Press Release
Abbott Reports Double-Digit Sales and Earnings Growth in First Quarter and Reaffirms Full-Year Growth Outlook
Worldwide Sales Growth of 13.8 Percent
Worldwide Pharmaceutical Sales Increased 14.3 Percent
Worldwide Medical Products Sales Increased 13.7 Percent
Five New Product Approvals in the First Quarter
April 16, 2008
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Abbott Park, Illinois (NYSE: ABT)
— Abbott today announced financial results for the first quarter ended March
31, 2008.
- Diluted earnings per share, excluding specified items, were $0.63,
reflecting 14.5 percent growth, at the upper end
of Abbott's previously announced guidance range of $0.61 to $0.63. Diluted
earnings per share under Generally Accepted Accounting Principles (GAAP) were
$0.60, up 33.3 percent.
- Worldwide sales in the first quarter increased 13.8
percent to $6.8 billion, including a
favorable 5.5 percent effect of exchange
rates.
- Worldwide pharmaceutical sales increased 14.3
percent driven by double-digit growth in HUMIRA®, Niaspan® and Kaletra®
and 9.8 percent growth in TriCor®. Abbott
forecasts global HUMIRA sales of more than $4
billion in 2008.
- Worldwide medical products sales increased 13.7
percent, driven by 14.3 percent growth in
worldwide Diabetes Care sales, 22.0 percent
growth in international diagnostics sales, and 34.7
percent growth in international Vascular sales.
- Worldwide nutritional products sales were led by 20.8 percent growth in international nutritionals, with
continued strong performance in key emerging growth markets.
- In March, Abbott and Takeda announced an agreement to conclude the TAP
joint venture, evenly splitting the assets. Abbott will receive full U.S.
ownership of Lupron, a complementary product to Abbott's emerging oncology
pipeline, as well as future cash payments over the next five years.
- In the quarter, Abbott received five key regulatory approvals: HUMIRA for
psoriasis and for juvenile rheumatoid arthritis, Simcor® for cholesterol, and
the FreeStyle Freedom Lite™ and FreeStyle Navigator® glucose monitoring
systems.
"Abbott started 2008 with a strong first quarter, following double-digit
sales and earnings growth last year," said Miles D. White, chairman and
chief executive officer, Abbott. "In addition, we received five key new
product approvals during the quarter. The continued productivity of our
late-stage pipeline, combined with the underlying strength of our broad mix of
businesses, gives us a high level of confidence in our future growth
outlook."
The following is a summary of first-quarter 2008
sales
Sales Summary –
Quarter Ended 3/31/08 |
1Q08
($ millions) |
% Change
vs. 1Q07 |
Impact of Exchange
on % Change |
| |
| Total Sales |
$6,766 |
13.8 |
5.5 |
| Total U.S. Sales |
$3,043 |
3.7a |
. . . |
| Total International Sales |
$3,723 |
23.6 |
10.9 |
| |
| Worldwide Pharmaceutical Sales |
$3,854 |
14.3a |
5.9 |
| U.S. Pharmaceuticals |
$1,752 |
3.6a |
. . . |
| International Pharmaceuticals |
$2,102 |
25.1 |
11.9 |
| |
| Worldwide Nutritional Sales |
$1,110 |
10.8 |
3.0 |
| U.S. Nutritionals |
$583 |
3.0 |
. . . |
| International Nutritionals |
$527 |
20.8 |
6.9 |
| |
|
|
|
| Worldwide Diagnostics Salesb |
$832 |
17.1 |
8.1 |
| U.S. Diagnostics |
$211 |
4.6 |
. . . |
| International Diagnostics |
$621 |
22.0 |
11.3 |
| |
| Worldwide Vascular Sales |
$452 |
7.6 |
4.9 |
| U.S. Vascular |
$214 |
(12.0) |
. . . |
| International Vascular |
$238 |
34.7 |
11.7 |
| |
| Other Salesc |
$518 |
17.3 |
4.7 |
| |
|
| a |
Reflects the impact of generic competition for Omnicef in May 2007. |
| b |
Includes sales from the molecular diagnostics and core laboratory
diagnostics businesses, which includes point of care. |
| c |
Includes sales from diabetes, bulk pharmaceuticals, spine and animal health
businesses. |
| Note: See "Consolidated Statement of
Earnings" for more information. |
The following is a summary of Abbott's first-quarter
2008 sales for selected products.
Quarter Ended 3/31/08
(dollars in millions) |
U.S.
