Abbott Laboratories, the medical device and nutritional products maker that split off its drug unit on Jan. 1, said first-quarter profit rose 55 percent on higher sales of its baby formula and lower taxes.
AbbVie Inc., the drugmaker split off from Abbott Laboratories this year, will fire its sales force for heart drugs as the medicines lose patent protection and face generic competition, according to a person familiar with the matter.
Abbott Laboratories needs to conduct more research on its proposed clamp for leaky heart valves before U.S. regulators can decide whether to approve the device, Food and Drug Administration staff said today.
The six biggest U.S. drugmakers avoided paying $7.05 billion in U.S. taxes last year by shifting their profits overseas. That’s almost double the amount they saved using the same strategy 10 years earlier, according to data compiled by Bloomberg.
On April 14, 2011, James Fan stood on a parking garage landing at Newark Liberty International Airport, a cheer-you-up letter from his young son in his pants pocket, the prospect of a four-story leap facing him.