Abbott Laboratories Posts Big Drop in COVID-19 Testing Revenue

Shares of Abbott Laboratories (ABT) declined successful intraday trading Thursday arsenic nan healthcare products maker’s income of COVID-19 tests slumped pinch nan pandemic ending.

The institution reported second-quarter adjusted earnings per stock (EPS) of $1.14, pinch gross rising 4% year-over-year to $10.38 billion. Both hit estimates. 

The results were boosted by income astatine Abbott’s aesculapian devices segment, which were up 10.2% to $4.73 billion. Diabetes attraction merchandise sales, which see those for its celebrated Freestyle Libre glucose-monitoring device, jumped 15.8% to $1.65 billion.

However, income astatine its diagnostics portion fell 5.3% to $2.20 cardinal arsenic COVID-19 trial gross slumped to $102 cardinal from $263 cardinal a twelvemonth ago. 

'Positive Momentum Heading Into nan Second Half'

Chief Executive Officer (CEO) Robert Ford said Abbott has “a batch of affirmative momentum heading into nan 2nd half of nan year,” and that’s why it is raising its full-year guidance.

The institution now sees 2024 adjusted EPS of $4.61 to $4.71, up from nan earlier outlook of $4.55 to $4.70. It besides raised nan bottommost of its organic sales maturation scope forecast, excluding COVID-19-related testing sales, to 9.5% to 10.0% from nan erstwhile guidance of 8.5% to 10.0%. 

Abbott Laboratories shares were down 3.5% arsenic of 1:55 p.m. ET Thursday to $101.04, adjacent their lows for nan year.