Welcome to our dedicated page for Abbott Laboratories news (Ticker: ABT), a resource for investors and traders seeking the latest updates and insights on Abbott Laboratories stock.
Abbott Laboratories (NYSE: ABT) is a globally recognized American multinational company headquartered in Abbott Park, Illinois. Founded in 1888, Abbott has established itself as a leader in medical devices and health care. The company manufactures and markets a wide range of products, including cardiovascular and diabetes devices, adult and pediatric nutritional products, diagnostic equipment, testing kits, and branded generic drugs.
Abbott's product portfolio includes pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, continuous glucose monitors, and immunoassays along with point-of-care diagnostic equipment. Approximately 60% of Abbott’s sales are derived from markets outside the United States, underlining its global reach and influence.
Recently, Abbott introduced the PROTALITY™ brand, a high-protein nutrition shake aimed at supporting weight loss while preserving muscle mass. This innovation reflects Abbott's commitment to addressing global health challenges such as obesity and muscle health. The company also continues to make strides in medical technology with advancements like the TriClip™ system for tricuspid valve repair, and the FreeStyle Libre continuous glucose monitoring systems, which have set new standards in diabetes management.
Abbott is not only focused on innovative product development but also on strategic partnerships and sustainability. The extension of their partnership with the Real Madrid Foundation, aimed at reducing childhood malnutrition and promoting healthy habits, is a testament to their commitment to global health improvements.
Financially, Abbott has demonstrated robust performance, as evidenced by its consistent dividend payouts and its inclusion in the S&P 500 Dividend Aristocrats Index. The company reported strong Q1 2024 results with significant growth in their core business segments, further supported by successful product launches and clinical innovations.
Abbott’s mission to help people live more fully at all stages of life drives their development of life-changing technologies across diagnostics, medical devices, nutritionals, and branded generic medicines. With a workforce of over 114,000 employees serving people in over 160 countries, Abbott continues to set benchmarks in the healthcare industry.
Abbott reported Q4 2020 sales of $10.7 billion, marking a 28.7% increase from the previous year. GAAP diluted EPS reached $1.20, with adjusted diluted EPS at $1.45, up 52.6%. The company expects 2021 diluted EPS to be at least $3.74, with adjusted EPS projected at $5.00, reflecting over 35% growth. COVID-19 testing drove $2.4 billion in sales, primarily through rapid tests. Abbott increased its dividend by 25% to $0.45 per share, continuing a 49-year streak of annual increases.
Abbott has received CE Mark approval for two new uses of its Panbio COVID-19 Ag Rapid Test Device: for asymptomatic testing and self-swabbing. This enables mass testing of asymptomatic individuals, crucial as they represent up to 50% of COVID-19 infections. Abbott has shipped 200 million tests globally and is pursuing FDA approval for similar indications in the U.S. The updates aim to facilitate safer returns to work, school, and travel, leveraging rapidly conducted screenings to support public health.
Abbott (NYSE: ABT) has announced that the U.S. Centers for Medicare & Medicaid Services (CMS) has revised its National Coverage Determination to expand insurance coverage for the MitraClip device, now including patients with secondary mitral regurgitation (MR) due to heart failure. This decision significantly broadens access to treatment for an estimated 4 million Americans suffering from MR, particularly benefiting older patients reliant on Medicare. The revision follows clinical data showing high MR reduction rates with MitraClip, improving the quality of life and survival rates for eligible patients.
Abbott (NYSE: ABT) is set to launch the NeuroSphere myPath, a digital health app aimed at chronic pain management. The app enables patients undergoing spinal cord stimulation (SCS) or dorsal root ganglion (DRG) therapy to track pain relief and overall well-being during the trial period. It allows patients to connect with Abbott support, access educational resources, and report their progress directly from their Apple devices. The app reinforces Abbott's commitment to enhancing patient care through digital innovation and will soon be available on Android devices.
Abbott (NYSE: ABT) has successfully fulfilled a federal order for 150 million BinaxNOW COVID-19 Ag tests, distributing them to various entities, including nursing homes and universities. The company is ramping up U.S. manufacturing, allowing the availability of tens of millions of tests monthly for direct purchase. The University of Wisconsin System will procure 480,000 tests for its campuses. Priced at $5 per test, BinaxNOW results are available in just 15 minutes, making it the most widely available rapid test in the U.S. Abbott will continue supplying HHS with 30 million tests until March 2021.
Abbott has received 510(k) clearance for the first rapid handheld blood test to assess traumatic brain injuries (TBI), including concussions. This test, running on the i-STAT™ Alinity™ platform, provides results within 15 minutes. It measures specific proteins in the blood, helping to rule out the need for CT scans in negative cases. With a sensitivity of 95.8% and over 99% negative predictive value, the test aims to improve diagnosis rates as around 5 million TBIs are reported annually in the U.S. Abbott is also developing a whole blood version for on-site use.
Abbott will report its fourth-quarter 2020 financial results on January 27, 2021, before the market opens. The earnings conference call will start at 8 a.m. Central time and will be available via Abbott's Investor Relations website. Abbott is a global healthcare leader with a diverse portfolio in diagnostics, medical devices, and nutritionals, employing over 107,000 colleagues across 160 countries.
On December 22, 2020, Abbott released survey findings indicating that 82% of Americans believe COVID-19 vaccine rollout will be more effective when combined with testing. The survey, conducted by The Harris Poll, highlights that 73% feel vaccines need other precautionary measures to effectively combat the pandemic. Additionally, 86% say testing remains crucial while waiting for widespread vaccine access. Abbott has launched eight COVID-19 tests and delivered over 300 million tests globally. The company emphasizes the importance of continued testing alongside vaccination efforts to control the virus.
Abbott will participate in the 39th Annual J.P. Morgan Healthcare Conference, scheduled for January 12, 2021. The presentation will be led by CEO Robert B. Ford at 9 a.m. Central Time. Interested parties can access a live webcast through Abbott's Investor Relations website, with an archived version available the following day. Abbott is a global healthcare leader dedicated to improving lives through innovative products across diagnostics, medical devices, nutritionals, and generic medicines.
Abbott has received FDA approval for updated labeling of its HeartMate 3 heart pump, allowing its use in pediatric patients with advanced refractory left ventricular heart failure. This provides new treatment options for children awaiting heart transplants or ineligible for them. The pump, already approved for adults, boasts a 79% survival rate at two years in trials. The updated use is supported by data from the ACTION Learning Collaborative, highlighting Abbott's commitment to improving outcomes for pediatric heart failure patients.
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