February 17, 2022 – The easing Covid-19 pandemic is expected to reduce demand for medical masks this year, 3M Co. MMM 0.12% said Monday, joining a group of companies that have forecast a decline in business from Covid-19 prevention.
As more COVID-18 guidelines relax across the country, 3M is forecasting that the reduced demand of disposable face masks “will reduce its annual earnings per share by and 2% in organic sales growth.”
3M has been on the frontlines of combatting COVID-19 by providing essential personal protective equipment like face masks. Going forward, 3M plans to prioritize large, fast-growing commercial markets in its 2022 growth strategy, including innovations in its wound care and healthcare IT segments through the two 2019 acquisitions of Acelity and M’Modal.
“3M is powered by purpose, unlocking the power of people, ideas, and science, to re-imagine what’s possible and create what’s next,” CEO and Chair Mike Roman said. “We are well-positioned for 2022 and beyond because of our customer-inspired innovation, industry-leading businesses, fundamental strengths, and world-class capabilities enabling us to win in fast-growing markets.”