Abbott 1Q profit falls 14 percent on charges

NEW YORK — Drug and medical device maker Abbott Laboratories says its first-quarter profit fell 14 percent on restructuring and acquisition costs and other expenses.

For the period ended March 31, the Libertyville Township-based company, in Lake County, earned $864 million, or 55 cents per share. Excluding one-time items it earned 91 cents per share. Revenue grew 17 percent to $9.04 billion

Analysts polled by FactSet expect earnings per share of 90 cents on revenue of $8.82 billion.

Revenue was led by higher sales of the company's best-selling product Humira, which increased 18 percent to $1.65 billion. Humira is used to treat inflammatory diseases like rheumatoid arthritis and has historically accounted for nearly one-fifth of the company's sales.

Charges included the expense of integrating Solvay Pharmaceuticals and changes to Abbott's fiscal calendar.