UPDATE 1-Abbott profit more than doubles on strong demand for COVID-19 tests

(Adds details on sales of diagnostics kits, shares)

Jan 27 (Reuters) - Abbott Laboratories' quarterly profit more than doubled on Wednesday, driven by strong sales of its COVID-19 test kits and strength in its nutrition and diabetes businesses.

With the COVID-19 pandemic showing little signs of slowing, companies such as Abbott have benefited from a quick roll out of test kits that are easy to use and provide quick results.

Sales at its diagnostics business soared nearly 110% to $4.35 billion, nearly half of which came from selling COVID-19 test kits.

The company forecast full-year adjusted earnings of $5 per share, reflecting growth of more than 35% from the prior year.

The company's net earnings rose to $2.16 billion, or $1.20 per share, in the fourth quarter ended Dec. 31 from $1.05 billion, or 59 cents per share, a year earlier.

Net sales rose to $10.7 billion from $8.31 billion. (Reporting by Mrinalika Roy and Amruta Khandekar in Bengaluru; Editing by Anil D'Silva)

01/27/2021 12:49

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