Pharma stock to watch: Abbott Laboratories (NYSE: ABT)

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Abbott Laboratories (NYSE: ABT) stock rose over 1.3% on 17th July, 2020 pre market session (Source: Google finance) on better than expected second quarter of 2020 performance and solid recent approvals, expanding the firm’s market opportunity. The firm’s recent regulatory approvals, includes U.S. approval of Libre 2 as an iCGM and CE Mark approval of TriClip, which is a new market opportunity for the structural heart business that has potential to be a major area of growth over the next several year. There U.S. approval of Gallant is the next generation heart rhythm device that features Bluetooth connectivity for continuous remote monitoring.

The firm reported a worldwide sale of $7.3 billion during the second quarter of 2020, which is a fall of 8.2% on a reported basis and 5.4% on an organic basis, which excludes the impact of foreign exchange. Their nutrition, sales rose 3% during the second quarter of 2020. Their Ensure brand is a leading complete and balanced nutrition brand, leading to global adult nutrition growth of around 7.5%. In pediatric nutrition, sales were led by global growth of Pediasure and Pedialyte, which are the firm’s market-leading oral rehydration brand, despite by challenging conditions in Greater China. Established pharmaceuticals, or EPD, sales were relatively flat during the second quarter of 2020 but the demand improved from late March during the early phase of the pandemic. Medical devices division witnessed steady improvements in procedure volumes across their cardiovascular and neuromodulation portfolio. Procedure volumes had rebounded to over 90% of pre-COVID levels on average in the U.S. As per the diabetes care, the sales grew nearly 30% in the quarter led by Freestyle Libre growth of 40%. The firm got U.S. FDA approval for Libre 2 during the quarter, which is approved for both kids and adults.

Diluted EPS from continuing operations under GAAP fell to $0.30 while adjusted diluted EPS from continuing operations, which excludes specified items, reached $0.57 in the second quarter. The firm expects a full-year 2020 diluted EPS from continuing operations on a GAAP basis of at least $2.00 and full-year adjusted diluted EPS from continuing operations of at least $3.25.

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