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Abbott Laboratories (ABT US): Beat-And-Raise Q3; COVID Testing Sales Dragged; Shares Hit 52-Week Low
164 Views20 Oct 2022 17:35
SUMMARY
- Abbott Laboratories (ABT US) reported Q3 results, with total revenue declining 5% y/y, negatively impacted by double-digit decline in nutrition revenue and mid-single-digit decline in diagnostics revenue.
- Global COVID-19 testing-related sales were $1.7 billion in Q3 2022, significantly above expectation but down 11% compared to $1.9 billion in Q3 2021.
- Abbott raised its full-year adjusted EPS guidance to $5.17–5.23 (-0.8–0.4% y/y) from $4.90 earlier and around 10% higher from the initial guidance provided in January.
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Tina Banerjee
Global Healthcare Analyst
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