Abbott Labs Profit Doubles On Strong Device And Covid Test Sales

, Abbott Labs Profit Doubles On Strong Device And Covid Test Sales
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, Abbott Labs Profit Doubles On Strong Device And Covid Test Sales

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.

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. Abbott said FreeStyle Libre sales grew nearly 43% with more than $900 million in sales in the second quarter.

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