By Dean Seal

 

Abbott Laboratories raised its full-year earnings guidance after posting a wider profit and 10% sales jump for the second quarter.

The healthcare-products company said it expects adjusted earnings of at least $4.90 a share this year, up from its previous forecast of $4.70 a share.

The new forecast excludes $1.40 in intangible amortization and costs related to the voluntary recall of certain infant formula products made at one of its U.S. plants, among other one-time expenses.

The guidance is based on a projected $6.1 billion in annual sales related to Covid-19 testing, with most of that coming in the first half of the year and another $500 million projected to follow in the months ahead.

The revision comes after Abbott posted second-quarter earnings and revenue well above Wall Street expectations.

"Our new product pipeline has remained highly productive, and our diversified business has continued to be resilient in a challenging macro environment," Chief Executive Robert Ford said.

 

Write to Dean Seal at dean.seal@wsj.com

 

(END) Dow Jones Newswires

July 20, 2022 08:30 ET (12:30 GMT)

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