Abbott Laboratories' quarterly results beat estimates and the company raised its full-year earnings forecast on Wednesday, as a string of recent deals and medical device approvals help spur growth in its largest unit.
The company has acquired several rivals this year, including Alere and Little Canada-based St. Jude Medical, to bolster its medical devices business, and favorable tax laws in India are boosting its generics business.
The company's shares rose 1.3 percent, closing at $55.77.
Strength in medical devices pulled this quarter, while recent product approvals put Abbott in a good position, said Jefferies analyst Raj Denhoy.
Sales in the medical devices business rose 6.5 percent to $2.60 billion, accounting for more than a third of total sales.
The generics unit, which sells drugs in emerging markets, brought in sales of $1.17 billion, up 16 percent.
Sales in India, a key market for the company, were helped as the implementation of the new Goods and Services Tax prompted inventory restocking.
Abbott said it now expects full-year adjusted 2017 profit from continuing operations of $2.48-$2.50 per share, compared with its previous range of $2.43-$2.53.
