Abbot Laboratories 1Q Revenue Grows on Covid-19-Testing Efforts

By Matt Grossman

Abbott Laboratories on Tuesday posted stronger revenue and sales in the first quarter as contributions from its Covid-19-testing services drove higher diagnostics revenue.

The Abbott Park, Ill.-based healthcare-products company logged diluted earnings of $1 a share, up from 31 cents a share in the same three-month period a year earlier. The company's net earnings grew to $1.79 billion, from $564 million in the year-ago period.

Abbott's adjusted profit was $1.32 a share. Analysts surveyed by FactSet had forecast an adjusted profit of $1.27 a share.

Revenue grew by 35%, to $10.46 billion, from $7.73 billion a year earlier. Analysts were expecting revenue of $10.69 billion

Driven by the company's role in providing Covid-19 testing, Abbott's diagnostics revenue more than doubled, to $4.01 billion.

Nutrition sales grew 6.9%, to $2.04 billion. Sales of established pharmaceuticals improved by 2.5%, to $1.07 billion. Medical-devices revenue grew by 13%, to $3.32 billion.

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

(END) Dow Jones Newswires

April 20, 2021 08:04 ET (12:04 GMT)

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