Abbott Posts $2.3B In COVID-19 Test Sales In Q4; Issues FY22 Outlook

Abbott Laboratories ABT has reported Q4 FY21 adjusted EPS of $1.32, down from $1.45 a year ago but better than the consensus of $1.21.

• Q4 sales of $11.5 billion increased 7.2% on a reported basis and 7.7% on an organic basis, beating the consensus of $10.71 billion.
• Worldwide sales, excluding COVID-19 testing-related sales, increased 9.6% on a reported basis and 10.3% on an organic basis.
• Global COVID-19 testing-related sales were $2.3 billion. Abbott has distributed more than 1.4 billion COVID-19 tests since the start of the pandemic.
• Medical Devices sales increased 15.1% to $3.75 billion on a reported basis and 15.9% organically, driven by continued recovery from the COVID-19 pandemic and strong growth in Diabetes Care.
• Outlook: Abbott projects FY22 adjusted EPS of at least $4.70, compared to the consensus of $4.78.
• The company projects Q1 FY22 adjusted EPS of at least $1.50, above the consensus of $1.13.
• FY22 guidance includes an initial COVID-19 testing-related sales forecast of $2.5 billion.
• Price Action: ABT shares are down 1.03% at $122.00 during the premarket session on the last check Wednesday.