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updated: 7/20/2011 9:00 AM

Abbott Labs 2Q profit jumps on tax benefit

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  • Drug and medical device maker Abbott Laboratories says its second-quarter profit jumped 48 percent on lower expenses and a one-time tax benefit.

      Drug and medical device maker Abbott Laboratories says its second-quarter profit jumped 48 percent on lower expenses and a one-time tax benefit.
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Associated Press

Drug and medical device maker Abbott Laboratories says its second-quarter profit jumped 48 percent on lower expenses and a one-time tax benefit.

The Libertyvilled Township, Lake Couny-based company says total sales increased 9 percent to $9.62 billion, led by double-digit growth of drugs and nutritionals in emerging markets. Sales of the company's blockbuster inflammatory drug Humira continued to grow, increasing 25 percent to nearly $2 billion in the quarter.

The company earned $1.94 billion, or $1.23 per share, for the period. Excluding one-time expenses the company would have earned $1.12 per share. That was one penny higher than the average estimate of Wall Street analysts polled by FactSet.

Abbott raised its full-year earnings-per-share guidance 4 cents to between $4.58 and $4.68.

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