Abbott Labs Raises FY22 Earnings Guidance
July 20 2022 - 8:45AM
Dow Jones News
By Dean Seal
Abbott Laboratories raised its full-year earnings guidance after
posting a wider profit and 10% sales jump for the second
quarter.
The healthcare-products company said it expects adjusted
earnings of at least $4.90 a share this year, up from its previous
forecast of $4.70 a share.
The new forecast excludes $1.40 in intangible amortization and
costs related to the voluntary recall of certain infant formula
products made at one of its U.S. plants, among other one-time
expenses.
The guidance is based on a projected $6.1 billion in annual
sales related to Covid-19 testing, with most of that coming in the
first half of the year and another $500 million projected to follow
in the months ahead.
The revision comes after Abbott posted second-quarter earnings
and revenue well above Wall Street expectations.
"Our new product pipeline has remained highly productive, and
our diversified business has continued to be resilient in a
challenging macro environment," Chief Executive Robert Ford
said.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 20, 2022 08:30 ET (12:30 GMT)
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