Drug and medical device maker Abbott Laboratories says its third-quarter net income dropped 40 percent on costs connected with its purchase of Belgian drugmaker Solvay Pharmaceuticals and its recall of the diabetes drug Meridia.The North Chicago, Ill., company earned $891 million, or 57 cents per share, down from $1.48 billion, or 95 cents per share, a year ago. Excluding costs related to Solvay and the Meridia withdrawal, Abbott says its profit totaled $1.05 per share. Analysts polled by Thomson Reuters expected a profit of $1.04 per share.
Revenue rose 12 percent to $8.68 billion from $7.76 billion, as sales of the rheumatoid arthritis drug Humira climbed 13 percent. Analysts were expecting $8.92 billion, on average.
