Abbott Stock Is Trading Lower After Q1 Sales Shy Of Estimates

  • Abbott Laboratories ABT has reported Q1 adjusted earnings of $1.32 per share on $10.5 billion in sales for its first quarter.
  • Though EPS was above the estimated $1.27, revenues fell short of the expectation of $10.69 billion.
  • In the year-earlier period, Abbott earned $0.65 per share and reported $7.73 billion in sales.
  • For the year ending in 2021, the company still sees an adjusted profit of at least $5 a share versus analysts' estimate of $5.04.
  • First-quarter sales of $10.5 billion increased 35.3% on a reported basis and 32.9% on an organic basis, which excludes the impact of foreign exchange.
  • Global COVID-19 testing-related sales were $2.2 billion in the first quarter, led by combined sales of $1.8 billion from Abbott's BinaxNOW, Panbio, and ID NOW rapid testing platforms.
  • Q1 sales increased 7.6% on a reported basis and 5.7% on an organic basis, excluding COVID-19 testing-related sales.
  • Nutrition sales increased 6.4% on an organic basis to around $2 billion, led by global Adult Nutrition sales growth of 18.3%, offset by lower Pediatric Nutrition sales as growth was negatively impacted when consumers increased purchases in advance of stay-at-home directives.
  • Medical Device sales of $3.3 billion were up 8.8% on an organic basis, driven by continued recovery from the COVID-19 pandemic. In Diabetes Care, sales of FreeStyle Libre and Libre Sense were $829 million in the quarter. FreeStyle Libre now has more than 3 million users worldwide.
  • Price Action: ABT shares are down 3.1% at $120.65 in premarket trading on the last check Tuesday.
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Posted In: BiotechEarningsNewsGuidanceHealth CareGeneralBriefs
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