Drug maker Abbott Laboratories (NYSE:ABT) announced that third quarter profit was higher on Wednesday, beating analyst estimates, though revenue fell. Profit was $1.9 billion, or $1.21 per share, up from $303 million, or 19 cents per share, in the same period last year. Excluding one time items, profit was $1.30 per share. Revenue fell by less than one percent to $9.77 billion from $9.82 billion, while analysts had expected earnings of $1.28 per share, on revenue of $9.94 billion.
Shares are lower by over 3.5 percent.
Rival Merck (NYSE:MRK) will announce earnings on October 26, with analysts expecting the company to report earnings of 92 cents a share on $11.61 billion in revenue.
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