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.
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.
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