Abbott Laboratories Announces Third-Quarter Results and Plan to Spin Off Nutrition Segment
Abbott Laboratories (ABT) reported strong third-quarter financial results, with total sales reaching $13 billion, a 7% year-over-year increase on a comparable basis. Adjusted earnings per share rose 9% to $1.42, driven largely by robust performance in the medical device and established pharmaceuticals segments. Medical device sales grew 7.8% to $5.8 billion, while diabetes care revenue reached $2.2 billion. To address long-term headwinds, Abbott announced it will spin off its nutrition business into a standalone company. This strategic move aims to insulate the core business from legal and regulatory challenges associated with infant formula products while potentially driving higher margins for both entities. The company is also leveraging its recent $21 billion acquisition of Exact Sciences to expand its footprint in the cancer diagnostics market.
Topics: earnings report medical devices nutrition segment pharmaceuticals revenue growth
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