Abbott Drug Launch Could Hurt Profit
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Abbott Laboratories Inc., which cheered Wall Street on New Year’s Eve with news of earlier-than-expected U.S. marketing approval for its rheumatoid arthritis drug, said the cost of launching Humira will clip its outlook for 2003 profit.
Humira should bring in revenue of more than $150 million in its first year on the market, assuming it also gets widely expected European marketing approval in mid-2003, Abbott executives told analysts and reporters.
But the sales will come at a price. Abbott said the cost of launching the drug will affect its 2003 profit outlook, but declined to give details.
Abbott shares rose 5 cents to $40.05 on the NYSE.
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