Biotech Values

[Biowatch]

Abbott Cuts Covid-19 Sales Guidance Again
8:22 AM ET 7/20/23 | Dow Jones

Abbott keeps slashing its guidance for sales of Covid-19 tests on the year, but is confident in growth in other parts of its business. The company says in 2Q earnings that it now expects $1.3B in Covid-19 test revenue for the full year, lower than the $1.5B it projected at the end of 1Q and the $2B forecast in January. Still, the company kept its adjusted per-share earnings guidance flat, suggesting other parts of the business will grow more than expected. Abbott shares rise 0.2% to $107.51 premarket. (ben.glickman wsj)

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Implies fewer people are concerned about Covid, or the government has stopped sending people free Covid test kits.