Fierce Biotech April 17, 2024
Conor Hale

Last quarter Abbott saw large gains in its medical device sales that helped push its revenues to just shy of $10 billion—exceeding the company’s expectations and leading it to nudge up its financial forecasts for the long remainder of the year.

“Organic sales growth, excluding COVID testing-related sales, was 10.8% in the quarter—which represents the fifth consecutive quarter of double-digit growth,” CEO Robert Ford said during Abbott’s earnings presentation. “The strong start to the year was driven by broad-based growth across the portfolio, including growth of 14% in medical devices and established pharmaceuticals.”

The company’s organic measurements of sales growth exclude international currency fluctuations as well as the impacts from its $890 million acquisition of the artery-clearing devicemaker Cardiovascular Systems,...

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