Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Nyse  >  Abbott Laboratories    ABT

ABBOTT LABORATORIES

(ABT)
  Report
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsPress ReleasesOfficial PublicationsSector newsMarketScreener StrategiesAnalyst Recommendations

Abbott Laboratories : White House Unveils Deal to Buy Rapid Tests From Abbott

share with twitter share with LinkedIn share with facebook
08/28/2020 | 03:48am EDT

By Rebecca Ballhaus

The Trump administration unveiled Thursday a $750 million deal to buy 150 million rapid Covid-19 tests from Abbott Laboratories, a move that would substantially expand the nation's capacity for rapid testing.

The Food and Drug Administration on Wednesday granted emergency-use authorization to the company for a $5 rapid-response Covid-19 antigen test that is roughly the size of a credit card. The test could be administered in a doctor's or school nurse's office and uses technology similar to home pregnancy tests. It returns results in about 15 minutes.

"This is a major development that will help our country to remain open, get Americans back to work and kids back to school," White House senior adviser Alyssa Farah said.

The White House announcement comes as President Trump is expected to tout his response to the pandemic that has claimed roughly 180,000 American lives in his speech Thursday at the Republican National Convention, where he will formally accept the party's presidential nomination for the second time.

Abbott said Wednesday it plans to ship tens of millions of the tests in September and expects to increase production to 50 million tests in October. The October total would be roughly double the number of tests performed in the U.S. in July.

Abbott said its data show the new antigen test has demonstrated sensitivity -- the percent of positive cases a test accurately detects -- of about 97%. Rapid antigen tests are generally thought to be less sensitive than lab-based PCR tests.

The White House has long used a different rapid test created by Abbott to test the president and those who come into contact with him. The company has come under scrutiny for that test. It was forced to revise instructions for use of the test when a preliminary study by a major medical center found that it frequently gave false negative results.

Abbott shares rose almost 8% Thursday, boosted by the emergency-use authorization and news of the large White House purchase.

Write to Rebecca Ballhaus at Rebecca.Ballhaus@wsj.com

 


share with twitter share with LinkedIn share with facebook
All news about ABBOTT LABORATORIES
10/23GLOBAL MARKETS LIVE : Intel, Mattel, Nordea…
10/22Quest raises profit forecast as COVID-19 tests demand to jump
RE
10/22ABBOTT LABORATORIES : Reports third-quarter 2020 results, achieves strong double..
AQ
10/21ABBOTT LABORATORIES : Raises 2020 Earnings Guidance
DJ
10/21ABBOTT LABORATORIES : 3Q Profit, Sales Rise on Covid-19 Testing
DJ
10/21Abbott says COVID-19 test demand to grow in 2021
RE
10/21ABBOTT : 3Q Earnings Snapshot
AQ
10/21ABBOTT LABORATORIES : Results of Operations and Financial Condition, Financial S..
AQ
10/21Abbott quarterly profit rises 28.3% on strong sales of COVID-19 tests
RE
10/21ABBOTT : Reports Third-Quarter 2020 Results; Achieves Strong Double-Digit Earnin..
PR
More news
Financials (USD)
Sales 2020 33 885 M - -
Net income 2020 4 415 M - -
Net Debt 2020 11 438 M - -
P/E ratio 2020 44,0x
Yield 2020 1,34%
Capitalization 191 B 191 B -
EV / Sales 2020 5,97x
EV / Sales 2021 5,21x
Nbr of Employees 107 000
Free-Float 88,8%
Chart ABBOTT LABORATORIES
Duration : Period :
Abbott Laboratories Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends ABBOTT LABORATORIES
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 117,78 $
Last Close Price 107,79 $
Spread / Highest target 20,6%
Spread / Average Target 9,27%
Spread / Lowest Target -23,9%
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
Sector and Competitors
1st jan.Capitalization (M$)
ABBOTT LABORATORIES24.10%190 845
MEDTRONIC PLC-1.79%149 794
BECTON, DICKINSON AND COMPANY-11.65%69 650
HOYA CORPORATION12.78%42 617
BAXTER INTERNATIONAL INC.-3.03%41 050
DEXCOM, INC.87.89%39 350