Abbott Laboratories reported quarterly earnings roughly in line with Wall Street expectations and stuck to its 2012 profit view despite the harsh effects of the stronger dollar, in contrast to its larger rival Johnson & Johnson.

Global sales rose 2% to $9.81 billion, narrowly missing expectations of $9.84 billion. They would have risen 6.7% if not for the stronger dollar, which hurts the values of sales in overseas markets.

Quarterly results for J&J, which also derives much of its sales from outside the United States, were mauled by the strengthening dollar. The company on Tuesday trimmed its 2012 profit view due to a reversal in the dollar's direction.

But Abbott reaffirmed it expects full-year 2012 earnings, excluding special items, of $5.00 to $5.10 per share. That would reflect 9.4% growth from 2011 results. J&J expects flat results this year.

Jefferies and Co analyst Jeffrey Holford said he was impressed Abbott maintained its profit view "despite worsening currency headwinds."

The diversified healthcare company said on Wednesday it earned $1.73 billion, or $1.08 per share, in the second quarter. That compared with $1.94 billion, or $1.23 per share, in the year-earlier period, when Abbott recorded big tax-related gains.

Excluding special charges, Abbott earned $1.23 per share. Analysts, on average, expected $1.22 per share, according to Thomson Reuters I/B/E/S.

Sales of branded drugs rose 4.9% to $4.38 billion in the second quarter. Humira led the way, jumping 16.5% to $2.33 billion. Without the dollar's negative impact, sales would have surged 23%.

"Humira again beat consensus expectations by 3% on the back of impressive 23% operational growth," said Jefferies' Holford. He reaffirmed Abbott as his "top pick" among global pharmaceutical companies.

Humira, which treats rheumatoid arthritis, is expected this year to overtake Pfizer's Lipitor cholesterol fighter to become the world's top-selling medicine. But the injectable drug is facing growing competition from other arthritis treatments, including a pill being developed by Pfizer.

In October, Abbott announced plans to spin out its patent-protected branded medicines into a new publicly traded company called AbbVie. When completed by late 2012, it would be the largest-ever separation transaction in the healthcare sector.

The spinout is expected to be in the form of a tax-free distribution to Abbott shareholders of AbbVie shares. Abbott, left with its wide array of medical devices and diagnostics, nutritional products and generic medicines, would continue to be headed by longtime Chief Executive Miles White.

Sales of Androgel, a topical gel used to raise the levels of male hormone testosterone, rose almost 25% to $284 million.

The company's Xience heart stent posted sales of $400 million, a 2% increase.

Abbott's nutritional products showed strength, with sales growing 6.3% to $1.58 billion despite the foreign exchange hurdles.