Skip to main content

Market Overview

Abbott Stock Is Trading Lower After Q1 Sales Shy Of Estimates

Share:
Abbott Stock Is Trading Lower After Q1 Sales Shy Of Estimates
  • Abbott Laboratories (NYSE: 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.
 

Related Articles (ABT)

View Comments and Join the Discussion!

Posted-In: BriefsBiotech Earnings News Guidance Health Care General

Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com