Sales |
Percent
Change
vs. 1Q07 |
Rest of
World |
Percent
Change
vs. 1Q07 |
Global
Sales |
Percent
Change
vs. 1Q07 |
Pharmaceutical Products |
| HUMIRA |
$402 |
38.8 |
$476 |
68.9a |
$878 |
53.7 |
| Depakote |
$341 |
11.7 |
$24 |
12.2 |
$365 |
11.7 |
| Kaletra |
$113 |
(3.2) |
$240 |
31.2b |
$353 |
17.8 |
| TriCor |
$245 |
9.8 |
. . . |
. . . |
$245 |
9.8 |
| Biaxin (clarithromycin) |
$6 |
(17.4) |
$216 |
(0.4)c |
$222 |
(1.0) |
| Ultane/Sevorane |
$44 |
(9.0) |
$143 |
13.8d |
$187 |
7.4 |
| Niaspan |
$176 |
24.2 |
. . . |
. . . |
$176 |
24.2 |
| Synthroid |
$94 |
(16.5) |
$21 |
28.1 |
$115 |
(10.7) |
Nutritional Products |
| Pediatric Nutritionals |
$305 |
4.5 |
$293 |
24.5 |
$598 |
13.5 |
| Adult Nutritionals |
$271 |
3.9 |
$234 |
16.4e |
$505 |
9.3 |
Medical Products |
| Abbott Diabetes Care |
$136 |
3.8 |
$189 |
23.2f |
$325 |
14.3 |
| Coronary Stents |
$75 |
(11.8) |
$114 |
52.5g |
$189 |
18.2 |
| Other Coronary |
$78 |
(12.3) |
$87 |
19.8h |
$165 |
2.0 |
| Endovascular |
$61 |
(11.8) |
$37 |
25.8i |
$98 |
(0.6) |
| |
|
| a |
Without the positive impact of exchange of 17.3 percent, HUMIRA sales
increased 51.6 percent internationally. |
| b |
Without the positive impact of exchange of 10.5 percent, Kaletra sales
increased 20.7 percent internationally. |
| c |
Without the positive impact of exchange of 9.6 percent, clarithromycin
sales decreased 10.0 percent internationally. |
| d |
Without the positive impact of exchange of 9.4 percent, Sevorane sales
increased 4.4 percent internationally. |
| e |
Without the positive impact of exchange of 8.9 percent, Adult Nutritionals
sales increased 7.5 percent internationally. |
| f |
Without the positive impact of exchange of 12.3 percent, Abbott Diabetes
Care sales increased 10.9 percent internationally. |
| g |
Without the positive impact of exchange of 13.2 percent, Coronary Stents
sales increased 39.3 percent internationally. |
| h |
Without the positive impact of exchange of 9.7 percent, Other Coronary
sales increased 10.1 percent internationally. |
| i |
Without the positive impact of exchange of 12.4 percent, Endovascular sales
increased 13.4 percent internationally. |
Business Highlights
-
Simcor® Approved in United States– Abbott received U.S. Food
and Drug Administration (FDA) approval of its cholesterol therapy, Simcor, a
fixed-dose combination of Niaspan® and simvastatin. Simcor combines these two
well-established medications to target LDL (bad cholesterol), HDL (good
cholesterol) and triglycerides in a single pill.
-
HUMIRA® Indications Approved
-
Psoriasis – Abbott received FDA approval for HUMIRA to
treat moderate to severe plaque psoriasis. In clinical trials, nearly 75
percent of patients treated with HUMIRA achieved a 75
percent reduction in psoriasis symptoms. Psoriasis affects 125 million
people worldwide.
-
Juvenile Rheumatoid Arthritis (JRA) – Also in the quarter,
Abbott received FDA approval for HUMIRA to treat moderate to severely active
polyarticular juvenile idiopathic arthritis, commonly referred to as JRA in the
United States.
-
RA in Japan – In April, Abbott also received Japanese approval for
HUMIRA to treat RA.
-
TAP Joint Venture to Conclude – In March, Abbott and
Takeda Pharmaceutical announced an agreement to conclude their 31-year TAP
joint venture. Abbott and Takeda will evenly split the value and assets of the
joint venture, with Abbott receiving full ownership of the oncology treatment,
Lupron, including its U.S. commercial organization, as well as future cash
payments from Takeda over the next five years. The transaction is expected to
close in the second quarter of 2008.
