Abbott reports further growth in second quarter of 2016

Abbott has announced its financial results for the second quarter of 2016, during which it generated worldwide sales of $5.3 billion (4.05 billion pounds).

This represented a 3.2 percent year-on-year increase on a reported basis and a 6.4 percent rise in operational terms, with this operational growth reflected across all of its key business units, including nutrition, diagnostics, pharmaceuticals and medical devices.

Key highlights of the quarter included the US approval of the Absorb dissolvable heart stent and Tecnis Symfony intraocular lenses, as well as the global launch of AlinIQ, its new informatics solution for diagnostics laboratories.

The firm also agreed a deal in April to acquire St. Jude Medical, a transaction that will create a new leader in the medical devices field, with a competitive portfolio of cardiovascular, neuromodulation, diabetes and vision care offerings.

Miles White, chairman and chief executive officer of Abbott, said: "We're particularly pleased with the steady cadence of new product approvals and recent launches that are contributing to growth, including FreeStyle Libre, MitraClip, Absorb and Symfony."

Abbott projects earnings per share from continuing operations between $1.26 and $1.36 for the 2016 full-year period.