0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002024-01-242024-01-240000001800exch:XCHI2024-01-242024-01-240000001800exch:XNYS2024-01-242024-01-24

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_______________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
January 24, 2024
Date of Report (Date of earliest event reported)
ABBOTT LABORATORIES
(Exact name of registrant as specified in charter)
_______________________________________________________

Illinois1-218936-0698440
(State or other Jurisdiction
of Incorporation)
(Commission File Number)(IRS Employer
Identification  No.)
_______________________________________________________
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (224) 667-6100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
oWritten communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
oSoliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
oPre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
oPre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Common Shares, Without Par ValueABT
New York Stock Exchange
Chicago Stock Exchange, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o



Item 2.02    Results of Operations and Financial Condition
On January 24, 2024, Abbott Laboratories announced its results of operations for the fourth quarter and full year 2023.
Furnished as Exhibit 99.1, and incorporated herein by reference, is the news release issued by Abbott announcing those results. In that news release, Abbott uses various non-GAAP financial measures including, among others, net earnings excluding specified items. These non-GAAP financial measures adjust for factors that are unusual or unpredictable, such as expenses primarily associated with acquisitions, restructuring actions, cost reduction initiatives, a voluntary recall, charges for intangible asset impairments, fair value adjustments to the contingent consideration related to business acquisitions, certain regulatory costs, tax benefits associated with specified items, net tax expense as a result of the resolution of various tax positions related to prior years, tax benefit of certain intra-entity transfers of intellectual property, and excess tax benefits associated with share-based compensation. These non-GAAP financial measures also exclude intangible amortization expense to provide greater visibility on the results of operations excluding these costs, similar to how Abbott’s management internally assesses performance. Abbott’s management believes the presentation of these non-GAAP financial measures provides useful information to investors regarding Abbott’s results of operations as these non-GAAP financial measures allow investors to better evaluate ongoing business performance. Abbott’s management also uses these non-GAAP financial measures internally to monitor performance of the businesses. Abbott, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
Item 9.01    Financial Statements and Exhibits
Exhibit No.Exhibit
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
ABBOTT LABORATORIES
Date: January 24, 2024 By:/s/ Philip P. Boudreau
Philip P. Boudreau
Senior Vice President, Finance and Chief Financial Officer


Exhibit 99.1 9.1
abbottlogo.jpg
  News Release

Abbott Reports Fourth-Quarter and Full-Year 2023 Results; Issues 2024 Financial Outlook

Fourth-quarter reported sales increased 1.5 percent; organic sales growth for the underlying base business increased 11.0 percent
Full-year 2023 reported sales decreased 8.1 percent due to anticipated decline in COVID-19 testing-related sales; organic sales growth for the underlying base business increased 11.6 percent
Full-year 2023 GAAP diluted EPS of $3.26; adjusted diluted EPS of $4.44
R&D pipeline continues to deliver steady cadence of new products
ABBOTT PARK, Ill., Jan. 24, 2024 — Abbott today announced financial results for the fourth quarter ended Dec. 31, 2023.

Fourth-quarter sales increased 1.5 percent on a reported basis, 2.1 percent on an organic basis, and 11.0 percent on an organic basis, excluding COVID-19 testing-related sales1.
Fourth-quarter GAAP diluted EPS of $0.91 and adjusted diluted EPS of $1.19, which excludes specified items.
Abbott issues full-year 2024 guidance for diluted EPS on a GAAP basis of $3.20 to $3.40 and full-year adjusted diluted EPS of $4.50 to $4.70.
Abbott projects full-year 2024 organic sales growth, excluding COVID-19 testing-related sales, to be in the range of 8.0% to 10.0%2.
In 2023, Abbott continued to recapture market share in the U.S. infant formula market. The company has now reclaimed its previous market-leading position, as measured on a volume basis.
In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of its new laboratory automation system, GLP systems Track, to help laboratories optimize performance and safety to better meet the growing demand for diagnostic testing.
In January, Abbott announced that the first-in-human procedures were conducted using the company's new Volt Pulsed Field Ablation (PFA) System to treat patients with heart rhythm disorders such as atrial fibrillation (AFib). These procedures were part of Abbott's Volt CE Mark clinical study. Abbott anticipates approval for its U.S. clinical trial (IDE) for the Volt PFA System in the first half of 2024.
In January, Abbott announced that Tandem Diabetes Care's t:slim X2™3 insulin pump is the first automated insulin delivery system in the U.S. to integrate with Abbott's new FreeStyle Libre® 2 Plus sensor.