-
Data Presented at the American
College of Cardiology (ACC) Conference
-
TriLipix® – Abbott presented Phase III data on TriLipix,
formerly known as ABT-335, Abbott's next-generation fenofibrate therapy. Data
demonstrated that TriLipix, in combination with statin therapy, is safe and
effective at improving three key lipids, HDL, LDL and triglycerides.
-
Xience™ V – Abbott also presented data on its Xience V drug-eluting stent. Results from the SPIRIT II clinical trial outside the United States
demonstrated that after two years, patients with the Xience V stent experienced a 40
percent reduction in major adverse cardiac events (MACE) compared to
Boston Scientific's Taxus drug-eluting stent. Two-year results from Abbott's
U.S. pivotal trial, SPIRIT III, have been
accepted as a Late Breaker presentation at the upcoming EuroPCR meeting in
mid-May.
-
FreeStyle Navigator® and
FreeStyle Freedom Lite™ Available in United
States – In March, Abbott received FDA approval of the FreeStyle
Navigator Continuous Glucose Monitoring System. Worn on the abdomen or arm,
FreeStyle Navigator monitors glucose levels and provides minute-by-minute trend
information. The FreeStyle Freedom Lite blood glucose monitor is also now
available, improving patient convenience by eliminating the manual calibration
required by most meters.
-
ARCHITECT®
i1000SR® Approved –
Abbott introduced the ARCHITECT i1000SR immunochemistry analyzer in
the United States, expanding its ARCHITECT family of diagnostic instrument
systems. Designed to help improve productivity in small-volume labs, the
instrument addresses common laboratory workflow challenges through innovative
sample processing and reagent management.
-
Abbott Molecular Development Agreement – Abbott entered
into an agreement with Genentech, Hoffmann-La Roche and OSI Pharmaceuticals to
develop a gene-based test to assess the clinical benefit of Tarceva
(erlotinib). Under the agreement, Abbott will develop a test to detect extra
copies of the epidermal growth factor receptor (EGFR) gene in non-small cell
lung cancer patients.
Abbott confirms earnings-per-share guidance for the
full-year 2008 and issues earnings-per-share guidance for the second-quarter
2008
Abbott is confirming earnings-per-share guidance for the full-year 2008 of
$3.20 to $3.25, and is providing earnings-per-share guidance of $0.78 to $0.80
for the second quarter, both excluding specified items. As previously
announced, Abbott expects the TAP transaction to close in the second quarter
and to be neutral to earnings per share in 2008 and neutral or better over the
next five years.
Abbott forecasts specified items for the full-year 2008 of approximately
$0.08 per share, including previously announced cost reduction initiatives.
Including specified items, projected earnings per share under GAAP would be
$3.12 to $3.17.
Abbott forecasts specified items for the second-quarter 2008 of
approximately $0.03 per share, primarily associated with previously announced
cost reduction initiatives. Including these specified items, projected earnings
per share under GAAP would be $0.75 to $0.77.
Abbott increases quarterly dividend
On February 15, 2008, the board of directors increased the company's
quarterly common dividend to 36 cents per share,
an increase of 10.8 percent. The cash dividend is
payable May 15, 2008, to shareholders of record at the close of business on
April 15, 2008. This marks the 36th consecutive year that Abbott has increased
its dividend payout and the 337th consecutive dividend paid by Abbott.
About Abbott
Abbott (NYSE: ABT)
is a global, broad-based health care company devoted to the discovery,
development, manufacture and marketing of pharmaceuticals and medical products,
including nutritionals, devices and diagnostics. The company employs more than
68,000 people and markets its products in more than 130 countries.
Abbott will webcast its live first-quarter earnings conference call through
its Investor Relations Web site at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the
call will be available after 11 a.m. Central
time.
Private Securities Litigation Reform Act of 1995 — A
Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for
the purposes of the Private Securities Litigation Reform Act of 1995. We
caution that these forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially from those
indicated. Economic, competitive, governmental, technological and other factors
that may affect Abbott's operations are discussed in Item 1A, "Risk
Factors," to our Annual Report on Securities and Exchange Commission Form
10-K for the year ended Dec. 31, 2007, and are incorporated by reference. We
undertake no obligation to release publicly any revisions to forward-looking
statements as a result of subsequent events or developments.
