Abbott Labs 3Q Net Up 36%, Boost '09 Earns View |
| Wall Street Journal - Oct 14, 2009 |
Abbott Laboratories (ABT) reported a 36% increase in third-quarter profit, helped by higher sales of nutritional products and heart devices and accelerating sales growth for its top drug, arthritis treatment Humira.
The Abbott Park, Ill., health-care products company's earnings exceeded Wall Street expectations, and Abbott also boosted its financial forecast for 2009.
Abbott shares rose $1.27, or 2.6%, to $50.92 in recent trading, hitting their highest level in more than six months. The quarterly results eased investor anxiety over sales slowdowns for Humira and bolstered confidence in Abbott's recent dealmaking.
"Things are looking pretty rosy for Abbott," said Tim Nelson, health-care analyst with First American Funds, which owns Abbott shares. "They put some investors' minds at ease relative to longer term Humira growth potential."
Read Full Article from Wall Street Journal
- Posted: 2009-10-14 11:35:29
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