Abbott reports growth in third quarter of 2012

Abbott has published its financial results for the third quarter of 2012, reporting a strong performance in challenging economic conditions.

The company's sales total for the period came to $9.77 billion (6.08 billion pounds), representing a year-on-year increase of 4.1 percent in operational terms, while diluted earnings per share grew above expectations by 10.2 percent.

Key highlights include the launch of products such as the Xience Xpedition stent and Absorb bioresorbable scaffold, as well as the approval of several other drugs and the initiation of a phase III clinical study of a new hepatitis C therapy.

Miles White, chairman and chief executive officer at Abbott, said: "There were several product launches across pharmaceuticals, vascular and diagnostics, which will contribute to future growth."

The company remains on track to separate into two separate units on January 1st 2013, with the Abbott name to be retained by its diversified medical products division, while the pharmaceuticals operation will take on the name AbbVie.

Mr White will continue to lead Abbott and Richard Gonzalez has agreed to head up the new AbbVie company.