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On Wednesday, Abbott Laboratories (NYSE:ABT) reported its earnings results for the fourth quarter and full year of 2021.
Full-year 2021 worldwide sales climbed by 24.5% on a reported basis and 22.9% on an organic basis. Fourth-quarter sales hit $11.5 billion, a rise of 7.2% on a reported basis and 7.7% on an organic basis, which excludes the impact of foreign exchange.
Abbott shares closed at $120.07 on Wednesday, down 2.60%, or $3.20 per share, despite the positive news, before bouncing back the following day:
Worldwide sales excluding Covid-19 testing-related sales increased 9.6% on a reported basis and 10.3% on an organic basis in the fourth quarter. Full-year sales rose 15.2% on a reported basis and 13.7% on an organic basis, the company reported.
"2021 was an outstanding year for Abbott," said Robert B. Ford, its chairman and CEO, in a statement. "We achieved more than 40% EPS growth, exceeding the baseline EPS guidance we set at the beginning of last year and, importantly, continued to advance our new product pipeline across the portfolio."
Global Covid-19 testing-related sales were $2.3 billion in the fourth quarter and $7.7 billion for the full-year. Abbott has distributed more than 1.4 billion Covid-19 tests since the start of the pandemic. However, projections call for sales to fall off in this category soon, since most of the world has already gotten Covid.
Compared to pre-pandemic sales in 2019, worldwide sales, excluding Covid-19 testing-related sales, increased 10.0% on a reported basis and 10.8% on an organic basis in the fourth quarter.
Fourth-quarter GAAP diluted EPS was $1.11. Adjusted diluted EPS, which excludes specified items, was $1.32, the company said. Full-year 2021 GAAP diluted EPS from continuing operations was $3.94, while adjusted diluted EPS from continuing operations was $5.21, reflecting 42.7% growth versus the prior year.
The global healthcare leader also issued guidance for fiscal year 2022 that analysts said are in line with consensus estimates.
The company is projecting full-year 2022 GAAP diluted earnings per share of at least $3.43. Abbott forecasts specified items for the full year of 2022 to be $1.27 per share, primarily related to intangible amortization, restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be at least $4.70 for full-year 2022. Management is also projecting first-quarter 2022 GAAP diluted earnings per share of at least $1.20, according to the statement.