Mobic, Humira Bolster Abbott Earnings

The mounting controversy over Cox-2 inhibitors is having a positive effect on Abbott Laboratories' bottom line, which was bolstered during the fourth quarter by strong sales of Mobic, a pain reliever that Abbott co-markets with Boehringer Ingelheim Pharmaceuticals.

Mobic (meloxicam), which saw its sales nearly triple during the fourth quarter, has become a popular alternative to Cox-2 inhibitors among physicians, many of which have shied away from prescribing Cox-2 drugs since Merck's Vioxx (rofecoxib) and Pfizer's Celebrex (celecoxib) were linked to possible cardiovascular risks. Mobic sales totaled $258 million during the fourth quarter, compared to $95 million in the same quarter of 2003.

Mobic's increased sales helped Abbott achieve net earnings of $974.6 million for the fourth quarter, a 3.2 percent improvement over the $944.4 million reported in the fourth quarter of 2003. Abbott's total sales increased to $5.7 billion in the fourth quarter, up 15 percent from $4.9 billion in the same period of 2003.

For the 12 months ended Dec. 31, 2004, Abbott reported net earnings of $3.2 billion, an increase of 17.5 percent from 2003, when the company posted net earnings of $2.7 billion. Worldwide sales totaled $19.7 billion in 2004, compared to $17.3 billion in 2003.

In addition to Mobic's strong performance, Abbott reported strong numbers for its rheumatoid arthritis drug Humira (adalimumab). Humira sales increased roughly 130 percent during the fourth quarter, growing to $273 million worldwide from $119 million in the fourth quarter of 2003.