Health
Abbott Bets on Aging Population for Nutrition Business Growth
- Nutrition business growth expected above pre-pandemic levels
- Growth fueled by older Americans’ demand for shakes, powders
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Abbott Laboratories expects its nutrition business to grow above its 4% to 6% pre-pandemic range this year, boosted by demand from older customers, CEO Robert Ford told analysts on an earnings conference call Wednesday.
Revenue from its nutrition business, which is known for its baby formula and Ensure adult shakes and powders, grew 9.3% in 2023 after shrinking 10% in 2022, Abbott said. The average analyst estimate is for a 4.7% increase this year.