Abbott: COVID "side effects"

 

Abbott reported sales fell 18.1% in Q1 due to what the company called an “anticipated decline” in COVID-19 testing-related sales compared to 2022.

Abbott’s Diagnostics segment experienced the biggest slide, with reported sales down 48.9% year-over-year. Meanwhile, when COVID tests were excluded, Diagnostics sales increased 4%.

The company highlighted the 10% organic sales growth generated by its Medical Devices, Established Pharmaceuticals and Nutrition segments excluding COVID tests.

Still, the drop in sales had a profound impact on Abbott’s financial performance.

Ver