July 20, 2017 / 12:35 PM / a year ago

UPDATE 1-Abbott raises full-year profit forecast

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July 20 (Reuters) - Abbott Laboratories on Thursday raised its full-year adjusted profit forecast as the diversified healthcare company gains from its $25 billion acquisition of St. Jude Medical.

The company raised its full-year adjusted earnings from continuing operations by 3 cents to a range of $2.43 per share to $2.53 per share.

Abbott’s second-quarter profit of 62 cents per share edged past estimates by 1 cent, according to Thomson Reuters I/B/E/S.

Net sales rose to $6.64 billion from $5.33 billion, in line with analysts’ average estimate. The company said sales growth was hurt by the implementation of a new tax regime in India.

More than half of Abbott’s revenue came from sales outside the United States in the latest quarter.

Sales in the medical devices business - Abbott’s largest division - surged about 89 percent to $2.60 billion on a reported basis. The unit includes devices sold by St. Jude Medical.

Net profit from continuing operations more than halved to $270 million, or 15 cents per share, in the second quarter ended June 30.

The company’s selling and general expenses rose 22.7 percent to $2.13 billion.

Reporting by Divya Grover in Bengaluru; Editing by Sriraj Kalluvila

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