The Associated Press
July 16, 2008 - 9:40 a.m.

NORTH CHICAGO, Ill. - Abbott Laboratories Inc. has reported a 34 per cent rise in second-quarter profit, driven through stalwart sales of its drugs and medical devices.

The results released Wednesday topped Wall Street expectations.

For the quarter ended June 30, the North Chicago, Ill.-based company said net income rose to $1.32 billion, or 85 cents per share, from $988.7 million, or 63 cents, in the same period last year.

Sales increased nearly 15 per cent to $7.3 billion, aided by favourable exchange rates.

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

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