- Abbott Laboratories AWAY has called Q3 FY22 Adjusted EPS of $1.15down 17.9% Y/Y, better than consensus at $0.94.
- Third-quarter revenue of $10.4 billion declined 4.7% on a reported basis and grew 1.3% on an organic basis, beating consensus of $9.64 billion.
- Third quarter sales were negatively impacted by a decline in sales related to COVID-19 testing and a production halt for certain infant nutrition products.
- Excluding COVID-19 testing-related sales and the infant nutrition disruption, sales declined 0.6% (up 6% organically).
- Also read: Abbott said the recent recall of some bottles of baby formula will not affect supplies.
- Global sales related to COVID-19 testing were $1.67 billion, compared to $1.91 billion a year ago.
- Global Nutrition sales declined 14.9% on a reported basis and 10.3% on an organic basis in the third quarter.
- US Medical Devices revenue increased 11.3%, led by double-digit growth in electrophysiology, structural heart and diabetes care.
- Outlook: Abbott has raised its FY22 adjusted EPS guidance year-over-year to between $5.17 and $5.23 previous guidance of $4.90 and the consensus of $5.05.
- FY22 forecast assumes COVID-19 testing-related revenue of $7.8 billion, generating revenue of $7.3 billion through September 2022 and forecast revenue of 0 $.5 billion in the fourth quarter.
- Price promotion: ABT shares are down 3.31% to $101.50 during the premarket session last check Wednesday.
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