Abbott Laboratories and
Subsidiaries
Consolidated Statement of Earnings
First Quarter Ended March 31, 2008 and 2007
(unaudited) |
| |
| |
2008 |
2007 |
Percent
Change |
| Net Sales |
$6,765,603,000 |
$5,945,561,000 |
13.8 |
| Cost of products sold |
2,961,072,000 |
2,592,011,000 |
14.2 |
| Research and development |
619,957,000 |
619,056,000 |
0.1 |
| Acquired in-process research & development |
18,700,000 |
. . . |
n/m |
| Selling, general and administrative |
2,018,033,000 |
1,786,869,000 |
12.9 |
| Total Operating Cost and Expenses |
5,617,762,000 |
4,997,936,000 |
12.4 |
| |
| Operating earnings |
1,147,841,000 |
947,625,000 |
21.1 |
| |
| Net interest expense |
93,178,000 |
124,205,000 |
(25.0) |
| Net foreign exchange (gain) loss |
6,221,000 |
4,851,000 |
28.2 |
| (Income) from TAP Pharmaceutical Products Inc. joint
venture |
(101,942,000) |
(146,632,000) |
(30.5) |
| Other (income) expense, net 1) |
(10,342,000) |
124,536,000 |
n/m |
| Earnings before taxes |
1,160,726,000 |
840,665,000 |
38.1 |
| Taxes on earnings |
222,859,000 |
143,128,000 |
55.7 |
| |
| Net Earnings |
$937,867,000 |
$ 697,537,000 |
34.5 |
| |
| Net Earnings Excluding Specified Items, as described below
2) |
987,724,000 |
854,107,000 |
15.6 |
| |
| Diluted Earnings Per Common Share |
0.60 |
0.45 |
33.3 |
| |
Diluted Earnings Per Common Share,
Excluding Specified Items, as described below 2) |
$0.63 |
$0.55 |
14.5 |
| |
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options and Awards |
1,560,567,000 |
1,558,234,000 |
|
| |
|
| 1 |
Other (income) expense, net in 2008 and 2007 is primarily related to
Abbott's ownership of Boston Scientific stock. These items have been reflected
as specified items as discussed in Q&A Answer 5. |
| 2 |
2008 Net Earnings Excluding Specified Items excludes after-tax charges of
$37 million, or $0.02 per share, for cost reduction initiatives and other, $15
million, or $0.01 per share, for acquired in-process research & development
related to a molecular diagnostic technology investment and $7 million, or
$0.01 per share, for acquisition integration; partially offset by an after-tax
gain of $9 million, or $0.01 per share, on sales of Boston Scientific
stock.
2007 Net Earnings Excluding Specified Items excludes after-tax charges of $57
million, or $0.04 per share, for acquisition integration, $75 million, or $0.05
per share, related to fair value adjustments of Abbott's investment in Boston
Scientific stock and related gain-sharing aspect, and $55 million, or $0.03 per
share, for cost reduction initiatives and other, partially offset by $31
million, or $0.02 per share, for suspended depreciation and amortization
related to the proposed sale of the diagnostics business. |
NOTE: See attached questions and answers section for further explanation of
Consolidated Statement of Earnings line items. |
| n/m = Percent change is not meaningful. |
Questions & Answers
| Q1) |
What drove the 14.3 percent worldwide pharmaceutical sales
growth? |
| A1) |
International pharmaceutical sales increased 25.1
percent during the quarter, including an 11.9
percent favorable impact from exchange. International growth was driven
by HUMIRA, which grew nearly 70 percent, and
Kaletra, which grew 31.2 percent, based on the
continued strength of the international launch of Kaletra tablets.
U.S. pharmaceutical sales growth of 3.6 percent was impacted by the expected
decline in Omnicef sales, as generic competition for the product began in May
2007. Excluding the impact from Omnicef, U.S. pharmaceutical sales increased
approximately 14 percent. Growth in the quarter
was driven by HUMIRA, which increased nearly 40
percent as market demand continued to grow across the rheumatology,
dermatology and gastroenterology segments. The launch of the psoriasis
indication is proceeding well, with strong HUMIRA market share gains in the
first two months since launch. Abbott forecasts global HUMIRA sales of more
than $4 billion in 2008. Niaspan and TriCor also
performed well, increasing 24.2 percent and 9.8 percent, respectively. Total lipid franchise sales
growth, including TriCor, Niaspan and Simcor, exceeded 20 percent.
|
| Q2) |
What drove the double-digit growth in global nutritionals and
medical products sales? |
| A2) |
Global Nutritional sales performance was led by 20.8
percent growth in international nutritionals, including a 6.9 percent favorable impact from exchange, with
continued strong growth in Latin American and Asian markets.
