US nutritional group Abbott has booked a slide in third-quarter sales from its baby-food division thanks to September’s recall of Similac infant formula.
For the three months to the end of September, sales from Abbott’s pediatric nutritionals division dropped 9.3% to US$679m. For the nine-month period, sales slid 4.5% to $905m.
Last month, Abbott said it would pull millions of containers of its Similac-brand infant formula after beetles were found in its products and in one plant where the product is made.
Overall, however, Abbott said it delivered a “strong” performance in the quarter and confirmed a forecast of double-digit profit growth for the full year.
“The strategic actions we’ve taken across our global businesses position us well in high-growth emerging markets as well as promising new therapeutic areas,” said Miles White, chairman and CEO of Abbott.
For the full earnings statement from Abbott, click here.