"The strength and diversity of the Abbott portfolio drove our success in 2023," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're entering 2024 with a lot of positive momentum, and with our highly productive pipeline, we're well-positioned for growth in 2024 and beyond."
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FOURTH-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, the impact of exiting the pediatric nutrition business in China, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI), is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.


Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
Total CompanyNutritionDiagnosticsEstablished PharmaceuticalsMedical Devices
U.S.3,949 860 1,020 — 2,065 
International6,292 1,178 1,514 1,222 2,378 
Total reported10,241 2,038 2,534 1,222 4,443 
% Change vs. 4Q22
U.S.(6.4)8.2 (38.8)n/a17.6 
International7.2 15.3 (6.0)0.5 17.5 
Total reported1.5 12.2 (22.7)0.5 17.5 
Impact of foreign exchange(0.8)(0.7)(0.4)(8.3)1.0 
Impact of CSI acquisition0.4 — — — 1.1 
Impact of business exit(0.2)(1.0)— — — 
Organic2.1 13.9 (22.3)8.8 15.4 
Impact of COVID-19 testing sales (4)
(8.9)— (24.5)— — 
Organic (excluding COVID-19 tests)11.0 13.9 2.2 8.8 15.4 
    U.S.7.1 8.2 (10.7)n/a15.5 
    International13.4 18.5 10.9 8.8 15.4 

Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
Total CompanyNutritionDiagnosticsEstablished PharmaceuticalsMedical Devices
U.S.15,452 3,413 4,329 — 7,696 
International24,657 4,741 5,659 5,066 9,191 
Total reported40,109 8,154 9,988 5,066 16,887 
% Change vs. 12M22
U.S.(14.8)16.9 (49.3)n/a15.2 
International(3.3)4.4 (28.7)3.1 13.2 
Total reported(8.1)9.3 (39.4)3.1 14.1 
Impact of foreign exchange(2.0)(2.3)(1.2)(7.8)(1.0)
Impact of CSI acquisition0.3 — — — 0.9 
Impact of business exit(0.2)(1.4)— — — 
Organic(6.2)13.0 (38.2)10.9 14.2 
Impact of COVID-19 testing sales (4)
(17.8)— (44.0)— — 
Organic (excluding COVID-19 tests)11.6 13.0 5.8 10.9 14.2 
    U.S.11.3 16.9 1.3 n/a13.3 
    International11.7 10.4 8.5 10.9 14.9 
Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.

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Nutrition

Fourth Quarter 2023 Results (4Q23)

Sales 4Q23 ($ in millions)
TotalPediatricAdult
U.S.860 505 355 
International1,178 480 698 
Total reported2,038 985 1,053 
% Change vs. 4Q22
U.S.8.2 11.4 4.0 
International15.3 12.3 17.4 
Total reported12.2 11.8 12.5 
Impact of foreign exchange(0.7)(0.5)(0.9)
Impact of business exit(1.0)(2.2)— 
Organic13.9 14.5 13.4 
    U.S.8.2 11.4 4.0 
    International18.5 17.9 18.9 
Worldwide Nutrition sales increased 12.2 percent on a reported basis and 13.9 percent on an organic basis in the fourth quarter. Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.
In Pediatric Nutrition, global sales increased 11.8 percent on a reported basis and 14.5 percent on an organic basis. International sales increased 12.3 percent on a reported basis and 17.9 percent on an organic basis, which was led by strong growth in Canada and several countries in Latin America. In the U.S., sales growth of 11.4 percent was primarily driven by market share recovery in the infant formula business following a voluntary recall of certain products last year.
In Adult Nutrition, global sales increased 12.5 percent on a reported basis and 13.4 percent on an organic basis, which was led by strong global growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand.


