Abbott Laboratories Q2 Profit Surges 50%

Abbott Laboratories reported Wednesday a profit for the second quarter that surged 50% from last year, boosted largely by a significant tax benefit and sales growth. This was partially offset by higher operating costs, mainly for research and development.

Excluding items, ongoing earnings per share for the quarter grew 11% and topped analysts' expectations by a penny. The company also raised its ongoing earnings forecast for the full-year 2011, citing the strong performance to date.

The Abbott Park, Ill.-based drug maker reported net earnings of $1.94 billion or $1.23 per share for the second quarter, sharply higher than $1.29 billion or $0.83 per share in the prior-year quarter.

The results for the latest quarter primarily included a tax resolution benefit of $519 million or $0.33 per share, and $173 million or $0.11 per share charge related to acquisition.