Abbott Park, IL, United States (4E) – Abbott Laboratories, which split into two separate companies this year, said third-quarter profit that topped analysts’ forecast on higher demand for its diagnostic tests.
Profit was at $966mn, or 61 cents per share, lower than $1.94bn, or $1.21 a share, from a year ago. Excluding the impact related to the spinoff as well as other items, adjusted earnings from continuing operations jumped to 55 cents from 42 cents. The company had forecast adjusted earnings to be between 51 cents and 53 cents.
Revenue rose 2 percent to $5.37bn from the previous year, according to the Abbott Park, Illinois-based company’s statement released Wednesday. The diagnostics unit climbed 11 percent, surpassing company forecasts, the company said.
Abbott also said that a supplier recall that hit its global nutrition business had negatively affected its global sales by two percentage points.
On Jan. 1, the pharmaceutical business was spun off into a new company, AbbVie Inc., which is based in North Chicago, Illinois. Abbott kept the original company’s medical devices, generic drugs, diagnostic tests and nutritional products.
AbbVie, which will release its results on Oct. 25, retained the brand name drugs, such as the blockbuster Humira for rheumatoid arthritis. AbbVie added $1.61bn to the company’s earnings in the same period last year.