Multinational medical devices and healthcare firm Abbott Labs (ABT) has reported solid second-quarter 2021 financial results. The Illinois-based company offers nutritional products, branded generic medicines, diagnostics and medical devices.
Adjusted earnings per share (EPS) increased 105.3% year-over-year to $1.17, surpassing the Street’s estimates of $1.02. Quarterly sales grew 39.5% year-over-year to $10.2 billion, beating analysts’ expectations of $9.7 billion.
Nutrition sales increased nearly 12% to $2.1 billion; Diagnostics sales rose 62.8% to $3.2 billion; Established Pharmaceuticals sales climbed 16.4% to $1.2 billion; and Medical Devices sales surged 51.3% to $3.7 billion.
The President and CEO of Abbott, Robert B. Ford, said, “We’re achieving very strong growth across our portfolio.”
For full-year 2021, the company expects adjusted EPS to range from $4.30 to $4.50. (See Abbott stock chart on TipRanks)
On July 12, Wells Fargo analyst Larry Biegelsen reiterated a Buy rating on the stock and raised the price target from $125 to $135 (14.2% upside potential). The analyst expects Abbott’s base business to improve sequentially in each quarter of 2021, compared to the respective quarter in 2019.
Overall, the stock has a Strong Buy consensus based on 12 Buys, 1 Hold and 1 Sell. The average Abbott Labs price target of $126.92 implies 7.3% upside potential. The company’s shares have gained 17.3% over the past year.
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