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Sales & Earnings In Brief

This article was originally published in The Tan Sheet

Executive Summary

Currency exchange hits Abbott nutritionals: Negative effects from currency exchange help drive down Abbott Nutrition's international revenues from nutritional products by 1.9 percent to $615 million in the firm's fiscal 2009 second quarter, even as U.S. sales grow 10 percent to $668 million. The Abbott Park, Ill.-based company July 15 said a 10.3 percentage point loss from currency exchange slowed nutritional revenues. Its worldwide nutritional sales increased 4 percent despite an unfavorable 5.2 percent effect of exchange rates to $1.28 billion for the April-June period. A 12 percent surge in adult products drove U.S. nutritionals growth to $326 million. Internationally, pediatric formulas continued expanding, growing 3.6 percent, including exchange rate effects, to $354 million. John Thomas, VP of investor relations, said during a same-day earnings call that Abbott expects to launch next-generation Similac and Gain infant formulas in eight more countries this year. He said the reformulated Similac formula and its user-friendly packaging "have been very well received" by customers (1"The Tan Sheet" March 23, 2009)
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