Strong third quarter helps Abbott shares climb
This article was originally published in Clinica
Executive Summary
Abbott’s share price increased 3% in one day, following positive third-quarter results. Shares closed at $51.20 on the NYSE on October 14, up from $49.65 the previous day. The Abbott Park, Illinois-based firm recorded revenue of $7.8bn for the period, an increase of 4% over sales of $7.5bn from the period in 2008. This growth was driven by a 6% increase in worldwide diagnostics sales to $909m and an 8% growth in global vascular sales to $666m. Net income also improved – up by around 36% to $1.5bn. The bottom line was aided as cost of products, R&D, operating expenditure and general costs stayed largely flat. The firm’s chairman and CEO, Miles White, said that the results were higher than expected.