Abbott Laboratories (ABT) has reported first-quarter financial results that narrowly beat Wall Street’s forecasts.
The pharmaceutical giant announced earnings per share (EPS) of $1.15 U.S., which topped consensus estimates of $1.14 U.S.
Revenue in the year’s first quarter totaled $11.16 billion U.S. compared with expectations of $11 billion U.S.
Management attributed the results to continued strength in the company’s medical device unit, ?which contributed the most to its Q1 revenue.
Abbott’s earnings also got a lift from the company’s newly acquired cancer diagnostics business.
Last November, Abbott bought cancer-test maker Exact ?Sciences for $105 U.S. a share in a deal valued at $23 billion U.S.
The Exact Sciences acquisition was the largest in Abbott Labs’ history and represents a major push into the fast-growing cancer diagnostics market.
ABT stock is down 23% over the past five years and currently trading at $95.47 U.S. per share.
