Bloomberg News

Shares of Abbott Laboratories (ABT - Get Report) were down 2.8% in trading Wednesday despite the drug company and medical device maker reporting first-quarter earnings that topped its own forecast. 

Abbott reported adjusted earnings of 63 cents per share on revenue of $7.5 billion, a 2% year-over-year increase. 

Analysts polled by FactSet were expecting the company to report earnings of 61 cents per share on revenue of $7.48 billion. 

"We're right on track with our expectations to start the year," said Abbott's Chairman and CEO Miles D. White. "All of our key long-term growth drivers are performing well and we're targeting another year of strong sales and earnings growth."

The company reported a 5.5% increase in worldwide medical device sales, led by double-digit growth in its electrophysiology, heart failure, structural heart and diabetes care devices.

For the year, the company expects to earn between $3.15 and $3.25 per share, which is in line with Wall Street's $3.21 guidance. For the second quarter, the company expects to earn between 79 cents and 81 cents per share, also in line with analysts' expectations of 80 cents.

Abbott Laboratories is a key holding in Jim Cramer's Action Alerts PLUS charitable trust