Abbott Concludes Former Employees’ Allegations Concerning Michigan Formula Plant ‘Unfounded’
Firm Plans Spending $500M To Build US Facility To Boost Formula Production
Abbott’s Q3 worldwide sales of formula and other pediatric nutritionals were down 24.8% on reported basis. It plans spending $500m on a new formula facility after finding the US “would benefit from more manufacturing capacity and redundancy.”
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Abbott Notes Formula For Revenue Tailwinds
Firm reports 3.8% Q1 growth in total nutritional sales to $1.97bn, driven by 19.9% growth in total US sales to $812m as formula and other pediatric product sales grew 36.1% to $465m and adult nutritional sales 3.9% to $353m.
US Q1 Consumer Health Earnings Preview: Lifted By Welcome Changes, Or Slowed By Surprises?
An end to US COVID-19 PHE on 10 April doesn’t end inflationary pressure on prices for consumer packaged goods. OTC, supplements and personal care product firms could be reporting consumers during Q1 were going along with price increases, opting for less expensive options or buying less.
Abbott Moves From Meeting WIC Backlog To Distributing Formula Brands To Retailers
Abbott’s US formula sales continued to fall during the October-December period on manufacturing disruptions even with production “up and running” at its Sturgis, MI, where it makes powder formula it markets under Similac, Alimentum and EleCare brands.