Published on 17 Mar 2023 on Zacks via Yahoo Finance
Abbott (ABT) Diabetes Arm Growth Robust Amid Macroeconomic Woes
Abbott ABT is gaining from new product launches and strategic acquisitions. However, due to macroeconomic hazards, the business environment continues to be challenging. The stock carries a Zacks Rank #3 (Hold).
Over the past year, Abbott has been outperforming the industry it belongs to. The stock has lost 15.6% compared with the industry’s 38% decline.
Abbott exited the fourth quarter of 2022, with better-than-expected earnings and revenues. In Diagnostics, COVID testing sales were $1.1 billion in the fourth quarter. Excluding COVID testing sales, worldwide diagnostics grew more than 11% in the quarter. Growth in the quarter was led by rapid diagnostics where, excluding COVID-19 tests, sales improved 30% year over year.