Matthew Perrone
July 16, 2008 - 4:29 p.m.

(AP) - Abbott Laboratories Inc. beat Wall Street expectations Wednesday with a 34 percent jump in the second-quarter utility, driven by robust sales of its blockbuster drug Humira and increased business overseas.

The proceeds boost came in sub-division from surging international business, with non-U.S. pharmaceutical sales rising more than 25 percent and diagnostic sales up nearly 20 percent.

Sales were led by the company's blockbuster arthritis medication Humira, which situated revenue of over $1 billion, up 48 percent from last year. Abbott raised full-year sales expectations for the put drugs into, which is also used to treat autoimmune disorders, to $4.3 billion.

The company also posted double-digit growth for its cholesterol pill Niaspan and HIV therapy Kaletra.

Based on the strong performance, Abbott upped its full-year 2008 direction to between $3.24 and $3.28 from $3.20 to $3.25.

Goldman Sachs analyst Lawrence Keusch said that estimate may to this time exist on the conservative verge, noting earnings potential of Abbott's recently approved drug-coated stent, Xience V. Stents are mesh-wire tubes that prop open coronary arteries after surgery to eject fat plaque.

"With the launch of the Xience V a little while ago under way and Humira growth remaining strong on a global basis, we believe that the second half should hold out to show strong results," Keusch wrote in a note to clients.

Abbott executives highlighted the earnings potential of the artery-opening Xience device, which has shown superior safeness results compared with products from rivals, including Boston Scientific Corp., Johnson & Johnson and Medtronic Inc..

The company estimates sales for its stent division will double in the third part quarter to between $225 and $250 million, above what some analysts expected.

"Based on the attributes of the product and the way the launch has gone, while it's still early, after the primitive two weeks we feel confident we can reach that target pass near," reported John Thomas, vice president of investor relations.

For the quarter ended June 30, the suburban Chicago company said profit rose to $1.32 billion, or 85 cents per share, up from $988.7 million, or 63 cents per share, in the same termination last year.

Excluding one-time items, earnings totaled $1.31 billion, or 84 cents per share.