Abbott’s sales increase 35.3% in first quarter

April 21, 2021 (Last Updated April 21st, 2021 12:36)

Abbott has reported sales of $10.5bn for the first quarter ended 31 March, with increases of 35.3% on a reported basis and 32.9% on an organic basis.

Abbott’s sales increase 35.3% in first quarter
Abbott’s Core Laboratory Diagnostics sales increased 10.7% in the first quarter. Credit: Abbott.

Abbott has reported sales of $10.5bn for the first quarter ended 31 March, with increases of 35.3% on a reported basis and 32.9% on an organic basis.

The company’s Covid-19 testing-related sales worldwide stood at $2.2bn during the quarter, led by combined sales of $1.8bn from its BinaxNOW, Panbio and ID NOW rapid testing platforms.

Abbott president and CEO Robert Ford said: “We’re off to a very strong start to the year, with all four of our major businesses achieving strong growth.

“We’re particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35% earnings per share (EPS) growth for the year.”

Other factors in the performance included the US Centers for Medicare & Medicaid Services (CMS) expanded reimbursement coverage eligibility for Abbott’s MitraClip in January and the launch of Abbott’s NeuroSphere virtual clinic for remote care services last month.

Abbott noted that global diagnostics sales rose 119.8% on a reported basis in the first quarter and increased 114.8% on an organic basis.

Its Core Laboratory Diagnostics sales, excluding Covid-19 testing-related sales, increased 10.7% and Molecular Diagnostics sales edged up 31.5% on an organic basis during the quarter.

Worldwide Medical Devices sales for the quarter increased 13.1% on a reported basis and 8.8% on an organic basis.

Continued recovery from the Covid-19 pandemic contributed to the strong growth in the quarter.

In Diabetes Care, FreeStyle Libre and Libre Sense sales stood at $829m in the quarter.

The company projects full-year diluted EPS from continuing operations on a generally accepted accounting principle (GAAP) basis of at least $3.74. It expects to log full-year adjusted diluted EPS of at least $5.