Uniquely Positioned for What's Next

Abbott Chairman and CEO discussed COVID testing, Abbott's new biowearables and pipeline at J.P. Morgan Healthcare.

Uniquely Positioned for What's Next
Strategy and Strength | Jan. 27, 2022

The COVID pandemic launched Abbott to the front lines. And a diversified business portfolio kept the company strong throughout 2021 even as virus rates yo-yoed between spikes and dips before cresting with an end-of-year surge.

As 2022 kicks off, Abbott Chairman and CEO Robert Ford participated in the virtual J.P. Morgan Healthcare Conference and shared insight on COVID-19 testing, the company's leading role in the health tech revolution, its diversified business model and growth opportunities in the new year.

Here are several highlights from the session:

  • COVID-19 testing remains a critical tool to tackle the virus together with vaccines and other public health measures. Abbott has established a global leadership position in COVID testing — particularly rapid testing. Mr. Ford noted that across Abbott's manufacturing operations, the company is making more than 100 million tests per month globally. In the U.S., Abbott is producing 70 million BinaxNOW rapid tests in January.
  • Abbott made history at the Consumer Electronics Show (CES) on Jan. 6 as the first-ever healthcare company to keynote the world's largest and most influential tech event. Abbott represents the breakthrough convergence of healthcare and tech with its portfolio of smaller devices, which are less intrusive, more remote, better connected and automated, helping create a future where healthcare is more personal and precise.
  • Abbott is developing a new category of consumer biowearables called Lingo, designed to track key signals in the body — such as glucose, ketones and lactate — and turn these into actionable data and personalized insights.1
  • Strong growth continues for Abbott's FreeStyle Libre system, which has approximately 4 million users globally thanks to the accessibility and affordability built into the technology's design. The FreeStyle Libre system is the world's most affordable glucose monitor2 and most widely used.3
  • Abbott's robust pipeline includes a great balance of transformational and incremental opportunities underway. These opportunities include Nutrition, which is continuously expanding its portfolio; Diagnostics, with its ongoing roll-out of new Alinity systems and expansion of test menus across the company's rapid diagnostics platforms and Medical Devices, which has a number of new approvals on the horizon.

For more information, listen to Mr. Ford's presentation at the conference.

References

1The Lingo portfolio of products are under development and are not intended for medical use. Lingo products are not for sale in the U.S.
2Based on a comparison of list prices of the FreeStyle Libre portfolio versus competitor CGM systems available worldwide. The actual cost to patients may or may not be lower than other CGM systems, depending on local reimbursement, if any.
3Data on file, Abbott Diabetes Care. Data based on the number of users worldwide for the FreeStyle Libre portfolio compared to the number of users for other leading personal use, sensor-based glucose monitoring systems.

This story was originally published on January 11, 2022. It was updated on January 27, 2022 to reflect a new number for FreeStyle Libre users.

IMPORTANT SAFETY INFORMATION

BINAXNOW Emergency use authorizations

FREESTYLE LIBRE 2 INDICATIONS AND IMPORTANT SAFETY INFORMATION

The FreeStyle Libre 2 Flash Glucose Monitoring System is a continuous glucose monitoring (CGM) device with real time alarms capability indicated for the management of diabetes in persons age 4 and older.*

WARNINGS/LIMITATIONS*:

The System must not be used with automated insulin dosing (AID) systems, including closed loop and insulin suspend systems. Remove the sensor before MRI, CT scan, X-ray, or diathermy treatment. Do not take high doses of vitamin C (more than 500 mg per day), as this may falsely raise your Sensor readings. Failure to use the System according to the instructions for use may result in missing a severe low blood glucose or high blood glucose event and/or making a treatment decision that may result in injury. If glucose alarms and readings from the System do not match symptoms or expectations, use a fingerstick blood glucose value to make diabetes treatment decisions. Seek medical attention when appropriate and contact Abbott Toll Free (855-632-8658) or visit * www.freestylelibre.us for detailed indications for use and safety information.

*Please refer to www.freestylelibre.us for the indications and important safety information.

BINAXNOW Emergency use authorizations

The BinaxNOW™ COVID-19 Antigen Self Test is a lateral flow immunoassay intended for the qualitative detection of nucleocapsid protein antigen from SARS-CoV-2 from individuals with or without symptoms or other epidemiological reasons to suspect COVID-19 infection when tested twice over three days with at least 36 hours between tests. This test is authorized for non-prescription home use with self-collected direct anterior nasal (nares) swab samples from individuals aged 15 years or older or adult collected anterior nasal swab samples from individuals aged two years or older.

The BinaxNOW COVID-19 Ag tests have not been FDA cleared or approved. They have been authorized by the FDA under an emergency use authorization. The tests have been authorized only for the detection of proteins from SARS-CoV-2, not for any other viruses or pathogens, and are only authorized for the duration of the declaration that circumstances exist justifying the authorization of emergency use of in vitro diagnostics for detection and/or diagnosis of COVID-19 under Section 564(b)(1) of the Federal Food, Drug and Cosmetic Act, 21 U.S.C. § 360bbb-3(b)(1), unless the declaration is terminated or authorization is revoked sooner.

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