Abbott Laboratories reported first-quarter results early Wednesday that beat analyst estimates, driven by more than $3 billion in sales of its Covid-19 tests, though its earnings outlook fell short. ABT stock initially fell, then moved up.
The company reported adjusted income of $1.73 per share on $11.9 billion in first-quarter sales.
ABT stock analysts polled by FactSet expected the company to earn $1.47 a share and report $10.996 billion in sales. In the year-earlier period, the medtech giant earned $1.32 per share on $10.456 billion in sales.
Sales climbed 13.8% from the year-ago period and 17.5% on an organic basis, which excludes the impact of foreign exchange. Diagnostics sales jumped 31.7% to $5.29 billion and 35% on an organic basis. Diagnostics includes Covid-19 tests.
ABT Stock: $4.5 Billion In Covid Tests
Abbott expects to generate a total of $4.5 billion in sales of its Covid-19 tests in 2022. For the year, Abbott Labs guided to adjusted earnings of $4.70 a share, below analyst estimates of $4.85.
ABT stock initially fell about 1.8% then reversed. Shares moved up 2.2% to close at 122.64 on today's stock market.
In Diabetes Care, FreeStyle Libre sales were approximately $1 billion in the quarter, which represents sales growth of 20.4%, Abbott said.
"Our diversified business continues to perform well in a challenging environment," Abbott Chairman and Chief Executive Robert Ford said in written remarks with the Abbott earnings release. "We're particularly pleased with the strong performance we're achieving in Medical Devices and Established Pharmaceuticals
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