Abbott Earnings Sink on Big Charge
By Ransdell Pierson
Thursday, July 10, 2003
New York (Reuters) - Abbott Laboratories Inc. on Thursday
said its quarterly profit plunged 58 percent, as a charge
to settle a probe into marketing kickbacks and insurance
fraud offset strong sales of arthritis and HIV drugs.
Abbott said third-quarter earnings would lag Wall Street
estimates, as it spends to promote Humira, its recently
launched drug for rheumatoid arthritis.
The company reported second-quarter net earnings of $247
million, or 16 cents per share, compared with $592
million, or 38 cents per share, a year ago.
Abbott said late last month it would take a charge of
$622 million, or 34 cents per share after tax, to settle
a civil and criminal investigation involving the
marketing of products by its Ross Products nutritional
division. . . .
*[...]
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