4/16, 1:32 PM (Source: TeleTrader)
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Abbott Labs sales rise 2.5% to $7.7B

Abbott Laboratories' global sales rose 2.5% year-on-year to $7.7 billion in the first quarter of 2020, the pharmaceutical company heavily involved in COVID-19 testing announced on Thursday. Revenue of nutrition led the increase as it gained 6.3% from a year ago to $1.9 billion. However, medical devices made up for most of the sales as they grew 1.4% to $2.9 billion in the first quarter.

The firm said its earnings per diluted share were $0.31 in the first quarter of 2020. The figure compares to $0.38 in same quarter last year. Net earnings were $564 million in the first three months of 2020 as they declined 16% from the first quarter in the previous year.

CEO Robert B. Ford said: "First and foremost, I want to thank our employees, our customers, and our suppliers for their extraordinary efforts to maintain supply of our critically important products to the people who need them, around the world." The company added it cannot update its full-year outlook due to coronavirus pandemic uncertainties.

Breaking the News / VP