Abbott Laboratories reports higher sales and strong financial performance in Q4, with a nearly 2% rise in revenue. However, there was a decline in sales of Covid-19 testing equipment.
Abbott Laboratories, a healthcare products company based in Abbott Park, Illinois, has announced an increase in sales for the fourth quarter despite facing soft demand for its Covid-19 testing equipment.
The company recorded a profit of $1.59 billion, or 91 cents per share, compared to $1.03 billion, or 59 cents per share, during the same period the previous year. Adjusted for one-time items, the earnings stood at $1.19 per share, meeting analysts' expectations.
Abbott Laboratories also witnessed a nearly 2% rise in revenue, amounting to $10.24 billion. This exceeded analysts' projected revenue of $10.19 billion. When excluding the sales of Covid-19 testing equipment as well as any impacts from acquisitions and divestitures, the revenue grew by an impressive 11%.
The sales of Abbott's Covid-19 testing equipment saw a decline in the fourth quarter, reaching $288 million compared to $1.07 billion during the same period last year.
Abbott has forecasted adjusted earnings of $4.50 to $4.70 per share for 2024, slightly below analysts' expectations of $4.63 per share. Moving forward, the company aims to achieve an annual growth rate in organic sales, excluding Covid-related sales, ranging from 8% to 10%.
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