China market remains a challenge for Abbott as nutrition sales slip in Q2

23-Jul-2017 - Last updated on 26-Jul-2017 at 14:18 GMT

Abbott's international sales declined 3.7 per cent on a reported basis.

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Abbott says market conditions in China "remain challenging", following its report that its global nutrition sales decreased 0.6 per cent to $1.73bn in the second quarter.

For its total business, worldwide sales came in at $6.63bn, up 24.4% year-on-year on a reported basis.

Within its nutrition segment, infant nutrition products performed well, increasing by 1.4% to $987m.

The company told investors: "In the US, above-market sales growth was driven by recently launched new products across Abbott's infant formula portfolio, as well as strong growth of its PediaSure toddler brand.

"International sales declined 3.7 per cent on a reported basis and 1.8 per cent on an operational basis. As expected, market conditions in China remain challenging.

"Worldwide Adult Nutrition sales decreased 3.1 per cent on a reported basis in the second quarter, including an unfavourable 1.1 per cent effect of foreign exchange, and decreased 2.0 per cent on an operational basis. Global Adult Nutrition sales were impacted by competitive and market dynamics."

In January, the firm completed the acquisition of medical devices company St. Jude Medical.

"Halfway through the year, we're on track with all of our key priorities, including the integration of St. Jude and growth contributions from our pipeline," said chairman and CEO Miles D. White. "We're also raising our full-year guidance range as we continue to target double-digit ongoing EPS growth."