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Abbott's MDx Sales Rise 16 Percent in Q3

By a GenomeWeb staff reporter

NEW YORK (GenomeWeb News) – Abbott today reported that its molecular diagnostics sales increased 16 percent year over year, as the firm plans to launch several products into the market over the next few years.

The Abbott Park, Ill.-based manufacturer of drugs, medical devices, and diagnostics, reported total molecular diagnostics sales of $95 million for the three-month period ended Sept. 30, up 16 percent year over year. Of that total, $47 million of the sales came from the US, with the rest of international markets.

During the quarter, Abbott received US Food and Drug Administration clearance for the first automated molecular test for hepatitis B virus. The test is the first automated molecular test for assessing HBV viral load to receive FDA approval, Abbott said, and has been launched for labs that use the firm's m2000 automated instrument system.

The firm said in a statement that it expects to launch more than a dozen new molecular diagnostic products over the next two to three years. Among those will be several oncology and infectious disease assays, and an improved molecular diagnostic instrument system.

Overall, Abbott's total sales for the quarter were $8.68 billion, up around 12 percent from $7.76 billion for Q3 2009.

Its net income dropped to $891 million, or $.57 per share, from $1.48 billion, or $.95 per share. The decline was due to a variety of restructuring costs and charges related to its acquisition of Belgian drug firm Solvay, which it acquired earlier in 2010 for $6.2 billion, as well as the market withdrawal of diabetes drug Meridia (sibutramine) and a nutritional product.

Excluding these costs and charges, Abbott's adjusted EPS was $1.05, beating analysts' consensus estimate of $1.04.

The firm increased the low end of its 2010 EPS forecast to between $4.16 and $4.18, excluding one-time costs. It previously had projected EPS of $4.13 to $4.18.

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