Abbott Among Firms Gaining Formula Import Approvals As Flood Closes Its Michigan Plant
As Perrigo Gains Market Share, CEO Expects Shortage To Continue Through 2022
Two days before flooding closed its Sturgis plant, Abbott announced it would import 1.1m pounds of powder formula to the US from its manufacturing facility in Spain.
You may also be interested in...
“The only thing that keeps me up at night right now is labor shortages,” says CEO Murray Kessler. He also notes growing trend of consumers responding to inflation by moving from national brands to lower-priced private label/store brand OTC drugs.
Lyons Magnus recalling 53 nutritional and other beverage products due to potential for microbial contamination, including same type linked to infant formula recall. FDA says reports of potential or confirmed unsafe bacterial levels led it to review its inspection records and industry's practices for preventing contaminations.
Although sales of infant formula and other pediatric nutritionals were down more than 20% in US and more than 13% worldwide during Q2 on an organic measure – excluding a currency exchange impact – Abbott reports 14.3% overall sales growth to $11.3bn.