Abbott's results led by strong medical salesMedical Company Financials
Abbott Laboratories has highlighted strong sales in its medical operations as it released its first quarter results.
The company said that there was a "double-digit" sales growth in medical products - led by Abbott Vascular, which it claims grew by more than 50 per cent worldwide. It also said that sales in Abbott Nutrition International, Ross Products and Abbott Diabetes Care also helped to boost medical results.
Miles D White, Abbott's chairman and chief executive, said that the results were in line with their expectations. He commented that its "market-leading products and businesses delivered strong results".
However, the company revealed that net worldwide sales had gone down by 3.7 per cent on last year's figures, attributing the reduction partly to unfavourable exchange rates and the end of an agreement to distribute three Boehringer Ingelheim products. Nonetheless, profits rose in the first quarter by 3.2 per cent up to $864.9 million (?485.5 million) from $837.9 million.
In January, Abbott agreed to buy Guidant Corporation's vascular business as part of Boston Scientific's $27 billion takeover of Guidant.See all the latest jobs in Medical Devices