Shares of Abbott Laboratories fell 2.85% to $106.8 in premarket trading Wednesday although the company beat second-quarter earnings and sales estimates, fueled by sales of its COVID-19 tests. In the second quarter of 2022 Abbott reported earnings of $2.018 billion, or $1.14 per share, compared to earnings of $1.189 billion, or 66 cents a share, in the same period last year. Adjusted earnings per share were $1.43, compared to a FactSet consensus of $1.13 a share. Abbott reported revenue of $11.257 billion, up from $10.223 billion in the prior year’s quarter, and above FactSet’s consensus of $10.325 billion. The company reported global COVID-19-related testing sales of $2.3 billion in the quarter. Abbott’s worldwide nutrition sales fell 7.4 percent on a reported basis and 4.5 percent on an organic basis. The nutrition sales were negatively impacted by a voluntary recall and manufacturing shutdown started in February of some infant formula products manufactured at one of Abbott’s U.S. plants. Abbott also raised its full-year guidance. Diagnostic sales increased 33.1 percent on a reported basis and 36.9 percent on an organic basis. The company now sees full-year earnings per share of at least $3.50, and adjusted earnings of at least $4.90. FactSet consensus is $4.88. Shares of Abbott are down 21.2% this year, outpacing the S&P 500’s decline of 17.4%.
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