Abbott Labs Posts Higher 4Q Sales, Despite Soft Demand For Covid Tests

By Will Feuer

Abbott Laboratories posted higher sales in the fourth quarter, despite continued soft demand for the company's Covid-19 testing equipment.

The Abbott Park, Ill.-based healthcare products company reported a profit of $1.59 billion, or 91 cents a share, up from $1.03 billion, or 59 cents a share, in the same period a year earlier.

Stripping out one-time items, adjusted earnings were $1.19 a share, matching analysts' expectations.

Revenue rose almost 2% to $10.24 billion, topping the $10.19 billion that analysts expected.

Adjusting for acquisitions and divestitures, and stripping out sales of the company's Covid-19 testing equipment, revenue rose 11%. Covid-testing sales were $288 million in the fourth quarter, down from $1.07 billion a year earlier.

For 2024, Abbott forecast adjusted earnings of $4.50 a share to $4.70 a share. Analysts expected $4.63 a share.

The company is targeting annual growth in organic sales, excluding Covid-related sales, of 8% to 10%.

Write to Will Feuer at Will.Feuer@wsj.com

(END) Dow Jones Newswires

January 24, 2024 08:04 ET (13:04 GMT)

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