- Sales of $10.6 billion driven
by strong underlying base business performance
- Reported sales growth of 4.9 percent; organic sales growth
for underlying base business of 8.2 percent1, led by
double-digit growth in Medical Devices
- Continues to strengthen portfolio with steady cadence of new
product approvals, reimbursement coverage, and clinical
data
ABBOTT
PARK, Ill., Oct. 16,
2024 /PRNewswire/ -- Abbott (NYSE: ABT) today
announced financial results for the third quarter ended
Sept. 30, 2024.
- Third-quarter GAAP diluted EPS of $0.94 and adjusted diluted EPS of $1.21, which excludes specified items.
- Abbott maintains its full-year 2024 organic sales growth
guidance range of 9.5% to 10.0%, excluding COVID-19 testing-related
sales2.
- Abbott now projects full-year diluted EPS on a GAAP basis of
$3.34 to $3.40 and projects adjusted diluted EPS of
$4.64 to $4.70, which represents an increase at the
midpoint of the guidance range.
- In October, Abbott's board of directors authorized a new share
repurchase program of up to $7
billion of the company's common shares.
- In August, Abbott announced a unique global partnership with
Medtronic to collaborate on connecting Abbott's world-leading
continuous glucose monitoring (CGM) system with Medtronic's insulin
delivery devices.
- In September, Abbott announced the U.S. launch of
Lingo™, the company's first continuous glucose
monitoring system available without a prescription and designed for
people interested in improving their overall health and
wellness.
- In September, Abbott announced a partnership with the Big Ten
Conference® to conduct a nationwide blood
donation competition to help increase the U.S. blood supply.
- In September, Abbott completed enrollment ahead of schedule in
its VOLT-AF IDE trial, which is designed to evaluate the
Volt™ Pulsed Field Ablation (PFA) System for treating
patients with heart rhythm disorders such as atrial fibrillation
(AFib).
"Our results this quarter demonstrate the strength of our
diversified business model," said Robert B.
Ford, chairman and chief executive officer, Abbott. "We're
well-positioned to achieve the upper end of our initial guidance
ranges for the year and have great momentum heading into next
year."
THIRD-QUARTER BUSINESS OVERVIEW
Management believes
that measuring sales growth rates on an organic basis, which
excludes the impact of foreign exchange and the impact of
discontinuing the ZonePerfect® product line in the
Nutrition business, 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.
|
Third Quarter 2024
Results (3Q24)
|
|
|
Sales 3Q24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
4,202
|
|
950
|
|
1,032
|
|
—
|
|
2,216
|
|
International
|
6,433
|
|
1,116
|
|
1,380
|
|
1,406
|
|
2,531
|
|
Total
reported
|
10,635
|
|
2,066
|
|
2,412
|
|
1,406
|
|
4,747
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
10.1
|
|
10.4
|
|
1.8
|
|
n/a
|
|
14.2
|
|
International
|
1.7
|
|
(7.9)
|
|
(3.8)
|
|
2.7
|
|
9.6
|
|
Total
reported
|
4.9
|
|
(0.3)
|
|
(1.5)
|
|
2.7
|
|
11.7
|
|
Impact of foreign
exchange
|
(2.5)
|
|
(3.1)
|
|
(2.9)
|
|
(4.3)
|
|
(1.6)
|
|
Impact of business
exit*
|
(0.2)
|
|
(0.6)
|
|
—
|
|
—
|
|
—
|
|
Organic
|
7.6
|
|
3.4
|
|
1.4
|
|
7.0
|
|
13.3
|
|
Impact of COVID-19
testing sales (3)
|
(0.6)
|
|
—
|
|
(1.9)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
8.2
|
|
3.4
|
|
3.3
|
|
7.0
|
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
11.0
|
|
11.9
|
|
2.4
|
|
n/a
|
|
14.2
|
|
International
|
6.5
|
|
(2.6)
|
|
3.8
|
|
7.0
|
|
12.5
|
|
First Nine Months
2024 Results (9M24)
|
|
|
Sales 9M24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
11,982
|
|
2,761
|
|
2,775
|
|
—
|
|
6,435
|
|
International
|
18,994
|
|
3,523
|
|
4,046
|
|
3,926
|
|
7,499
|
|
Total
reported
|
30,976
|
|
6,284
|
|
6,821
|
|
3,926
|
|
13,934
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
4.2
|
|
8.1
|
|
(16.2)
|
|
n/a
|
|
14.3
|
|
International
|
3.4
|
|
(1.1)
|
|
(2.4)
|
|
2.1
|
|
10.1
|
|
Total
reported
|
3.7
|
|
2.7
|
|
(8.5)
|
|
2.1
|
|
12.0
|
|
Impact of foreign
exchange
|
(3.0)
|
|
(3.1)
|
|
(2.9)
|
|
(7.3)
|
|
(1.6)
|
|
Impact of business exit
and acquisition*
|
0.1
|
|
(0.4)
|
|
—
|
|
—
|
|
0.4
|
|
Organic
|
6.6
|
|
6.2
|
|
(5.6)
|
|
9.4
|
|
13.2
|
|
Impact of COVID-19
testing sales (3)
|
(2.8)
|
|
—
|
|
(10.4)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
9.4
|
|
6.2
|
|
4.8
|
|
9.4
|
|
13.2
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
10.0
|
|
9.0
|
|
3.0
|
|
n/a
|
|
13.3
|
|
International
|
9.0
|
|
4.2
|
|
5.9
|
|
9.4
|
|
13.1
|
Refer to table titled "Non-GAAP Revenue Reconciliation" for a
reconciliation of adjusted historical revenue to reported
revenue.
|
*Quarter to date Sept.
