2023-01-25 17:30:37

What's Going On With Abbott Laboratories Stock Today?

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Benzinga
By Adam Eckert

Abbott Laboratories ABT shares are trading lower Wednesday in the wake of the company's quarterly results.

What Happened: Abbott said fourth-quarter revenue decreased 12% year-over-year to $10.1 billion, which beat average analyst estimates of $9.64 billion, according toBenzinga Pro. The company said its top-line resultswere negatively impacted by an expected year-over-year decline in COVID-19 testing-related sales.

Abbott reported fourth-quarter earnings of $1.03 per share, which beat average estimates of 92 cents per share.

Investors appear to be reacting negatively to flat medical device sales on a year-over-year basis. The company saidsales growth was negatively impacted by intermittent COVID-19 lockdown restrictions inChinaas well as supply constraints in certain areas. Lower-than-expected Covid test sales also appearto be weighing on the name.

"We significantly exceeded the EPSguidancewe provided at the beginning of last year despite challenging global business conditions.Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward,"saidRobert B.Ford, chairman and CEO ofAbbott.

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