| As of Tuesday, August 4th: |
Since the start of the quarter, the Q2 growth rate has risen from -31.7% to -28.7%. (Data provided by Thomson Reuters)
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Abbott Laboratories' second-quarter earnings fell 2.6 percent, with generic competition for its Depakote anti-seizure drug overshadowing strong sales of its Humira arthritis drug and its Xience heart stent.
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Shares of the suburban Chicago drugmaker fell 1.6 percent Wednesday as its global revenue fell slightly short of Wall Street forecasts, stymied by a strong dollar that crimped the value of overseas sales.
"Aside from the greater-than-expected (foreign currency) hit, most segments came in roughly in line with our forecast," JPMorgan analyst Michael Weinstein said in a research note.
Abbott [ABT
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] earned $1.29 billion, or 83 cents per share, compared with $1.32 billion, or 85 cents per share in the year earlier period.
Excluding special items, Abbott earned 89 cents per share, matching the average forecast of analysts polled by Reuters Estimates.
Global quarterly sales rose 2.5 percent to $7.5 billion, a bit shy of the Reuters Estimates forecast of $7.55 billion.
Shares of the diversified healthcare company slumped 1.6 percent to $45.75, from their closing price on Tuesday of $46.49 on the New York Stock Exchange.
It was the second consecutive tough quarter for Abbott, whose accustomed sales momentum faltered in the first quarter, hurt by the strong dollar and U.S. inventory drawdowns that crimped purchases by wholesalers.
Second-quarter sales of prescription drugs fell 4.3 percent to $3.95 billion, as the recent U.S. patent expiration on Depakote opened the floodgates to cheaper generics. The drug's quarterly sales fell 75 percent to $102 million.
But sales of Humira, a newer injectable drug that has made inroads against Johnson & Johnson's [JNJ
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] Remicade and Wyeth's [WYE
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] Enbrel, rose 20 percent to $1.31 billion.
Results were also bolstered by Abbott's vascular products, including the Xience stent, whose sales surged 34 percent to $658 million, and its nutritional products, whose sales rose 4 percent to $1.28 billion. But sales of its diagnostic products fell 6 percent to $878 million.
Abbott stuck to its previous full-year 2009 earnings forecast of $3.65 to $3.70 per share, noting that the midpoint of the range would reflect double-digit profit growth.
Shares of Abbott fell 1.7 percent to $45.70 in premarket trading.
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