Show Hide image

Abbott Q3 net sales up 11.8%

Pharmaceutical giant reports $8.86 billion net sales

Abbott has reported net sales of $8.68bn for the third quarter ended 30 September 2010, an increase of 11.8%, compared to $7.76bn for the same period in 2009.

Abbott has posted net earnings of $891m for the third quarter 2010, or $0.57 per diluted share, compared to net earnings of $1.48bn, or $0.95 per diluted share, for the comparable period in 2009.

For the nine months ended 30 September 2010, Abbott has posted net sales of $25.2bn compared to $22bn for the year ago period.

For the nine months ended 30 September 2010, Abbott has posted a net earnings of $3.19bn, or $2.04 per diluted share, compared to $4.21bn, or $2.7 per diluted share, for the year ago period.

Abbott chairman and CEO Miles White said that Abbott delivered strong performance in the quarter as they confirmed their double-digit growth outlook for the full year.

"During the quarter, we announced an agreement to expand our pharmaceutical pipeline with an attractive late-stage asset for the treatment of chronic kidney disease, which follows the addition of several new compounds earlier this year," White said.

"In addition, we completed the acquisition of Piramal's Healthcare Solutions business and finalised the integration planning for the Solvay Pharmaceuticals acquisition."

Abbott is a health care company engaged in the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics.

Getty Images.
Show Hide image

Is anyone prepared to solve the NHS funding crisis?

As long as the political taboo on raising taxes endures, the service will be in financial peril. 

It has long been clear that the NHS is in financial ill-health. But today's figures, conveniently delayed until after the Conservative conference, are still stunningly bad. The service ran a deficit of £930m between April and June (greater than the £820m recorded for the whole of the 2014/15 financial year) and is on course for a shortfall of at least £2bn this year - its worst position for a generation. 

Though often described as having been shielded from austerity, owing to its ring-fenced budget, the NHS is enduring the toughest spending settlement in its history. Since 1950, health spending has grown at an average annual rate of 4 per cent, but over the last parliament it rose by just 0.5 per cent. An ageing population, rising treatment costs and the social care crisis all mean that the NHS has to run merely to stand still. The Tories have pledged to provide £10bn more for the service but this still leaves £20bn of efficiency savings required. 

Speculation is now turning to whether George Osborne will provide an emergency injection of funds in the Autumn Statement on 25 November. But the long-term question is whether anyone is prepared to offer a sustainable solution to the crisis. Health experts argue that only a rise in general taxation (income tax, VAT, national insurance), patient charges or a hypothecated "health tax" will secure the future of a universal, high-quality service. But the political taboo against increasing taxes on all but the richest means no politician has ventured into this territory. Shadow health secretary Heidi Alexander has today called for the government to "find money urgently to get through the coming winter months". But the bigger question is whether, under Jeremy Corbyn, Labour is prepared to go beyond sticking-plaster solutions. 

George Eaton is political editor of the New Statesman.