Abbott Laboratories has shipped more than 1.4 billion tests since the start of the pandemic.
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Sales of diagnostic tests for Covid-19 have been a huge profit and sales boost to Abbott, which Wednesday reported fourth quarter earnings that beat Wall Street analysts’ expectations. Abbott reported fourth-quarter net income of $1.98 billion on revenues of nearly $11.5 billion, which were up 7%, as worldwide diagnostic sales and revenue from the company’s diverse portfolio of medical devices and other healthcare products also grew.
Abbott’s global Covid-19 testing sales hit $2.3 billion in the fourth quarter and the bulk of that, or $2.1 billion, came from Abbott’s family of rapid tests: BinaxNOW, Panbio and ID NOW. “Worldwide diagnostics sales increased 2.9 percent on a reported basis in the fourth quarter and increased 3.3 percent on an organic basis,” Abbott said in its fourth quarter and full year 2021 earnings report.
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