CLAIM #2956 · Abbott Laboratories (ABT) · 2022Q3 earnings call · Oct 18, 2022 · due Dec 31, 2022
“So if you look at our Q4 number, our Q4 number that we're forecasting is really what I would call an endemic state, right? So about $0.5 billion across the world, across all of our platforms, in a winter season without necessarily forecasting the kind of surge that we saw last year.”
Robert Ford · CEO
In context
“COVID testing franchise and just the strength in 2022 and thinking about the comp for 2023. Is there anything you can share in terms of contracts that are in place for 2023 and what that base could look like where weather contracts in 2022 could roll over into 2023? I know it's impossible to forecast utilization or uptake of COVID testing next year, but if there's any base commentary you can provide, that would be helpful. And I just have 1 follow-up. Robert Ford: Yes, I think that's -- looking at the market between government contracts and nongovernment contracts is something that we spent a lot of time this year doing because obviously, those government contracts, they're high-volume and they ultimately skew a little bit of kind of the run rate as we're trying to kind of run rate this. So if you look at our Q4 number, our Q4 number that we're forecasting is really what I would call an endemic state, right? So about $0.5 billion across the world, across all of our platforms, in a winter season without necessarily forecasting the kind of surge that we saw last year. In that number, we do not have any significant government contracts. Now what governments have realized is that they do need to make some investments and they do need to hold some level of testing inventory in their countries. So we have active conversations with a lot of governments and they recognize and realize an Abbott's ability to scale up and scale up pretty fast. So we've got plenty of capacity, and they know that, they know the value of our product. They work very well with the -- in terms of determining COVID and the new variants, et cetera. So we don't have any significant number in 2020 -- in Q4 of this year, we think that that's the kind of right -- kind of run rate from an endemic standpoint. And if there is a surge and if governments realize that they do need to procu”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2022Q3 earnings call.