- Sales of $10.4 billion driven
by strong underlying base business performance
- Reported sales growth of 4.0 percent; organic sales growth
for underlying base business of 9.3 percent1, led by
double-digit growth in Medical Devices
- Continues to strengthen portfolio with new product
approvals
ABBOTT
PARK, Ill., July 18,
2024 /PRNewswire/ -- Abbott (NYSE: ABT) today
announced financial results for the second quarter ended
June 30, 2024.
- Second-quarter GAAP diluted EPS of $0.74 and adjusted diluted EPS of $1.14, which excludes specified items.
- Abbott raised its full-year 2024 EPS guidance range. Abbott
projects full-year diluted EPS on a GAAP basis of $3.30 to $3.40 and
projects adjusted diluted EPS of $4.61 to $4.71.
- Abbott narrowed its full-year 2024 organic sales growth
guidance range, excluding COVID-19 testing-related sales, to 9.5%
to 10.0%, which represents an increase at the midpoint of the
range2.
- In April, Abbott announced U.S. Food and Drug Administration
(FDA) approval of the Esprit™ below-the-knee (BTK)
system, a breakthrough innovation for people living with peripheral
artery disease. This system is designed to keep arteries open and
deliver a drug to support vessel healing prior to completely
dissolving.
- In June, Abbott announced U.S. FDA clearance for two new
over-the-counter continuous glucose monitoring systems —
Lingo™ and Libre
Rio™, which are based on Abbott's world-leading
FreeStyle Libre® continuous glucose monitoring
technology3.
- In June, Abbott obtained CE Mark for its AVEIR® dual
chamber (DR) leadless pacemaker system, the world's first dual
chamber leadless pacemaker system that treats people with abnormal
or slow heart rhythms.
- During the first half of 2024, Abbott announced 10 new growth
opportunities coming from the company's highly productive R&D
pipeline. These include a combination of new product approvals and
new treatment indications.
"We achieved another quarter of strong growth in our underlying
base business," said Robert B. Ford,
chairman and chief executive officer, Abbott. "We have a lot of
positive momentum heading into the second half of the year and are
raising our full-year guidance."
SECOND-QUARTER BUSINESS OVERVIEW
Management
believes that measuring sales growth rates on an organic basis,
which excludes the impact of foreign exchange, the impact of
discontinuing the ZonePerfect® product line in the
Nutrition business, and the impact of the acquisition of
Cardiovascular Systems, Inc. (CSI) during the first year
post-acquisition, 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.
|
Second Quarter 2024
Results (2Q24)
|
|
|
Sales 2Q24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
3,934
|
|
933
|
|
812
|
|
—
|
|
2,185
|
|
International
|
6,443
|
|
1,217
|
|
1,383
|
|
1,294
|
|
2,549
|
|
Total
reported
|
10,377
|
|
2,150
|
|
2,195
|
|
1,294
|
|
4,734
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
4.7
|
|
6.0
|
|
(15.5)
|
|
n/a
|
|
14.2
|
|
International
|
3.6
|
|
1.7
|
|
1.9
|
|
0.6
|
|
7.0
|
|
Total
reported
|
4.0
|
|
3.5
|
|
(5.3)
|
|
0.6
|
|
10.2
|
|
Impact of foreign
exchange
|
(3.5)
|
|
(3.6)
|
|
(3.8)
|
|
(7.5)
|
|
(2.2)
|
|
Impact of business exit
and acquisition*
|
0.1
|
|
(0.4)
|
|
—
|
|
—
|
|
0.3
|
|
Organic
|
7.4
|
|
7.5
|
|
(1.5)
|
|
8.1
|
|
12.1
|
|
Impact of COVID-19
testing sales (4)
|
(1.9)
|
|
—
|
|
(7.4)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
9.3
|
|
7.5
|
|
5.9
|
|
8.1
|
|
12.1
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
9.0
|
|
6.9
|
|
(0.3)
|
|
n/a
|
|
13.5
|
|
International
|
9.4
|
|
7.9
|
|
9.5
|
|
8.1
|
|
10.9
|
|
|
First Half 2024
Results (1H24)
|
|
|
Sales 1H24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
7,780
|
|
1,811
|
|
1,743
|
|
—
|
|
4,219
|
|
International
|
12,561
|
|
2,407
|
|
2,666
|
|
2,520
|
|
4,968
|
|
Total
reported
|
20,341
|
|
4,218
|
|
4,409
|
|
2,520
|
|
9,187
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
1.2
|
|
7.0
|
|
(24.1)
|
|
n/a
|
|
14.3
|
|
International
|
4.3
|
|
2.4
|
|
(1.6)
|
|
1.8
|
|
10.3
|
|
Total
reported
|
3.1
|
|
4.3
|
|
(11.9)
|
|
1.8
|
|
12.1
|
|
Impact of foreign
exchange
|
(3.2)
|
|
(3.1)
|
|
(2.9)
|
|
(9.0)
|
|
(1.7)
|
|
Impact of business exit
and acquisition*
|
0.2
|
|
(0.2)
|
|
—
|
|
—
|
|
0.7
|
|
Organic
|
6.1
|
|
7.6
|
|
(9.0)
|
|
10.8
|
|
13.1
|
|
Impact of COVID-19
testing sales (4)
|
(3.9)
|
|
—
|
|
(14.7)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
10.0
|
|
7.6
|
|
5.7
|
|
10.8
|
|
13.1
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
9.5
|
|
7.5
|
|
3.3
|
|
n/a
|
|
12.8
|
|
International
|
10.3
|
|
7.7
|
|
7.1
|
|
10.8
|
|
13.4
|
Refer to table titled "Non-GAAP Revenue Reconciliation" for a
reconciliation of adjusted historical revenue to reported
revenue.
