Omicron boosts sales of Abbott’s testing kits

Surging virus cases tied to the Omicron variant lifted Abbott Laboratories’ Covid-19 testing sales in the latest quarter to nearly match their highest earlier levels.

Abbott reported $2.3bn in virus-related testing revenue for the fourth quarter, falling just short of the unit’s $2.4bn in sales in the year-earlier period, when the world was in the grip of a similar sharp increase in infections. The company recorded $7.7bn in Covid-19 testing sales in all of 2021.

Abbott’s Covid-19 testing sales are also increasingly coming from rapid testing products such as its BinaxNOW antigen test, which was in high demand as cases climbed and people gathered with family and friends over the holiday season. Three rapid tests brought in $2.1bn of the overall quarterly Covid-19 testing sales, Abbott said.

It’s likely that sales of rapid tests have continued at a strong pace for Abbott and other test makers in the early weeks of 2022. Tests are being snapped up quickly, making it challenging for retailers to keep them in stock, and the Biden administration has announced a series of measures aimed at bolstering the testing market longer-term.

However, Omicron is beginning to show signs of loosening its hold on some parts of the country, and as cases fall test sales could follow.Would you like to comment on this article or view other readers' comments?

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