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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