Full-Year 2023 Results (12M23)

Sales 12M23 ($ in millions)
TotalPediatricAdult
U.S.3,413 1,977 1,436 
International4,741 1,957 2,784 
Total reported8,154 3,934 4,220 
% Change vs. 12M22
U.S.16.9 26.6 5.8 
International4.4 2.0 6.2 
Total reported9.3 13.0 6.1 
Impact of foreign exchange(2.3)(1.8)(2.7)
Impact of business exit(1.4)(3.1)— 
Organic13.0 17.9 8.8 
    U.S.16.9 26.6 5.8 
    International10.4 10.3 10.4 
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Diagnostics

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
TotalCore LaboratoryMolecularPoint of CareRapid Diagnostics *
U.S.1,020 326 44 107 543 
International1,514 1,044 109 42 319 
Total reported2,534 1,370 153 149 862 
% Change vs. 4Q22
U.S.(38.8)8.3 (27.7)20.7 (55.3)
International(6.0)8.4 (7.8)(1.0)(34.4)
Total reported(22.7)8.4 (14.6)13.6 (49.3)
Impact of foreign exchange(0.4)(0.7)0.3 0.6 (0.1)
Organic(22.3)9.1 (14.9)13.0 (49.2)
Impact of COVID-19 testing sales (4)
(24.5)(0.6)(16.6)— (35.5)
Organic (excluding COVID-19 tests)2.2 9.7 1.7 13.0 (13.7)
    U.S.(10.7)8.8 (12.6)20.7 (29.2)
    International10.9 10.0 8.2 (2.9)18.6 

As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales4. Worldwide COVID-19 testing sales were $288 million in the fourth quarter of 2023 compared to $1.069 billion in the fourth quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics sales increased 1.7 percent on a reported basis and 2.2 percent on an organic basis.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
TotalCore LaboratoryMolecularPoint of CareRapid Diagnostics *
U.S.4,329 1,243 172 396 2,518 
International5,659 3,916 402 169 1,172 
Total reported9,988 5,159 574 565 3,690 
% Change vs. 12M22
U.S.(49.3)9.3 (53.6)6.4 (62.1)
International(28.7)4.4 (35.7)10.3 (65.6)
Total reported(39.4)5.5 (42.3)7.5 (63.3)
Impact of foreign exchange(1.2)(2.9)(0.7)(0.2)(0.4)
Organic(38.2)8.4 (41.6)7.7 (62.9)
Impact of COVID-19 testing sales (4)
(44.0)(1.0)(33.5)— (64.2)
Organic (excluding COVID-19 tests)5.8 9.4 (8.1)7.7 1.3 
    U.S.1.3 10.1 (17.8)6.4 (4.8)
    International8.5 9.1 (3.8)10.8 11.6 
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.
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Established Pharmaceuticals

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
TotalKey Emerging MarketsOther
U.S.— — — 
International1,222 918 304 
Total reported1,222 918 304 
% Change vs. 4Q22
U.S.n/an/an/a
International0.5 0.5 0.4 
Total reported0.5 0.5 0.4 
Impact of foreign exchange(8.3)(10.9)(0.4)
Organic 8.8 11.4 0.8 
    U.S.n/an/an/a
    International8.8 11.4 0.8 
Established Pharmaceuticals sales increased 0.5 percent on a reported basis and 8.8 percent on an organic basis in the fourth quarter.

Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 0.5 percent on a reported basis and increased 11.4 percent on an organic basis, led by growth in several geographies and therapeutic areas, including cardiometabolic, gastroenterology, respiratory, and central nervous system/pain management.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
TotalKey Emerging MarketsOther
U.S.— — — 
International5,066 3,807 1,259 
Total reported5,066 3,807 1,259 
% Change vs. 12M22
U.S.n/an/an/a
International3.1 1.1 9.8 
Total reported3.1 1.1 9.8 
Impact of foreign exchange(7.8)(9.2)(3.0)
Organic 10.9 10.3 12.8 
    U.S.n/an/an/a
    International10.9 10.3 12.8 










