The stock of Abbott Laboratories ABT -0.35% grew 2% Wednesday in premarket trading after the company beat earnings expectations for the first quarter. However, declining sales of the COVID test continued to weigh. The company reported a net income of $1.318 Billion, or $75 cents per share. This is down from $2.447 Billion, or $1.37 per share in the previous period. The adjusted earnings per share came in at $1.03, which was higher than the FactSet consensus of 99 cents. Sales dropped to $9.747 from $11.895 billion, but still beat the $9.666 million FactSet consensus. Global sales of COVID-related testing fell to $730 millions in the third quarter, down from $3.304 billion one year earlier. Global sales for the company’s Pediatric Nutrition business rose by 9.2% while sales in the U.S. grew by 36.1%. This is mainly due to lower sales from the previous year when the company was forced to recall infant formula. Abbott said that after a temporary stoppage in production, it restarted its production last year. It continues to make progress in recovering market share. Abbott now expects 2023 adjusted earnings per share of $4.30-$4.50, which is around the FactSet consensus of $4.39. The stock is down 5% year-to-date, while S&P500 Spx, +0.09% is up 8%.