The multinational healthcare giant recorded overall medical device sales of $3.75 billion, missing analysts’ average estimate of $3.84 billion.
Imported baby formula would be subject to tariffs again in the new year after the expiration of exemptions implemented amid a nationwide shortage, the Wall Street Journal reported on Wednesday.
Abbott Laboratories has restarted production of its Similac infant formula at the plant in Sturgis, Michigan at the center of the U.S. baby formula shortage.
Confirming the $450 million investment, Abbott’s senior vice-president for diabetes care, Jared Watkin, told the Irish Times that choosing Ireland for its increased production of devices that monitor glucose levels made strategic sense.
Abbott Laboratories said on Wednesday it was set to recapture some of the market share in the baby formula business as the company restarts manufacturing at its troubled Michigan facility in the United States.
Among the winners, VMLY&R Takes Pharma Grand Prix, Area 23 Wins Healthcare Agency of the Year
Abbott has stopped production of the EleCare specialty baby formula at the company’s plant in southwestern Michigan after thunderstorms and heavy rains flooded parts of the facility.
Abbott Laboratories said on Saturday that the company has reopened its baby formula production plant in Sturgis, Michigan, taking a step toward alleviating an acute nationwide shortage that has sent parents scrambling for supplies.
A federal agency will start a review if the U.S. Food and Drug Administration properly conducted the health regulator’s inspection of Abbott’s Michigan plant and oversaw baby formula recalls that led to severe shortages in the United States.
U.S. President Joe Biden will meet with major infant formula manufacturers on Wednesday as his administration presses ahead with efforts to boost imported supplies to help ease a nationwide shortage.