Eased Tariff Impact Fails To Lift Abbott As Outlook Cut Disappoints Investors

Abbott Laboratories (NYSE:ABT) reported better-than-expected sales and profits in the second quarter, but the stock still plummeted nearly 10% after management dialed back earnings and growth projections for the rest of the year.

The company reported second-quarter sales of $11.14 billion, beating the consensus of $11.07 billion.

Second-quarter sales increased 7.4% on a reported basis, 6.9% on an organic basis, or 7.5% when excluding COVID-19 testing-related sales.

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The U.S. MedTech giant reported adjusted earnings of $1.26, beating the consensus of $1.25, and within the management guidance of $1.23-$1.27.

“Halfway through the year, we delivered high single-digit organic sales growth, double-digit EPS growth, significantly expanded our margin profiles, and continued to advance key programs through our new product pipeline,” said Robert B. Ford, chairman and chief executive officer, Abbott. “We ...