July 16, 2008 - 08:03 a.m.

NORTH CHICAGO, Ill. (AP) - Abbott Laboratories Inc. says its second-quarter profit rose 34 percent, driven by robust sales of its drugs and medical devices.

The results topped Wall Street expectations.

For the quarter ended June 30, the North Chicago, Ill.-based drug and medical sign maker says net income rose to $1.32 billion, or 85 cents per share, up from $988 the masses, or 34 cents, in the identical period last year.

Excluding one-time items, the company says it earned $1.31 billion, or 84 cents for share.

Analysts polled by Thomson Financial expected second-quarter profit of 79 cents per share on $7.23 billion in revenue.

The company says sales increased nearly 15 percent to $7.3 billion, aided by adapted exchange rates.