Abbott profit rises as Humira, other drugs shine

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Wed Jul 18, 2007 8:26am EDT

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NEW YORK, July 18 (Reuters) - Abbott Laboratories Inc. (ABT.N) posted higher second-quarter earnings Wednesday on increased sales of its prescription drugs, with global revenue from arthritis treatment Humira jumping 50 percent.

The suburban Chicago company said it earned $989 million, or 63 cents per share, up from $612 million, or 40 cents per share, a year earlier, when Abbott took charges related to its acquisition of the vascular business of Guidant Corp. Excluding special items, Abbott earned 69 cents per share. On that basis, analysts on average expected 68 cents per share, according to Reuters Estimates.

Sales rose 16 percent to $6.37 billion, slightly higher than Wall Street expectations. Revenue growth would have been 2.7 percent less if not for favorable foreign exchange factors.

Global sales of prescription drugs jumped 17 percent to $3.53 billion. Humira sales rose to $735 million, putting it on track to post annual sales approaching $3 billion.

Sales of Depakote, used to treat epilepsy and bipolar disorder, rose 27 percent to $404 million, while sales of HIV treatment Kaletra grew 19 percent to $315 million. Revenue from Tricor, which reduces levels of blood fats known as triglycerides, rose 21 percent to $302 million.

Niaspan, a drug that boosts levels of "good" HDL cholesterol, had sales of $170 million. Abbott acquired Niaspan in the purchase last year of Kos Pharmaceuticals.

(Reporting by Ransdell Pierson)

((Editing by John Wallace; Reuters Messaging: ransdell.pierson.reuters.com@reuters.net; 646-223-6034; ransdell.pierson@reuters.com))

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