*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
|
|
|
Second Quarter 2024
Results (2Q24)
|
|
|
Sales 2Q24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
933
|
|
564
|
|
369
|
|
International
|
1,217
|
|
495
|
|
722
|
|
Total
reported
|
2,150
|
|
1,059
|
|
1,091
|
|
|
|
|
|
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
U.S.
|
6.0
|
|
11.3
|
|
(1.2)
|
|
International
|
1.7
|
|
(4.4)
|
|
6.4
|
|
Total
reported
|
3.5
|
|
3.4
|
|
3.7
|
|
Impact of foreign
exchange
|
(3.6)
|
|
(1.6)
|
|
(5.4)
|
|
Impact of business
exit*
|
(0.4)
|
|
—
|
|
(0.8)
|
|
Organic
|
7.5
|
|
5.0
|
|
9.9
|
|
|
|
|
|
|
|
U.S.
|
6.9
|
|
11.3
|
|
0.8
|
|
International
|
7.9
|
|
(1.0)
|
|
14.7
|
Worldwide Nutrition sales increased 3.5 percent on a reported
basis and 7.5 percent on an organic basis in the second
quarter.
In Pediatric Nutrition, global sales increased 3.4 percent on a
reported basis and 5.0 percent on an organic basis. Sales in the
U.S. reflect continued market share gains in the infant formula
business.
In Adult Nutrition, global sales increased 3.7 percent on a
reported basis and 9.9 percent on an organic basis, which was led
by strong growth of Ensure®, Abbott's market-leading
complete and balanced nutrition brand.
|
First Half 2024
Results (1H24)
|
|
|
Sales 1H24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
1,811
|
|
1,078
|
|
733
|
|
International
|
2,407
|
|
990
|
|
1,417
|
|
Total
reported
|
4,218
|
|
2,068
|
|
2,150
|
|
|
|
|
|
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
U.S.
|
7.0
|
|
11.6
|
|
0.8
|
|
International
|
2.4
|
|
0.7
|
|
3.6
|
|
Total
reported
|
4.3
|
|
6.1
|
|
2.6
|
|
Impact of foreign
exchange
|
(3.1)
|
|
(1.5)
|
|
(4.6)
|
|
Impact of business
exit*
|
(0.2)
|
|
—
|
|
(0.4)
|
|
Organic
|
7.6
|
|
7.6
|
|
7.6
|
|
|
|
|
|
|
|
U.S.
|
7.5
|
|
11.6
|
|
1.9
|
|
International
|
7.7
|
|
3.7
|
|
10.5
|
|
|
*Reflects the impact of
discontinuing the ZonePerfect® product line. This action
was initiated in March 2024.
|
|
Diagnostics
|
|
|
Second Quarter 2024
Results (2Q24)
|
|
|
Sales 2Q24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
812
|
|
327
|
|
33
|
|
107
|
|
345
|
|
International
|
1,383
|
|
1,002
|
|
94
|
|
49
|
|
238
|
|
Total
reported
|
2,195
|
|
1,329
|
|
127
|
|
156
|
|
583
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(15.5)
|
|
5.1
|
|
(22.5)
|
|
8.1
|
|
(32.1)
|
|
International
|
1.9
|
|
2.1
|
|
(4.9)
|
|
14.1
|
|
2.1
|
|
Total
reported
|
(5.3)
|
|
2.8
|
|
(10.3)
|
|
9.9
|
|
(21.3)
|
|
Impact of foreign
exchange
|
(3.8)
|
|
(5.8)
|
|
(0.9)
|
|
(0.1)
|
|
(1.5)
|
|
Organic
|
(1.5)
|
|
8.6
|
|
(9.4)
|
|
10.0
|
|
(19.8)
|
|
Impact of COVID-19
testing sales (4)
|
(7.4)
|
|
(0.2)
|
|
(3.8)
|
|
—
|
|
(20.2)
|
|
Organic (excluding
COVID-19 tests)
|
5.9
|
|
8.8
|
|
(5.6)
|
|
10.0
|
|
0.4
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(0.3)
|
|
5.3
|
|
(19.0)
|
|
8.1
|
|
(6.6)
|
|
International
|
9.5
|
|
9.9
|
|
—
|
|
14.5
|
|
11.0
|
As expected, Diagnostics sales growth in the second quarter was
negatively impacted by year-over-year declines in COVID-19
testing-related sales4. Worldwide COVID-19 testing sales
were $102 million in the second
quarter of 2024 compared to $263
million in the second quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics
sales increased 1.8 percent on a reported basis and 5.9 percent on
an organic basis.
