ABBOTT LABORATORIES

(ABT)
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Delayed Nyse  -  04:04 2022-08-12 pm EDT
111.48 USD   +0.90%
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FDA to Allow Import of 1.3M Cans of Gerber Baby Formula Starting in July

06/03/2022 | 12:12pm EDT

By Will Feuer


The U.S. Food and Drug Administration said it is allowing the importation of about 1.3 million cans of Gerber Good Start Gentle baby formula from Mexico, with delivery expected to begin in July.

Government officials and formula manufacturers are working to address a nationwide shortage that in recent months has resulted in empty shelves at some stores. Causes for the shortage include pandemic-related supply-chain snarls, a February recall by Abbott, as well as the closing of one of its factories.

The FDA said Friday the U.S. Department of Health and Human Services is evaluating options for getting the 1.3 million cans of Gerber formula to the U.S. as quickly as possible. Gerber is owned by Nestlé SA.

The FDA added that it is also looking elsewhere to bolster the supply of formula. It said it is in discussions with manufacturers and suppliers regarding additional supply.

"The FDA will continue to dedicate all available resources to help ensure that safe and nutritious infant formula products remain available for use in the U.S. and will keep the public informed of progress updates," the agency said.


Write to Will Feuer at Will.Feuer@wsj.com


(END) Dow Jones Newswires

06-03-22 1211ET

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 0.90% 111.48 Delayed Quote.-20.79%
NESTLÉ S.A. -0.52% 114.58 Delayed Quote.-10.09%
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08/12Abbott Laboratories to Invest $450 Million in Ireland, to Hire 1,000 Additional Staff
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07/27UBS Adjusts Abbott Laboratories Price Target to $128 From $142, Maintains Buy Rating
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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 29,0x
Yield 2022 1,68%
Capitalization 195 B 195 B -
EV / Sales 2022 4,73x
EV / Sales 2023 4,83x
Nbr of Employees 113 000
Free-Float 87,5%
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Mean consensus BUY
Number of Analysts 22
Last Close Price 111,48 $
Average target price 126,09 $
Spread / Average Target 13,1%
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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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