NEW YORK (GenomeWeb News) – Abbott today reported that its fourth-quarter molecular diagnostics sales increased 21 percent year over year.
Abbott's total diagnostics sales were $1.02 billion for the quarter, up 4 percent year over year.
Its molecular diagnostics sales contributed $114 million to that total and were up 21 percent. Its US molecular diagnostics sales were $55 million, up 32 percent, and its international sales were up roughly 13 percent at $59 million.
The diagnostics and pharmaceuticals giant said that its overall sales for the quarter ended Dec. 31 were up around 13 percent at $9.97 billion from $8.79 billion for the fourth quarter of 2009. Its net profit was $1.44 billion, or $.92 per share, down from $1.54 billion, or $.98 per share. Excluding costs related primarily to its acquisitions of Solvay Pharmaceuticals and Piramel Healthcare Solutions, the firm's EPS was $1.30 versus an adjusted EPS of $1.18 for Q4 2009.
For full-year 2010, Abbott's total diagnostics sales were 3.79 billion, up 6 percent from 2009.
Molecular diagnostics sales for the year were $385 million, an increase of 22 percent from FY 2009. Its US MDx sales for the year were $189 million, up 27 percent, while its international MDx sales increased 18 percent to $196 million.
In a statement accompanying the financial results, the firm said that it expects to launch more than 12 new molecular diagnostic products over the next two to three years, primarily for oncology and infectious disease indications, as well as improved instrument systems.
Abbott's total sales for 2010 were $35.17 billion, up 14 percent from $30.77 billion for 2009. Its net income was $4.63 billion, or $2.96 per share, compared to $5.75 billion, or $3.69 per share, for FY 2009. On an adjusted basis, Abbott's EPS for the year was $4.17 versus $3.72 for the prior year.
Abbott also said today that it is undertaking a restructuring of its US pharmaceutical business in an effort to "streamline commercial and manufacturing operations, improve efficiencies, and reduce costs." The firm cited changes in the healthcare industry, including US health care reform, and a "challenging regulatory environment" as primary reasons for the restructuring.
Abbott expects to eliminate around 1,900 jobs mainly in its pharmaceutical operations in connection with the restructuring.
In early Wednesday trade on the New York Stock Exchange, Abbott's shares were down 1 percent at $47.55