Excluding COVID-19 testing-related sales, global Core Laboratory
Diagnostics sales increased 3.0 percent on a reported basis and 8.8
percent on an organic basis, led by continued strong adoption of
Abbott's Alinity® family of diagnostics systems and
testing portfolios.
|
First Half 2024 Results
(1H24)
|
|
|
Sales 1H24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
1,743
|
|
637
|
|
75
|
|
205
|
|
826
|
|
International
|
2,666
|
|
1,897
|
|
181
|
|
90
|
|
498
|
|
Total
reported
|
4,409
|
|
2,534
|
|
256
|
|
295
|
|
1,324
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(24.1)
|
|
6.2
|
|
(16.3)
|
|
6.9
|
|
(41.6)
|
|
International
|
(1.6)
|
|
1.2
|
|
(8.8)
|
|
6.9
|
|
(9.7)
|
|
Total
reported
|
(11.9)
|
|
2.4
|
|
(11.1)
|
|
6.9
|
|
(32.7)
|
|
Impact of foreign
exchange
|
(2.9)
|
|
(4.9)
|
|
(0.6)
|
|
—
|
|
(1.1)
|
|
Organic
|
(9.0)
|
|
7.3
|
|
(10.5)
|
|
6.9
|
|
(31.6)
|
|
Impact of COVID-19
testing sales (4)
|
(14.7)
|
|
(0.3)
|
|
(7.3)
|
|
—
|
|
(34.6)
|
|
Organic (excluding
COVID-19 tests)
|
5.7
|
|
7.6
|
|
(3.2)
|
|
6.9
|
|
3.0
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
3.3
|
|
6.5
|
|
(6.7)
|
|
6.9
|
|
0.3
|
|
International
|
7.1
|
|
7.9
|
|
(1.8)
|
|
7.1
|
|
7.1
|
|
Established Pharmaceuticals
|
|
|
Second Quarter 2024
Results (2Q24)
|
|
|
Sales 2Q24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
1,294
|
|
988
|
|
306
|
|
Total
reported
|
1,294
|
|
988
|
|
306
|
|
|
|
|
|
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
0.6
|
|
(0.2)
|
|
3.1
|
|
Total
reported
|
0.6
|
|
(0.2)
|
|
3.1
|
|
Impact of foreign
exchange
|
(7.5)
|
|
(9.0)
|
|
(2.6)
|
|
Organic
|
8.1
|
|
8.8
|
|
5.7
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
8.1
|
|
8.8
|
|
5.7
|
Established Pharmaceuticals sales increased 0.6 percent on a
reported basis and 8.1 percent on an organic basis in the second
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 decreased 0.2 percent on a reported basis and increased
8.8 percent on an organic basis, led by growth in several
geographies and therapeutic areas, including cardiometabolic,
gastroenterology, and central nervous system/pain management.
