abbott-reported-$3.3-billion-in-sales-of-covid-19-tests-in-the-first-quarter

Abbott reported $3.3 billion in sales of COVID-19 tests in the first quarter

Shares of Abbott Laboratories
ABT,
-0.92%

were down 2.0% in premarket trading on Wednesday though the company beat earnings and revenue expectations in the first quarter of 2022, driven in large part by more than $3 billion in sales of its COVID-19 tests. Abbott had earnings of $2.4 billion, or $1.37 per share, in the first quarter of 2022, up from $1.8 billion, or $1.00 per share, in the same quarter a year ago. Adjusted earnings per share were $1.73, against a FactSet consensus of $1.47. Abbott’s revenue jumped to $11.9 billion in the first three months of the year, compared with $10.4 billion in sales in the first quarter of 2021. The FactSet consensus was $10.9 billion. This was due to a 67% increase in revenue from its diagnostics business, which includes COVID-19 tests. The company said it had $3.3 billion in sales of its COVID-19 tests in the quarter, with the growth coming primarily from rapid diagnostics. The company, which recalled some infant formula products in the quarter, said sales in its nutrition business fell 7% to $1.9 billion. Abbott said it expects to generate a total of $4.5 billion in sales of its COVID-19 tests in 2022 and to have full-year EPS of $3.35 and full-year adjusted EPS of $4.70. Abbott’s stock is down 14.7% this year, while the broader S&P 500
SPX,
-0.03%

has declined 6.5%.