Abbott Laboratories (ABT)

[DewDiligence]

ABT reports 2Q22 results–raises 2022 EPS guidance:

https://abbott.mediaroom.com/2022-07-20-Abbott-Reports-Second-Quarter-2022-Results-and-Raises-Full-Year-EPS-Guidance

The new 2022 non-GAAP EPS guidance is $4.90+ (up from the prior guidance of $4.70+).

The main reason for the raise in EPS guidance: in 2Q22, ABT sold $2.3B of COVID diagnostics, down from $3.3B in 1Q22 but crushing the prior guidance of $1.2B for 2Q22/3Q22/4Q22 combined. Full-year 2022 guidance for COVID diagnostics is now $6.1B (up from $4.5B), which implies $500K combined in 3Q22/4Q22.

2Q22 Freestyle Libre sales were $1.1B, +10% QoQ and +26% YoY in constant currency.