30, 2024, reflects the impact of discontinuing the
ZonePerfect® product line in the Nutrition business in
March 2024. Year to date Sept. 30, 2024, reflects the impact
of discontinuing the ZonePerfect product line in the
Nutrition business in March 2024 and the acquisition of CSI on
April 27, 2023. Organic sales growth excludes the impact of the
acquired business from January through April 2024.
|
|
Nutrition
|
|
|
Third Quarter 2024
Results (3Q24)
|
|
|
Sales 3Q24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
950
|
|
568
|
|
382
|
|
International
|
1,116
|
|
387
|
|
729
|
|
Total
reported
|
2,066
|
|
955
|
|
1,111
|
|
|
|
|
|
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
U.S.
|
10.4
|
|
12.2
|
|
7.9
|
|
International
|
(7.9)
|
|
(21.6)
|
|
1.5
|
|
Total
reported
|
(0.3)
|
|
(4.5)
|
|
3.6
|
|
Impact of foreign
exchange
|
(3.1)
|
|
(1.8)
|
|
(4.4)
|
|
Impact of business
exit*
|
(0.6)
|
|
—
|
|
(1.1)
|
|
Organic
|
3.4
|
|
(2.7)
|
|
9.1
|
|
|
|
|
|
|
|
U.S.
|
11.9
|
|
12.2
|
|
11.5
|
|
International
|
(2.6)
|
|
(18.0)
|
|
8.0
|
Worldwide Nutrition sales decreased 0.3 percent on a reported
basis and increased 3.4 percent on an organic basis in the third
quarter, led by growth in Adult Nutrition.
In Adult Nutrition, global sales increased 3.6 percent on a
reported basis and 9.1 percent on an organic basis, which was led
by growth of Ensure®, Abbott's market-leading complete
and balanced nutrition brand.
|
First Nine Months
2024 Results (9M24)
|
|
|
Sales 9M24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
2,761
|
|
1,646
|
|
1,115
|
|
International
|
3,523
|
|
1,377
|
|
2,146
|
|
Total
reported
|
6,284
|
|
3,023
|
|
3,261
|
|
|
|
|
|
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
U.S.
|
8.1
|
|
11.8
|
|
3.2
|
|
International
|
(1.1)
|
|
(6.8)
|
|
2.8
|
|
Total
reported
|
2.7
|
|
2.5
|
|
3.0
|
|
Impact of foreign
exchange
|
(3.1)
|
|
(1.6)
|
|
(4.4)
|
|
Impact of business
exit*
|
(0.4)
|
|
—
|
|
(0.7)
|
|
Organic
|
6.2
|
|
4.1
|
|
8.1
|
|
|
|
|
|
|
|
U.S.
|
9.0
|
|
11.8
|
|
5.0
|
|
International
|
4.2
|
|
(3.6)
|
|
9.7
|
|
*Reflects the impact of
discontinuing the ZonePerfect® product line. This action
was initiated in March 2024.
|
|
Diagnostics
|
|
|
Third Quarter 2024
Results (3Q24)
|
|
|
Sales 3Q24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
1,032
|
|
332
|
|
37
|
|
103
|
|
560
|
|
International
|
1,380
|
|
982
|
|
91
|
|
43
|
|
264
|
|
Total
reported
|
2,412
|
|
1,314
|
|
128
|
|
146
|
|
824
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
1.8
|
|
4.5
|
|
(2.8)
|
|
6.0
|
|
(0.2)
|
|
International
|
(3.8)
|
|
(1.5)
|
|
(3.9)
|
|
0.7
|
|
(12.2)
|
|
Total
reported
|
(1.5)
|
|
—
|
|
(3.6)
|
|
4.4
|
|
(4.4)
|
|
Impact of foreign
exchange
|
(2.9)
|
|
(4.3)
|
|
(1.5)
|
|
(0.2)
|
|
(1.4)
|
|
Organic
|
1.4
|
|
4.3
|
|
(2.1)
|
|
4.6
|
|
(3.0)
|
|
Impact of COVID-19
testing sales (3)
|
(1.9)
|
|
(0.2)
|
|
(3.9)
|
|
—
|
|
(3.4)
|
|
Organic (excluding
COVID-19 tests)
|
3.3
|
|
4.5
|
|
1.8
|
|
4.6
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
2.4
|
|
4.8
|
|
4.5
|
|
6.0
|
|
(1.0)
|
|
International
|
3.8
|
|
4.4
|
|
0.8
|
|
1.3
|
|
2.8
|
As expected, Diagnostics sales growth in the third quarter was
negatively impacted by year-over-year declines in COVID-19
testing-related sales3. Worldwide COVID-19 testing sales
were $265 million in the third
quarter of 2024 compared to $305
million in the third quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics
sales increased 0.2 percent on a reported basis and increased 3.3
percent on an organic basis.
