Abbott 2Q global sales beat Street estimates

LIBERTYVILLE TOWNSHIP - Abbott Laboratories on Wednesday reported second-quarter profit of $615 million.

The maker of infant formula, medical devices and drugs said it had profit of 41 cents per share. Earnings, adjusted for one-time gains and costs, came to 55 cents per share.

The results exceeded Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 53 cents per share.

Worldwide sales for the second quarter of 2016 was $5.3 billion, an increase of 3.2 percent on a reported basis and 6.4 percent on an operational basis. Nine analysts surveyed by Zacks expected $5.26 billion.

"It was a good quarter," said Miles D. White, Abbott chairman and chief executive officer. "We're particularly pleased with the steady cadence of new product approvals and recent launches that are contributing to growth, including Freestyle Libre, MitraClip, Absorb and Symfony."

In July, Abbott received U.S. FDA approval for Absorb, a fully dissolving heart stent, as well as FDA approval for Tennis Symfony intraocular lenses for the treatment of cataracts, an extended depth of focus lenses for people with cataracts.

During the quarter, Abbott also announced the global launch of AlinIQ, an information solution designed to help diagnostics laboratories increase productivity and flexibility in managing data throughout hospital networks.

Abbott also acquired St. Jude Medical in the quarter.

Abbott expects full-year earnings in the range of $2.14 to $2.24 per share.