Abbott's profit fell 35% in Q4 2012

Hannah Blake

pharmaphorum

Global healthcare company Abbott has announced that in the fourth quarter of 2012 its profits fell by 35%.

Worldwide sales increased 5.6%, attributed by products such as rheumatoid arthritis drug Humira (adalimumab), cholesterol treatment Trilipix (fenofibric acid) and AndroGel (testosterone gel).

"In 2012, we achieved a significant milestone in Abbott's 125-year history with the creation of AbbVie while delivering another year of strong results. Abbott’s mix of diversified healthcare businesses and pipeline is favorably aligned with key healthcare and emerging market trends and well positioned to deliver top-tier growth in 2013."

Miles D. White, chairman and chief executive officer, Abbott.

These sales results show that Abbott’s new spin-off AbbVie is off to a good start. According to analysts it seems that Abbott itself may be the one with the biggest challenge as it continues to sell medical devices, diagnostics, nutritional products and generic drugs.

However, Abbott has forecasted its 2013 earnings, excluding special items, of $1.98 to $2.04 per share - above Wall Streets’ expectations.