Excluding COVID-19 testing-related sales, global Core Laboratory
Diagnostics sales grew 0.1 percent on a reported basis and
increased 4.5 percent on an organic basis, led by continued
adoption of Abbott's Alinity® family of diagnostics
systems and testing portfolios.
|
First Nine Months
2024 Results (9M24)
|
|
|
Sales 9M24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
2,775
|
|
969
|
|
112
|
|
308
|
|
1,386
|
|
International
|
4,046
|
|
2,879
|
|
272
|
|
133
|
|
762
|
|
Total
reported
|
6,821
|
|
3,848
|
|
384
|
|
441
|
|
2,148
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(16.2)
|
|
5.6
|
|
(12.3)
|
|
6.6
|
|
(29.8)
|
|
International
|
(2.4)
|
|
0.3
|
|
(7.2)
|
|
4.8
|
|
(10.6)
|
|
Total
reported
|
(8.5)
|
|
1.5
|
|
(8.7)
|
|
6.0
|
|
(24.0)
|
|
Impact of foreign
exchange
|
(2.9)
|
|
(4.8)
|
|
(0.8)
|
|
(0.1)
|
|
(1.1)
|
|
Organic
|
(5.6)
|
|
6.3
|
|
(7.9)
|
|
6.1
|
|
(22.9)
|
|
Impact of COVID-19
testing sales (3)
|
(10.4)
|
|
(0.2)
|
|
(6.3)
|
|
—
|
|
(25.0)
|
|
Organic (excluding
COVID-19 tests)
|
4.8
|
|
6.5
|
|
(1.6)
|
|
6.1
|
|
2.1
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
3.0
|
|
5.9
|
|
(3.3)
|
|
6.6
|
|
(0.1)
|
|
International
|
5.9
|
|
6.7
|
|
(0.9)
|
|
5.1
|
|
5.7
|
|
Established
Pharmaceuticals
|
|
|
Third Quarter 2024
Results (3Q24)
|
|
|
Sales 3Q24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
1,406
|
|
994
|
|
412
|
|
Total
reported
|
1,406
|
|
994
|
|
412
|
|
|
|
|
|
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
2.7
|
|
0.7
|
|
8.1
|
|
Total
reported
|
2.7
|
|
0.7
|
|
8.1
|
|
Impact of foreign
exchange
|
(4.3)
|
|
(4.7)
|
|
(3.1)
|
|
Organic
|
7.0
|
|
5.4
|
|
11.2
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
7.0
|
|
5.4
|
|
11.2
|
Established Pharmaceuticals sales increased 2.7 percent on a
reported basis and 7.0 percent on an organic basis in the third
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 0.7 percent on a reported basis and increased
5.4 percent on an organic basis, led by growth in several
geographies and therapeutic areas, including gastroenterology,
cardiometabolic, and central nervous system/pain
management.
|
First Nine Months
2024 Results (9M24)
|
|
|
Sales 9M24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
3,926
|
|
2,910
|
|
1,016
|
|
Total
reported
|
3,926
|
|
2,910
|
|
1,016
|
|
|
|
|
|
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
2.1
|
|
0.7
|
|
6.4
|
|
Total
reported
|
2.1
|
|
0.7
|
|
6.4
|
|
Impact of foreign
exchange
|
(7.3)
|
|
(9.0)
|
|
(2.2)
|
|
Organic
|
9.4
|
|
9.7
|
|
8.6
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
9.4
|
|
9.7
|
|
8.6
|
|
Medical
Devices
|
|
|
Third Quarter 2024
Results (3Q24)
|
|
|
Sales 3Q24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
2,216
|
|
288
|
|
285
|
|
252
|
|
258
|
|
270
|
|
190
|
|
673
|
|
International
|
2,531
|
|
309
|
|
325
|
|
70
|
|
441
|
|
288
|
|
46
|
|
1,052
|
|
Total
reported
|
4,747
|
|
597
|
|
610
|
|
322
|
|
699
|
|
558
|
|
236
|
|
1,725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.2
|
|
6.0
|
|
15.8
|
|
16.7
|
|
2.8
|
|
21.1
|
|
0.8
|
|
23.6
|
|
International
|
9.6
|
|
5.7
|
|
9.2
|
|
5.2
|
|
4.5
|
|
9.2
|
|
17.8
|
|
13.3
|
|
Total
reported
|
11.7
|
|
5.9
|
|
12.2
|
|
14.0
|
|
3.9
|
|
14.6
|
|
3.8
|
|
17.1
|
|
Impact of foreign
exchange
|
(1.6)
|
|
(1.1)
|
|
(2.1)
|
|
(0.4)
|
|
(1.0)
|
|
(1.9)
|
|
(1.4)
|
|
(2.0)
|
|
Organic
|
13.3
|
|
7.0
|
|
14.3
|
|
14.4
|
|
4.9
|
|
16.5
|
|
5.2
|
|
19.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.2
|
|
6.0
|
|
15.8
|
|
16.7
|
|
2.8
|
|
21.1
|
|
0.8
|
|
23.6
|
|
International
|
12.5
|
|
7.9
|
|
13.0
|
|
6.6
|
|
6.2
|
|
12.6
|
|
25.7
|
|
16.5
|
Worldwide Medical Devices sales increased 11.7 percent on a
reported basis and 13.3 percent on an organic basis in the third
quarter, including double-digit organic growth in both the U.S. and
internationally.
