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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Roche Holding AG    ROG   CH0012032048


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Abbott says COVID-19 test demand to grow in 2021

10/21/2020 | 07:42am EST

Oct 21 (Reuters) - Abbott Laboratories said it expects demand for its COVID-19 tests to grow in 2021 even if a vaccine is developed and for the business to eventually stabilize into a lucrative new franchise.

It made the comments during its quarterly investor update, where it raised its 2020 profit forecast on strong COVID-19 testing revenues and a recovery in its medical device business as patients opt for surgeries they had put off due to the pandemic.

COVID-19 testing, which earned Abbott $881 million in sales in the most recent quarter, will eventually become a stable franchise for Abbott like its influenza tests, Chief Executive Robert Ford said during Abbott's earnings call.

The pandemic is creating new relationships with airports, retailers and doctors offices, which will continue to purchase its tests, he said.

Demand for molecular diagnostic tests may decline once people receive COVID-19 vaccines but antibody tests, which detect past infections, could get a boost, he said.

The company said sales in its medical devices unit rose about 3% from the prior quarter to $3.17 billion, as its cardiovascular and neuromodulation businesses improved. Sales in its diagnostics unit jumped nearly 39% to $2.64 billion.

For an interactive graphic on Abbott's segment sales growth, click here: (https://tmsnrt.rs/35fJzY2)

Abbott has U.S. authorization for several tests including one in August for a $5 portable antigen test called BinaxNOW that can deliver results in 15 minutes. It released a rapid test in March called the ID Now that has been used by the White House. It also makes lab-based diagnostic tests and antibody tests.

Abbott has a $750 million contract with the U.S. government to sell it 150 million BinaxNOW tests. Most will be distributed to states for use in schools and other essential tasks.

The company said it expects 2020 adjusted profit per share to be at least $3.55 from continuing operations, up from its prior estimate of at least $3.25 per share.

Abbott's shares were down 3.2% at $104.86.

SVB Leerink's Danielle Antalffy said the stock's modest underperformance could be because the company implied that some of the COVID-driven upside or benefit would be reinvested in the business.

(Reporting by Manojna Maddipatla and Trisha Roy in Bengaluru; Editing by Arun Koyyur and Tom Brown)

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 0.34% 107.9 Delayed Quote.24.22%
BECTON, DICKINSON AND COMPANY 1.78% 242.76 Delayed Quote.-10.74%
ROCHE HOLDING AG 0.85% 302.25 Delayed Quote.-3.74%
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Sales 2020 59 919 M 67 133 M 67 133 M
Net income 2020 14 360 M 16 089 M 16 089 M
Net cash 2020 3 429 M 3 842 M 3 842 M
P/E ratio 2020 18,3x
Yield 2020 3,08%
Capitalization 259 B 290 B 290 B
EV / Sales 2020 4,26x
EV / Sales 2021 3,94x
Nbr of Employees 97 735
Free-Float 83,6%
Duration : Period :
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Technical analysis trends ROCHE HOLDING AG
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus BUY
Number of Analysts 25
Average target price 372,02 CHF
Last Close Price 302,25 CHF
Spread / Highest target 44,3%
Spread / Average Target 23,1%
Spread / Lowest Target -5,71%
EPS Revisions
Severin Schwan Chief Executive Officer & Executive Director
Christoph Franz Chairman
Alan Hippe Chief Financial & Information Technology Officer
Paul Bulcke Non-Executive Director
André S. Hoffmann Vice Chairman
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