Abbott beats forecasts as 1st-qtr sees strong sales and earnings growth
US health care major Abbott Laboratories (NYSE: ABT) pleased investors yesterday, reporting better-than-expected first-quarter 2011 financial results. Excluding foreign exchange, worldwide sales increased nearly 6% to $9.46 billion. Reported sales increased 4.6%, including an unfavorable 1.3% effect of foreign exchange. Net income rose 43.6% to $1.24 billion versus $863.8 million in the same quarter a year earlier.
Diluted earnings per share, excluding specified items, were $1.03, reflecting 13.2% growth and exceeding Abbott's previous guidance range and beating the $1 average estimate of 18 analysts compiled by Bloomberg. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.78, including specified items, a rise of 41.8%.
Branded drug sales up 7.7%, led by Humira
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