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Medical Devices

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
TotalRhythm ManagementElectro-
physiology
Heart Failure *VascularStructural HeartNeuro-modulationDiabetes Care
U.S.2,065 285 279 227 245 231 197 601 
International2,378 297 314 74 432 267 43 951 
Total reported4,443 582 593 301 677 498 240 1,552 
% Change vs. 4Q22
U.S.17.6 12.0 15.0 13.6 14.8 7.9 20.8 28.3 
International17.5 14.5 28.0 26.6 10.4 17.6 10.2 18.4 
Total reported17.5 13.3 21.5 16.6 12.0 12.9 18.8 22.0 
Impact of foreign exchange1.0 1.2 0.3 1.2 1.1 1.5 — 1.3 
Impact of CSI acquisition1.1 — — — 6.4 — — — 
Organic 15.4 12.1 21.2 15.4 4.5 11.4 18.8 20.7 
    U.S.15.5 12.0 15.0 13.6 (2.5)7.9 20.8 28.3 
    International15.4 12.1 27.3 21.4 8.3 14.7 10.2 16.2 

Worldwide Medical Devices sales increased 17.5 percent on a reported basis and 15.4 percent on an organic basis in the fourth quarter. Sales growth was led by double-digit organic growth in Diabetes Care, Neuromodulation, Structural Heart, Electrophysiology, Heart Failure, and Rhythm Management. Several recently launched products and new indications contributed to the strong performance, including Amplatzer®, Amulet®, Navitor®, TriClip®, and AVEIR®.

In Electrophysiology, internationally, sales grew more than 25.0 percent on a reported and organic basis, which included sales growth of more than 20.0 percent in Europe.

In Diabetes Care, FreeStyle Libre sales were $1.4 billion, which represents sales growth of 25.5 percent on a reported basis and 23.8 percent on an organic basis.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
TotalRhythm ManagementElectro-
physiology
Heart Failure *VascularStructural HeartNeuro-modulationDiabetes Care
U.S.7,696 1,085 1,008 888 978 883 725 2,129 
International9,191 1,170 1,187 273 1,703 1,061 165 3,632 
Total reported16,887 2,255 2,195 1,161 2,681 1,944 890 5,761 
% Change vs. 12M22
U.S.15.2 5.5 10.8 9.6 13.2 7.9 17.2 30.3 
International13.2 7.4 16.6 21.1 5.2 18.7 9.0 16.3 
Total reported14.1 6.5 13.9 12.1 8.0 13.6 15.5 21.1 
Impact of foreign exchange(1.0)(1.0)(2.0)0.1 (1.3)(0.7)(0.9)(0.8)
Impact of CSI acquisition0.9 — — — 5.3 — — — 
Organic 14.2 7.5 15.9 12.0 4.0 14.3 16.4 21.9 
    U.S.13.3 5.5 10.8 9.6 (1.0)7.9 17.2 30.3 
    International14.9 9.4 20.5 20.5 6.7 20.1 13.1 17.5 
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.

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ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.20 to $3.40. Abbott forecasts specified items for the full-year 2024 of $1.30 per share primarily related to intangible amortization, costs associated with acquisitions, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.50 to $4.70 for the full-year 2024.
ABBOTT DECLARES 400TH CONSECUTIVE QUARTERLY DIVIDEND
On Dec. 15, 2023, the board of directors of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is payable Feb. 15, 2024, to shareholders of record at the close of business on Jan. 12, 2024.

Abbott has increased its dividend payout for 52 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews.
Abbott will live-webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later in the day.
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— Private Securities Litigation Reform Act of 1995 —
A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Abbott Financial:
Michael Comilla, 224-668-1872 Tamika LeBean 224-399-5082
Ryan Aliff, 224-667-2299
Abbott Media:
Karen Twigg May, 224-668-2681
Kate Dyer, 224-668-9965
1In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million. In the fourth quarter of 2022, total worldwide sales were $10.091 billion and COVID-19 testing-related sales were $1.069 billion.

2Abbott has not provided the related GAAP financial measure for organic sales growth, excluding COVID-19 testing-related sales, on a forward-looking basis because the company is unable to predict with reasonable certainty the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth. In addition, as the COVID-19 pandemic has shifted to an endemic state, the company has determined that it is unable to predict with reasonable certainty future COVID-19 test sales due to the unpredictability of demand for Covid-19 tests.

3t:slimX2TM is a trademark of Tandem Diabetes Care, Inc.

