ABBOTT PARK, Illinois (AP) — Abbott Laboratories reported a first-quarter profit of $1.23 billion Wednesday.

The company, based in Abbott Park, Illinois, posted net income of 70 cents per share. Earnings, adjusted for one-time gains and costs, were 98 cents per share.

The results surpassed Wall Street expectations by 2 cents, according to Zacks Investment Research.

The maker of infant formula, medical devices and drugs posted revenue of $9.96 billion in the period, also beating analyst forecasts of $9.85 billion.

Abbott raised the low end of its full-year earnings forecast by five cents. It now expects earnings in the range of $4.55 to $4.70 per share.

Abbott shares, up 10% this year, fell more than 3% Wednesday.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ABT at https://www.zacks.com/ap/ABT