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.