Abbott Labs Profit Beats Expectations

Abbott Laboratories Inc. said its profit climbed 68% in the latest quarter on robust sales in its established pharmaceutical products segment and a gain on the sale of a portion of Mylan N.V. stock.

"We've achieved another quarter of strong sales growth led by our global diagnostics and branded generics businesses," said Chief Executive Miles White.

Overall for the second quarter ended June 30, Abbott reported a profit of $784 million, or 52 cents a share, compared with $466 million, or 30 cents a year earlier. Revenue rose 2.2% to $5.17 billion.

The most recent quarter benefited from $279 million of so-called other income, which included a gain on the sale of some Mylan shares.

Profit topped analysts' projections by 2 cents, while revenue edged above estimates of $5.15 billion.

Established pharmaceuticals sales, which includes branded generics, increased 31% in the quarter ended in June to $977 million despite a negative 15% impact brought on by currency headwinds. The segment also saw strong growth in the emerging market with sales increasing 28% in India, Russia, China, Brazil and Colombia. Medical devices sales dipped 6.1%.

Abbott affirmed its 2015 guidance, saying it expects earnings on a per-share to land between $2.10 and $2.20.

Shares of the company's stock have increased 23% over the last 12 months and were inactive premarket.

Write to Ezequiel Minaya at [e-mail]

Access Investor Kit for Abbott Laboratories

Visit http://www.companyspotlight.com/partner?cp_code=P479&isin=US0028241000

Subscribe to WSJ: http://online.wsj.com?mod=djnwires