Pharmaceutical giant Abbott Laboratories (ABT) delivered a 12% increase in third-quarter revenue to $7.7 billion, helped by a 43% increase in diagnostics product sales. The top line surpassed market consensus, which was projected at $7.67 billion.
However, net income from continuing operations fell to $563 million or 31 cents per share, compared to $603 million, or 32 cents per share a year ago. On an adjusted basis, Abbott reported better-than-expected earnings of 75 cents per share, a cent higher than the street expectation.
“We achieved another quarter of strong growth and our new product pipeline continues to be highly productive. In spite of increasing currency headwinds, we’re well-positioned to achieve the upper end of our initial full-year guidance,” CEO Miles D. White said in a statement.
The Illinois-based company, meanwhile, narrowed its full-year earnings outlook range on a GAAP basis to $1.33 to $1.35 per share, primarily due to headwinds in the international markets posed by a stronger US dollar. Excluding one-off items, Abbott expects to earn $2.87 to $2.89 per share.
During the third quarter, sale of Diagnostics products saw the biggest jump of 42.6% to 1.8% billion. The biggest segment, Medical Devices, witnessed a modest 8% growth while the sale of Nutrition products grew 4% during the third quarter.
Abbott shares were down about 2% during pre-market trading on Wednesday.