|
First Half 2024
Results (1H24)
|
|
|
Sales 1H24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
2,520
|
|
1,916
|
|
604
|
|
Total
reported
|
2,520
|
|
1,916
|
|
604
|
|
|
|
|
|
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
1.8
|
|
0.7
|
|
5.3
|
|
Total
reported
|
1.8
|
|
0.7
|
|
5.3
|
|
Impact of foreign
exchange
|
(9.0)
|
|
(11.3)
|
|
(1.6)
|
|
Organic
|
10.8
|
|
12.0
|
|
6.9
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
10.8
|
|
12.0
|
|
6.9
|
|
Medical
Devices
|
|
|
Second Quarter 2024
Results (2Q24)
|
|
Sales 2Q24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
2,185
|
|
292
|
|
287
|
|
244
|
|
275
|
|
258
|
|
192
|
|
637
|
|
International
|
2,549
|
|
315
|
|
340
|
|
77
|
|
449
|
|
306
|
|
51
|
|
1,011
|
|
Total
reported
|
4,734
|
|
607
|
|
627
|
|
321
|
|
724
|
|
564
|
|
243
|
|
1,648
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.2
|
|
8.5
|
|
16.8
|
|
7.7
|
|
4.3
|
|
17.9
|
|
3.7
|
|
26.3
|
|
International
|
7.0
|
|
0.4
|
|
10.5
|
|
11.4
|
|
(0.4)
|
|
9.4
|
|
21.7
|
|
10.0
|
|
Total
reported
|
10.2
|
|
4.2
|
|
13.3
|
|
8.6
|
|
1.3
|
|
13.2
|
|
7.0
|
|
15.8
|
|
Impact of foreign
exchange
|
(2.2)
|
|
(1.7)
|
|
(3.4)
|
|
(0.3)
|
|
(2.0)
|
|
(2.4)
|
|
(1.2)
|
|
(2.4)
|
|
Impact of
acquisition*
|
0.3
|
|
—
|
|
—
|
|
—
|
|
2.1
|
|
—
|
|
—
|
|
—
|
|
Organic
|
12.1
|
|
5.9
|
|
16.7
|
|
8.9
|
|
1.2
|
|
15.6
|
|
8.2
|
|
18.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
13.5
|
|
8.5
|
|
16.8
|
|
7.7
|
|
(0.8)
|
|
17.9
|
|
3.7
|
|
26.3
|
|
International
|
10.9
|
|
3.7
|
|
16.7
|
|
12.8
|
|
2.5
|
|
13.8
|
|
28.4
|
|
13.7
|
Worldwide Medical Devices sales increased 10.2 percent on a
reported basis and 12.1 percent on an organic basis in the second
quarter, including double-digit organic growth in both the U.S. and
internationally.
Sales growth was led by double-digit growth in Diabetes Care,
Electrophysiology, and Structural Heart. Several recently launched
products and new indications contributed to the strong performance,
including Amplatzer® Amulet®,
Navitor®, TriClip®, and
AVEIR®.
In Electrophysiology, sales grew 13.3 percent on a reported
basis and 16.7 percent on an organic basis, which included
double-digit growth in catheters and cardiac mapping-related
products, and double-digit growth in all major geographic
regions.
In Diabetes Care, FreeStyle Libre sales were $1.6 billion, which represents sales growth of
18.4 percent on a reported basis and 20.4 percent on an organic
basis.
|
First Half 2024
Results (1H24)
|
|
|
Sales 1H24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
4,219
|
|
563
|
|
556
|
|
481
|
|
529
|
|
491
|
|
373
|
|
1,226
|
|
International
|
4,968
|
|
606
|
|
658
|
|
145
|
|
884
|
|
588
|
|
96
|
|
1,991
|
|
Total
reported
|
9,187
|
|
1,169
|
|
1,214
|
|
626
|
|
1,413
|
|
1,079
|
|
469
|
|
3,217
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.3
|
|
6.6
|
|
15.0
|
|
8.2
|
|
9.8
|
|
14.4
|
|
9.6
|
|
24.6
|
|
International
|
10.3
|
|
4.4
|
|
14.4
|
|
9.7
|
|
4.1
|
|
10.9
|
|
15.9
|
|
13.6
|
|
Total
reported
|
12.1
|
|
5.4
|
|
14.7
|
|
8.6
|
|
6.1
|
|
12.5
|
|
10.9
|
|
17.6
|
|
Impact of foreign
exchange
|
(1.7)
|
|
(1.3)
|
|
(2.8)
|
|
(0.1)
|
|
(1.5)
|
|
(1.8)
|
|
(1.6)
|
|
(1.8)
|
|
Impact of
acquisition*
|
0.7
|
|
—
|
|
—
|
|
—
|
|
4.3
|
|
—
|
|
—
|
|
—
|
|
Organic
|
13.1
|
|
6.7
|
|
17.5
|
|
8.7
|
|
3.3
|
|
14.3
|
|
12.5
|
|
19.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
12.8
|
|
6.6
|
|
15.0
|
|
8.2
|
|
(1.3)
|
|
14.4
|
|
9.6
|
|
24.6
|
|
International
|
13.4
|
|
6.8
|
|
19.6
|
|
10.1
|
|
6.0
|
|
14.3
|
|
24.1
|
|
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
$3.30 to $3.40. Abbott forecasts specified items for the
full-year 2024 of $1.31 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 $4.61 to $4.71 for the full-year 2024.
Abbott projects third-quarter 2024 diluted earnings per share
under GAAP of $0.85 to $0.89. Abbott forecasts specified items for the
third-quarter 2024 of $0.33 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 $1.18 to $1.22 for the third quarter 2024.
