ABT May 2024 75.000 call

Drugmaker Abbott India posts Q4 profit rise on higher sales

Indian drugmaker Abbott India reported a 24% rise in fourth-quarter profit on Thursday, as strong sales outpaced the impact of government pricing caps on certain medicines. Revenues of drugmakers such as Abbott India and GlaxoSmithKline Pharma India, which get most of their business from India, have been impacted after the inclusion of some of their drugs in the government's essential medicines list in September 2022, making them susceptible to price caps. Abbott, which is a unit of U.S. healthcare firm Abbott Laboratories, has been trying to mitigate the impact of pricing curbs by driving up sales and cutting back on expenses.