Abbott’s 3rd-Quarter Profit Meets Forecasts

Abbott Laboratories Inc. said third-quarter operating profit rose 5% to $686 million, or 44 cents a share, meeting Wall Street’s forecasts. Sales jumped 26% to $4.18 billion, helped by a 57% rise in global drug sales.

The results exclude 4 cents in charges related to the $6.9-billion acquisition of Knoll Pharmaceuticals earlier this year.

Abbott traditionally has focused on medical devices and diagnostic products but is in the process of bolstering its pharmaceutical business.

The company said it expects to take another charge of 4 cents in the fourth quarter as it continues to digest the Knoll purchase. However, it confirmed earlier earnings guidance of 52 cents for the fourth quarter, with sales growth of more than 20%. It also forecast 2002 earnings of $2.24 to $2.26, meeting analysts’ projections.

Shares of Chicago-based Abbott rose $1.62 to close at $52.65 on the NYSE.