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ABBOTT Rx/NUTRITIONAL SALES TOP $3.5 BIL. IN 1991; GENETICS INSTITUTE DOUBLES REVENUES IN 1991, PREDICTS LOSS IN FIRST YEAR POST-MERGER WITH AHP

Executive Summary

Abbott's worldwide pharmaceutical and nutritional sales topped $3.5 bil. in 1991, up 11.7%, the company reported Jan. 14. For the fourth quarter, Rx/nutritional sales rose 11.9% to $969 mil. Abbott Chairman Duane Burnham cited "major new products" as keys to the company's sales growth. Pharmaceuticals launched in the U.S. during 1991 included the antibiotic Biaxin, the lung surfactant Survanta and the benzodiazepine hypnotic ProSom. Abbott also introduced the quinolone antibiotic temafloxacin in the U.K. and Sweden. Temafloxacin will be marketed as Omniflox in the U.S. Abbott's hospital and laboratory products business grew faster than its drugs and nutritionals segment in 1991, rising 12.2% to more than $3.4 bil. For the quarter, segment sales increased 8.7% to $918 mil. Abbott corporate sales in 1991 climbed 11.7% to more than $6.2 bil., while net earnings rose 12.7% to top $1.1 bil. Fourth quarter consolidated sales were up 10.3% to more than $1.9 bil., while net earnings rose 12.5% to $314.7 mil. Genetics Institute's revenues more than doubled for both the year and the fourth quarter ended Nov. 30, the company reported Jan. 13. Revenues for the year were $82.6 mil., up 104.5%, and, for the quarter, up 111.4% to $28 mil. Although sales rose sharply, Genetics Institute reported a net loss for the year of $10.7 mil., due to "a nonrecurring first quarter charge against earnings of $11 mil. for potential patent- related damages involving erythropoietin. In 1990, Genetics Institute took a loss of $24.5 mil. Genetics Institute had a profitable fourth quarter, with net earnings of $6.1 mil. The company, however, does not expect to be profitable in fiscal 1992, Genetics Institute Chief Financial Officer Garen Bohlin said, "because we plan to significantly increase our research and development expenses over the next year. Much of this expected increase relates to accelerating activities involving our three priority development stage products, M-CSF, BMP-2 and IL-11." Genetics Institute will operate in 1992 as a subsidiary of American Home Products; Genetics Institute shareholders approved AHP's 60% acquisition of the biotech firm on Jan. 16. Lidak Pharmaceuticals which is developing a herpes treatment, reported Jan. 14 that the start-up's "year-end financial statements issued by its independent auditors includes a qualifying statement as to the company's ability to continue as a going concern." CFO Michael Lorber noted that Lidak is "in the process of raising additional capital," and that he believes the company will be able to "continue its progress."

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