(Reuters) -Abbott Laboratories on Wednesday raised its annual earnings forecast as demand for its medical devices and diagnostics products helped cushion the impact of a shutdown of its baby formula plant.
COVID-19 testing has shielded the company’s earnings during the pandemic when demand for its medical devices was hurt by deferred elective procedures.
The company reported COVID-19 testing-related sales of $2.3 billion in the second quarter, while medical device sales rose 2.5% in the quarter.
Abbott said it expects at least $4.90 per share in adjusted earnings in 2022, compared with at least $4.70 forecast earlier.
Sales at Abbott’s nutrition unit fell 7.4%, hit by a recall of its baby formulas and a months-long shutdown at its Michigan plant, which has been at the center of a baby formula shortage in the United States.
(Reporting by Leroy Leo and Amruta Khandekar in Bengaluru; Editing by Maju Samuel and Sriraj kalluvila)
