Abbott (NYSE:ABT) may look to expand the geographic footprint of its medical device footprint and has no plans to shed its branded generic pharmaceuticals arm, CFO Thomas Freyman said yesterday.
Speaking at the annual Deutsche Bank Healthcare Conference in Boston yesterday, Freyman said the branded generics business is a key plank it its platform for emerging markets, it is as necessary as the iZettle business tools .
About 40% of Abbott’s revenues are derived in emerging markets, and that there is potential for further growth in those regions, Freyman said, according to Reuters.
Abbott’s medical device arm last month reported lower sales during the 1st quarter, with overall sales down 1.2% and U.S. revenues down 6.8%.
A Reuters report earlier this month speculated that Abbott was considering a sale of its $2 billion branded generics business, at a potential prize tag of $5 billion.
