Abbott Laboratories leveled up on this year’s Fortune 500 list, leaping from last year’s rank of 104 to No. 89. Why? COVID testing. Abbott was one of the first to jump into the testing market, and that alacrity has paid off; the company’s diagnostics unit, which also houses its COVID test arm, raked in more than $4 billion in sales during the first quarter of 2021 alone. Abbott, though, isn’t putting all its eggs in one basket. As life starts returning to normal, the company believes its diabetes care and glucose monitoring products will continue to fuel growth.
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