Abbott Laboratories 3Q Profit, Sales Rise on Covid-19 Testing
October 21 2020 - 08:26AM
Dow Jones News
By Dave Sebastian
Abbott Laboratories said its profit and sales for the September
quarter grew due to demand for Covid-19 tests.
The Abbott Park, Ill.-based health-care products company on
Wednesday recorded a third-quarter profit of $1.23 billion, or 69
cents a share, compared with $960 million, or 53 cents a share, in
the same quarter last year.
Adjusted earnings from continuing operations were 98 cents a
share. Analysts polled by FactSet were expecting adjusted earnings
of 91 cents a share.
Sales were $8.85 billion, up 9.6% from the year-ago period.
Analysts were looking for $8.54 billion.
The company's diagnostics sales rose 38.2% to $2.64 billion,
with Covid-19 testing-related sales of $881 million. The company in
August received an emergency use authorization from the U.S. Food
and Drug Administration for a Covid-19 rapid test.
Sales in its medical-devices segment rose 3.4% to $3.17 billion,
and those in the nutrition segment rose 2.6% to $1.92 billion.
Sales in the established pharmaceuticals segment fell 9.3% to $1.1
billion.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
October 21, 2020 08:11 ET (12:11 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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