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Abbott posts 16% fall in profit, suspends 2020 forecast on coronavirus concerns

Published 16/04/2020, 12:45
© Reuters. FILE PHOTO: Boxes of Abbott's heart stents are pictured inside a store at a hospital in New Delhi
ABT
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(Reuters) - Abbott Laboratories Inc (N:ABT) posted a 16% drop in quarterly profit on Thursday partly due to a tax expense and suspended its full-year forecast citing the uncertainty caused by the coronavirus outbreak.

The company's net earnings fell to $564 million, or 31 cents per share, in the first quarter ended March 31, from $672 million, or 38 cents per share, a year earlier.

Net sales rose to $7.73 billion from $7.54 billion.

Abbott has so far launched three coronavirus tests in the U.S., including an on-site diagnostic kit that can deliver results within minutes and heralded as a game changer by President Donald Trump.

© Reuters. FILE PHOTO: Boxes of Abbott's heart stents are pictured inside a store at a hospital in New Delhi

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