Abbott Reports Q1 Sales of $9.7 Billion

Abbott Laboratories announced first-quarter results showing global sales of $9.7 billion, an organic increase of 10% in its underlying base business. While reported sales saw an 18.1% decrease due to lower COVID-19 testing revenue compared to the previous year, the company's adjusted diluted earnings per share of $1.03 beat analyst estimates.

The medical device division reported 12.4% organic sales growth, driven by double-digit increases in structural heart, heart failure, neuromodulation, and diabetes care. The FreeStyle Libre continuous glucose monitoring portfolio achieved $1.3 billion in global sales. Nutrition sales grew 10.3% organically, and established pharmaceuticals increased by 11.1% organically, with contributions from emerging markets.

The diagnostics business showed resilience, with organic growth of 4.4% excluding COVID-19 testing sales. This growth was primarily led by the core laboratory, point of care, and rapid diagnostics segments. The company maintained its full-year earnings guidance, offsetting the decline in COVID-19 testing revenue with improved outlooks for its other business areas.

Abbott also highlighted several regulatory approvals and data advancements during the quarter, including FDA clearances for its FreeStyle Libre sensors for automated insulin delivery systems, the Navitor transcatheter aortic valve implantation system, and a blood test for traumatic brain injuries. The TriClip system data further demonstrated its efficacy in treating tricuspid regurgitation.