Abbott posted good 3Q results. The company was able to generate revenues of $ 10.9 billion and net income of $ 1.4 per share, which was significantly better than not only our forecasts of $ 9.6 billion and $ 0.94, but also the market consensus of $ 9.6 billion and $ 0.93. Earlier we wrote that we admit that we are too conservative in our assessment of the dynamics of the results for the third quarter. COVID test sales totaled $ 1.9 billion, more than triple our $ 600 million forecast. Excluding COVID test sales, organic sales growth was 11.7% Q3 2019. We love Abbott's business and keep our valuation at $ 140 per share
Abbott management raised its 2021 share forecast from $ 4.30-4.50 to $ 5-5.10. For the fourth quarter, management provided an encouraging outlook. First, sales of rapid tests for Covid are expected to rise to $ 1-1.4 billion in the last quarter of the year. Second, management expects revenue growth, excluding Covid test sales, at 10-15% yoy. Thirdly, management does not expect a significant impact of foreign exchange rates on the bottom line. The company was also optimistic about the dynamics of its core business, which will be boosted by new product launches, including the US launches of Amulet and Portico. Abbott will release its forecast for 2022 in January.
Abbott is a large diversified healthcare company that includes the former St. Jude Medical and Alere. The company sells its products worldwide and has competitive franchises in nutrition, diagnostics, medical devices, and generic pharmaceuticals under international brands. With strong single-digit organic sales and double-digit earnings growth, Abbott has been performing well over its industry peers over the past several years. We believe Abbott is well positioned to continue to grow its business by driving sales of the revolutionary new continuous glucose measurement Libre, the MitraClip, and innovative Alinity laboratory equipment.
With franchises in four major health care segments, Abbott is one of the most diversified of the large-cap medical device companies in the world, offering leading products in nutritionals, diagnostics, medical devices and established branded generic pharmaceuticals. Approximately 30% of the company's revenue is generated in the United States, while another 30% comes from Western Europe, Canada, Japan, and Australia, and the remaining 40% is from emerging markets, including India, China, Russia and Brazil.