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Wednesday, April 19, 2023 11:44:34 AM
https://abbott.mediaroom.com/2023-04-19-Abbott-Reports-First-Quarter-2023-Results-Increases-Outlook-For-Underlying-Base-Business
1Q23 GAAP and non-GAAP EPS were $0.75 and $1.03, respectively, down from $1.37 and $1.73 in 1Q22. The reason for the decline is, of course, falling COVID-diagnostics revenue, which was $730M in 1Q23 vs $3.3B in 1Q22.
1Q23 FreeStyle Libre sales were $1.2B, +9% QoQ and +20% YoY (+50% YoY in the US).
ABT reiterated full-year 2023 guidance from three months ago: GAAP EPS of $3.05-3.25; and non-GAAP EPS (which excludes restructuring costs and FX) of $4.30-4.50.
ABT now expects 2023 COVID-diagnostics sales of $1.5B (i.e. $770M for the remaining nine months of the year, only slightly above the $730M logged in 1Q23).
Excluding COVID diagnostics, ABT expect 2023 organic sales growth of “at least high dingle digits,” which is a subtle word change from three months ago when the phrase “at least” was not in the guidance language. In 1Q23, organic sales growth excluding COVID diagnostics was 10.0%.
The stock is +7% as I’m typing. Investors are evidently impressed with ABT’s ability to maintain—and subtly increase (see above)—2023 guidance despite the steep falloff in COVID sales.
“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”
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