Medical products sales growth of 13.7 percent was
led by global diagnostics sales, which increased 17.1
percent, including an 8.1 percent
favorable impact from exchange. Point of care sales grew 21.7 percent and Abbott Molecular also increased more
than 21 percent. Worldwide Diabetes Care sales
grew 14.3 percent. Abbott Vascular achieved sales of
more than $450 million, led by 34.7 percent international growth.
Results include continued growth in Coronary Stents, including Xience V internationally. Other Coronary sales reflect
lower third-party catheter sales due to an expected year-over-year decline in
the percutaneous coronary intervention (PCI) market. However, U.S. PCI volumes
were up sequentially versus the fourth quarter of 2007, and U.S. drug-eluting
stent (DES) penetration improved to the mid-to-high 60 percent range in March.
In addition, in the first quarter, Abbott launched Xience V in France, Europe’s
second- largest DES market, and the launch is off to a strong start.
|
| Q3) |
What drove SG & A and R& D spending in the
quarter? |
| A3) |
The company is on track for a significant number of major new product
launches in 2008. In the quarter, Abbott received approval for five new
products or indications, including HUMIRA to treat psoriasis and juvenile
rheumatoid arthritis, Simcor to treat cholesterol, and the FreeStyle Freedom
Lite and the FreeStyle Navigator glucose monitoring systems.
SG&A expense included new and ongoing promotional initiatives, including
spending to support the launch of two new indications for HUMIRA, the launch of
Simcor and the upcoming U.S. launch of Xience V, which the company expects in
the second quarter of 2008.
R&D expense in the quarter was 9.2 percent of sales, in line with previous
guidance. The comparison to the prior year is impacted by the timing of R&D
spending, with higher levels of R&D expense in the prior year supporting
significant late-stage pipeline activity. Growth in R&D spending for the
full year is expected to be in the mid-to-high single digits.
|
| Q4) |
How does the first-quarter gross margin profile compare to the
prior year? |
| A4) |
The gross margin ratio before and after specified items is shown below
(dollars in millions): |
| |
The first-quarter 2008 adjusted gross margin ratio was 56.8 percent. The comparison to 2007 was negatively
impacted by generic competition for Omnicef and the impact of foreign exchange
on the ratio. The gross margin ratio for the full year is expected to be
approximately 58 percent.
|
| Q5) |
How did specified items affect reported results? |
| A5) |
Specified items impacted first-quarter results as follows (dollars in
millions, except earnings-per-share data): |
| |
Cost reduction initiatives and other relate primarily to remaining costs
associated with previously announced efforts to improve efficiencies in our
global manufacturing operations. This includes actions announced last year to
streamline operations in our vascular business. Acquired in-process research
and development relates to a molecular diagnostic technology investment that
took place in the quarter. Acquisition integration primarily relates to
remaining costs associated with acquisitions. Regarding Boston Scientific (BSX)
stock, the amount in the first quarter of 2008 relates to realized gains on the
disposition of BSX stock and in the prior year relates primarily to changes in
fair value. Amounts this quarter represent final gains on sale as all shares of
BSX stock have now been sold.
The pre-tax impact of the specified items by Consolidated Statement of Earnings
line item is as follows (dollars in millions): |
| |
|
| Q6) |
What was the tax rate in the quarter? |
| A6) |
In line with the previous forecast, the tax rate this quarter was 19.2
percent. |
| Q7) |
How did the TAP joint venture perform this quarter? |
| A7) |
Income from the TAP joint venture was in line with previous forecasts.
Prevacid sales were $550 million and Lupron sales
were $147 million.
In March, Abbott and Takeda announced an agreement to conclude the TAP joint
venture, evenly splitting the assets. Abbott expects the transaction to be
neutral to 2008 earnings per share and neutral or better over the next five
years. The transaction is expected to close in the second quarter of
2008.
After the close of the transaction, Abbott will no longer record TAP joint
venture income. Instead, U.S. Lupron sales and costs associated with the
franchise will be included in Abbott's operating results. Abbott will also
record, as other income, the estimated future cash payments from Takeda of
approximately $1.5 billion over the next five
years based on TAP's current and future product portfolio. |
| Q8) |
What are some near-term opportunities from Abbott's
pipeline? |
| A8) |
Abbott has a number of promising late-stage programs in its pharmaceutical
and medical products pipeline, including:
-
HUMIRA
- Psoriasis – Launched in Europe and the United States in the first quarter
of 2008.
- Juvenile RA – Received regulatory approval in the first quarter of
2008.
- Ulcerative colitis – Currently in Phase III development.
- RA in Japan – Received approval in April 2008.
