US pharma-to-nutrition group Abbott Laboratories has reported a drop in third-quarter nutritional sales as declining international revenue offset growth in the company’s domestic operations.
The company, which manufactures Similac infant formula, said that sales from its nutrition business in the three-month period to 30 September totalled US$1.76bn. This was 2% lower than the comparable period of last year on a reported basis, or 1% lower when stripping out the impact of currency exchange.
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The decrease was driven by a drop in international sales. Reported international revenue was down 5.7% to $1bn, representing a decrease of 4.1% on an operational basis.
Weaker international sales more than offset Abbott’s growth in the US. Domestic revenue in the period increased 3.5% to $755m.
The company said its international performance was impacted by its Venezuelan operations. A number of infant formula companies have also reported issues in China, with French dairy giant Danone most recently noting that its nutrition business in the market was being hit by destocking and channel shift. Abbott did not provide specifics on its performance in the country.
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By GlobalData
