Abbott Laboratories reported strong earnings Wednesday, despite spending recent months responding to criticism over problems that led to the shutdown of one of its infant formula-producing plants.
It’s adjusted earnings per share grew by 22% to $1.43, beating estimates. Abbott’s sales were up 14% to $11.3 billion, led partly by the popularity of its BinaxNOW rapid, at-home COVID-19 tests. Abbott, which is based in the north suburbs, had $2.3 billion worth of COVID-19 testing related sales in the second quarter.
It’s nutrition sales, however, dropped by 4.5% because of the temporary closure of its plant in Sturgis, Mich., which produces infant formula.
