By Dean Seal

Abbott Laboratories raised its full-year earnings and adjusted earnings forecasts for 2022.

The Abbott Park, Ill.-based healthcare-products company now expects annual earnings of $3.75 to $3.81 a share, compared with its prior forecast of at least $3.50.

Adjusted earnings are now projected to be in the range of $5.17 to $5.23 a share for 2022, up from Abbott's previous guidance of at least $4.90 a share.

The full-year guidance assumes Covid-19 testing-related sales of $7.8 billion, including $7.3 million through September and projected sales of $500 million in the fourth quarter.

Chief Executive Robert B. Ford said the raised guidance reflects "the strength of our diversified business model and execution."

Shares were down 2.9%, to $101.98, in premarket trading.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

October 19, 2022 08:24 ET (12:24 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.
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