- Abbott Laboratories ABT has reported Q3 FY22 adjusted EPS of $1.15, down 17.9% Y/Y, better than the consensus of $0.94.
- Q3 sales of $10.4 billion decreased 4.7% on a reported basis and increased 1.3% on an organic basis, beating the consensus of $9.64 billion.
- Q3 sales were negatively impacted by declines in COVID-19 testing-related sales and a manufacturing stoppage of certain infant formula products.
- Excluding COVID-19 testing-related sales and the infant formula stoppage, sales were down 0.6% (up 6% organically).
- Also Read: Abbott Says Recent Recall Of Some Bottles Of Infant Formula Will Not Hamper Supply.
- Global COVID-19 testing-related sales were $1.67 billion, compared to $1.91 billion a year ago.
- Worldwide Nutrition sales decreased 14.9% on a reported basis and 10.3% on an organic basis in the third quarter.
- U.S. Medical Devices sales grew 11.3%, led by double-digit growth in Electrophysiology, Structural Heart, and Diabetes Care.
- Outlook: Abbott has increased FY22 adjusted EPS guidance to $5.17-$5.23 compared to the earlier guidance of $4.90 and the consensus of $5.05.
- FY22 guidance assumes COVID-19 testing-related sales of $7.8 billion, which includes sales of $7.3 billion through September 2022 and projected sales of $0.5 billion in Q4.
- Price Action: ABT shares are down 3.31% at $101.50 during the premarket session on the last check Wednesday.
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