Abbott posts 29.7 percent rise in quarterly sales

Abbott Labs beats Street on top and bottom line

Diversified healthcare company Abbott Laboratories reported a 29.7 percent rise in quarterly sales on Wednesday, driven by its $25 billion acquisition of St. Jude Medical.

Net sales of the company, which consummated its acquisition of St. Jude Medical earlier this year, rose to $6.34 billion from $4.89 billion.

Net profit from continuing operations came in at $843 million, or 22 cents per share, in the first quarter ended March 31, compared with $615 million, or 4 cents per share, a year earlier. The results also reflect St. Jude's year-over-year results.

Last week, Abbott agreed to buy troubled diagnostics company Alere at a lower price of around $5.30 billion, down from the about $5.80 billion announced in February last year, ending a prolonged legal battle.