Sales of Abbott’s nutritional products also declined following a pause in the manufacturing of infant formula.
Boxes of Abbott's BinaxNow at-home COVID-19 test sit on a shelf on Nov. 15, 2021, at a CVS store in Lakewood, Washington.
Abbott Laboratories saw its sales rise in 2022, but had a rougher fourth quarter as people bought fewer COVID-19 tests and the company grappled with continued fallout from a recall of its powdered infant formulas. Abbott, which is based in the north suburbs and makes medical devices, tests and formula, had sales of $43.7 billion in 2022, up 6.4% compared with the previous year, the company said in an earnings report released Wednesday morning.For the fourth quarter, however, sales were $10.1 billion, down 6.1% from the fourth quarter of the prior year, following a decrease in the number of COVID-19 tests sold. Abbott makes the popular BinaxNOW at-home COVID-19 test, as well as several others.
Sales of Abbott’s nutritional products also declined by about 6% in 2022 and the fourth quarter, following a pause in the manufacturing of infant formula at the company’s Sturgis, Michigan, plant last year. Abbott temporarily closed the facility last year and recalled formulas produced there, as the U.S. Food and Drug Administration announced that it was investigating complaints of Cronobacter sakazakii infections among babies who reportedly consumed formula from the plant.
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