Healthcare company Abbott Laboratories (NYSE: ABT) announced financial results for the first quarter of 2023, reporting a decline in net sales and adjusted earnings.
First-quarter net sales dropped 18% year-over-year to $9.75 billion. The decline is primarily due to a decrease in COVID-19 testing-related sales versus the prior year.
Consequently, the company’s adjusted earnings, excluding special items, dropped to $1.03 per share in the latest quarter from $1.73 per share in the same period of last year. Unadjusted net income was $1.32 billion or $0.75 per share, compared to $2.45 billion or $1.37 per share last year.