Abbott (NYSE:ABT) Diagnostics Revenue rose from around $7.7 billion in 2019 to $10.8 billion in 2020. We expect the number to rise further to $15 billion in 2021 although it is likely to see a decline in 2022.
- Will Abbott Stock Rise After Its Q4 Results?
- Why Covid-19 Testing Stocks Are Selling Off Despite Surging Demand
- Forecast Of The Day: Abbott’s Nutritionals Revenue
- This Pharma Stock Appears To Be A Better Pick Over Abbott Labs
- Will Abbott Stock Rise After Its Q3 Results?
- With Covid-19 Cases Falling Again Will Abbott Stock See Higher Levels?
The surge in revenue over 2020 was driven by Covid-19 testing. Abbott’s first Covid-19 test was approved as early as March 2020, and the company has launched multiple new tests since then. Sales are likely to grow further in 2021, although we expect to see a decline in 2022 as the pandemic recedes.
Abbott’s Diagnostics business helped the company’s topline and stock price grow through the pandemic, despite challenges to its core Medical Devices business. Abbott’s stock is up by about 30% over the last 12 months.
While we think Abbott stock looks slightly undervalued, it is helpful to know how its peers stack up. Abbott Stock Comparison With Peers summarizes how Abbott compares against peers on metrics that matter. You can find more such useful comparisons on Peer Comparisons.