Abbott ($ABT) has emerging markets to thank in part for the growth in the company's Q2 profits. Sales in those areas jumped nearly $2.6 billion, up 23.2% from the prior year, in all divisions. Overall, the pharmaceutical and medical device maker saw its profits rise 48% in the second quarter.
Demand for nutritional products and sales of blockbuster biologic Humira--which grew 25% to almost $2 billion--also contributed to the bottom line. Strong growth in the developer's pharmaceutical, nutritional products and molecular diagnostics businesses help offset losses in the infant formula and medical device divisions. Abbott's worldwide sales increased 9% to $9.6 billion, helped by a 4.6% exchange rate effect.
"Abbott is well-positioned for a strong second half of the year as we remain on track for double-digit EPS growth in 2011," said Miles White, chairman and CEO of the company. "We're also pleased with our growth in emerging markets, as well as the progress of our broad-based pipeline, including several new product approvals, regulatory submissions and clinical trial initiations."
- here's Abbott's release
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