4Diagnostic sales and COVID-19 testing-related sales in 2023 and 2022 are summarized below:

Sales 4Q23
COVID Tests Sales 4Q23
($ in millions)U.S.Int'lTotalU.S.Int'lTotal
Total Diagnostics1,020 1,514 2,534 224 64 288 
Core Laboratory326 1,044 1,370 
Molecular44 109 153 
Rapid Diagnostics543 319 862 218 59 277 
Sales 4Q22COVID Tests Sales 4Q22
($ in millions)U.S.Int'lTotalU.S.Int'lTotal
Total Diagnostics1,667 1,610 3,277 776 293 1,069 
Core Laboratory301 963 1,264 10 
Molecular62 118 180 17 20 37 
Rapid Diagnostics1,216 486 1,702 756 266 1,022 

Sales 12M23COVID Tests Sales 12M23
($ in millions)U.S.Int'lTotalU.S.Int'lTotal
Total Diagnostics4,329 5,659 9,988 1,255 331 1,586 
Core Laboratory1,243 3,916 5,159 13 20 
Molecular172 402 574 24 19 43 
Rapid Diagnostics2,518 1,172 3,690 1,224 299 1,523 
Sales 12M22COVID Tests Sales 12M22
($ in millions)U.S.Int'lTotalU.S.Int'lTotal
Total Diagnostics8,531 7,938 16,469 5,498 2,870 8,368 
Core Laboratory1,137 3,751 4,888 16 46 62 
Molecular370 625 995 190 221 411 
Rapid Diagnostics6,652 3,409 10,061 5,292 2,603 7,895 

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Fourth Quarter Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)




4Q234Q22% Change
Net Sales$10,241$10,0911.5 
Cost of products sold, excluding amortization expense4,556 4,593 (0.8)
Amortization of intangible assets481 496 (3.1)
Research and development700 725 (3.6)
Selling, general, and administrative2,724 2,973 (8.3)
Total Operating Cost and Expenses8,461 8,787 (3.7)
Operating Earnings1,780 1,304 36.5 
Interest expense, net70 66 5.9 
Net foreign exchange (gain) loss24 (14)n/m
Other (income) expense, net(109)(68)60.9 
Earnings before taxes1,795 1,320 36.0 
Taxes on earnings201 287 (29.6)
Net Earnings$1,594$1,03354.2 
Net Earnings excluding Specified Items, as described below$2,094$1,81115.6 1)
Diluted Earnings per Common Share$0.91$0.5954.2 
Diluted Earnings per Common Share,
excluding Specified Items, as described below
$1.19$1.0315.5 1)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
1,748 1,754 


NOTES:
See tables on page 13 for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following page.
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1)2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $500 million, or $0.28 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $778 million, or $0.44 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions, and other net expenses.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Twelve Months Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)




12M23
12M22% Change
Net Sales$40,109$43,653(8.1)
Cost of products sold, excluding amortization expense17,975 19,142 (6.1)
Amortization of intangible assets1,966 2,013 (2.3)
Research and development2,741 2,888 (5.1)
Selling, general, and administrative10,949 11,248 (2.7)
Total Operating Cost and Expenses33,631 35,291 (4.7)
Operating Earnings6,478 8,362 (22.5)
Interest expense, net252 375 (33.0)
Net foreign exchange (gain) loss41 n/m
Other (income) expense, net(479)(321)49.3 
Earnings before taxes6,664 8,306 (19.8)
Taxes on earnings941 1,373 (31.4)1)
Net Earnings$5,723$6,933(17.5)
Net Earnings excluding Specified Items, as described below$7,802$9,466(17.6)2)
Diluted Earnings per Common Share$3.26$3.91(16.6)
Diluted Earnings per Common Share,
excluding Specified Items, as described below
$4.44$5.34(16.9)2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
1,749 1,764 



NOTES:
See tables on page 14 for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following page.









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Page 11 of 20



1)Taxes on Earnings includes the recognition of approximately $22 million and $43 million of excess tax benefits associated with share-based compensation in 2023 and 2022, respectively.

