Jan. 23--Abbott Laboratories said Wednesday that its fourth quarter profit fell 34.9 percent to $1.05 billion, or 66 cents a share, as the company took various charges related to its spin-off of AbbVie Inc., its former pharmaceutical arm.
The North Chicago-based company had earnings of $1.62 billion, or $1.02 per share, in the same period a year earlier.
Sales rose 4.4 percent to $10.8 billion, boosted by another strong quarter of sales for the blockbuster anti-inflammatory drug Humira, which increased 23.1 percent to $2.7 billion in sales for the quarter, its last under the Abbott umbrella.
Adjusted for one-time items, including costs of extinguishing debt, restructuring and other charges related to the split, Abbott had net income of $1.51 per share, beating analysts' estimate of $1.50.
Abbott spun off its proprietary pharmaceutical arm on New Year's Day, creating a new, publicly traded firm. Abbott shareholders received one share of AbbVie for each of Abbott they owned. The two stocks began trading separately Jan. 2.
For its full-year 2012, Abbott said net income rose 26.1 percent to $5.96 billion on $39.87 billion in sales. Adjusted earnings per share were $5.07, beating the Wall Street estimate by a penny.
The new Abbott has four divisions of roughly equal size and has products ranging from coronary stents to sophisticated laboratory testing equipment to infant formula. The company also said Wednesday it projects 2013 earnings per share of $1.98 to $2.04. Analysts estimate $1.95.
Abbott executives will hold an 8 a.m. conference call to discuss the results. AbbVie, meanwhile, will hold a discussion on its fourth quarter results and 2013 projections on Jan. 30.
Distributed by MCT Information Services
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