Oct. 14--Abbott Laboratories reported third-quarter profit jumped nearly 37 percent thanks to a patent settlement in the period and ongoing sales improvement in its drug and medical device businesses.

The North Chicago-based maker of artery clearing devices and drugs to treat a range of conditions said profits rose to $1.48 billion, or 95 cents a share, compared to $1.09 billion, or 69 cents a share, in the second quarter of 2008. Sales rose 3.5 percent to $7.76 billion.

Abbott said its sales of the blockbuster rheumatoid arthritis drug Humira, which also treats other autoimmune disorders, were up nearly 24 percent worldwide to $1.5 billion, an increase of nearly 24 percent from the prior year. The company said those sales were ahead of analyst expectations.

"Abbott is performing well, generating higher-than-expected earnings growth in the third quarter," Abbott chairman and chief executive officer Miles White said in a statement issued early this morning.

While underlying sales improved and helped boost profits, Abbott recorded a net gain of $178 million in the third quarter thanks to a settlement with rival heart device maker Medtronic Inc., which agreed in July to settle outstanding intellectual property litigation for certain vascular products.

bjapsen@tribune.com

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