Biotech Values

[DewDiligence]

ABT hits all-time high on 1Q20 results—despite pulling full-year 2020 guidance:

https://abbott.mediaroom.com/2020-04-16-Abbott-Reports-First-Quarter-2020-Results

https://finance.yahoo.com/news/abbott-beats-quarterly-profit-pulls-122058905.html

Shelter-in-place restrictions imposed by U.S. states [and many foreign countries] boosted sales of Abbott's nutrition products for children such as PediaSure, but crimped demand for its medical devices and non-coronavirus testing kits.

…Demand for the company's FreeStyle Libre diabetes monitoring device remained strong lifted by expanded reimbursement coverage in Japan, boosting quarterly sales by nearly 60% to $600 million.

Sales in Abbott's nutrition products division rose 6.3% to $1.90 billion, benefiting from increased demand for children's products in late March.

Excluding items, the company earned 65 cents per share, above the average analyst estimate of 58 cents per share, according to Refinitiv data.

Net sales rose 2.5% YoY to $7.73 billion, ahead of the average estimate of $7.34 billion.

1Q20 organic sales, which exclude the effects of foreign currency, were +4.3% YoY.

All told, ABT’s business environment didn’t change radically until mid-March, so the effect of the COVID-19 pandemic on 1Q20 results was relatively mild. 2Q20 (and full-year 2020 results) will be a different story, of course.