Abbott posts 16% fall in profit, suspends 2020 forecast on coronavirus concerns

(Reuters) – Abbott Laboratories Inc posted a 16% drop in quarterly profit on Thursday partly due to a tax expense and suspended its full-year forecast citing the uncertainty caused by the coronavirus outbreak.

The company’s net earnings fell to $564 million, or 31 cents per share, in the first quarter ended March 31, from $672 million, or 38 cents per share, a year earlier.

Net sales rose to $7.73 billion from $7.54 billion.

Abbott has so far launched three coronavirus tests in the U.S., including an on-site diagnostic kit that can deliver results within minutes and heralded as a game changer by President Donald Trump.

(Reporting by Saumya Sibi Joseph in Bengaluru; Editing by Sriraj Kalluvila)