Abbott reports earnings for Q3, expects business to stay strong

ABBOTT PARK, Ill. At least one drug maker is doing well despite the economic downturn.

Abbott Laboratories reported higher earnings than expected for the third quarter Wednesday, thanks mostly to Humira (adalimumab), its treatment for rheumatoid arthritis and psoriasis. Worldwide sales of the drug were more than $1.2 billion, and the company expects sales for the whole of 2008 to total $4.4 billion.

The company also said worldwide medical products sales increased by 25.2 percent, and total sales were $7.5 billion, a 17 percent increase over third-quarter sales last year.