ABBOTT DECLARES 402ND CONSECUTIVE QUARTERLY
DIVIDEND
On June 14, 2024, the board of directors of
Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is
payable Aug. 15, 2024, to
shareholders of record at the close of business on July 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 second-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 second quarter
of 2024, total worldwide sales were $10.377 billion and COVID-19
testing-related sales were $102 million. In the second quarter of
2023, total worldwide sales were $9.978 billion and COVID-19
testing-related sales were $263 million.
|
|
|
|
2
|
Abbott has not provided
the related GAAP financial measure for organic sales growth,
excluding COVID-19 testing-related sales, on a forward-looking
basis because the company is unable to predict with reasonable
certainty the impact of foreign exchange due to the
unpredictability of future changes in foreign exchange rates, which
could significantly impact reported sales growth. In addition, as
the COVID-19 pandemic has shifted to an endemic state, the company
has determined that it is unable to predict with reasonable
certainty future COVID-19 test sales due to the unpredictability of
demand for COVID-19 tests.
|
|
|
|
3
|
Data on file. Abbott
Diabetes Care.
|
|
|
|
4
|
Diagnostic sales and
COVID-19 testing-related sales in 2024 and 2023 are summarized
below:
|
|
Sales
2Q24
|
|
|
COVID Tests Sales
2Q24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
812
|
|
1,383
|
|
2,195
|
|
|
69
|
|
33
|
|
102
|
|
Core
Laboratory
|
327
|
|
1,002
|
|
1,329
|
|
|
1
|
|
1
|
|
2
|
|
Molecular
|
33
|
|
94
|
|
127
|
|
|
2
|
|
1
|
|
3
|
|
Rapid
Diagnostics
|
345
|
|
238
|
|
583
|
|
|
66
|
|
31
|
|
97
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
2Q23
|
|
|
COVID Tests Sales
2Q23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
961
|
|
1,356
|
|
2,317
|
|
|
216
|
|
47
|
|
263
|
|
Core
Laboratory
|
311
|
|
982
|
|
1,293
|
|
|
2
|
|
3
|
|
5
|
|
Molecular
|
43
|
|
98
|
|
141
|
|
|
4
|
|
4
|
|
8
|
|
Rapid
Diagnostics
|
508
|
|
233
|
|
741
|
|
|
210
|
|
40
|
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
1H24
|
|
|
COVID Tests Sales
1H24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,743
|
|
2,666
|
|
4,409
|
|
|
222
|
|
84
|
|
306
|
|
Core
Laboratory
|
637
|
|
1,897
|
|
2,534
|
|
|
2
|
|
3
|
|
5
|
|
Molecular
|
75
|
|
181
|
|
256
|
|
|
5
|
|
2
|
|
7
|
|
Rapid
Diagnostics
|
826
|
|
498
|
|
1,324
|
|
|
215
|
|
79
|
|
294
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
1H23
|
|
|
COVID Tests Sales
1H23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
2,296
|
|
2,709
|
|
5,005
|
|
|
824
|
|
169
|
|
993
|
|
Core
Laboratory
|
600
|
|
1,875
|
|
2,475
|
|
|
4
|
|
7
|
|
11
|
|
Molecular
|
90
|
|
198
|
|
288
|
|
|
14
|
|
14
|
|
28
|
|
Rapid
Diagnostics
|
1,414
|
|
552
|
|
1,966
|
|
|
806
|
|
148
|
|
954
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
Second Quarter Ended
June 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
2Q24
|
|
2Q23
|
|
%
Change
|
|
|
Net Sales
|
$10,377
|
|
$9,978
|
|
4.0
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
4,603
|
|
4,483
|
|
2.7
|
|
|
Amortization of
intangible assets
|
471
|
|
498
|
|
(5.6)
|
|
|
Research and
development
|
698
|
|
715
|
|
(2.3)
|
|
|
Selling, general, and
administrative
|
2,936
|
|
2,740
|
|
7.1
|
|
|
Total Operating Cost
and Expenses
|
8,708
|
|
8,436
|
|
3.2
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
1,669
|
|
1,542
|
|
8.2
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
58
|
|
61
|
|
(5.1)
|
|
|
Net foreign exchange
(gain) loss
|
(6)
|
|
21
|
|
n/m
|
|
|
Other (income)
expense, net
|
10
|
|
(176)
|
|
n/m
|
|
|
Earnings before
taxes
|
1,607
|
|
1,636
|
|
(1.8)
|
|
|
Taxes on
earnings
|
305
|
|
261
|
|
17.1
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$1,302
|
|
$1,375
|
|
(5.3)
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$2,003
|
|
$1,893
|
|
5.8
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$0.74
|
|
$0.78
|
|
(5.1)
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$1.14
|
|
$1.08
|
|
5.6
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,751
|
|
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 $25 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 $40 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 $701 million, or $0.40 per share,
for intangible amortization, 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 $518 million, or $0.30 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
