bullish
Abbott Laboratories (ABT US): Beat-And-Raise Q2; Nutrition Drags; Full-Year EPS Guidance Raised
348 Views21 Jul 2022 19:50
SUMMARY
- Abbott Laboratories (ABT US) reported strong Q2 results, thanks to higher-than-expected COVID-19 test-related sales of $2.3 billion. However, base business remained muted due to nutrition product recall and manufacturing shutdown.
- FreeStyle Libre revenue grew 19% y/y to $1.1 billion in the quarter, with a global user base exceeding 4 million. Abbott received FDA approval for FreeStyle Libre 3 system.
- The company has raised 2022 EPS guidance 4% to $4.90 and ahead of consensus. COVID testing revenue guidance was also raised by 36% to $6.1 billion.
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Tina Banerjee
Global Healthcare Analyst
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