. 30, bolstered by strong vascular sales in both the international and U.S. markets.

The Abbott Park, Ill.-based company booked an impressive 36.5 percent jump in net earnings over the previous-year third quarter to $1.48 billion in the 2009 third quarter.

Reported net sales, including a 4.9 percent impact of foreign exchange rate, increased 3.5 percent over the previous-year quarter to $7.76 billion for the 2009 third quarter. The company said that worldwide vascular sales increased by 4.7 percent to $666 million in this quarter. Similarly, its U.S. vascular sales was upped by 4.9 percent over the prior-year third quarter to $395 million.

Specifically, its worldwide U.S. coronary stent sales were $244 million, representing a slight downturn of 1.3 percent from the 2008 third quarter. However, Abbott reported international coronary stent sales of $145 million—an increase of 7.3 percent over the year-ago quarter. Overall, the global sales of coronary stents were $389 million, a 1.7 percent boost over the 2008 third quarter.

However, sales for Abbott’s diabetes care unit experienced a downturn in sales in both the international and U.S. markets—with a 10.6 percent downturn in global sales to $317 million in the 2009 third quarter, while its U.S. sales dropped 14.1 percent and international dipped 8.2 percent.

Based on the year results to date, “including third-quarter results that were ahead of expectations,” Abbott said it is raising its ongoing earnings-per-share forecast for the full-year of 2009 to $3.70 to $3.72 from its previous guidance range of $3.65 to $3.70.