PFE - Abbott Q1 results highlights pressure on COVID-19 test makers as vaccinations ramp up

Abbott Laboratories ([[ABT]] +0.3%) managed to beat the Street forecasts for Q1 2021 earnings but its revenue failed to do the same as its COVID-19 testing-related sales witnessed a ~8.3% decline sequentially from $2.4B in Q4 2020.The reported revenue from the diagnostic segment which includes sales from COVID-19 tests expanded ~119.8% YoY compared to ~158.5% YoY growth in Q4 2020.As analysts turned more cautious on COVID expectations, the other COVID testing leveraged names came under additional pressure yesterday with Quest Diagnostics ([[DGX]] +0.5%) and Hologic ([[HOLX]] +2.0%) losing ~3.6% and ~1.3%, respectively.Vaccine rollout gains momentumAbbott’s sequential decline in COVID-related testing revenue comes as the U.S. which generates more than a third of company revenue at a faster rate than its international segment is accelerating the vaccination drive.According to the latest data from the CDC, ~40.1% of the U.S. population has received at least one COVID-19 vaccine dose.Data from Johns Hopkins University data suggests that the

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Abbott Q1 results highlights pressure on COVID-19 test makers as vaccinations ramp up