NEW YORK (GenomeWeb News) – Abbott today reported that its third quarter revenues increased 2 percent year over year, with a decline in pharmaceuticals sales offset by gains in its diagnostics business.
Overall, the firm reported sales of $5.37 billion, up from $5.27 million for the third quarter of 2012. Abbott's Nutrition and Medical Devices businesses both reported 2 percent revenue gains year over year, while Pharmaceuticals fell 3 percent. Its Diagnostics business, however, reported sales growth of 8 percent.
Abbott's molecular diagnostics business reported 15 percent sales growth to $117 million for the quarter, up from $102 million in Q3 2012. Its point-of-care Dx business jumped nearly 17 percent to $100 million, while its core laboratory Dx sales were up 6 percent to $908 million.
Abbott said that the MDx sales were driven by "strong infectious disease growth, particularly in emerging markets due to the impact of recent tenders, as well as the continued growth of companion diagnostics."
The firm posted net earnings of $966 million, or $.55 per shares from continuing operations, compared to $1.94 billion, or $.42 per share from continuing operations, in Q3 last year.
Abbott expects to report FY 2013 EPS between $1.98 and $2.04.
Shares of Abbott were up 6 percent at $35.65 in Wednesday morning trade on the New York Stock Exchange.