Sales growth was led by double-digit growth in Diabetes Care,
Structural Heart, Heart Failure, and Electrophysiology. Several
products contributed to the strong performance, including FreeStyle
Libre®, Navitor®, TriClip®,
Amplatzer® Amulet®, and
AVEIR®.
In Electrophysiology, sales grew 12.2 percent on a reported
basis and 14.3 percent on an organic basis, which included
double-digit growth in catheters and cardiac mapping-related
products.
In Diabetes Care, sales of continuous glucose monitors exceeded
$1.6 billion and grew 19.1 percent on
a reported basis and 20.7 percent on an organic basis.
|
First Nine Months
2024 Results (9M24)
|
|
|
Sales 9M24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
6,435
|
|
851
|
|
841
|
|
733
|
|
787
|
|
761
|
|
563
|
|
1,899
|
|
International
|
7,499
|
|
915
|
|
983
|
|
215
|
|
1,325
|
|
876
|
|
142
|
|
3,043
|
|
Total
reported
|
13,934
|
|
1,766
|
|
1,824
|
|
948
|
|
2,112
|
|
1,637
|
|
705
|
|
4,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.3
|
|
6.4
|
|
15.3
|
|
11.0
|
|
7.4
|
|
16.7
|
|
6.5
|
|
24.3
|
|
International
|
10.1
|
|
4.8
|
|
12.6
|
|
8.2
|
|
4.2
|
|
10.3
|
|
16.5
|
|
13.5
|
|
Total
reported
|
12.0
|
|
5.6
|
|
13.8
|
|
10.4
|
|
5.4
|
|
13.2
|
|
8.4
|
|
17.4
|
|
Impact of foreign
exchange
|
(1.6)
|
|
(1.2)
|
|
(2.6)
|
|
(0.1)
|
|
(1.3)
|
|
(1.9)
|
|
(1.5)
|
|
(1.9)
|
|
Impact of
acquisition*
|
0.4
|
|
—
|
|
—
|
|
—
|
|
2.8
|
|
—
|
|
—
|
|
—
|
|
Organic
|
13.2
|
|
6.8
|
|
16.4
|
|
10.5
|
|
3.9
|
|
15.1
|
|
9.9
|
|
19.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
13.3
|
|
6.4
|
|
15.3
|
|
11.0
|
|
0.1
|
|
16.7
|
|
6.5
|
|
24.3
|
|
International
|
13.1
|
|
7.1
|
|
17.4
|
|
8.9
|
|
6.0
|
|
13.7
|
|
24.6
|
|
16.5
|
|
|
*Abbott completed the
acquisition of CSI on April 27, 2023. For purposes of calculating
organic sales growth, the impact from this acquired business has
been excluded from January through April 2024.
|
ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects
full-year 2024 diluted earnings per share under GAAP of
$3.34 to $3.40. Abbott forecasts specified items for the
full-year 2024 of $1.30 per share
primarily related to intangible amortization, restructuring and
cost reduction initiatives and other net expenses. Excluding
specified items, projected adjusted diluted earnings per share
would be $4.64 to $4.70 for the full-year 2024.
Abbott projects fourth-quarter 2024 diluted earnings per share
under GAAP of $0.96 to $1.02. Abbott forecasts specified items for the
fourth-quarter 2024 of $0.35 per
share primarily related to intangible amortization, restructuring
and cost reduction initiatives and other net expenses. Excluding
specified items, projected adjusted diluted earnings per share
would be $1.31 to $1.37 for the fourth quarter 2024.
ABBOTT DECLARES 403RD CONSECUTIVE QUARTERLY
DIVIDEND
On Sept. 19, 2024,
the board of directors of Abbott declared the company's quarterly
dividend of $0.55 per share. Abbott's
cash dividend is payable Nov. 15,
2024, to shareholders of record at the close of business on
Oct. 15, 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 and on LinkedIn,
Facebook, Instagram, X and YouTube.
Abbott will live-webcast its third-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.
— 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 Dec. 31,
2023, 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.
|
1
|
In the third quarter of
2024, total worldwide sales were $10.635 billion and COVID-19
testing-related sales were $265 million. In the third quarter of
2023, total worldwide sales were $10.143 billion and COVID-19
testing-related sales were $305 million.
|
|
|
|
2
|
Abbott has not provided
the related GAAP financial measure for organic sales growth,
excluding COVID-19 testing-related sales, on a forward-looking
basis because the company is unable to predict with reasonable
certainty the impact of foreign exchange due to the
unpredictability of future changes in foreign exchange rates, which
could significantly impact reported sales growth. In addition, as
the COVID-19 pandemic has shifted to an endemic state, the company
has determined that it is unable to predict with reasonable
certainty future COVID-19 test sales due to the unpredictability of
demand for COVID-19 tests.
