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Abbott

Pharma revenues up, but 1,900 layoffs ensue.

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By: Tim Wright

Editor-in-Chief, Contract Pharma

Abbott 4Q10

4Q Revenues: $9.7 billion (+13%)

4Q Earnings: $1.4 billion (-6%)

FY Revenues: $35.2 billion (+14%)

FY Earnings: $4.6 billion (-20%)

Comments: Pharma sales rose 23% for the quarter to $6.0 billion and 21% for the year to $19.9 billion, boosted by the 2010 acquisitions of Solvay and Piramal Healthcare and the strong performance of Humira, which posted 4Q10 sales of $1.9 billion (+13%) and FY10 sales of $6.6 billion (+19%). Humira sales rose 14% in the U.S. to $2.9 billion and jumped 24% overseas to $3.7 billion. Those major acquisitions dragged down Abbott’s earnings. Within the earnings announcement, Abbott announced that it will cut 1,900 people from its U.S. pharma workforce. The move follows a September 2010 announcement of 3,000 layoffs, related to the Solvay acquisition. The new move was likely tied into several pipeline failure and is associated with commercial and manufacturing operations.

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