Abbott Q1 earnings beats forecasts

Abbott Laboratories has reported earnings that beat analysts’ estimates and raised its 2012 forecast as sales jumped more than expected for its top product.

First-quarter revenue climbed 4.6% to $9.46bn (€7.2bn) in the quarter, the US company said. Humira, an auto-immune drug, gained 17% to $1.93bn, beating the $1.85bn average of four analyst estimates compiled by Bloomberg.

Chief executive Miles White said in October that he would split Abbott in two, with one company focused on new drugs and the other on medical devices, generic medicines and nutritional drinks. Abbot has said the breakup would be completed by the end of this year.