Abbott Labs Posts 4Q Sales Growth, Beats Expectations

By Matt Grossman

Abbott Laboratories recorded greater sales year over year in the fourth quarter, with growth contributions from its diagnostics, nutrition and medical-device businesses adding to earnings that beat analysts' expectations.

The Abbott Park, Ill.-based medical-products company logged earnings of $1.11 a share, down from $1.20 a share 12 months earlier. Net earnings were $1.99 billion, down from $2.16 billion in 2020's fourth quarter.

Adjusted earnings were $1.32 a share. Analysts polled by FactSet had forecast adjusted earnings of $1.21 a share.

Revenue rose to $11.47 billion from $10.7 billion 12 months ago. Analysts were expecting revenue of $10.71 billion

Nutrition sales rose 5.5% to $2.04 billion. Diagnostics sales were up 2.9% to $4.47 billion. Medical-device revenue rose 15% to $3.75 billion.

World-wide Covid-19 testing sales were $2.3 billion in the quarter, including $2.1 billion of sales from Abbott's BinaxNow, Panbio and ID NOW brands. Abbott's total Covid-19 testing sales were $7.7 billion last year. The company said it has distributed 1.4 billion Covid-19 tests since the start of the pandemic.

Write to Matt Grossman at matt.grossman@wsj.com

(END) Dow Jones Newswires

January 26, 2022 08:06 ET (13:06 GMT)

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