For the three months ended June 30, Abbott posted profits of $733 million, or 41¢ per share, on sales of $7.77 billion. The company saw its quarterly profits grow 159% on sales growth of 17% compared with Q2 2017.
Adjusted to exclude one-time items, earnings per share were 73¢, ahead of estimates on Wall Street where analysts were looking for sales of $7.71 billion.
Helping to boost Abbott’s success was its diabetes business, which posted sales of $470 million thanks in part to the “continued rapid market uptake” of its FreeStyle Libre sensor-based continuous glucose monitoring system.
Sales for Abbott’s diabetes unit were up 39.8% in Q2 compared to the same period last year, the company reported.
The company also landed a regulatory and reimbursement win for its latest drug-eluting coronary stent system, Xience Sierra. In May, the device won FDA approval in the U.S. and national reimbursement in Japan.
Abbott raised its full-year outlook, reporting that it expects to post adjusted EPS of $2.85 to $2.91 this year. Chief executive Miles White said in prepared remarks that he anticipates “continued strong performance” from the company.
ABT shares were trading at $64.54 apiece in mid-morning activity today, up 2.8%.