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Analysts Reiterate Overweight Rating on Abbott Laboratories following European Approval of Freestyle Libre 3
On Monday, J.P. Morgan and Morgan Stanley reiterated their Overweight ratings on Abbott Laboratories (ABT). The company’s newest continuous glucose monitor (CGM), the Freestyle Libre 3, recently received a CE mark of approval. The system has shown to be a major evolutionary improvement over the current Libre 2 which leads analysts to believe that there are multiple long-term growth opportunities for Abbott.
The next-gen Libre CGM, Libre 3 will leverage Bluetooth technology to have continuous, real-time glucose readings automatically delivered to your smartphone every-minute (vs user scanning required in the past) allowing for unsurpassed 14-day accuracy and a ~70% size reduction from the Libre 1 & 2, becoming the world’s smallest and thinnest sensor.
The FreeStyle Libre 3 system was designed to fit perfectly into people’s everyday lives, allowing users to check their glucose as often as they like by just looking on their phones. This innovation allows the users to live a more comfortable life and gain a deeper understanding of their glucose levels with the real-time data given by the smartphone. The cost of the FreeStyle Libre 3 will also be the same as previous generations of the device.
The Senior Vice President of Diabetes Care for Abbott Laboratories mentioned, “Abbott won’t stop innovating when there’s room to raise the bar. We’ve done that again with FreeStyle Libre 3, the smallest sensor that delivers life-changing benefits and best-in-class accuracy,”.
The transition from Abbott’s current system to its next-gen Libre CGM, Libre 3, shouldn’t require any extra hassle. The Libre 3 system will have identical algorithms and chemistry compared to the Libre 2.
As highlighted by the analysts at JPMorgan, the ”Libre 3 essentially adds three things: (1) it shrinks Libre’s already small footprint to the size of two stacked pennies. The approval is for wear on the arm,