Abbott settlement
This article was originally published in The Tan Sheet
Executive Summary
Firm will record one-time charge of $622 mil. in Q2 in anticipation of a settlement of civil and criminal charges related to sales and marketing practices by firm's Ross Products enteral nutrition division. Charges stemmed from industry-wide investigation of the enteral nutrition sector, initiated in the mid-1990's by the U.S. Attorney's office in the Southern District of Illinois. Investigation reportedly involved allegations of kickbacks in the form of discounted or free enteral pumps being supplied in exchange for disposable pump set supply contracts with providers; charges for such pumps may have been passed on to Medicare and Medicaid. "The anticipated settlement will resolve all outstanding allegations by the government," including "all federal and state Medicare and Medicaid issues," Abbott says in June 26 release...
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July shipments of Ensure in "new, break-resistant and re-closable bottles" expected to drive category expansion and increase market share, firm says in July 10 Q2 sales and earnings announcement. Although Ross Products division's revenue fell 7.1% to $478 mil. in second quarter due to negative impact of "pricing pressures in the institutional segment of medical nutritionals" and recent divestitures, Abbott anticipates Ross' overall sales in second half of 2003 will be flat or slightly up. Overall, Abbott reported Q2 earnings down 58% to $247 mil. due to one-time $622 mil. charge taken in the quarter to settle charges against Ross' enteral nutrition division (1"The Tan Sheet" Jan. 30, 2003, In Brief)...
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