Recall Sours Abbott’s Infant Formula Results; COVID-19 Test Sales Expected To Cool
Worldwide nutrition sales, adult as well as infant products, during Q1 dropped reported 7% to $1.89bn. US sales were $59m, well below $288m in prior-year period.
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Consumer health product firms’ vistas include challenges of supply chain disruptions lingering from pandemic’s impact as well as potential for marketplace restrictions as additional varieties of the novel coronavirus spread. Clouds also include shifts in consumer spending, increases in costs caused by inflation and foreign exchange headwinds as the value of the US dollar strengthens against other currencies.
Decree imposes steps Abbott must complete before it can begin preparing to restart production, including hiring independent consultant to determine whether facility is compliant with FDA manufacturing and labeling regulations.
House Appropriations and Energy and Commerce subcommittees will ask about Abbott Nutrition’s recall of infant formula made at its Sturgis, MI, facility. “We are doing everything in our power to ensure there is adequate product available where and when they need it,” says FDA Commissioner Robert Califf.