Abbott’s sales in Q3 totaled $10.4 billion, marking a decrease of 4.7%, though the company once again raised its full-year guidance.
The dip in the company’s sales were due in part to declines in COVID-19 testing-related sales and an abrupt infant formula production stoppage at one of its manufacturing plants earlier this year.
Notably, Abbott restarted its production of Similac and EleCare infant formula at its Sturgis, Michigan facility during the quarter. Still, in its earnings report, Abbott stated that the domestic sales of certain infant formula products totaled $102 million in Q3 2022, down from $332 million in Q3 2021.
Though overall sales were down, Abbott’s medical devices sales in the U.S. grew by 11.3%.
Abbott based its increased financial outlook on the assumption that COVID-19 testing-related sales would reach $7.8 billion, which already includes $7.3 billion of sales through September 2022.
To that end, Abbott now projects full-year earnings per share between $3.75 to $3.81, along with an adjusted EPS of $5.17 to $5.23.
Another highlight from Abbott’s Q3 performance was the launch of the FreeStyle Libre 3 system in the U.S. The company stated that in its diabetes care division, FreeStyle Libre sales totaled $1 billion, marking growth of more than 40% year-over-year.
Additionally, Abbott partnered with WeightWatchers to integrate the latter’s diabetes-specific weight management program with FreeStyle Libre’s continuous glucose monitoring products.
“Our results and increased guidance in the current macroeconomic environment reflect the strength of our diversified business model and execution,” Abbott CEO Robert B. Ford, said in a statement. “We’re particularly pleased with improving sales growth rates in the U.S. Medical Devices, which is being fueled by several recent product launches, as well as continued strong performance in Established Pharmaceuticals.”
