Abbott dips 2.6% in Q2; stent sales remain strong
Abbott posted its financial results for the second quarter, which ended June 30, showing a 2.6 percent decrease in net earnings--to $1.29 billion from $1.32 billion in the same period last year.
However, the Abbott Park, Ill.-based company said its worldwide vascular sales increased 34.3 percent from the 2008 second quarter, earning $658 million in the 2009 second quarter. Its coronary stent sales contributed to the firm's profits, increasing global earnings 2.2 percent--to $256 million in the second quarter.
The firm's diabetes care unit suffered losses, dropping 10.5 percent and booking earnings of $128 million. Abbott said its income was adversely affected by generic competition to its anti-seizure drug Depakote, and because of a downturn in sales of its former blockbuster Humira, an arthritis drug.
However, the Abbott Park, Ill.-based company said its worldwide vascular sales increased 34.3 percent from the 2008 second quarter, earning $658 million in the 2009 second quarter. Its coronary stent sales contributed to the firm's profits, increasing global earnings 2.2 percent--to $256 million in the second quarter.
The firm's diabetes care unit suffered losses, dropping 10.5 percent and booking earnings of $128 million. Abbott said its income was adversely affected by generic competition to its anti-seizure drug Depakote, and because of a downturn in sales of its former blockbuster Humira, an arthritis drug.