-
XIENCE V Drug-Eluting Stent (DES) – Launched outside the
United States and submitted to the U.S. Food and Drug Administration (FDA) and
is currently under regulatory review. In the fourth-quarter 2007, an FDA
advisory panel recommended approval of Xience V. Abbott expects a U.S. launch
in the second-quarter 2008. Two-year results from the U.S. pivotal trial,
SPIRIT III, have been accepted as a LateBreaker presentation at the EuroPCR
meeting in mid-May.
-
Controlled-release Vicodin – A controlled-release form of
Abbott's pain brand, Vicodin, was submitted for U.S. regulatory approval in the
fourth quarter of 2007. Results from the pivotal Phase III clinical trial will
be presented at the American Pain Society meeting in May.
-
Simcor – Simcor, a combination therapy to address both HDL
and LDL cholesterol, was approved in the United States in the first quarter of
2008.
-
TriLipix (ABT-335) – TriLipix, a next-generation
fenofibrate, was submitted for U.S. regulatory approval in the fourth quarter
of 2007. Phase III data were presented at the
American College of Cardiology meeting in March. In addition, TriLipix is part
of the fixed-dose combination with Crestor that is in Phase III development.
-
ABT-874 – In Immunology, Abbott's anti-IL-12/23 biologic,
ABT-874, has demonstrated promising results in early studies for Crohn's
disease and psoriasis. Abbott moved ABT-874 into Phase
III development for psoriasis in December 2007.
-
Flutiform – A combination asthma treatment in Phase III development, Flutiform is expected to launch
in 2009.
-
Diabetes Care Pipeline – FreeStyle Freedom Lite was
launched internationally last year and was recently launched in the United
States. Abbott's FreeStyle Navigator Continuous Glucose Monitoring System was
launched in Europe last year and was approved in the United States in the first
quarter of 2008. Also in development is a fully integrated blood glucose
monitoring system combining a meter, test strips and lancing capabilities in
one device.
-
m2000 Molecular Diagnostics
System – Last year, Abbott received FDA approval for the RealTime
HIV-1 viral load test for use on the m2000 molecular diagnostics
system. Abbott expects to expand its U.S. menu of infectious disease assays
over the next few years.
-
Core Laboratory Diagnostics – In April, Abbott introduced
the ARCHITECT i1000SR immunochemistry analyzer in the United States,
expanding its ARCHITECT family of diagnostic instrument systems for clinical
laboratories.
|
| Q9) |
What are some mid- and early-stage opportunities in Abbott's
broad-based pipeline? |
| A9) |
Abbott is advancing leading-edge scientific discoveries in its mid- and
early-stage pharmaceutical and medical products pipeline. Following are
selected areas of emphasis:
-
Neuroscience
- Abbott's neuroscience pipeline includes several unique approaches for
treating a number of diseases including schizophrenia, ADHD, Alzheimer's
disease and pain. Compounds under development target neuronal nicotinic
receptors (NNRs), which play a role in regulating pain, memory and other
neurological functions.
-
Oncology
- In 2007, Abbott announced a collaboration with Genentech to develop and
commercialize two Abbott-discovered oncology compounds. These include a
multi-targeted kinase inhibitor and Bcl-2 family protein antagonist. Both
represent promising, unique approaches to treating cancer. Abbott and Genentech
will work together on all aspects of research, development and
commercialization.
- Additional oncology compounds in Abbott's pipeline that are not part of the
collaboration include: a PARP-inhibitor, which prevents DNA repair in cancer
cells, enhancing the effectiveness of current cancer therapies; an oral
anti-mitotic in Phase II for non-small cell lung cancer and neuroblastoma; and,
a biologic anti-tumor agent with a novel mechanism of action.
-
Hepatitis C
- Abbott has partnered with Enanta Pharmaceuticals to develop protease
inhibitors for the treatment of hepatitis C (HCV), which affects more than 170
million people worldwide. Abbott also has an internal HCV polymerase program in
early-stage development.
-
Bioabsorbable Drug-Eluting Stent
- Abbott has presented promising data from the world's first clinical trial
(ABSORB) for a fully-bioabsorbable drug-eluting stent (DES) to treat coronary
artery disease. The bioabsorbable DES is designed to be slowly and completely
metabolized by the body over time.
|
Financial:
John Thomas
Larry Peepo
Tina Ventura |
(847) 938-2655
(847) 935-6722
(847) 935-9390 |
Media:
Melissa Brotz
Scott Stoffel |
(847) 935-3456
(847) 936-9502 |