It's not necessarily easy to see, but Abbott Labs (NYSE:ABT) did manage to produce a pretty good quarter this time around. And with a fairly promising pipeline, a rejuvenation of growth could certainly be in the cards.

Results for this quarter at Abbott are screwed up by not only by charges and items relating to its part of the Guidant acquisition, but also by the unwinding of a distribution deal with Boehringer Ingelheim. Nevertheless, sales grew more than 12% (as opposed to the reported figure) with solid performance in both the pharmaceutical and device businesses. Nutrition was also no slouch, delivering double-digit growth as well.

On the pharmacy side of the aisle, total growth was better than 9% when adjusted for the aforementioned distribution deal. Growth was led once again by HUMIRA (where revenue was up over 50%) and Depakote, though these two leading drugs only add up to about one-quarter of the company's total drug money.

On the device side, results were boosted by the inclusion of the new Guidant business, as well as underlying growth in the diagnostics, diabetes, and vascular sealing franchises. What's more, the company announced that it had begun the PMA filing process for its first drug-coated stent (the Xience).

As we've learned from companies ranging from Merck (NYSE:MRK) to Boston Scientific (NYSE:BSX), though, you're only as good as the next few products in the hopper. To that end, the company announced a partnership with AstraZeneca (NYSE:AZN) on a cholesterol pill that could someday conceivably rival the Schering Plough (NYSE:SGP)-Merck partnership on Vytorin. Moreover, the company continues to move ahead with it's own continuous glucose monitor to challenge Medtronic (NYSE:MDT), as well as more advanced drug-coated stents including a two-drug model (the ZoDiac) and a bioabsorbable product as well.

I've mentioned before that Abbott is a stock that historically has been pretty reliable about giving investors chances to buy in at valuations near the low-end of the range. Now isn't one of those times. I do still believe that Abbott is moderately undervalued and likely to be a worthwhile long-term holding, but I'd rather wait for the next swoon to add shares.

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).