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Abbott Laboratories (ABT) Financial News - Abbott’s Freyman Says Humira Gained Market Share in Crohn’s, Psoriasis

Abbott Laboratories (ABT)

Abbott’s Freyman Says Humira Gained Market Share in Crohn’s, Psoriasis

Quote: Abbott Laboratories (ABT)’ top-selling drug, Humira, surged 25 percent after wresting sales from rival treatments for psoriasis and Crohn’s disease, Chief Financial Officer Thomas Freyman said. “We’re seeing an acceleration of market growth for that product and improved market share, particularly in the Crohn’s disease and psoriasis areas,” Freyman said in a telephone interview. “We’ve also made some progress in rheumatoid arthritis.” Humira, a treatment for autoimmune disorders that accounts for about one-fifth of Abbott’s revenue, brought in $2 billion in the second quarter. That contributed to a 9 percent gain in the company’s sales from a year earlier. Earnings jumped 50 percent to $1.94 billion, helped by a one-time tax benefit of $594 million, the Abbott Park, Illinois-based company said today in a statement. Pennsylvania, which holds 1.2 million of the company’s shares. “The uptake of this drug continues well beyond most analysts’ expectations.” Abbott slipped 49 cents to $52.40 at 4:02 p.m. in New York Stock Exchange composite trading. The shares have gained 9.4 percent this year. Stent Sales Chicago, in a telephone interview. Sales of artery-opening heart stents and diabetes supplies also declined, after taking out gains for currency-exchange rates, he said. “Expectations may have been even higher than what they delivered,” he said in a telephone interview. “In our view, it was a very solid quarter.” Abbott raised its forecast for full-year profit to $4.58 a share to $4.68 a share, from as much as $4.64 a share. Japan, said Larry Peepo, Abbott’s investor-relations director, on a conference call with analysts. New indications may add $1 billion to the treatment’s peak sales, he said. “Globally, we’re just seeing good market growth, good share performance and very good execution,” Freyman, the CFO, said on the call. $6.5...
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