|
|
|
|
3
|
Diagnostic sales and
COVID-19 testing-related sales in 2024 and 2023 are summarized
below:
|
|
Sales
3Q24
|
|
|
COVID Tests Sales
3Q24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,032
|
|
1,380
|
|
2,412
|
|
|
206
|
|
59
|
|
265
|
|
Core
Laboratory
|
332
|
|
982
|
|
1,314
|
|
|
1
|
|
2
|
|
3
|
|
Molecular
|
37
|
|
91
|
|
128
|
|
|
2
|
|
1
|
|
3
|
|
Rapid
Diagnostics
|
560
|
|
264
|
|
824
|
|
|
203
|
|
56
|
|
259
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
3Q23
|
|
|
COVID Tests Sales
3Q23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,013
|
|
1,436
|
|
2,449
|
|
|
207
|
|
98
|
|
305
|
|
Core
Laboratory
|
317
|
|
997
|
|
1,314
|
|
|
2
|
|
3
|
|
5
|
|
Molecular
|
38
|
|
95
|
|
133
|
|
|
5
|
|
3
|
|
8
|
|
Rapid
Diagnostics
|
561
|
|
301
|
|
862
|
|
|
200
|
|
92
|
|
292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
9M24
|
|
|
COVID Tests Sales
9M24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
2,775
|
|
4,046
|
|
6,821
|
|
|
428
|
|
143
|
|
571
|
|
Core
Laboratory
|
969
|
|
2,879
|
|
3,848
|
|
|
3
|
|
5
|
|
8
|
|
Molecular
|
112
|
|
272
|
|
384
|
|
|
7
|
|
3
|
|
10
|
|
Rapid
Diagnostics
|
1,386
|
|
762
|
|
2,148
|
|
|
418
|
|
135
|
|
553
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
9M23
|
|
|
COVID Tests Sales
9M23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
3,309
|
|
4,145
|
|
7,454
|
|
|
1,031
|
|
267
|
|
1,298
|
|
Core
Laboratory
|
917
|
|
2,872
|
|
3,789
|
|
|
6
|
|
10
|
|
16
|
|
Molecular
|
128
|
|
293
|
|
421
|
|
|
19
|
|
17
|
|
36
|
|
Rapid
Diagnostics
|
1,975
|
|
853
|
|
2,828
|
|
|
1,006
|
|
240
|
|
1,246
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
Third Quarter Ended
September 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
3Q24
|
|
3Q23
|
|
%
Change
|
|
|
Net Sales
|
$10,635
|
|
$10,143
|
|
4.9
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
4,698
|
|
4,605
|
|
2.0
|
|
|
Amortization of
intangible assets
|
470
|
|
496
|
|
(5.1)
|
|
|
Research and
development
|
713
|
|
672
|
|
6.1
|
|
|
Selling, general, and
administrative
|
2,895
|
|
2,723
|
|
6.3
|
|
|
Total Operating Cost
and Expenses
|
8,776
|
|
8,496
|
|
3.3
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
1,859
|
|
1,647
|
|
12.8
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
51
|
|
69
|
|
(26.0)
|
|
|
Net foreign exchange
(gain) loss
|
(11)
|
|
(10)
|
|
n/m
|
|
|
Other (income)
expense, net
|
(121)
|
|
(83)
|
|
n/m
|
|
|
Earnings before
taxes
|
1,940
|
|
1,671
|
|
16.1
|
|
|
Taxes on
earnings
|
294
|
|
235
|
|
25.6
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$1,646
|
|
$1,436
|
|
14.6
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$2,119
|
|
$2,000
|
|
5.9
|
1)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$0.94
|
|
$0.82
|
|
14.6
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$1.21
|
|
$1.14
|
|
6.1
|
1)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,748
|
|
1,748
|
|
|
|
|
NOTES:
|
|
See table tilted
"Non-GAAP Reconciliation of Financial Information" for an
explanation of certain non-GAAP financial information.
|
|
n/m = Percent change is
not meaningful.
|
|
See footnotes on the
following section.
|
|
|
|
1)
|
2024 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $473 million, or $0.27 per share,
for intangible amortization, charges related to intangible
impairment, expenses associated with acquisitions and a
divestiture, and other net expenses.
|
|
|
|
2023 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $564 million, or $0.32 per share,
for intangible amortization, charges related to the impairment of
R&D intangible assets, expenses associated with acquisitions,
restructuring and cost reduction initiatives and other net
expenses.
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
Nine Months Ended
September 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
9M24
|
|
9M23
|
|
%
Change
|
|
|
Net Sales
|
$30,976
|
|
$29,868
|
|
3.7
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
13,764
|
|
13,419
|
|
2.6
|
|
|
Amortization of
intangible assets
|
1,413
|
|
1,485
|
|
(4.9)
|
|
|
Research and
development
|
2,095
|
|
2,041
|
|
2.6
|
|
|
Selling, general, and
administrative
|
8,790
|
|
8,225
|
|
6.9
|
|
|
Total Operating Cost
and Expenses
|
26,062
|
|
25,170
|
|
3.5
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
4,914
|
|
4,698
|
|
4.6
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
170
|
|
182
|
|
(6.4)
|
|
|
Net foreign exchange
(gain) loss
|
(17)
|
|
17
|
|
n/m
|
|
|
Other (income)
expense, net
|
(222)
|
|
(370)
|
|
n/m
|
|
|
Earnings before
taxes
|
4,983
|
|
4,869
|
|
2.3
|
|
|
Taxes on
earnings
|
810
|
|
740
|
|
9.6
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$4,173
|
|
$4,129
|
|
1.0
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$5,851
|
|
$5,708
|
|
2.5
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$2.38
|
|
$2.35
|
|
1.3
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$3.33
|
|
$3.25
|
|
2.5
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,749
|
|
1,750
|
|
|
|
|
NOTES:
|
|
See table tilted
"Non-GAAP Reconciliation of Financial Information" for an
explanation of certain non-GAAP financial information.
