Abbott's first-quarter earnings increase on Humira

Pharmaceutical company Abbott Laboratories Inc. said today that its first-quarter earnings surged 35 percent, driven by robust international sales of its rheumatoid arthritis medication Humira.

For the quarter ending March 31, the North Chicago-based company said its earnings rose to $937.9 million, or 60 cents per share. That's up from $697.5 million, or 45 cents, during the same period last year.

Excluding special items, earnings totaled $987.7 million, or 63 cents per share, just beating Wall Street forecasts.

Revenue jumped 14 percent to $6.77 billion, up from $5.95 billion last year.

Analysts polled by Thomson Financial forecast profit of 62 cents per share on revenue of $6.53 billion. Those estimates typically exclude one-time items.

"We had a strong first quarter delivering double-digit sales and earnings growth ahead of our expectations," said Thomas C. Freyman, Abbott's chief financial officer.

Much of the company's success was driven by sales of the company's blockbuster drug Humira, which grew nearly 54 percent worldwide to $878 million during the first-quarter.

The medication, which also treats other autoimmune diseases, is used in dozens of countries and was approved Wednesday for use in Japan.

Cowen & Co. analyst Sara Michelmore told investors that Abbott's first quarter was "very solid."

"Humira represents the primary growth and profitability driver for the company," she wrote in a research note Wednesday.

North Chicago-based Abbott reaffirmed its 2008 earnings guidance of $3.20 to $3.25 per share. Abbott expects second-quarter profit between 78 cents and 80 cents per share.

Analysts forecast 2008 earnings of $3.22 per share and second-quarter profit of 79 cents per share.

Abbott shares climbed 6 cents to $51.85 in early trading.