Summary Box: Abbott 2Q profit rises 11 percent

AP News
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Posted: Jul 20, 2011 12:30 PM

DOUBLE-DIGIT GROWTH: Drug and medical device maker Abbott Laboratories reported an 11 percent rise in second-quarter profit on sales of its best-selling biotech drug and demand from emerging markets.

DEVELOPING SALES: Earnings were driven by sales in emerging markets like India, China and Russia, which increased 23 percent to $2.59 billion. Those sales accounted for 27 percent of total revenue.

BRIGHTER OUTLOOK: Abbott raised its 2011 earnings estimate by 4 cents to between $4.58 and $4.68 per share.