Abbott Labs’ Profit Rises on Higher Sales
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Healthcare products maker Abbott Laboratories Inc. said first-quarter earnings rose 1.8%, helped by a 16% jump in sales that included double-digit gains in medical products and pharmaceuticals.
Net income for the three months ended March 31 increased to $837.9 million, or 53 cents a share, from $822.9 million, or 52 cents, a year earlier.
Sales climbed to $5.38 billion from $4.64 billion. Pharmaceuticals accounted for 59% of sales. U.S. drug sales rose 20% thanks to strong performances by such drugs as AIDS medicine Kaletra.
Abbott rose 15 cents to $47.90 on the NYSE.
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