Abbott Laboratories said second-quarter adjusted profit rose 16
percent, better than Wall Street expected, as growth in its nutrition and
diagnostics segments more than offset declines in medical devices and generic
The Lake County-based health care products company, which in January spun off its highly profitable branded drug business, including the $9 billion blockbuster drug Humira, into a new firm called AbbVie Inc., said income from continuing operations was $476 million, or 30 cents a share, up from $411 million, or 26 cents a share, a year earlier.
Earnings adjusted for certain items were 46 cents per share, beating Wall Street estimates by 2 cents.
Sales in emerging markets climbed 13 percent, helping to push revenue to $5.45 billion, up 2.5 percent from the year-ago quarter.
Overall, profits fell 72.4 percent, reflecting the spinoff of AbbVie.
Sales in Abbott's nutrition segment, which includes baby formula and adult drinks such as Ensure, grew 8.4 percent. Diagnostics sales jumped 7.6 percent.
"All things considered, including headwinds from foreign exchange and a mixed global economy, this was a good quarter," said Miles White, Abbott's chief executive.
Abbott shares closed Tuesday at $35.70. The stock is up 14 percent since Jan. 1, the date of the AbbVie spinoff.
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