Abbott Lab's 4th-quarter 2009 profit flat due to charges, buts sales rise nearly 11% driven by Humira; still open to buys

US health care major Abbott Laboratories reported that its fourth-quarter profit was virtually flat with that of the year-earlier quarter, due largely to various accounting charges but, nevertheless, recorded strong sales growth. Abbott dipped 1.1%, to $53.90 at 4 p.m. in New York Stock Exchange composite trading following the announcement.

Profit for the quarter was $1.54 million, or 98 cents per share, marking no change from the year earlier period. However, earnings per share from continuing operations and excluding charges rose to $1.18 from $1.06. Revenue rose 10.6% to $8.79 billion, including a favorable 2.4% effect of exchange rates. Excluding the expected decline in Depakote (divalproex sodium) sales due to generic competition, global reported sales increased 12.7%.

For the full year, Abbott reported earnings of $3.72, up 12% from the previous year, in-line with the company's guidance of $3.70 - $3.72. Full-year 2009 sales were $30.8 billion, up 4.2% on 2008.