Abbott Laboratories’ Profit Rises 12%

Abbott Laboratories’ second-quarter profit rose 12% as the company cut its research and interest expenses and sold more of its Kaletra HIV medicine and Flomax prostate drug.

Net income rose to $592.3 million, or 38 cents a share. Sales rose 5.3% to $4.32 billion.

Abbott last month cut its 2002 profit forecast, citing slowing sales of its Meridia obesity drug, and analysts said sales growth for the second quarter still fell short of some estimates.

Shares of Abbott Park, Ill.-based Abbott fell $2.01, or 6%, to $31.65 on the NYSE.