|
|
n/m = Percent change is
not meaningful.
|
|
See footnotes on the
following section.
|
|
|
1)
|
2024 Taxes on Earnings
includes the recognition of approximately $35 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
|
|
2023 Taxes on Earnings
includes the recognition of approximately $59 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
|
|
2)
|
2024 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $1.678 billion, or $0.95 per
share, for intangible amortization, charges related to intangible
impairment, charges related to restructuring and cost reduction
initiatives, expenses associated with acquisitions and a
divestiture, and other net expenses.
|
|
|
|
2023 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $1.579 billion, or $0.90 per
share, for intangible amortization, charges related to
restructuring and cost reduction initiatives, expenses associated
with acquisitions and other net expenses.
|
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Reconciliation
of Financial Information
Third Quarter Ended
September 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
3Q24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
470
|
|
$
(470)
|
|
$
—
|
|
Gross
Margin
|
5,467
|
|
516
|
|
5,983
|
|
R&D
|
713
|
|
(19)
|
|
694
|
|
SG&A
|
2,895
|
|
(5)
|
|
2,890
|
|
Other (income)
expense, net
|
(121)
|
|
(12)
|
|
(133)
|
|
Earnings before
taxes
|
1,940
|
|
552
|
|
2,492
|
|
Taxes on
Earnings
|
294
|
|
79
|
|
373
|
|
Net
Earnings
|
1,646
|
|
473
|
|
2,119
|
|
Diluted Earnings per
Share
|
$
0.94
|
|
$
0.27
|
|
$
1.21
|
Specified items reflect intangible amortization expense of
$470 million and other net expenses
of $82 million associated with
charges related to intangible impairment, acquisitions, a
divestiture and other net expenses. See table titled "Details of
Specified Items" for additional details regarding specified
items.
|
3Q23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
496
|
|
$
(496)
|
|
$
—
|
|
Gross
Margin
|
5,042
|
|
542
|
|
5,584
|
|
R&D
|
672
|
|
(46)
|
|
626
|
|
SG&A
|
2,723
|
|
(43)
|
|
2,680
|
|
Other (income)
expense, net
|
(83)
|
|
(23)
|
|
(106)
|
|
Earnings before
taxes
|
1,671
|
|
654
|
|
2,325
|
|
Taxes on
Earnings
|
235
|
|
90
|
|
325
|
|
Net
Earnings
|
1,436
|
|
564
|
|
2,000
|
|
Diluted Earnings per
Share
|
$
0.82
|
|
$
0.32
|
|
$
1.14
|
Specified items reflect intangible amortization expense of
$496 million and other net expenses
of $158 million associated with
restructuring actions, costs associated with acquisitions and other
net expenses. See table titled "Details of Specified Items" for
additional details regarding specified items.
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Reconciliation
of Financial Information
Nine Months Ended
September 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
9M24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
1,413
|
|
$
(1,413)
|
|
$
—
|
|
Gross
Margin
|
15,799
|
|
1,540
|
|
17,339
|
|
R&D
|
2,095
|
|
(81)
|
|
2,014
|
|
SG&A
|
8,790
|
|
(96)
|
|
8,694
|
|
Other (income)
expense, net
|
(222)
|
|
(183)
|
|
(405)
|
|
Earnings before
taxes
|
4,983
|
|
1,900
|
|
6,883
|
|
Taxes on
Earnings
|
810
|
|
222
|
|
1,032
|
|
Net
Earnings
|
4,173
|
|
1,678
|
|
5,851
|
|
Diluted Earnings per
Share
|
$
2.38
|
|
$
0.95
|
|
$
3.33
|
Specified items reflect intangible amortization expense of
$1.413 billion and other net expenses
of $487 million associated with
restructuring actions, acquisitions, a divestiture and other net
expenses. See table titled "Details of Specified Items" for
additional details regarding specified items.
|
9M23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
1,485
|
|
$
(1,485)
|
|
$
—
|
|
Gross
Margin
|
14,964
|
|
1,591
|
|
16,555
|
|
R&D
|
2,041
|
|
(144)
|
|
1,897
|
|
SG&A
|
8,225
|
|
(67)
|
|
8,158
|
|
Other (income)
expense, net
|
(370)
|
|
34
|
|
(336)
|
|
Earnings before
taxes
|
4,869
|
|
1,768
|
|
6,637
|
|
Taxes on
Earnings
|
740
|
|
189
|
|
929
|
|
Net
Earnings
|
4,129
|
|
1,579
|
|
5,708
|
|
Diluted Earnings per
Share
|
$
2.35
|
|
$
0.90
|
|
$
3.25
|
Specified items reflect intangible amortization expense of
$1.485 billion and other net expenses
of $283 million associated with
restructuring actions, costs associated with acquisitions and other
expenses. See table titled "Details of Specified Items" for
additional details regarding specified items.