2)2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.079 billion, or $1.18 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.533 billion, or $1.43 per share, for intangible amortization, charges related to a voluntary recall and restructuring actions, the impairment of R&D intangible assets, acquisition-related costs and other net expenses.
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Page 12 of 20



Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Fourth Quarter Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)
4Q23
As
Reported (GAAP)
Specified ItemsAs
Adjusted
Intangible Amortization
$481 $(481)$ 
Gross Margin
5,204 518 5,722 
R&D
700 (78)622 
SG&A
2,724 (35)2,689 
Other (income) expense, net
(109)(9)(118)
Earnings before taxes
1,795 640 2,435 
Taxes on Earnings
201 140 341 
Net Earnings
1,594 500 2,094 
Diluted Earnings per Share
$0.91 $0.28 $1.19 

Specified items reflect intangible amortization expense of $481 million and other net expenses of $159 million associated with restructuring actions, costs associated with acquisitions and other net expenses. See page 17 for additional details regarding specified items.
4Q22
As
Reported (GAAP)
Specified ItemsAs
Adjusted
Intangible Amortization
$496 $(496)$ 
Gross Margin
5,002 612 5,614 
R&D
725 (71)654 
SG&A
2,973 (144)2,829 
Other (income) expense, net
(68)(24)(92)
Earnings before taxes
1,320 851 2,171 
Taxes on Earnings
287 73 360 
Net Earnings
1,033 778 1,811 
Diluted Earnings per Share
$0.59 $0.44 $1.03 

Specified items reflect intangible amortization expense of $496 million and other net expenses of $355 million associated with restructuring actions, costs associated with acquisitions and other expenses. See page 18 for additional details regarding specified items.
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Page 13 of 20



Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Twelve Months Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)
12M23
As
Reported (GAAP)
Specified ItemsAs
Adjusted
Intangible Amortization
$1,966 $(1,966)$ 
Gross Margin
20,168 2,109 22,277 
R&D
2,741 (222)2,519 
SG&A
10,949 (102)10,847 
Other (income) expense, net
(479)25 (454)
Earnings before taxes
6,664 2,408 9,072 
Taxes on Earnings
941 329 1,270 
Net Earnings
5,723 2,079 7,802 
Diluted Earnings per Share
$3.26 $1.18 $4.44 

Specified items reflect intangible amortization expense of $1.966 billion and other net expenses of $442 million associated with restructuring actions, costs associated with acquisitions and other expenses. See page 19 for additional details regarding specified items.
12M22
As
Reported (GAAP)
Specified ItemsAs
Adjusted
Intangible Amortization
$2,013 $(2,013)$ 
Gross Margin
22,498 2,351 24,849 
R&D
2,888 (282)2,606 
SG&A
11,248 (236)11,012 
Other (income) expense, net
(321)(55)(376)
Earnings before taxes
8,306 2,924 11,230 
Taxes on Earnings
1,373 391 1,764 
Net Earnings
6,933 2,533 9,466 
Diluted Earnings per Share
$3.91 $1.43 $5.34 

Specified items reflect intangible amortization expense of $2.013 billion and other net expenses of $911 million that includes charges for the impairment of R&D intangible assets, costs associated with a product recall and restructuring actions, acquisition-related costs, and other net expenses. See page 20 for additional details regarding specified items.
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A reconciliation of the fourth-quarter tax rates for 2023 and 2022 is shown below:
4Q23
($ in millions)Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)$1,795 $201 11.2 %
Specified items640 140 
Excluding specified items$2,435 $341 14.0 %
4Q22
($ in millions)Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)$1,320 $287 21.7 %
Specified items851 73 
Excluding specified items$2,171 $360 16.5 %

A reconciliation of the year-to-date tax rates for 2023 and 2022 is shown below:
12M23
($ in millions)Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)$6,664 $941 14.1 %1)
Specified items2,408 329 
Excluding specified items$9,072 $1,270 14.0 %
12M22
($ in millions)Pre-Tax
Income
Taxes on
Earnings
Tax
Rate
As reported (GAAP)$8,306 $1,373 16.5 %2)
Specified items2,924 391 
Excluding specified items$11,230 $1,764 15.7 %

1)2023 Taxes on Earnings includes the recognition of approximately $22 million in excess tax benefits associated with share-based compensation.

