Abbott reports strong second-quarter results

Abbott has experienced a strong business performance in the second quarter of 2012, with worldwide sales increasing by two percent year on year on a reported basis.

Excluding the impact of foreign exchange, the company's $4.18 billion (2.66 billion pounds) total was 6.7 percent ahead of its Q2 2011 performance, while its gross margin improved by a significant degree.

Miles White, chairman and chief executive officer (CEO) at Abbott, said: "During the second quarter, we launched and advanced numerous projects in our promising, broad-based pipeline and achieved key milestones in the separation process."

The company also remains on track to achieve its goal of separating into two independent companies by the end of the year.

Its research-based pharmaceuticals division will become AbbVie and will handle its current portfolio of proprietary pharmaceuticals and biologics, while its medical products business will retain the Abbott name.

Mr White will lead the new-look Abbott organisation, while Richard Gonzalez will be appointed chairman and CEO of AbbVie.