A reconciliation of the third-quarter tax rates for 2024 and
2023 is shown below:
|
3Q24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,940
|
|
$
294
|
|
15.2 %
|
|
|
Specified
items
|
552
|
|
79
|
|
|
|
|
Excluding specified
items
|
$
2,492
|
|
$
373
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
3Q23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,671
|
|
$
235
|
|
14.0 %
|
|
|
Specified
items
|
654
|
|
90
|
|
|
|
|
Excluding specified
items
|
$
2,325
|
|
$
325
|
|
14.0 %
|
|
A reconciliation of the year-to-date tax rates for 2024 and 2023
is shown below:
|
9M24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
4,983
|
|
$
810
|
|
16.3 %
|
1)
|
|
Specified
items
|
1,900
|
|
222
|
|
|
|
|
Excluding specified
items
|
$
6,883
|
|
$
1,032
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
9M23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
4,869
|
|
$
740
|
|
15.2 %
|
2)
|
|
Specified
items
|
1,768
|
|
189
|
|
|
|
|
Excluding specified
items
|
$
6,637
|
|
$
929
|
|
14.0 %
|
|
|
|
|
1)
|
2024 Taxes on Earnings
includes the recognition of approximately $35 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
|
|
2)
|
2023 Taxes on Earnings
includes the recognition of approximately $59 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Revenue
Reconciliation
Third Quarter and Nine
Months Ended September 30, 2024 and 2023
($ in
millions)
(unaudited)
|
|
|
|
3Q24
|
|
3Q23
|
|
% Change vs.
3Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
Abbott
Reported
|
Impact from
business exit (b)
|
Adjusted
Revenue
|
|
Abbott
Reported
|
Impact from
business exit (b)
|
Adjusted
Revenue
|
|
Reported
|
|
Adjusted
|
Organic
|
|
Total
Company
|
|
10,635
|
(5)
|
10,630
|
|
10,143
|
(17)
|
10,126
|
|
4.9
|
|
5.1
|
7.6
|
|
U.S.
|
|
4,202
|
(5)
|
4,197
|
|
3,817
|
(17)
|
3,800
|
|
10.1
|
|
10.4
|
10.4
|
|
Intl
|
|
6,433
|
—
|
6,433
|
|
6,326
|
—
|
6,326
|
|
1.7
|
|
1.7
|
5.8
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
|
2,066
|
(5)
|
2,061
|
|
2,073
|
(17)
|
2,056
|
|
(0.3)
|
|
0.3
|
3.4
|
|
U.S.
|
|
950
|
(5)
|
945
|
|
860
|
(17)
|
843
|
|
10.4
|
|
11.9
|
11.9
|
|
Intl
|
|
1,116
|
—
|
1,116
|
|
1,213
|
—
|
1,213
|
|
(7.9)
|
|
(7.9)
|
(2.6)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
|
1,111
|
(5)
|
1,106
|
|
1,072
|
(17)
|
1,055
|
|
3.6
|
|
4.7
|
9.1
|
|
U.S.
|
|
382
|
(5)
|
377
|
|
354
|
(17)
|
337
|
|
7.9
|
|
11.5
|
11.5
|
|
Intl
|
|
729
|
—
|
729
|
|
718
|
—
|
718
|
|
1.5
|
|
1.5
|
8.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
|
4,747
|
—
|
4,747
|
|
4,249
|
—
|
4,249
|
|
11.7
|
|
11.7
|
13.3
|
|
U.S.
|
|
2,216
|
—
|
2,216
|
|
1,940
|
—
|
1,940
|
|
14.2
|
|
14.2
|
14.2
|
|
Intl
|
|
2,531
|
—
|
2,531
|
|
2,309
|
—
|
2,309
|
|
9.6
|
|
9.6
|
12.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
|
699
|
—
|
699
|
|
672
|
—
|
672
|
|
3.9
|
|
3.9
|
4.9
|
|
U.S.
|
|
258
|
—
|
258
|
|
251
|
—
|
251
|
|
2.8
|
|
2.8
|
2.8
|
|
Intl
|
|
441
|
—
|
441
|
|
421
|
—
|
421
|
|
4.5
|
|
4.5
|
6.2
|
|
9M24
|
|
9M23
|
|
% Change vs.
9M23
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
Abbott
Reported
|
Impact of
acquisition (a)
|
Impact from
business
exit (b)
|
Adjusted
Revenue
|
|
Abbott
Reported
|
Impact from
business
exit (b)
|
Adjusted
Revenue
|
|
Reported
|
Adjusted
|
Organic
|
|
Total
Company
|
30,976
|
(57)
|
(13)
|
30,906
|
|
29,868
|
(32)
|
29,836
|
|
3.7
|
3.6
|
6.6
|
|
U.S.
|
11,982
|
(53)
|
(13)
|
11,916
|
|
11,503
|
(32)
|
11,471
|
|
4.2
|
3.9
|
3.9
|
|
Intl
|
18,994
|
(4)
|
—
|
18,990
|
|
18,365
|
—
|
18,365
|
|
3.4
|
3.4
|
8.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
6,284
|
—
|
(13)
|
6,271
|
|
6,116
|
(32)
|
6,084
|
|
2.7
|
3.1
|
6.2
|
|
U.S.
|
2,761
|
—
|
(13)
|
2,748
|
|
2,553
|
(32)
|
2,521
|
|
8.1
|
9.0
|
9.0
|
|
Intl
|
3,523
|
—
|
—
|
3,523
|
|
3,563
|
—
|
3,563
|
|
(1.1)
|
(1.1)
|
4.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
3,261
|
—
|
(13)
|
3,248
|
|
3,167
|
(32)
|
3,135
|
|
3.0
|
3.7
|
8.1
|
|
U.S.
