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Shares of drug company Abbott Laboratories Inc. (NYSE: ABT) were trading higher this morning after the company reported that its first-quarter profit jumped 35%, helped by strong international demand for its rheumatoid arthritis medication Humira. However, the stock is down 1% just before noon.
For the quarter, Abbott Laboratories reported that its profit climbed to $938 million, or 60 cents per share, boosted by higher sales of its prescription drugs and medical devices that benefited from favorable foreign exchange rates. Excluding special items, the company's earnings came in at 63 cents a share, beating analysts' estimations for quarterly earnings of 62 cents a share.
The pharmaceutical company also announced a 14% growth in revenues, to $6.77 billion, up from $5.95 billion a year earlier. Revenue during the period was helped by a 54% increase in its drug Humira sales which surged to $878 million in the first quarter. Analysts, on average, were expecting the company show $6.53 billion in revenue, according to Thomson Financial.
According to a statement from Thomas C. Freyman, Abbott's chief financial officer, the company was satisfied with its "strong first quarter delivering double-digit sales and earnings growth" as global sales of Humira were able to offset the weak economy that added pressure on consumer spending.
Eliza Popescu is a financial writer for the online investment advisory service Investor's Observer.
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