Abbott Reports Q3 Net Profit Down 32% but Raises Full-Year EPS Guidance

Intelligent Finance APP learned that on October 19, before the US stock market opened, Abbott (ABT.US) announced its financial results for the third quarter of 2022. The financial report showed that Abbott's revenue in the third quarter was 10.41 billion US dollars, a year-on-year decrease of 4.7%, exceeding the market expectation by 750 million US dollars; the company's net profit was 1.435 billion US dollars, a year-on-year decrease of 31.7%; diluted earnings per share were 0.81 US dollars, compared with 1.17 US dollars last year, a year-on-year decrease of 30.8%. Non-GAAP earnings per share were 1.15 US dollars, compared with 1.40 US dollars in the same period last year, exceeding the market expectation by 0.21 US dollars.

By business division, Abbott's Q3 nutrition business revenue was $1.795 billion, a year-on-year decrease of 14.9%; diagnostic business revenue was $3.671 billion, a year-on-year decrease of 6.2%; pharmaceutical business sales were $1.326 billion, a year-on-year increase of 4.9%; medical device sales were $3.615 billion, a year-on-year decrease of 0.5%.

Looking ahead, Abbott has raised its full-year 2022 earnings per share guidance. Abbott expects full-year diluted earnings per share to be $3.75-$3.81 under GAAP, up from the previous forecast of $3.50. Adjusted (excluding special item costs) diluted earnings per share are expected to be $5.17-$5.23, up from the prior estimate of $4.90, with market consensus at $5.04. Abbott also forecasts full-year 2022 revenue related to COVID-19 testing to reach $7.8 billion, including $7.3 billion in sales through September 2022 and an additional $500 million in the coming months; previous expectations were $6.1 billion.

As of press time, Abbott's stock price fell 2.86% in pre-market trading to $101.98.