Abbott significantly beat consensus expectations in the third quarter with impressive growth delivered by the company’s diversified portfolio of life-changing products and its innovations in COVID-19 testing technologies.
This growth translated to worldwide sales for the quarter of $8.9 billion, which increased 10.6% on an organic basis excluding the impact of foreign exchange (9.6% reported). Abbott also achieved double-digit adjusted earnings growth of 16.7%, which excludes specified items, versus the prior year.
Sales were driven by Diagnostics — including massive demand for the company’s COVID-19 tests — and continued strong growth in Diabetes Care and Nutrition. This quarter also saw improvements in Abbott’s Cardiovascular and Neuromodulation businesses.
Given this momentum, Abbott is raising its full-year 2020 guidance for adjusted diluted EPS from continuing operations to at least $3.55.
Abbott Q3 Earnings: Strength, Resiliency, Momentum | Abbott Newsroom
