Abbott Labs (NYSE: ABT) saw adjusted earnings increase 13.5% year over year in the second quarter. Not bad for a large diversified health-care company with a solid dividend.

But wait, it gets better. Revenue skyrocketed nearly 18%. Normally I'd be worried about the bottom line growing slower than the top line, as it can be a sign of operational inefficiencies that investors shouldn't tolerate.

In Abbott's case though, the disparity may be a good sign. The company acquired Solvay Pharmaceuticals in the first quarter, but apparently hasn't done much in terms of integrating the two companies. There are bound to be synergies that reduce costs and increase profits. Unlike Pfizer's (NYSE: PFE) acquisition of Wyeth or Merck's (NYSE: MRK) purchase of Schering-Plough, the acquisition of Solvay was considerably smaller. There may be fewer synergies available, but the integration should be less complicated.

While I expect Abbott will be able to decrease expenses as the integration continues, investors need to keep an eye on the company's operating margins. The acquisition of Solvay came with exposure to developing countries, and Abbott has expanded its presence in emerging markets, joining pharma companies GlaxoSmithKline (NYSE: GSK), sanofi-aventis (NYSE: SNY), and Pfizer. If sales in developing counties are coming at reduced margins, the trend toward lower margins may not reverse itself.

While some investors will argue that some profit in developing countries is better than none, giving up high margins -- one of the main attractions to drug companies -- isn't particularly appealing to me. There's only a limited amount of capital to foster growth, and Abbott would be better served purchasing operations with high-margin products rather than expanding into areas where it can't sell its products for as much.