2)2022 Taxes on Earnings includes the recognition of approximately $43 million in excess tax benefits associated with share-based compensation.
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Page 15 of 20



Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
Fourth Quarter and Twelve Months Ended December 31, 2023 and 2022
($ in millions)
(unaudited)
4Q234Q22% Change vs. 4Q22
Non-GAAP
Abbott ReportedImpact
of CSI acquisition (a)
Impact from business exit (b)Adjusted RevenueAbbott ReportedImpact from business exit (b)Adjusted RevenueReportedAdjustedOrganic
Total Company10,241 (40)(7)10,194 10,091 (23)10,068 1.5 1.3 2.1 
U.S.3,949 (38)— 3,911 4,219 — 4,219 (6.4)(7.3)(7.3)
Intl6,292 (2)(7)6,283 5,872 (23)5,849 7.2 7.4 8.8 
Total Nutrition2,038 — (7)2,031 1,817 (23)1,794 12.2 13.2 13.9 
U.S.860 — — 860 795 — 795 8.2 8.2 8.2 
Intl1,178 — (7)1,171 1,022 (23)999 15.3 17.2 18.5 
Pediatric Nutrition985 — (7)978 882 (23)859 11.8 14.0 14.5 
U.S.505 — — 505 454 — 454 11.4 11.4 11.4 
Intl480 — (7)473 428 (23)405 12.3 16.9 17.9 
Total Medical Devices4,443 (40)— 4,403 3,778 — 3,778 17.5 16.4 15.4 
U.S.2,065 (38)— 2,027 1,754 — 1,754 17.6 15.5 15.5 
Intl2,378 (2)— 2,376 2,024 — 2,024 17.5 17.4 15.4 
Vascular677 (40)— 637 605 — 605 12.0 5.6 4.5 
U.S.245 (38)— 207 214 — 214 14.8 (2.5)(2.5)
Intl432 (2)— 430 391 — 391 10.4 9.9 8.3 
12M2312M22% Change vs. 12M22
Non-GAAP
Abbott ReportedImpact
of CSI acquisition (a)
Impact from business exit (b)Adjusted RevenueAbbott ReportedImpact from business exit (b)Adjusted RevenueReportedAdjustedOrganic
Total Company40,109 (130)(48)39,931 43,653 (135)43,518 (8.1)(8.2)(6.2)
U.S.15,452 (123)— 15,329 18,142 — 18,142 (14.8)(15.5)(15.5)
Intl24,657 (7)(48)24,602 25,511 (135)25,376 (3.3)(3.0)0.5 
Total Nutrition8,154 — (48)8,106 7,459 (135)7,324 9.3 10.7 13.0 
U.S.3,413 — — 3,413 2,919 — 2,919 16.9 16.9 16.9 
Intl4,741 — (48)4,693 4,540 (135)4,405 4.4 6.6 10.4 
Pediatric Nutrition3,934 — (48)3,886 3,481 (135)3,346 13.0 16.1 17.9 
U.S.1,977 — — 1,977 1,562 — 1,562 26.6 26.6 26.6 
Intl1,957 — (48)1,909 1,919 (135)1,784 2.0 7.1 10.3 
Total Medical Devices16,887 (130)— 16,757 14,802 — 14,802 14.1 13.2 14.2 
U.S.7,696 (123)— 7,573 6,681 — 6,681 15.2 13.3 13.3 
Intl9,191 (7)— 9,184 8,121 — 8,121 13.2 13.1 14.9 
Vascular2,681 (130)— 2,551 2,483 — 2,483 8.0 2.7 4.0 
U.S.978 (123)— 855 864 — 864 13.2 (1.0)(1.0)
Intl1,703 (7)— 1,696 1,619 — 1,619 5.2 4.7 6.7 

(a) Reflects the impact of the acquisition of Cardiovascular Systems, Inc. (CSI) on April 27, 2023.
(b) Reflects the impact of exiting the pediatric nutrition business in China. This action was initiated in December 2022.

