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ABBOTT LABORATORIES

(ABT)
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Abbott Labs Plans Restructuring Due to Changes in Covid-19 Testing Demand

06/03/2021 | 05:19pm EDT

By Stephen Nakrosis

Abbott Laboratories on Thursday said it approved a restructuring plan last month "to align its manufacturing network for Covid-19 diagnostic tests with recent changes in projected testing demand."

In a filing with the U.S. Securities and Exchange Commission, the company said the changes in projected testing demand have been driven by several factors, including reductions in cases in the U.S. and other major developed countries and accelerated rollout of Covid-19 vaccines globally.

The company also said it estimates pretax costs to implement its plan to be about $550 million to $700 million. "The costs are expected to be incurred during the remainder of 2021 with the majority of the costs expected to be recorded in the second quarter of 2021," Abbott said, adding "The costs will be treated as specified items."

Earlier this month, Abbott updated to its financial outlook for the full year. At that time, Robert B. Ford, the company's president and chief executive, said "We've recently seen a rapid decline in Covid-19 testing demand and anticipate this trend will continue, which led us to adjust our full-year guidance."

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

06-03-21 1718ET

Stocks mentioned in the article
ChangeLast1st jan.
ABBOTT LABORATORIES 2.16% 120.8 Delayed Quote.10.33%
DJ INDUSTRIAL 0.68% 35061.55 Delayed Quote.13.78%
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Financials (USD)
Sales 2021 39 766 M - -
Net income 2021 5 967 M - -
Net Debt 2021 8 719 M - -
P/E ratio 2021 36,0x
Yield 2021 1,41%
Capitalization 215 B 215 B -
EV / Sales 2021 5,62x
EV / Sales 2022 5,58x
Nbr of Employees 109 000
Free-Float 89,0%
Chart ABBOTT LABORATORIES
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Abbott Laboratories Technical Analysis Chart | ABT | US0028241000 | MarketScreener
Technical analysis trends ABBOTT LABORATORIES
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Mean consensus OUTPERFORM
Number of Analysts 26
Last Close Price 120,80 $
Average target price 128,81 $
Spread / Average Target 6,63%
EPS Revisions
Managers and Directors
Robert B. Ford President, CEO, Chief Operating Officer & Director
Robert Emmett Funck Chief Financial Officer & Executive Vice President
Miles D. White Executive Chairman
Sabina Ewing Chief Investment Officer, VP-Business & Technology
Roxanne Schuh Austin Independent Director
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