OCT 24, 2016
The Chicago-based company reported a net loss of $329 million due primarily to a drop in the share price of EpiPen maker Mylan, which Abbott owns an approximate 13% stake.
Despite the disappointing news, Abbott reported a 4% increase in operational sales, fueled in part by strong growth in premium IOL sales. Sales for the Medical Optics division totaled $296 million, a 2.5% increase on an operational basis.
The sale of Abbott Medical Optics to Johnson & Johnson for $4.325 billion is expected to close in the first quarter of 2017, subject to customary closing conditions, including regulatory approvals.