Today at 7:20 a.m.
Filed under:
Earnings,
M&A
By Bruce Japsen
Abbott researchers using a robot to test compounds. (Lane Christiansen/Tribune)
Abbott Laboratories’ first-quarter profits dipped 14 percent thanks largely to restructuring costs of its pharmaceutical business that led to a major layoff announcement earlier this year.
The North Chicago-based drug and medical product giant, which in January said it would slash 1,900 jobs, including 1,000 in Illinois, reported $864 million in profits, or 55 cents a share. That compares to earnings of $1 billion, or 64 cents a share in the first quarter of 2010. Get the full story »
Nov. 24, 2010 at 10:57 a.m.
Filed under:
M&A,
Pharmaceuticals
By Reuters
Abbott India on Wednesday agreed to merge Solvay Pharma into itself, combining two Indian units of U.S.-based Abbott Laboratories’ and sending Abbott India shares to a 52-week high.
Solvay Pharma said its shareholders would get three shares of Abbott India for every two held. Solvay Pharma shares fell more than 13 percent on the news. Get the full story »
Oct. 20, 2010 at 10:33 a.m.
Filed under:
Earnings,
Pharmaceuticals,
Updated
By Bruce Japsen
Abbott Laboratories reported third-quarter profits tumbled 40 percent thanks to the costs of withdrawing a diet drug from the U.S. market and global cost-cutting in the wake of its acquisition of Solvay Pharmaceuticals.
The North Chicago-based drug and medical product giant reported earnings of $891 million, or 57 cents a share, compared to $1.5 billion, or 95 cents a share in the third quarter of 2009.
Net earnings included after-tax charges of $513 million, or 33 cents a share due to a major product withdrawal, a recall of infant formula in the U.S. and costs that Abbott said was primarily related to restructuring following the Solvay deal. Abbott last month said it would cut about 3,000 jobs worldwide or about 3 percent of the company’s global workforce to eliminate redundancies following the purchase. Get the full story »
Sep. 21, 2010 at 9:52 a.m.
Filed under:
Jobs/employment,
Layoffs,
M&A,
Pharmaceuticals,
Updated
By Bruce Japsen
Drug and medical product giant Abbott Laboratories said this morning it would cut about 3,000 jobs worldwide. But there will be no reductions in Lake County, home to the company’s sprawling Abbott Park headquarters.
The cuts, which amount to about 3 percent of its global workforce, come in the wake of its acquisition earlier this year of Solvay SA’s drug business. Abbott has 93,000 employees worldwide, including 13,000 in Illinois that are largely at its campus just east of the Tri-State Tollway. Get the full story »
Sep. 3, 2010 at 10:05 a.m.
Filed under:
International,
M&A,
Pharmaceuticals
By Associated Press
Drug and medical device firm Abbott Laboratories says it has abandoned plans to sell its vaccines unit, less than three months after exploring sales talks with rival companies. Get the full story »
June 28, 2010 at 2:37 p.m.
Filed under:
M&A,
Pharmaceuticals
From the Wall Street Journal | Abbott Labs has put the flu-vaccine business of Solvay SA up for sale. British pharmaceuticals giants GlaxoSmithKline and AstraZeneca are considered leading candidates to pick up the operation, expected to sell for around $617 million.
Abbott bought the drug business of Belgium’s Solvay in September.
