Abbott Reports Q2 Global Sales of $8 Billion Driven by Strong Growth in Core Products

Original Title: Abbott (ABT.US) Reports Q2 Global Sales of $8 Billion, Driven by Strong Growth in Core Products Source: Zhitong Finance

Zhitong Finance APP learned that before the U.S. stock market opened on Wednesday, Abbott (ABT.US) announced its second-quarter financial report ending June 30, 2019. The report showed that Abbott's global sales in Q2 were $8 billion, with an organic growth of 7.5%, and adjusted earnings per share was $0.82.

Abbott stated that earnings from its major products exceeded Wall Street expectations, with all four core business segments meeting or surpassing organic sales growth targets. The primary growth drivers were FreeStyle® Libre, MitraClip®, and Alinity. The company’s robust innovation pipeline and focused execution also served as key catalysts for its significant growth and shareholder value creation.

Abbott’s revolutionary FreeStyle® Libre continuous glucose monitoring system generated global sales of $433 million this quarter, representing a year-over-year increase of 63.9% and a year-over-year organic growth of 72.9%. Currently, in the United States, approximately 75% of individuals with private pharmacy benefit insurance can have the cost of using this system reimbursed.

MitraClip® global sales in the second quarter reached $169 million, representing a year-over-year increase of 26.7% and organic growth of 30.6%, with U.S. sales growing by 56.1%. Earlier this week, Abbott announced that the U.S. FDA had expanded its indication to include heart failure (HF) patients with moderate-to-severe functional mitral regurgitation (MR) who remain symptomatic despite optimal medical therapy.

The most advanced blood and plasma testing system, Alinity™ s, has currently been approved in the United States to ensure the safety of the blood supply.

Looking ahead, Abbott announced that it is raising its full-year performance guidance. The full-year target for organic sales has been increased from 6.5–7.5% to 7–8%, with adjusted diluted earnings per share (EPS) expected to be $3.21–$3.27, representing double-digit growth.

As of press time, Abbott (ABT.US) was up 2.08% in pre-market trading, at $84.89.