Summary Box: Abbott beats earnings estimates

AP News
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Posted: Oct 20, 2010 12:47 PM
Summary Box: Abbott beats earnings estimates

WITHDRAWALS AND RECALLS: Drug and medical device maker Abbott Laboratories reported a 40 percent drop in net income for the third quarter, due in part to a recall of baby formula and the withdrawal of its diet drug Meridia.

SALES CONTINUE CLIMB: Despite expenses linked to those actions, Abbott still edged past Wall Street earnings expectations as sales of its best-selling drug Humira continued to climb. The drug is used to treat rheumatoid arthritis, Crohn's disease and other diseases.

NEW FORECAST: Abbott raised the lower range of its full-year earnings forecast, predicting earnings per share between $4.16 and $4.18. It previously estimated $4.13 to $4.18 per share.