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Abbott's Q1 MDx Sales Increase 6 Percent

NEW YORK (GenomeWeb News) – Abbott today reported that its first-quarter molecular diagnostics sales increased 6 percent year over year as its total sales were up around 5 percent compared to Q1 2011.

Abbott reported molecular diagnostics sales of $105 million, up from $99 million for the first quarter of 2011. Of that total, $47 million came from the US market and $58 million in sales were derived from international markets.

The firm said that it expects to launch more than 15 new molecular diagnostic products over the next few years, including cancer and infectious disease tests.

Overall, Abbott reported sales of $9.46 billion for the first quarter, up around 5 percent from $9.04 billion for Q1 2011. Its net earnings increased to $1.24 billion, or $.78 per share, from $864 million, or $.55 per share.

The firm raised its FY 2012 EPS guidance to a range between $5.00 and $5.10 from $4.95 and $5.05.

Abbott said in October that it intends to split the company into two publicly-traded companies — one focused on diversified medical products and the other on research-based pharmaceuticals. Today, it said that it expects to complete the split by the end of this year.

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