Abbott has fourth-quarter profit on demand for Humira

Abbott Laboratories reported a profit in the fourth quarter, fueled by increased demand for its best-selling product, the anti-inflammatory medicine Humira.

Net income was $1.2 billion, or 77 cents a share, compared with a loss of $476.2 million, or 31 cents, a year earlier, when Abbott had costs related to its $3.4 billion purchase of Kos Pharmaceuticals Inc., the Abbott Park, Illinois-based drugmaker said today in a statement. Earnings beat analysts' estimates.

Revenue rose to $7.2 billion, boosted by a 54 percent increase in Humira sales. The anti-inflammatory treatment was approved for rheumatoid arthritis in 2002 and has since been cleared for five indications, including the bowel disorder Crohn's disease and the skin disease psoriasis. Rising sales of other products, including the HIV pill Kaletra and migraine drug Depakote, are giving Abbott time to build its device business after buying Boston Scientific Corp's heart-stent unit in 2006.

``When we look at what we expect to be a growth driver for Abbott, we look at Humira,'' said analyst Linda Bannister of Edward Jones & Co. in a telephone interview.

Excluding costs for expense reduction initiatives and acquisition adjustments, Abbott earned 93 cents a share, beating the 92-cent average estimate of 13 analysts surveyed by Bloomberg.