Abbott performing “ahead of expectations”

Abbott’s businesses are performing better than expected, according to its chairman and chief executive officer.

Miles D White made his comments as the company announced its third-quarter results for the period ended September 30th 2008, which included worldwide sales increasing by a total of 17.6 per cent.

“Abbott’s businesses are performing exceptionally well, ahead of expectations,” Mr White stated, adding the company remains well-positioned, with strong core growth franchises.

He said the company’s emerging vascular business is quickly becoming a “significant contributor” to the growth of Abbott.

Worldwide medical product sales increased by a total of 16.7 per cent as a result of double-digit growth in Kaletra, Niaspan, TriCor and Humira. The company now expects full-year 2008 global sales of Humira to exceed $4.4 billion (2.55 billion pounds).

Diluted earning per share – excluding specific items – stood at 79 cents, above the company’s previously announced guidance range of 76 – 78 cents, reflecting growth of 17.9 per cent, the company stated.

In recent days, Abbott announced its board of directors has authorised the repurchase of up to $5 billion of the corporation’s common stock.