Abbott bumps up profit forecast on strong medical device sales
Updates shares, adds CEO comment in paragraphs 8 and 9, analyst comment in paragraph 7
By Leroy Leo and Christy Santhosh
Oct 16 (Reuters) -Abbott Laboratories ABT.N slightly lifted its annual profit forecast on Wednesday, after beating Wall Street estimates for quarterly earnings on strong demand for its continuous glucose monitors (CGMs) and other medical devices.
Shares of Abbott rose 2% in afternoon trade.
Increasing diabetes care awareness, wider insurance coverage and preference for devices that do not need finger pricks have benefited CGMs such as Abbott's popular FreeStyle Libre. The company's CGM sales, which include newly launched over-the-counter device Lingo, rose nearly 21% organically to more than $1.6 billion.
The company's medicaldevices unit generated $4.75 billion in sales for the third quarter, above analysts' average estimate of $4.68 billion, according to data compiled by LSEG.
Overall, Abbott recorded $10.64 billion in sales, compared with estimatesof $10.55 billion.
"I think this continues to be a company that is going to grow high single digit very comfortably in 2025 and beyond," RBC Capital Markets analyst Shagun Singh said.
Its diagnostics and established pharmaceuticals segmentsalso trumped sales estimates, but the nutrition business fell short.
Thepediatric nutrition business is under the scanner over lawsuits alleging its specialized formula for premature infants caused babies to develop a dangerous bowel disease called necrotizing enterocolitis (NEC).
The Food and Drug Administration and two other U.S. agencies, however,backed the products in a joint statement earlier this month. CEO Robert Ford said on Wednesday thejudge in a trial had not allowed the statement to be entered as evidence.
"Ultimately, the regulator decides if the products are safe and they're fit for purpose, and they decide how they got to be labeled," Fordsaid.
The Lake County, Illinois-based company now expects annual profit of $4.64 to $4.70 per share, with the midpoint a tad higher than its earlier forecast of $4.61 to $4.71.
On an adjusted basis, its quarterly profit of $1.21 per share beat estimates of $1.20.
Reporting by Christy Santhosh and Leroy Leo in Bengaluru; Editing by Devika Syamnath
免责声明: XM Group仅提供在线交易平台的执行服务和访问权限，并允许个人查看和/或使用网站或网站所提供的内容，但无意进行任何更改或扩展，也不会更改或扩展其服务和访问权限。所有访问和使用权限，将受下列条款与条例约束：(i) 条款与条例；(ii) 风险提示；以及(iii) 完整免责声明。请注意，网站所提供的所有讯息，仅限一般资讯用途。此外，XM所有在线交易平台的内容并不构成，也不能被用于任何未经授权的金融市场交易邀约和/或邀请。金融市场交易对于您的投资资本含有重大风险。
所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。
本网站上由XM和第三方供应商所提供的所有内容，包括意见、新闻、研究、分析、价格、其他资讯和第三方网站链接，皆保持不变，并作为一般市场评论所提供，而非投资性建议。所有在线交易平台所发布的资料，仅适用于教育/资讯类用途，不包含也不应被视为适用于金融、投资税或交易相关咨询和建议，或是交易价格纪录，或是任何金融商品或非应邀途径的金融相关优惠的交易邀约或邀请。请确保您已阅读并完全理解，XM非独立投资研究提示和风险提示相关资讯，更多详情请点击 这里。
