Abbott sees double-digit growth in first quarter

Abbott has experienced a better-than-expected growth rate during the first quarter of 2011, with global sales advancing by 17.4 percent compared to Q1 2010.

The healthcare company generated just over $9 billion (5.44 billion pounds) during the three-month period, with its Durable Growth, Proprietary Pharmaceuticals and Innovation-Driven Devices divisions all seeing double-digit increases.

Business highlights for the quarter included the launch of products such as the Trek coronary balloon system, the Biothreat Assay for the Plex-ID system and a number of molecular diagnostic tests.

Miles White, chairman and chief executive officer of Abbott, said these achievements are reflective of "healthy performance across our global operations, including continued rapid growth in emerging markets".

As a result, the company has confirmed its earnings outlook for 2011 as a whole, which estimates that growth of around ten percent compared to 2010 will be achieved.

Earlier this month, the company published new clinical data for its Absorb bioresorbable vascular scaffold, showing its effectiveness in preventing major adverse cardiac events and blood clots.