Abbott Laboratories reported better-than-expected second-quarter earnings today as strong demand for nutritional products offset lower sales of medical devices and generic prescription drugs.
Despite the earnings beat, Abbott left its full-year profit forecast unchanged at $1.98 to $2.04 per share.
Results beat expectations because of improved profit margins and cost controls, Wells Fargo analyst Larry Biegelsen said in a research note.
Sales of nutritional products, including Similac infant formula and Ensure beverages for adults, rose 7.9 percent to $1.7 billion, representing almost a third of Abbott’s total revenue. Sales from the company’s array of medical diagnostics rose 5.3 percent to $1.14 billion.
Read more in Crain’s Chicago Business.