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MarketScreener Homepage  >  Equities  >  Nyse  >  Abbott Laboratories    ABT

ABBOTT LABORATORIES

(ABT)
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Abbott Laboratories Gets Boost From U.S. Covid-19 Testing -- Update

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07/16/2020 | 10:20am EDT

By Matt Grossman

Abbott Laboratories recorded a surge in revenue in its U.S. diagnostics business during April, May and June, fueled by strong demand for the company's Covid-19 testing.

Revenue for the Abbott Park, Ill.-based medical company's U.S. diagnostics segment climbed 23.2% to $857 million. World-wide, Abbott's diagnostics business grew 4.7% to $1.99 billion.

Abbott provides testing related to Covid-19 on three different platforms. It offers both lab-based and on-site tests for current infections, and also provides a lab-based antibody test to check if a person was previously infected with the virus. A decline in testing services for other conditions tempered the segment's results, however.

Overall, sales decreased for Abbott as the pandemic disrupted demand for its medical devices used in procedures unrelated to the new coronavirus. Sales of medical devices fell 21.2% to $2.42 billion.

The company's revenue overall declined to $7.33 billion from the $7.98 billion recorded in last year's second quarter -- a decline of 8.2%, or 5.4% on an organic basis, which excluded the impact of foreign exchange. Analysts polled by FactSet had estimated quarterly revenue of $6.81 billion.

Sales for Abbott's pharmaceuticals business -- which serves international markets -- declined 8.6% in the quarter to $1.01 billion. Strong growth for the segment in China was offset in countries experiencing continued Covid-19 outbreaks such as Russia, Brazil and Colombia.

The company's overall profit declined to $537 million, or 30 cents a share, from $1.01 billion, or 56 cents a share, in the same period a year earlier.

Adjusted earnings were 57 cents a share. Analysts had forecast adjusted earnings of 42 cents a share.

Abbott also reinstated full-year guidance, forecasting adjusted earnings of at least $3.25 a share, with a spokesman attributing the outlook to momentum the company is beginning to register. Abbott had canceled previous guidance in April, citing uncertainty about the course of the pandemic.

 

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 1.61% 100.65 Delayed Quote.15.88%
EURO / BRAZILIAN REAL (EUR/BRL) 0.19% 6.4161 Delayed Quote.40.50%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) -0.43% 73.3836 Delayed Quote.17.89%
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Financials (USD)
Sales 2020 32 812 M - -
Net income 2020 3 903 M - -
Net Debt 2020 12 104 M - -
P/E ratio 2020 45,9x
Yield 2020 1,44%
Capitalization 178 B 178 B -
EV / Sales 2020 5,80x
EV / Sales 2021 5,21x
Nbr of Employees 107 000
Free-Float 88,8%
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Mean consensus OUTPERFORM
Number of Analysts 22
Average target price 105,94 $
Last Close Price 100,65 $
Spread / Highest target 24,2%
Spread / Average Target 5,26%
Spread / Lowest Target -20,5%
EPS Revisions
Managers
NameTitle
Robert B. Ford President, CEO, Chief Operating Officer & Director
Miles D. White Executive Chairman
Robert E. Funck Chief Financial Officer & Executive Vice President
Roxanne Schuh Austin Independent Director
Samuel C. Scott Independent Director
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