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Abbott Laboratories ABT

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Morningstar’s Analysis

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Strong Demand for Abbott's Diagnostics Drives Stellar Q4 Results; Raising Our FVE

Debbie S. Wang Senior Equity Analyst

Analyst Note

| Debbie S. Wang |

Narrow-moat Abbott wrapped up 2020 with a stellar performance in the fourth quarter that exceeded our projections. We’ve raised our fair value estimate to $93 per share from $82 after incorporating recent results and increasing our estimates for 2021. Though consolidated results contained a mix of winners and losers, Abbott’s winners--primarily diagnostics--delivered outsize performance that more than offset weakness in other areas. Against the backdrop of the pandemic, we’ve seen evidence of competitive advantages that have solidified our view of the firm’s narrow economic moat. Among the intangible assets, we think Abbott's ability to innovate in diagnostics came to the fore in 2020. Since last spring, Abbott quickly developed an impressive array of SARS-CoV-2 diagnostic tests that ranged from gold-standard PCR tests to 15-minute point-of-care antigen tests.

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Company Profile

Business Description

Abbott manufactures and markets medical devices, adult and pediatric nutritional products, diagnostic equipment and testing kits, and branded generic drugs. Products include pacemakers, implantable cardioverter defibrillators, neuromodulation devices, coronary stents, catheters, infant formula, nutritional liquids for adults, and immunoassays and point-of-care diagnostic equipment. Abbott derives approximately 60% of sales outside the United States.

100 Abbott Park Road
Abbott Park, IL, 60064-6400
T +1 224 667-6100
Sector Healthcare
Industry Medical Devices
Most Recent Earnings Dec 31, 2020
Fiscal Year End Dec 31, 2020
Stock Type Aggressive Growth
Employees 109,000