Abbott (ABT) delivers beat-and-raise quarter despite a decline in Covid19-related sales

Abbott (NYSE: ABT) reported better-than-expected Q2 numbers, sending its shares modestly higher in pre-market Thursday.

Abbott posted EPS of $1.08 on revenue of $10 billion, ahead of the consensus for earnings of $1.05 on sales of $9.69B. Revenue fell 11% year–over–year as Abbott generated just $263 million from Covid-19 testing-related sales, down 64 QoQ.

The company sees FY EPS at $4.40, in line with the consensus. On the other hand, Abbott raised its organic sales growth outlook to the low double digits from the high single digits.

"We're achieving strong growth in our underlying base business," said Robert B. Ford, chairman and chief executive officer, Abbott. "We expect our highly productive pipeline to sustain the momentum we're building this year and position us well for growth in the future."

By Senad Karaahmetovic

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