Ashley M. Heher
April 16, 2008 - 08:30 a.m.

CHICAGO (AP) - Pharmaceutical company Abbott Laboratories Inc. said Wednesday that its first-quarter earnings surged 35 percent, driven by robust international sales of its rheumatoid arthritis medication Humira.

For the quarter ending March 31, the suburban Chicago company said its earnings rose to $937.9 million, or 60 cents per share. That's up from $697.5 million, or 45 cents, during the same period extreme year.

Excluding special items, earnings totaled $987.7 million, or 63 cents per share, just beating Wall Street forecasts.

Revenue jumped 14 percent to $6.77 billion, up from $5.95 billion last year.

Analysts polled by Thomson Financial forecast profit of 62 cents per share on revenue of $6.53 billion. Those estimates typically exclude one-time items.

"Abbott started 2008 with a strong first quarter," Chairman and Chief Executive Miles White said in a statement.

Much of the company's success was driven by sales of the company's blockbuster drug Humira, which grew nearly 54 percent worldwide to $878 million during the first-quarter.

The medication, which also treats other autoimmune diseases, is used in dozens of countries and was approved Wednesday for use in Japan.

North Chicago-based Abbott reaffirmed its 2008 earnings guidance of $3.20 to $3.25 per share. Abbott expects second-quarter profit between 78 cents and 80 cents per share.

Analysts forecast 2008 earnings of $3.22 per share and second-quarter profit of 79 cents per share.

Abbott shares climbed $1.08 cents, or 2 percent, to $52.99 in premarket trading Wednesday.

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