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Page 16 of 20



Abbott Laboratories and Subsidiaries
Details of Specified Items
Fourth Quarter Ended December 31, 2023
(in millions, except per share data)
(unaudited)

Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)Total
Specifieds
Gross Margin$$29 $481 $$518 
R&D(6)(4)— (68)(78)
SG&A(15)(5)— (15)(35)
Other (income) expense, net(6)— — (3)(9)
Earnings before taxes$28 $38 $481 $93 640 
Taxes on Earnings (d)140 
Net Earnings$500 
Diluted Earnings per Share$0.28 
The table above provides additional details regarding the specified items described on page 13.

a)Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as legal and other costs related to business acquisitions.
b)Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)Other includes incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and charges for intangible asset impairments.
d)Reflects the net tax benefit associated with the specified items.
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Page 17 of 20



Abbott Laboratories and Subsidiaries
Details of Specified Items
Fourth Quarter Ended December 31, 2022
(in millions, except per share data)
(unaudited)

Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)Total
Specifieds
Gross Margin$23 $87 $496 $$612 
R&D(6)(34)— (31)(71)
SG&A(7)(135)— (2)(144)
Other (income) expense, net— — (27)(24)
Earnings before taxes$33 $256 $496 $66 851 
Taxes on Earnings (d)73 
Net Earnings$778 
Diluted Earnings per Share$0.44 

The table above provides additional details regarding the specified items described on page 13.
a)Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

b)Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives.

c)Other includes incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products as well as the impairment of an equity investment.
d)Reflects the net tax benefit associated with the specified items.
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Page 18 of 20



Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 2023
(in millions, except per share data)
(unaudited)

Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)Total
Specifieds
Gross Margin$16 $80 $1,966 $47 $2,109 
R&D(19)(9)— (194)(222)
SG&A(58)(33)— (11)(102)
Other (income) expense, net40 — — (15)25 
Earnings before taxes$53 $122 $1,966 $267 2,408 
Taxes on Earnings (d)329 
Net Earnings$2,079 
Diluted Earnings per Share$1.18 
The table above provides additional details regarding the specified items described on page 14.

a)Acquisition-related expenses include legal and other costs related to business acquisitions as well as integration costs, which represent incremental costs directly related to integrating acquired businesses.
b)Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.
c)Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for intangible asset impairments.
d)Reflects the net tax benefit associated with the specified items.
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Page 19 of 20



Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 2022
(in millions, except per share data)
(unaudited)

Acquisition or
Divestiture-
related (a)
Restructuring
and Cost
Reduction
Initiatives (b)
Intangible
Amortization
Other (c)Total
Specifieds
Gross Margin$79 $86 $2,013 $173 $2,351 
R&D(16)(38)— (228)(282)
SG&A(38)(140)— (58)(236)
Other (income) expense, net(12)— — (43)(55)
Earnings before taxes$145 $264 $2,013 $502 2,924 
Taxes on Earnings (d)391 
Net Earnings$2,533 
Diluted Earnings per Share$1.43 

The table above provides additional details regarding the specified items described on page 14.
a)Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.
b)Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. The Gross Margin amount includes a credit associated with the charges taken in the second quarter of 2021 for a restructuring plan related to Abbott's manufacturing network for COVID-19 diagnostic tests.

c)Other primarily relates to the net costs related to a voluntary recall within the Nutrition segment, charges associated with the impairments of R&D intangible assets and an equity investment acquired in a business combination, incremental costs to comply with the European Union's MDR and IVDR Regulations for previously approved products and costs related to certain litigation.
d)Reflects the net tax benefit associated with the specified items, excess tax benefits associated with share-based compensation and net tax expense as a result of the resolution of various tax positions related to prior years.
###
Page 20 of 20
v3.23.4
Cover
Jan. 24, 2024
Document Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 24, 2024
Entity Registrant Name ABBOTT LABORATORIES
Entity Incorporation, State or Country Code IL
Entity File Number 1-2189
Entity Tax Identification Number 36-0698440
Entity Address, Address Line One 100 Abbott Park Road
Entity Address, City or Town Abbott Park
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60064-6400
City Area Code 224
Local Phone Number 667-6100
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0000001800
Amendment Flag false
NYSE CHICAGO, INC.  
Document Information [Line Items]  
Title of 12(b) Security Common Shares, Without Par Value
Trading Symbol ABT
Security Exchange Name CHX
NEW YORK STOCK EXCHANGE, INC.  
Document Information [Line Items]  
Title of 12(b) Security Common Shares, Without Par Value
Trading Symbol ABT
Security Exchange Name NYSE

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