|
1,115
|
—
|
(13)
|
1,102
|
|
1,081
|
(32)
|
1,049
|
|
3.2
|
5.0
|
5.0
|
|
Intl
|
2,146
|
—
|
—
|
2,146
|
|
2,086
|
—
|
2,086
|
|
2.8
|
2.8
|
9.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
13,934
|
(57)
|
—
|
13,877
|
|
12,444
|
—
|
12,444
|
|
12.0
|
11.6
|
13.2
|
|
U.S.
|
6,435
|
(53)
|
—
|
6,382
|
|
5,631
|
—
|
5,631
|
|
14.3
|
13.3
|
13.3
|
|
Intl
|
7,499
|
(4)
|
—
|
7,495
|
|
6,813
|
—
|
6,813
|
|
10.1
|
10.0
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
2,112
|
(57)
|
—
|
2,055
|
|
2,004
|
—
|
2,004
|
|
5.4
|
2.6
|
3.9
|
|
U.S.
|
787
|
(53)
|
—
|
734
|
|
733
|
—
|
733
|
|
7.4
|
0.1
|
0.1
|
|
Intl
|
1,325
|
(4)
|
—
|
1,321
|
|
1,271
|
—
|
1,271
|
|
4.2
|
3.9
|
6.0
|
|
|
|
(a)
|
Abbott completed the
acquisition of CSI on April 27, 2023. For purposes of calculating
organic sales growth, the impact from this acquired business has
been excluded from January through April 2024.
|
|
(b)
|
Reflects the impact of
discontinuing the ZonePerfect® product line in the
Nutrition business. This action was initiated in March
2024.
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
Third Quarter Ended
September 30, 2024
(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
|
$
—
|
|
$
2
|
|
$
470
|
|
$
44
|
|
$
516
|
|
R&D
|
—
|
|
—
|
|
—
|
|
(19)
|
|
(19)
|
|
SG&A
|
(7)
|
|
2
|
|
—
|
|
—
|
|
(5)
|
|
Other (income) expense,
net
|
(5)
|
|
—
|
|
—
|
|
(7)
|
|
(12)
|
|
Earnings before
taxes
|
$
12
|
|
$
—
|
|
$
470
|
|
$
70
|
|
552
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
79
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
473
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.27
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
|
a)
|
Acquisition-related
expenses include 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 European Union's Medical
Device Regulations (MDR) and In Vitro Diagnostics Medical Device
Regulations (IVDR) requirements for previously approved products
and investment and intangible asset impairment charges.
|
|
|
|
d)
|
Reflects the net tax
benefit associated with the specified items.
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
Third Quarter Ended
September 30, 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
|
$
3
|
|
$
19
|
|
$
496
|
|
$
24
|
|
$
542
|
|
R&D
|
(1)
|
|
(13)
|
|
—
|
|
(32)
|
|
(46)
|
|
SG&A
|
(22)
|
|
(22)
|
|
—
|
|
1
|
|
(43)
|
|
Other (income) expense,
net
|
5
|
|
—
|
|
—
|
|
(28)
|
|
(23)
|
|
Earnings before
taxes
|
$
21
|
|
$
54
|
|
$
496
|
|
$
83
|
|
654
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
90
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
564
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.32
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
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.
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
Nine Months Ended
September 30, 2024
(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
|
$
2
|
|
$
76
|
|
$
1,413
|
|
$
49
|
|
$
1,540
|
|
R&D
|
(4)
|
|
(1)
|
|
—
|
|
(76)
|
|
(81)
|
|
SG&A
|
(32)
|
|
(17)
|
|
—
|
|
(47)
|
|
(96)
|
|
Other (income) expense,
net
|
(140)
|
|
—
|
|
—
|
|
(43)
|
|
(183)
|
|
Earnings before
taxes
|
$
178
|
|
$
94
|
|
$
1,413
|
|
$
215
|
|
1,900
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
222
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
1,678
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.95
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
|
a)
|
Includes the loss on
the sale of a non-core business. Acquisition-related expenses
include integration costs, which represent incremental costs
directly related to integrating acquired businesses, as well as
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 MDR and IVDR regulations for
previously approved products and charges for investment and
intangible asset impairments.
|
|
|
|
d)
|
Reflects the net tax
benefit associated with the specified items and tax expense as a
result of the resolution of various tax positions related to prior
years.
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
Nine Months Ended
September 30, 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
|
$
15
|
|
$
51
|
|
$
1,485
|
|
$
40
|
|
$
1,591
|
|
R&D
|
(13)
|
|
(5)
|
|
—
|
|
(126)
|
|
(144)
|
|
SG&A
|
(43)
|
|
(28)
|
|
—
|
|
4
|
|
(67)
|
|
Other (income) expense,
net
|
46
|
|
—
|
|
—
|
|
(12)
|
|
34
|
|
Earnings before
taxes
|
$
25
|
|
$
84
|
|
$
1,485
|
|
$
174
|
|
1,768
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
189
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
1,579
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.90
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
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 and tax expense as a
result of the resolution of various tax positions related to prior
years.
|
View original
content:https://www.prnewswire.com/news-releases/abbott-reports-third-quarter-2024-results-and-raises-midpoint-of-full-year-eps-guidance-range-302277755.html
SOURCE Abbott