Abbott Laboratories Cuts 700 Jobs, Even as Profits Rise

Medical device and drugmaker Abbott Laboratories said Wednesday it will lay off 700 employees as part of ongoing restructuring efforts. A company spokeswoman said most of the layoffs will affect employees who manufacture the company’s heart stents and diagnostic tests. Abbott has seen a decline in orders for artery-opening stents, ahead of the expiration of a supply agreement with medical device rival Boston Scientific Corp. Abbott currently sells a version of its Xience stent to Boston Scientific, which pays a 40 percent royalty on sales. Boston Scientific recently replaced that device with its own in-house stent, Promus Element.