ABT- Does anyone think it was odd that they spent so much time on the call about Venezuela, when it only accounted for 2 percent of the company's total net sales in the first nine months of 2015? This just doesn't add up, imo..
(Reuters) - Drugmaker Abbott Laboratories Inc reported lower-than-expected quarterly sales and forecast adjusted 2016 earnings below analysts' estimates, expecting a much lower contribution from its Venezuelan operations.
Related Quotes
ABT
36.7949
-9.08%
Abbott Laboratories? Watchlist
36.7949-3.6751(-9.08%)
NYSE3:42 PM EST
US stocks rise, led by gains for energy and tech companies AP 1 hr 10 mins ago
Abbott Labs (ABT) Beats on Q4 Earnings, Lags on Revenues Zacks 3 hrs ago
More
The company's shares fell as much as 9.5 percent to $36.62 on Thursday, their lowest in nearly two years, erasing more than $5 billion in market value.
Abbott, which makes products ranging from Similac infant formula to Ensure beverages for adults, is focusing on selling its branded generic drugs in emerging markets, having sold its developed-markets generics business to Mylan NV in 2014.
Abbott said its 2016 forecast assumes "a significantly lower contribution" from Venezuela as a result of "challenging market conditions" in the country, which accounted for 2 percent of the company's total net sales in the first nine months of 2015.
News 
Market Data 
Discover 
