- Abbott Laboratories (ABT +2.3%) is set to release its Q3 2021 earnings results tomorrow before the opening bell.
- The consensus EPS estimate is 94 cents while the revenue estimate is $9.54B, according to Bloomberg. In Q2, non-GAAP EPS of $1.17 beat by 15 cents, while revenue of $10.22B beat by $550M.
- For Q4, adjusted EPS is estimated at $1.02 while full-year EPS is projected at $4.45.
- Abbott's stock return for the quarter was 1.2%. Among other large-cap pharmas, that placed it ahead of Bristol-Myers Squibb (BMY +0.8%), Merck (MRK +2.6%), Johnson & Johnson (JNJ +2.3%) and Eli Lilly (LLY +1.1%).
- Seeking Alpha contributor James Bjorkman wrote yesterday that Abbott is a good value and is a buying opportunity with shares below $120.
Q3 News Highlights
- In September, the federal government said it would buy $554M worth of rapid COVID tests. Separately, the company also alerted healthcare providers to potential false positives with some of its COVID-19 tests.
- Earlier in the month, Abbott acquired medical device company Walk Vascular.
- The company felt heat in August after a report that the company destroyed million of COVID tests made at a Maine site.
- Also in August, the company agreed to pay $150M to the federal government to resolve False Claims Act accusations regarding diabetic testing supplies and Medicare.