ABBOTT LABORATORIES

(ABT)
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Delayed Nyse  -  04:03 2022-08-18 pm EDT
109.96 USD   -0.53%
08/16Baby formula supplies improving, say U.S. retailers Walmart and Target
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08/16Walmart says baby formula availability improving in its stores
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08/12Abbott Laboratories to Invest $450 Million in Ireland, to Hire 1,000 Additional Staff
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FDA Expecting 250,000 Cans of Nestle Baby Formula in June, July

06/02/2022 | 09:28am EDT

By Chris Wack


The U.S. Food and Drug Administration on Thursday said it is expecting 249,500 cans of Nestle SA's NAN Supreme Pro 1 and NAN Supreme Pro 2 baby formula to be available in June and July.

The FDA said the U.S. Department of Health and Human Services is evaluating options for getting Nestle's products to the U.S. as quickly as possible.

The Nestle cans hold about 440,000 pounds of formula, or nearly 6.5 million full-size, 8-ounce bottles, the agency said.

The FDA said it is exercising enforcement discretion to import the infant formula products, following the review of nutritional adequacy and safety, as well as facility production and inspection. The FDA has encouraged overseas manufacturers to apply to ship their formula to the U.S., easing rules that had effectively prevented shipments from many such companies.

The agency said it remains in further discussions with manufacturers and suppliers regarding additional supply.

Baby formula has been in short supply for months partly because of supply-chain issues caused by the Covid-19 pandemic. Product recalls and a production halt by Abbott have exacerbated the shortages.

The FDA said it expects the potential for Abbott Laboratories' Sturgis, Mich., facility to safely resume production in the near-term to lead to additional supply. Abbott closed its Sturgis plant, which makes Similac and other brands, in February after the FDA said it found the presence of a germ called cronobacter sakazakii, which can be deadly in infants, in the factory.

The FDA said it continues to advise the public against making infant formulas at home or diluting formula.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

06-02-22 1128ET

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES -0.53% 109.96 Delayed Quote.-21.45%
NESTLÉ S.A. -0.38% 116.42 Delayed Quote.-8.30%
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08/16Baby formula supplies improving, say U.S. retailers Walmart and Target
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Financials (USD)
Sales 2022 42 541 M - -
Net income 2022 6 855 M - -
Net Debt 2022 6 183 M - -
P/E ratio 2022 28,6x
Yield 2022 1,70%
Capitalization 193 B 193 B -
EV / Sales 2022 4,67x
EV / Sales 2023 4,77x
Nbr of Employees 113 000
Free-Float 87,5%
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Number of Analysts 22
Last Close Price 109,96 $
Average target price 126,09 $
Spread / Average Target 14,7%
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Managers and Directors
Robert B. Ford Chairman, President, Chief Executive Officer & COO
Robert Emmett Funck Chief Financial Officer & Executive VP-Finance
Sabina Ewing Chief Investment Officer, VP-Business & Technology
Glenn Fletcher Tilton Independent Director
William A. Osborn Lead Independent Director
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