Condensed Consolidated
Statement of Earnings
First Half Ended
June 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
1H24
|
|
1H23
|
|
%
Change
|
|
|
Net Sales
|
$20,341
|
|
$19,725
|
|
3.1
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
9,066
|
|
8,814
|
|
2.9
|
|
|
Amortization of
intangible assets
|
943
|
|
989
|
|
(4.7)
|
|
|
Research and
development
|
1,382
|
|
1,369
|
|
0.9
|
|
|
Selling, general, and
administrative
|
5,895
|
|
5,502
|
|
7.1
|
|
|
Total Operating Cost
and Expenses
|
17,286
|
|
16,674
|
|
3.7
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
3,055
|
|
3,051
|
|
0.2
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
119
|
|
113
|
|
5.6
|
|
|
Net foreign exchange
(gain) loss
|
(6)
|
|
27
|
|
n/m
|
|
|
Other (income)
expense, net
|
(101)
|
|
(287)
|
|
n/m
|
|
|
Earnings before
taxes
|
3,043
|
|
3,198
|
|
(4.8)
|
|
|
Taxes on
earnings
|
516
|
|
505
|
|
2.2
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$2,527
|
|
$2,693
|
|
(6.2)
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$3,732
|
|
$3,708
|
|
0.7
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$1.44
|
|
$1.53
|
|
(5.9)
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$2.12
|
|
$2.11
|
|
0.5
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,750
|
|
1,751
|
|
|
|
|
|
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 $62 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 $1.205 billion, or $0.68 per
share, for intangible amortization, 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 $1.015 billion, or $0.58 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
Second Quarter Ended
June 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
2Q24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
471
|
|
$
(471)
|
|
$
—
|
|
Gross
Margin
|
5,303
|
|
506
|
|
5,809
|
|
R&D
|
698
|
|
(41)
|
|
657
|
|
SG&A
|
2,936
|
|
(57)
|
|
2,879
|
|
Other (income)
expense, net
|
10
|
|
(145)
|
|
(135)
|
|
Earnings before
taxes
|
1,607
|
|
749
|
|
2,356
|
|
Taxes on
Earnings
|
305
|
|
48
|
|
353
|
|
Net
Earnings
|
1,302
|
|
701
|
|
2,003
|
|
Diluted Earnings per
Share
|
$
0.74
|
|
$
0.40
|
|
$
1.14
|
Specified items reflect intangible amortization expense of
$471 million and other net expenses
of $278 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.
|
2Q23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
498
|
|
$
(498)
|
|
$
—
|
|
Gross
Margin
|
4,997
|
|
529
|
|
5,526
|
|
R&D
|
715
|
|
(72)
|
|
643
|
|
SG&A
|
2,740
|
|
(22)
|
|
2,718
|
|
Other (income)
expense, net
|
(176)
|
|
57
|
|
(119)
|
|
Earnings before
taxes
|
1,636
|
|
566
|
|
2,202
|
|
Taxes on
Earnings
|
261
|
|
48
|
|
309
|
|
Net
Earnings
|
1,375
|
|
518
|
|
1,893
|
|
Diluted Earnings per
Share
|
$
0.78
|
|
$
0.30
|
|
$
1.08
|
Specified items reflect intangible amortization expense of
$498 million and other net expenses
of $68 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
First Half Ended
June 30, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
1H24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
943
|
|
$
(943)
|
|
$
—
|
|
Gross
Margin
|
10,332
|
|
1,024
|
|
11,356
|
|
R&D
|
1,382
|
|
(62)
|
|
1,320
|
|
SG&A
|
5,895
|
|
(91)
|
|
5,804
|
|
Other (income)
expense, net
|
(101)
|
|
(171)
|
|
(272)
|
|
Earnings before
taxes
|
3,043
|
|
1,348
|
|
4,391
|
|
Taxes on
Earnings
|
516
|
|
143
|
|
659
|
|
Net
Earnings
|
2,527
|
|
1,205
|
|
3,732
|
|
Diluted Earnings per
Share
|
$
1.44
|
|
$
0.68
|
|
$
2.12
|
Specified items reflect intangible amortization expense of
$943 million and other net expenses
of $405 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.
|
1H23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
989
|
|
$
(989)
|
|
$
—
|
|
Gross
Margin
|
9,922
|
|
1,049
|
|
10,971
|
|
R&D
|
1,369
|
|
(98)
|
|
1,271
|
|
SG&A
|
5,502
|
|
(24)
|
|
5,478
|
|
Other (income)
expense, net
|
(287)
|
|
57
|
|
(230)
|
|
Earnings before
taxes
|
3,198
|
|
1,114
|
|
4,312
|
|
Taxes on
Earnings
|
505
|
|
99
|
|
604
|
|
Net
Earnings
|
2,693
|
|
1,015
|
|
3,708
|
|
Diluted Earnings per
Share
|
$
1.53
|
|
$
0.58
|
|
$
2.11
|
Specified items reflect intangible amortization expense of
$989 million and other net expenses
of $125 million associated with
restructuring actions, costs associated with acquisitions and other
expenses. See table titled "Details of Specified Items" for
additional details regarding specified items.
