Abbott Laboratories Inc. said its profit climbed 68% in the
latest quarter on robust sales in its established pharmaceutical
products segment and a gain on the sale of a portion of Mylan N.V.
stock.
"We've achieved another quarter of strong sales growth led by
our global diagnostics and branded generics businesses," said Chief
Executive Miles White.
Overall for the second quarter ended June 30, Abbott reported a
profit of $784 million, or 52 cents a share, compared with $466
million, or 30 cents a year earlier. Revenue rose 2.2% to $5.17
billion.
The most recent quarter benefited from $279 million of so-called
other income, which included a gain on the sale of some Mylan
shares.
Profit topped analysts' projections by 2 cents, while revenue
edged above estimates of $5.15 billion.
Established pharmaceuticals sales, which includes branded
generics, increased 31% in the quarter ended in June to $977
million despite a negative 15% impact brought on by currency
headwinds. The segment also saw strong growth in the emerging
market with sales increasing 28% in India, Russia, China, Brazil
and Colombia. Medical devices sales dipped 6.1%.
Abbott affirmed its 2015 guidance, saying it expects earnings on
a per-share to land between $2.10 and $2.20.
Shares of the company's stock have increased 23% over the last
12 months and were inactive premarket.
Write to Ezequiel Minaya at ezequiel.minaya@wsj.com
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