Abbott Laboratories raised its annual earnings guidance after posting higher than expected quarterly revenue from Covid-19 testing products, which helped offset a decline in infant-formula sales arising from manufacturing problems.
Abbott, based in Abbott Park, Ill., now forecasts $6.1 billion in revenue from sales of Covid tests this year, up by nearly a third from an earlier projection. Most of those sales have already occurred, including $2.3 billion in the second quarter. It expects just $500 million in sales coming in the next few months.
