Abbott has reported net sales of $10.14bn for the third quarter (Q3) of 2023 against $10.41bn in Q3 last year, down by 2.6%.

Sales dropped because of the expected decrease in Covid-19 testing-related sales compared to the previous year.

Its net earnings for the quarter were $1.436bn, compared to $1.435bn last year, representing a difference of 0.1%.

The company reported GAAP diluted earnings per share (EPS) of $0.82 and adjusted diluted EPS of $1.14 for the quarter.

For the first nine months of the year, the company recorded net sales of $29.86bn versus $33.56bn during the same period last year, a dip of 11%.

The company’s net earnings during the period amounted to $4.1bn, representing a 30% decrease from $5.9bn earned during the same period last year.

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Abbott anticipates full-year GAAP diluted EPS to range between $3.14 and $3.18. Additionally, adjusted diluted EPS is projected to fall between $4.42 and $4.46.

The company anticipates organic sales growth for the full year 2023, excluding Covid-19 testing-related sales, to remain in the low double digits.

Abbott chairman and CEO Robert Ford said: “The investments we made during the pandemic continue to drive broad-based growth across our underlying base business.

“We’re on track to deliver on the financial commitments we set at the beginning of the year and the momentum we’re building across the portfolio positions us well as we head into 2024.”