Abbott Labs, a healthcare-products company based in Abbott Park, Ill., is set to release its third-quarter financial results on Wednesday morning. Here are the key details:
According to FactSet, Abbott Labs is projected to post a profit of $1.4 billion, or 79 cents a share, compared to $1.44 billion, or 81 cents a share, in the same quarter last year.
FactSet estimates adjusted earnings, which exclude one-time items, to be $1.10 a share.
Revenue is expected to decline to $9.82 billion from $10.41 billion in the year-ago quarter, based on FactSet’s data.
Key Factors to Watch
COVID Tests: The decrease in demand for Covid-19 tests and related products has been impacting Abbott’s sales for the past year, and this trend is likely to continue affecting the company’s top line in the third quarter.
Baby Formula: Abbott’s global nutrition business has been experiencing sales growth in recent quarters, especially with its baby-formula products. Last year, the business faced challenges due to a product recall and temporary shutdown of a plant in Sturgis, Mich.
Weight-Loss Drugs: Mizuho Securities analysts noted concerns about how weight-loss medications like Ozempic could influence treatment pathways for various diseases within the U.S. medtech and diagnostics industry. They recently lowered their price target for Abbott’s stock. Investors will be looking for Abbott’s take on these weight-loss drugs’ growing popularity and their potential impact on the company’s business.