Abbott reports $5.1 billion in third-quarter worldwide sales

Abbott reported worldwide sales revenues of $5.1 billion from continuing operations in its third quarter, marking a 6.7% increase on an operational basis and a 5.8% increase on a reported basis compared with the third quarter of 2013.

Third-quarter diluted earnings per share increased by 12.7% from the previous year to $0.62, excluding certain items according to a company press release. This growth was above the previous guidance range of $0.59 to $0.61 and includes results from the developed markets branded generics pharmaceuticals business.

Quarterly net earnings from continuing operations totaled $538 million, compared with $966 million 1 year ago. The difference was attributed to a tax on earnings from continuing operations of $278 million, according to the release.

Cataract product sales, which account for almost 70% of the company’s sales, increased by double digits, according to the release. This was attributed to recently launched IOLs and continued market penetration of the Catalys Precision Laser System.

The company reported its worldwide medical optics sales increased by 9% on an operational basis and by 8.3% on a reported basis from the same quarter in 2013, which includes a 0.7% unfavorable effect from foreign exchange.

In September, Abbott’s board of directors authorized the repurchase of up to $3 billion of the company’s common shares, as allowed by market conditions and subject to regulatory considerations, according to the release. The company also declared its quarterly dividend is $0.22 per share, which will be payable on Nov. 15 to shareholders of record at the close of business on Oct. 15.