Abbott announced its financial results yesterday for the first quarter ended March 31, 2011. Worldwide sales increased 17.4 percent to more than $9 billion, including a favorable 1.3 percent effect of foreign exchange, which was driven by double-digit growth in each of Abbott's three major business categories.
Diluted earnings per share, excluding specified items, were $0.91, reflecting 12.3 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.55, including costs associated with acquisition integration, cost-reduction initiatives and acquired in-process R&D.
Durable Growth Business sales increased 24.3 percent, driven by strong Established Pharmaceuticals sales growth, including the contribution from the Solvay Pharmaceuticals and Piramal Healthcare Solutions acquisitions, and International Nutritionals sales growth of 15.8 percent.
Proprietary Pharmaceuticals sales increased 11.7 percent, including strong performance across several major global brands.
Innovation-Driven Device Business sales increased 10.7 percent, driven by double-digit growth in Vascular and Molecular Diagnostics.
Emerging markets sales were $2.3 billion, up 38.4 percent from the prior year, with strong growth across all of Abbott's operating divisions and including the impact of acquisitions.
