Abbott Laboratories Thursday said second quarter profits doubled thanks to strong sales of tests for Covid-19 and a return to “pre-pandemic” sales levels for the rest of its diverse portfolio of medical devices and healthcare products.
Abbott’s net income jumped to nearly $1.2 billion, or 66 cents a share, in the second quarter ended June 30 compared to $537 million, or 30 cents a share, in the second quarter of 2020.
Even though Abbott last month lowered its 2021 forecast for full-year diluted earnings per share to between $2.75 to $2.95 and full-year adjusted earnings per share from “continuing operations” to between $4.30 to $4.50 due to a slowing of Covid-19 diagnostic testing demand, such sales remain impressive and growing.
Abbott’s sales rose nearly 40% to $10.2 billion, which included global Covid-19 testing-related sales of $1.3 billion in the second quarter. Buoyed by Covid-19 tests, Abbott’s diagnostics sales “increased 62.8% on a reported basis and 57.2% on an organic basis in the second quarter.”
Abbott, which has launched 12 Covid-19 tests globally, has been hailed for its effort to detect Covid-19 around the world. Abbott also sells an array of other diagnostics, medical devices, nutritional products and established pharmaceuticals that also saw strong sales in the second quarter.
"Perhaps most impressively, excluding Covid testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance," Abbott president and chief executive Robert Ford told analysts Thursday morning on a call to discuss earnings.
As one example, Abbott’s FreeStyle Libre glucose monitoring system is approaching status as a $1 billion-a-year product in the lucrative diabetes market. Abbott said FreeStyle Libre sales grew nearly 43% with more than $900 million in sales in the second quarter.
FreeStyle Libre is considered a landmark device because it helps continuously track blood sugar levels with people with diabetes who also don’t have to endure a finger prick for the test as has been common with diagnostics historically. The product is also considered unique in that it measures glucose continuously for two weeks.
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July 22, 2021 at 08:40PM
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