Summary Box: Abbott Labs reports earnings, layoffs

AP News
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Posted: Jan 25, 2012 3:20 PM
Summary Box: Abbott Labs reports earnings, layoffs

THE LAYOFFS: Medical device and drugmaker Abbott Laboratories said Wednesday it will lay off 700 employees as part of ongoing restructuring efforts.

THE RESULTS: Fourth-quarter net income rose 12 percent, as the blockbuster anti-inflammatory drug Humira continued to dominate the company's performance with double-digit sales growth.

THE OUTLOOK: Abbott Labs, which is spinning off its branded drug business this year, issued 2012 profit estimates bracketing current Street estimates.