Abbott reports increase in third quarter sales of this year
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Abbott reports increase in Q3 2021 sales

21 Oct 2021 (Last Updated November 22nd, 2021 07:27)

The global sales of Abbott's Panbio, ID NOW and BinaxNOW rapid testing platforms registered revenues of $1.6bn.

Abbott reports increase in Q3 2021 sales
Nucleic acid testing for Covid-19 conducted using an Abbott Laboratories ID Now device. Credit: US Secretary of Defense / commons.wikimedia.org.

Abbott has reported sales of $10.9bn for the third quarter (Q3) of this year, representing a 23.4% increase on a reported basis as well as 22.4% on an organic basis.

On a reported basis, the company’s worldwide diagnostics sales increased by 48.2%, compared to 46.8% on an organic basis.

Global Covid-19 testing products registered revenues of $1.9bn, of which $1.6bn came from the combined global sales of Abbott’s Panbio, ID NOW and BinaxNOW rapid testing platforms.

In Core Laboratory and Molecular Diagnostics, the company’s sales for the quarter increased 5.8% and 14.9%, respectively, excluding Covid-19 testing-related sales.

Abbott’s Medical Devices business globally reported a 14.6% increase in sales. The sales increased by 18.5% on a reported basis, compared to pre-pandemic sales in 2019.

The sales of FreeStyle Libre and Libre Sense in Diabetes Care stood at $968m in the third quarter, representing a 41.6% growth on a reported basis and 38.8% on an organic basis.

Abbott president and CEO Robert Ford said: “We achieved another quarter of strong growth overall and across all four of our major business areas.

“We’re particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.”

During this quarter, the company received US FDA approval for Amplatzer Amulet Left Atrial Appendage Occluder, Portico with FlexNav transcatheter aortic valve replacement (TAVR) system, and Amplatzer Talisman PFO Occlusion System.

Amplatzer Amulet Left Atrial Appendage Occluder is approved for the treatment of people with atrial fibrillation who are at risk of ischemic stroke.

The Portico with FlexNav TAVR system is used for the treatment of people with symptomatic, severe aortic stenosis.

Furthermore, the company expanded its peripheral vascular offerings with the acquisition of Walk Vascular, a commercial-stage medical device company, last month.