Boston, MA 10/17/2013 (wallstreetpr) – Abbott Laboratories have been in a roller coaster ride for some months now but the biggest shock for the company was when its 3Q13 earnings fell almost 50% as a result of its specialty pharmaceuticals business, AbbVie Inc. The quarterly dividend was also raised by 57% to 22 cents per share by the health-care company. Abbott has posted results for 3Q13 after it spun out its pharmaceutical associate, AbbVie in a bid for a greater market share for its varied businesses.
The company has included several new products to its streak of existing business and has made some good acquisitions this year to compensate the gigantic losses from the increased cost consciousness in the United States and severity measures in Europe. In August 2013, Abbott bought OptiMedica Corporation and IDEV Technologies in a hope to strengthen its current market share. In Europe, the company has also launched two latest glucose monitoring systems including the new FreeStyle Optimum Neo.
From $1.94 billion profit last year, Abbott has plummeted to only $996 million profit this year in 3Q13. The company had anticipated that the adjusted earnings for this year will increase from 51 cents to 53 cents but after excluding the spin-off impacts, the total adjusted earnings for the company were up at 55 cents from 42 cents. The total contribution by AbbVie to the company was only $1.61 billion in the beginning of the year.
About Abbott Laboratories
Abbott Laboratories is one of the leading global biopharmaceutical products company primarily engaged in discovering, developing, manufacturing and selling a wide range of science based health care products. The company mainly operates in four business segments viz. medical devices, diagnostics, generic pharmaceuticals and nutritionals. The company generates a bigger portion of its revenue, about 40% from the countries like India, Russia, China and Brazil, 30% from the United States and 30% from Canada, Australia, Europe and Japan.
