Acquisitions drive Philips Medical Systems' sales growth
This article was originally published in Clinica
Including special charges, Abbott Laboratories' net earnings were $771m. The items include acquired in-process R&D relating to Biocompatibles' stent business, the alliance with Medtronic concerning stents, and issues relating to the consent decree with the FDA, dating from October 2000, concerning Abbott's Lake County diagnostics manufacturing site (see Clinica No 1011, p 14). In May, the FDA told the company that its facilities were still not in compliance with FDA-imposed quality systems regulations (see Clinica No 1008, p 15). Analysts at Morgan Stanley do not see a resolution of the situation before 2004. Abbott had worldwide diagnostic sales of $735m in the quarter, up 2%. US diagnostic sales were down by 1% to $295m. For the full year, the analysts see total diagnostics sales growth of only 1%, cue to the continuation of the consent decree. In the six months, the company's MediSense glucose monitoring products had sales of $101m, up 12%.
You may also be interested in...
Policy experts predicted how the incoming Biden administration will handle health care issues at a recent Alliance for Health Policy webinar. Rachel Nuzum, VP of state and federal policy at The Commonwealth Fund, said telehealth could be a priority.
The China National Biotec Group has filed the first application in China for the broad use of a COVID-19 vaccine, days after the national regulatory agency released review guidelines for the conditional approval of such products.
More patent-related turbulence appears ahead for Novartis’s sacubitril/valsartan combination in India, with Torrent emerging as the new challenger. The companies are engaged in a legal battle and the Indian firm is also seeking a revocation of the patent on the star heart failure treatment.