Abbott forecasts 2024 profit below market estimates

Abbott Laboratories on Wednesday forecast 2024 profit below Wall Street estimates despite meeting quarterly earnings expectations as weakness in its pharmaceuticals business offset strong demand for medical devices.

Shares of Abbott were down 1.8 per cent in premarket trading.

Abbott has more than 5,000 employees in Ireland across 10 locations.

Abbott and other medical device makers have been witnessing a recovery in demand for their medical devices such as certain joint replacement products as people, especially older adults, undergo non-urgent procedures they had delayed during the pandemic.

Overall, the company’s medical devices unit generated $4.44 billion (€4.03 billion) in sales, higher than estimates of $4.33 billion.

Abbott also forecast 2024 adjusted profit in the range of $4.50 to $4.70 per share, with the mid-point below analysts’ estimate of $4.64 per share, according to LSEG data.

Excluding items, Abbott’s profit was in line with the average of analysts’ estimates of $1.19 per share.

Abbott also forecast 2024 adjusted profit in the range of $4.50 to $4.70 per share, compared with analysts’ estimate of $4.64 per share. – Reuters

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