WASHINGTON (AP) — Medical device and drugmaker Abbott Laboratories says its profit increased more than 12 percent in the fourth-quarter on double-digit sales growth of its top-selling drug Humira.
Abbott reported net income of $1.62 billion, or $1.02 per share, for the last three months of 2011. That's up from $1.44 billion, or 92 cents per share, in the prior-year period.
Excluding one-time items the company earned $1.45 per share. Analysts polled by FactSet expected $1.44 per share.
Revenue rose to $10.4 billion. Analysts expected revenue of $10.6 billion.
In October, Abbott said that it would spin off its branded drug business into a separate company. The split is expected before the end of the year.
As in prior quarters, top-selling anti-inflammatory drug Humira dominated the company's results, contributing over 20 percent of sales.