Global medical technology company and Covid-19 test producer Abbott Laboratories Inc., which is based in northern Illinois and employs hundreds of southeast Wisconsin residents, reported Thursday that its sales and profits increased in the second quarter compared with the same period last year.
Abbott (NYSE: ABT) reported $10.22 billion in total sales for the second quarter, a 40% increase compared with $7.33 billion in the same quarter last year.
The company said its adjusted net income for the quarter — which excludes net after-tax charges related to intangible amortization, restructuring actions, litigation and acquisitions — increased 108% to $2.12 billion compared with $1.02 billion in the same period last year. Its adjusted diluted earnings per share (EPS) was $1.17, up from 57 cents last year.
Abbott's results surpassed analysts' expectations of $1.01 EPS, according to Zacks Consensus Estimate.
In early June, Abbott lowered its 2021 full-year EPS outlook due to reduced demand for its Covid-19 tests. That sent its stock price down to the lowest level since October 2020, but the price has since rebounded.
Covid-19 testing-related accounted for $1.3 billion in sales in the second quarter. In the first quarter of 2021, Covid testing sales were $2.2 billion.
"Excluding Covid testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance," Abbott president and CEO Robert Ford said in a Thursday statement.
Abbott employs more than 800 people who live in Wisconsin, company spokespeople previously told the Business Journal.
