Abbott Labs' first quarter 2010 profits plunge, but forecasts double-digit ongoing earnings growth in 2010; completes Facet buy

US health care major Abbott Laboratories reported first-quarter 20110 earnings of $1 billion, or $0.64 per share, down around 30% from the $1.44 billion, or $0.92 per share, in the same period last year, with the downturn reflecting a $505 million gain in the like 2009 quarter resulting from Abbott's sale of its joint venture with Takeda Pharmaceuticals to the Japanese partner.

However, Abbott pointed out that diluted earnings per share, excluding specified items, were $0.81, reflecting 11.0% growth, at the high end of Abbott's previously issued guidance range of $0.79 to $0.81. Excluding an unfavorable $0.03 per share impact from US health care reform, first quarter ongoing earnings per share would have, the firm noted. Analysts polled by Thomson Reuters forecast a profit of $0.80 per share on revenue of $7.73 billion. Analysts typically exclude one-time items from their estimates.

Pleases analysts