Abbott Laboratories Chairman and CEO Miles White said that despite soaring inflation and a crashing exchange rate, the company will continue business in Venezuela hit by weak oil prices and political turmoil--and that goes for emerging markets generally.
The rising cost of prescription drugs has just about everyone up in arms, with lawmakers, presidential hopefuls such as Hillary Clinton and the public criticizing companies' prices hikes for certain meds. As the chorus of discontent reaches a crescendo, devicemakers are benefiting from the noise.
Abbott Laboratories still likes emerging market plays, with Chairman and CEO Miles White suggesting M&A activity in those countries remains a top focus while highlighting a tough exchange rate picture from those geographies in the third quarter.
A move in the past week by Vietnam to say it wants to sell major stakes in state-owned companies might be a dealmaking cue for Abbott Laboratories, which noted a sharp slowdown in nutrition sales in Vietnam in the second quarter.
Abbott Laboratories wlll expand its manufacturing, as well as other operations, in India, though a dollar amount was not given by the pharmaceutical giant.
Abbott Laboratories said a "positive" one-year clinical result in Japan comparing its dissolvable Absorb heart stent to Xience represents a milestone for the product, currently an investigational device in the country as well as the U.S. and not approved for commercial use.
Abbott announced that its bioresorbable scaffold performed similarly to its traditional drug-eluting stent in a clinical trial for Japanese approval. The device is the market leader by far, and is already available in more than 90 countries, though not the U.S.
A survey conducted by Abbott concludes that most adults do not recognize common concussion symptoms.
Abbott, already the title sponsor of the Abbott World Marathon Majors, recently added another running sponsorship to its ever-expanding portfolio.
Despite strong contributions from fingerstick-free blood glucose monitor Freestyle Libre and mitral valve repair device MitraClip--medical devices remained the worst performing business for Abbott Laboratories last quarter as sales climbed 3.1% on an operational basis to $1.3 billion.