Abbott Laboratories reported $1 billion in fourth-quarter profit despite an “expected year-over-year decline in Covid-19 testing-related sales,” the company said.

Abbott, which has been one of the world’s largest makers and suppliers of diagnostic tests for Covid-19 during the global pandemic, reported fourth-quarter adjusted profit of $1.03 billion, or $1.03 per action, which exceeded the forecasts of Wall Street analysts.

Fourth-quarter sales fell 12% year-over-year to $10 billion from $11.5 billion in the year-ago quarter on lower Covid test sales and the loss of revenue from the nutritional business following a high-profile manufacturing disruption at Abbott’s Sturgis, Michigan, facility last year.

Abbott, however, said its underlying diversified portfolio of businesses, including pharmaceuticals and established medical devices, including its best-selling blood glucose monitoring device, FreeStyle Libre, remains strong. “Excluding sales related to COVID-19 testing and US infant formula sales which were impacted by manufacturing disruptions, full year 2022 sales increased 1.9% on a reported and 7.4% on an organic basis,” Abbott said in its fourth and full quarter. report on the results of the year 2022 published on Wednesday.

Abbott said global sales related to Covid-19 testing were $1.069 billion in the fourth quarter of 2022, compared to $2.3 billion in the fourth quarter of 2021. And for the full year of 2022, Abbott said that global sales related to Covid-19 tests were $8.36 billion compared to $7.7 billion the previous year.

“We significantly exceeded the EPS guidance we provided early last year despite challenging global trading conditions,” said Abbott Chairman and Chief Executive Officer Robert B. Ford.

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