A reconciliation of the second-quarter tax rates for 2024 and
2023 is shown below:
|
2Q24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,607
|
|
$
305
|
|
19.0 %
|
1)
|
|
Specified
items
|
749
|
|
48
|
|
|
|
|
Excluding specified
items
|
$
2,356
|
|
$
353
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
2Q23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,636
|
|
$
261
|
|
15.9 %
|
2)
|
|
Specified
items
|
566
|
|
48
|
|
|
|
|
Excluding specified
items
|
$
2,202
|
|
$
309
|
|
14.0 %
|
|
|
|
|
1)
|
2024 Taxes on Earnings
includes the recognition of approximately $25 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 $40 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
A reconciliation of the year-to-date tax rates for 2024 and 2023
is shown below:
|
1H24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
3,043
|
|
$
516
|
|
17.0 %
|
3)
|
|
Specified
items
|
1,348
|
|
143
|
|
|
|
|
Excluding specified
items
|
$
4,391
|
|
$
659
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
1H23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
3,198
|
|
$
505
|
|
15.8 %
|
4)
|
|
Specified
items
|
1,114
|
|
99
|
|
|
|
|
Excluding specified
items
|
$
4,312
|
|
$
604
|
|
14.0 %
|
|
|
|
|
3)
|
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.
|
|
|
|
4)
|
2023 Taxes on Earnings
includes the recognition of approximately $62 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
Abbott Laboratories
and Subsidiaries
Non-GAAP Revenue
Reconciliation
Second Quarter and
First Half Ended June 30, 2024 and 2023
($ in
millions)
(unaudited)
|
|
|
|
2Q24
|
|
2Q23
|
|
% Change vs.
2Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
10,377
|
(15)
|
(8)
|
10,354
|
|
9,978
|
(15)
|
9,963
|
|
4.0
|
|
3.9
|
7.4
|
|
U.S.
|
|
3,934
|
(13)
|
(8)
|
3,913
|
|
3,758
|
(15)
|
3,743
|
|
4.7
|
|
4.6
|
4.6
|
|
Intl
|
|
6,443
|
(2)
|
—
|
6,441
|
|
6,220
|
—
|
6,220
|
|
3.6
|
|
3.5
|
9.2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
|
2,150
|
—
|
(8)
|
2,142
|
|
2,076
|
(15)
|
2,061
|
|
3.5
|
|
3.9
|
7.5
|
|
U.S.
|
|
933
|
—
|
(8)
|
925
|
|
881
|
(15)
|
866
|
|
6.0
|
|
6.9
|
6.9
|
|
Intl
|
|
1,217
|
—
|
—
|
1,217
|
|
1,195
|
—
|
1,195
|
|
1.7
|
|
1.7
|
7.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
|
1,091
|
—
|
(8)
|
1,083
|
|
1,052
|
(15)
|
1,037
|
|
3.7
|
|
4.5
|
9.9
|
|
U.S.
|
|
369
|
—
|
(8)
|
361
|
|
374
|
(15)
|
359
|
|
(1.2)
|
|
0.8
|
0.8
|
|
Intl
|
|
722
|
—
|
—
|
722
|
|
678
|
—
|
678
|
|
6.4
|
|
6.4
|
14.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
|
4,734
|
(15)
|
—
|
4,719
|
|
4,295
|
—
|
4,295
|
|
10.2
|
|
9.9
|
12.1
|
|
U.S.
|
|
2,185
|
(13)
|
—
|
2,172
|
|
1,913
|
—
|
1,913
|
|
14.2
|
|
13.5
|
13.5
|
|
Intl
|
|
2,549
|
(2)
|
—
|
2,547
|
|
2,382
|
—
|
2,382
|
|
7.0
|
|
7.0
|
10.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
|
724
|
(15)
|
—
|
709
|
|
715
|
—
|
715
|
|
1.3
|
|
(0.8)
|
1.2
|
|
U.S.
|
|
275
|
(13)
|
—
|
262
|
|
264
|
—
|
264
|
|
4.3
|
|
(0.8)
|
(0.8)
|
|
Intl
|
|
449
|
(2)
|
—
|
447
|
|
451
|
—
|
451
|
|
(0.4)
|
|
(0.6)
|
2.5
|
|
|
1H24
|
|
1H23
|
|
% Change vs.
