Abbott Laboratories profits from new product launches

Abbott Laboratories, soon to be the new owner of BASF's pharmaceutical operations, posted a 12% increase in pre-tax earnings for the year 2000, to US$3.8bn, on sales up 4.3% at US$13.7bn. Sales were hit by the strength of the US dollar, but a series of product launches and the influence of a new chief scientific officer helped the company achieve its performance, says chairman and chief executive Miles White.

The year was marked by approvals for the protease inhibitor Kaletra for treatment of HIV from the FDA in the US and the European Union's Committee for Proprietary Medicinal Products. The company also launched Depakote ER, a once-daily version of its migraine prevention drug, and a once-daily formulation of its macrolide antibiotic Biaxin. White also highlighted the launch of Sof-Sense, an automated blood glucose sampler and monitor, which is to launch as Sof-Tact in the US later this year.

White believes that the company laid strong foundations for future success over the past year. 'We strengthened our scientific focus through increased investment and alignment of all scientific programmes under a new chief scientific officer,' he says. 'The acquisition of Knoll will enhance Abbott's global pharmaceutical business and greatly expand our technical and financial capabilities in the scientific arena.'