Benefited from Robust Sales, Abbott Reports Better-than-expected Earnings

Shares of Abbott Laboratories soared more than 1 percent in North American trading session on Wednesday after the pharmaceutical company reported third quarter’s profit and sales that topped analysts’ estimates thanks to robust sales of medical devices and generic drugs.

Abbott shares gained nearly 1.5 percent to trade at $55.88 after the Illinois-based company said it earned $603 million, or 32 cents per share last quarter, compared to a loss of $329 million, or a loss of 24 cents per share, in the year-earlier period.

Revenue was reported to rise from $5.30 billion in the same period last year to $6.83 billion in the three months to September. The reading topped analysts’ forecast calling for sales of $6.73 billion. Abbott forecast full-year adjusted 2017 profit from continuing operations of $2.48-$2.50 per share, compared with previous guidance of $2.43 to $2.53.

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