Abbott Labs
This article was originally published in The Tan Sheet
Executive Summary
Ross Products' "more normalized mid-single digit sales growth" for pediatric nutritionals business expected by mid-year or in second half of 2002 following division's 2.6% growth in 2001, Abbott Labs Division VP-Investor Relations John Thomas tells analysts Jan. 16. Ross revenue for year reached $2.08 bil.; Q4 sales were down 1.6% to $485 mil., with Thomas citing negative impact of "heavy competitive spending." Abbott is eyeing increased promotional activity, Q1 launch of Similac with Iron containing DHA/ARA fatty acids to boost pediatric nutritional sales (1"The Tan Sheet" Jan. 14, 2002, p. 3). Consolidated sales for Q4 and year were $4.45 bil (up 20%) and $16.29 bil. (up 18.5%), respectively. Earnings, including one-time charges, were $613.5 mil. for quarter, down 18.6%, and $1.55 bil. for year, a 44.4% drop...
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