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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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With the acquisition of Mumbai-based Wockhardt Ltd. nutritionals firm and products including the Farex, Dexolac and Nusobee formula brands, Abbott takes the No. 2 spot in India's pediatric nutrition category. The company also gains Protinex, the adult protein supplement segment leader, Abbott said July 28. Abbott's $130 million purchase of Wockhardt and certain subsidiaries provides the Abbott Park, Ill.-based firm manufacturing and commercial infrastructure in India, said Executive VP of Global Nutrition Holger Liepmann. While Abbott has experienced robust nutritionals growth recently in China, Southeast Asia and Latin America, negative effects of currency exchange hurt global sales figures in its fiscal 2009 second quarter (1"The Tan Sheet" July 20, 2009)

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