Abbott Laboratories reported better than expected quarterly earnings despite disrupted sales of its infant formulas in China, helped by cost cuts and lower taxes.
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The company, which spun off its branded prescription drugs business in January into a separate publicly traded company called AbbVie Inc, on Wednesday reported third-quarter earnings from continuing operations of $773 million, or 49 cents per share. That compared with $339 million, or 21 cents per share, in the year-earlier period.
Excluding special items, Abbott earned 55 cents per share. Analysts, on average, had expected 51 cents per share.