Abbott raises full-year profit forecast

[July 20, 2017]  (Reuters) - Abbott Laboratories  on Thursday raised its full-year adjusted profit forecast as the diversified healthcare company gains from its $25 billion acquisition of St. Jude Medical.

Traders gather at the booth that trades Abbott Laboratories on the floor of the New York Stock Exchange, December 10, 2012. REUTERS/Brendan McDermid/File Photo

The company raised its full-year adjusted earnings from continuing operations by 3 cents to a range of $2.43 per share to $2.53 per share.

Abbott's second-quarter profit of 62 cents per share edged past estimates by 1 cent, according to Thomson Reuters I/B/E/S.

Net sales rose to $6.64 billion from $5.33 billion, in line with analysts' average estimate. The company said sales growth was hurt by the implementation of a new tax regime in India.

More than half of Abbott's revenue came from sales outside the United States in the latest quarter.

Sales in the medical devices business - Abbott's largest division - surged about 89 percent to $2.60 billion on a reported basis. The unit includes devices sold by St. Jude Medical.

Net profit from continuing operations more than halved to $270 million, or 15 cents per share, in the second quarter ended June 30.

The company's selling and general expenses rose 22.7 percent to $2.13 billion.

(Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila)

[© 2017 Thomson Reuters. All rights reserved.]

Copyright 2017 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.