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Abbott's Profit Soars on Cancer Diagnostics Boom
16 Jul
Summary
- Abbott's cancer diagnostics business fuels quarterly results.
- Annual profit forecast raised due to strong business demand.
- Medical devices segment sales grew 9% to $5.85 billion.
Abbott reported strong quarterly results and raised its annual profit forecast, primarily due to demand for its newly integrated cancer diagnostics business. This segment now includes key tests for colorectal and breast cancer, effectively counterbalancing the decrease in revenue from COVID-19 testing products.
In the second quarter of 2026, Abbott's medical devices segment achieved sales of $5.85 billion, marking a 9% increase and exceeding analyst expectations. Concurrently, the Diabetes Care segment, featuring products like FreeStyle Libre, experienced an 11% sales jump to $2.19 billion.
The company posted an adjusted profit per share of $1.31, surpassing the estimated $1.28. Total revenue for the quarter reached $12.59 billion, slightly above the anticipated $12.5 billion. Looking ahead, Abbott now projects an adjusted profit per share for 2026 between $5.45 and $5.60, an increase from its prior guidance.
