Abbott Makes $3.3B on COVID-19 Tests in First Quarter of 2022

Abbott said it earned $3.3 billion in global COVID-19 testing-related sales in the first quarter, an increase of more than 57 percent over the same period last year, led by sales of its rapid testing products.

But the company expects that windfall to come to an end in the coming months, with its projection for the entire year set at $4.5 billion — and most of that in the first half.

Laboratory and molecular diagnostics are already seeing a decline in COVID-19 testing-related sales, the company said.