1H23
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
20,341
|
(57)
|
(8)
|
20,276
|
|
19,725
|
(15)
|
19,710
|
|
3.1
|
2.9
|
6.1
|
|
U.S.
|
|
7,780
|
(53)
|
(8)
|
7,719
|
|
7,686
|
(15)
|
7,671
|
|
1.2
|
0.6
|
0.6
|
|
Intl
|
|
12,561
|
(4)
|
—
|
12,557
|
|
12,039
|
—
|
12,039
|
|
4.3
|
4.3
|
9.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
|
4,218
|
—
|
(8)
|
4,210
|
|
4,043
|
(15)
|
4,028
|
|
4.3
|
4.5
|
7.6
|
|
U.S.
|
|
1,811
|
—
|
(8)
|
1,803
|
|
1,693
|
(15)
|
1,678
|
|
7.0
|
7.5
|
7.5
|
|
Intl
|
|
2,407
|
—
|
—
|
2,407
|
|
2,350
|
—
|
2,350
|
|
2.4
|
2.4
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
|
2,150
|
—
|
(8)
|
2,142
|
|
2,095
|
(15)
|
2,080
|
|
2.6
|
3.0
|
7.6
|
|
U.S.
|
|
733
|
—
|
(8)
|
725
|
|
727
|
(15)
|
712
|
|
0.8
|
1.9
|
1.9
|
|
Intl
|
|
1,417
|
—
|
—
|
1,417
|
|
1,368
|
—
|
1,368
|
|
3.6
|
3.6
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
|
9,187
|
(57)
|
—
|
9,130
|
|
8,195
|
—
|
8,195
|
|
12.1
|
11.4
|
13.1
|
|
U.S.
|
|
4,219
|
(53)
|
—
|
4,166
|
|
3,691
|
—
|
3,691
|
|
14.3
|
12.8
|
12.8
|
|
Intl
|
|
4,968
|
(4)
|
—
|
4,964
|
|
4,504
|
—
|
4,504
|
|
10.3
|
10.2
|
13.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
|
1,413
|
(57)
|
—
|
1,356
|
|
1,332
|
—
|
1,332
|
|
6.1
|
1.8
|
3.3
|
|
U.S.
|
|
529
|
(53)
|
—
|
476
|
|
482
|
—
|
482
|
|
9.8
|
(1.3)
|
(1.3)
|
|
Intl
|
|
884
|
(4)
|
—
|
880
|
|
850
|
—
|
850
|
|
4.1
|
3.6
|
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
Second Quarter Ended
June 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
|
$
1
|
|
$
32
|
|
$
471
|
|
$
2
|
|
$
506
|
|
R&D
|
(1)
|
|
1
|
|
—
|
|
(41)
|
|
(41)
|
|
SG&A
|
(11)
|
|
(10)
|
|
—
|
|
(36)
|
|
(57)
|
|
Other (income) expense,
net
|
(147)
|
|
—
|
|
—
|
|
2
|
|
(145)
|
|
Earnings before
taxes
|
$
160
|
|
$
41
|
|
$
471
|
|
$
77
|
|
749
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
48
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
701
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.40
|
|
|
|
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.
|
|
|
|
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 an intangible asset impairment charge.
|
|
|
|
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
Second Quarter Ended
June 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
|
$
7
|
|
$
11
|
|
$
498
|
|
$
13
|
|
$
529
|
|
R&D
|
(8)
|
|
7
|
|
—
|
|
(71)
|
|
(72)
|
|
SG&A
|
(17)
|
|
(2)
|
|
—
|
|
(3)
|
|
(22)
|
|
Other (income) expense,
net
|
47
|
|
—
|
|
—
|
|
10
|
|
57
|
|
Earnings before
taxes
|
$
(15)
|
|
$
6
|
|
$
498
|
|
$
77
|
|
566
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
48
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
518
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.30
|
|
|
|
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. These costs were more than offset by fair value
adjustments to contingent consideration 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 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
First Half Ended
June 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
|
|
$
74
|
|
$
943
|
|
$
5
|
|
$
1,024
|
|
R&D
|
(4)
|
|
(1)
|
|
—
|
|
(57)
|
|
(62)
|
|
SG&A
|
(25)
|
|
(19)
|
|
—
|
|
(47)
|
|
(91)
|
|
Other (income) expense,
net
|
(135)
|
|
—
|
|
—
|
|
(36)
|
|
(171)
|
|
Earnings before
taxes
|
$
166
|
|
$
94
|
|
$
943
|
|
$
145
|
|
1,348
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
143
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
1,205
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.68
|
|
|
|
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
First Half Ended June
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
|
$
12
|
|
$
32
|
|
$
989
|
|
$
16
|
|
$
1,049
|
|
R&D
|
(12)
|
|
8
|
|
—
|
|
(94)
|
|
(98)
|
|
SG&A
|
(21)
|
|
(6)
|
|
—
|
|
3
|
|
(24)
|
|
Other (income) expense,
net
|
41
|
|
—
|
|
—
|
|
16
|
|
57
|
|
Earnings before
taxes
|
$
4
|
|
$
30
|
|
$
989
|
|
$
91
|
|
1,114
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
99
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
1,015
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.58
|
|
|
|
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. These costs were partially offset by fair value
adjustments to contingent consideration 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 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-second-quarter-2024-results-and-raises-full-year-guidance-302200584.html
SOURCE Abbott