Abbott Notes Formula For Revenue Tailwinds
US Infant Formula Sales Up 36% From Year-Ago Period When Recalls Began
Executive Summary
Firm reports 3.8% Q1 growth in total nutritional sales to $1.97bn, driven by 19.9% growth in total US sales to $812m as formula and other pediatric product sales grew 36.1% to $465m and adult nutritional sales 3.9% to $353m.
You may also be interested in...
Abbott Adding Nutritional For Consumers Using Type 2 Diabetes, Weight Management Drugs
Ensure and Glucerna brand and other adult product sales up 12.5% to account for $1.05bn of $2.04bn in total Q4 nutritionals sales; full-year adult product sales up 6.2%, accounting for $4.2bn of Abbott’s $8.15bn in total nutritionals sales.
Abbott Stops Using ‘#1 Infant Formula Brand’ Claim After Finding Supporting Data Out Of Date
Mead Johnson not only gains with Abbott stopping use of claim on Similac packaging, but also continues using similar claim on Enfamil packages, “#1 Pediatrician Recommended Brand.” In NAD report, Abbott says data backing up its claim apparently wasn’t current.
Abbott Concludes Former Employees’ Allegations Concerning Michigan Formula Plant ‘Unfounded’
Abbott’s Q3 worldwide sales of formula and other pediatric nutritionals were down 24.8% on reported basis. It plans spending $500m on a new formula facility after finding the US “would benefit from more manufacturing capacity and redundancy.”