- Fourth-quarter sales of $11.0
billion; full-year 2024 sales of $42.0 billion
- Fourth-quarter reported sales increased 7.2 percent; organic
sales growth for the underlying base business increased 10.1
percent1
- Full-year 2024 reported sales increased 4.6 percent; organic
sales growth for the underlying base business increased 9.6
percent2
- Abbott projects full-year 2025 organic sales growth to be in
the range of 7.5% to 8.5%
ABBOTT
PARK, Ill., Jan. 22,
2025 /PRNewswire/ -- Abbott (NYSE: ABT) today
announced financial results for the fourth quarter ended
Dec. 31, 2024.
- Fourth-quarter sales increased 7.2 percent on a reported basis,
8.8 percent on an organic basis, and 10.1 percent on an organic
basis, excluding COVID-19 testing-related sales.
- Fourth-quarter GAAP diluted EPS of $5.27 and adjusted diluted EPS of $1.34, which excludes specified items (see table
titled "Non-GAAP Reconciliation of Financial Information").
- Full-year 2024 sales of $42.0
billion increased 4.6 percent on a reported basis, 7.1
percent on an organic basis, and 9.6 percent on an organic basis,
excluding COVID-19 testing-related sales.
- Full-year 2024 gross margin as a percent of sales improved 60
basis points on a GAAP basis compared to 2023 and improved 70 basis
points on an adjusted basis.
- Full-year 2024 GAAP diluted EPS of $7.64 and adjusted diluted EPS of $4.67, which excludes specified items (see table
titled "Non-GAAP Reconciliation of Financial Information").
- For the full-year 2024, Abbott achieved the upper end of the
initial guidance ranges the company provided in January 2024 for both organic sales growth and
adjusted earnings per share.
- During 2024, Abbott announced more than 15 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.
- Abbott projects full-year 2025 organic sales growth to be in
the range of 7.5% to 8.5%.
- Abbott projects full-year 2025 adjusted operating margin to be
23.5% to 24.0% of sales, which reflects an increase of 150 basis
points at the midpoint compared to 2024.
- Abbott projects full-year 2025 adjusted diluted EPS of
$5.05 to $5.25, which reflects double-digit growth at the
midpoint.
"We finished the year with very strong momentum. Sales growth
and earnings per share growth in the fourth quarter were the
highest of the year," said Robert B.
Ford, chairman and chief executive officer, Abbott. "We
continued our track record for delivering on our commitments by
achieving the upper end of our initial guidance ranges for 2024 and
are well-positioned to deliver another year of strong growth in
2025."
FOURTH-QUARTER BUSINESS OVERVIEW
Management
believes that measuring sales growth rates on an organic basis,
which excludes the impact of foreign exchange and the impact of
discontinuing the ZonePerfect® product line in the
Nutrition business, is an appropriate way for investors to best
understand the core underlying performance of the business.
Management further believes that measuring sales growth rates on an
organic basis excluding COVID-19 tests is an appropriate way for
investors to best understand underlying base business performance
in 2024, as the COVID-19 pandemic has shifted to an endemic state,
resulting in significantly lower demand for COVID-19 tests.
Note: In order to compute results excluding the impact of
exchange rates, current year U.S. dollar sales are multiplied or
divided, as appropriate, by the current year average foreign
exchange rates and then those amounts are multiplied or divided, as
appropriate, by the prior year average foreign exchange
rates.
|
Fourth Quarter 2024
Results (4Q24)
|
|
|
Sales 4Q24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
4,341
|
|
928
|
|
1,055
|
|
—
|
|
2,353
|
|
International
|
6,633
|
|
1,201
|
|
1,465
|
|
1,268
|
|
2,699
|
|
Total
reported
|
10,974
|
|
2,129
|
|
2,520
|
|
1,268
|
|
5,052
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
10.0
|
|
8.0
|
|
3.5
|
|
n/a
|
|
14.0
|
|
International
|
5.4
|
|
2.0
|
|
(3.4)
|
|
3.8
|
|
13.5
|
|
Total
reported
|
7.2
|
|
4.5
|
|
(0.6)
|
|
3.8
|
|
13.7
|
|
Impact of foreign
exchange
|
(1.4)
|
|
(1.7)
|
|
(1.6)
|
|
(4.7)
|
|
(0.3)
|
|
Impact of business
exit*
|
(0.2)
|
|
(0.9)
|
|
—
|
|
—
|
|
—
|
|
Organic
|
8.8
|
|
7.1
|
|
1.0
|
|
8.5
|
|
14.0
|
|
Impact of COVID-19
testing sales (3)
|
(1.3)
|
|
—
|
|
(5.1)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
10.1
|
|
7.1
|
|
6.1
|
|
8.5
|
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
13.5
|
|
10.0
|
|
15.9
|
|
n/a
|
|
14.0
|
|
International
|
8.1
|
|
4.9
|
|
0.8
|
|
8.5
|
|
14.0
|
|
Full-Year 2024
Results (12M24)
|
|
|
Sales 12M24 ($ in
millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
16,323
|
|
3,689
|
|
3,830
|
|
—
|
|
8,788
|
|
International
|
25,627
|
|
4,724
|
|
5,511
|
|
5,194
|
|
10,198
|
|
Total
reported
|
41,950
|
|
8,413
|
|
9,341
|
|
5,194
|
|
18,986
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
5.6
|
|
8.1
|
|
(11.5)
|
|
n/a
|
|
14.2
|
|
International
|
3.9
|
|
(0.4)
|
|
(2.6)
|
|
2.5
|
|
11.0
|
|
Total
reported
|
4.6
|
|
3.2
|
|
(6.5)
|
|
2.5
|
|
12.4
|
|
Impact of foreign
exchange
|
(2.6)
|
|
(2.7)
|
|
(2.6)
|
|
(6.7)
|
|
(1.3)
|
|
Impact of business exit
and acquisition*
|
0.1
|
|
(0.5)
|
|
—
|
|
—
|
|
0.3
|
|
Organic
|
7.1
|
|
6.4
|
|
(3.9)
|
|
9.2
|
|
13.4
|
|
Impact of COVID-19
testing sales (3)
|
(2.5)
|
|
—
|
|
(9.1)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
9.6
|
|
6.4
|
|
5.2
|
|
9.2
|
|
13.4
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
10.9
|
|
9.2
|
|
6.3
|
|
n/a
|
|
13.5
|
|
International
|
8.8
|
|
4.4
|
|
4.5
|
|
9.2
|
|
13.3
|
Refer to table titled "Non-GAAP Revenue Reconciliation" for a
reconciliation of adjusted historical revenue to reported
revenue.
|
*Quarter to date Dec.
31, 2024, reflects the impact of discontinuing the
ZonePerfect® product line in the Nutrition business in
March 2024. Full-year Dec. 31, 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
|
|
|
Fourth Quarter 2024
Results (4Q24)
|
|
|
Sales 4Q24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
928
|
|
562
|
|
366
|
|
International
|
1,201
|
|
438
|
|
763
|
|
Total
reported
|
2,129
|
|
1,000
|
|
1,129
|
|
|
|
|
|
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
U.S.
|
8.0
|
|
11.3
|
|
3.2
|
|
International
|
2.0
|
|
(8.9)
|
|
9.5
|
|
Total
reported
|
4.5
|
|
1.5
|
|
7.4
|
|
Impact of foreign
exchange
|
(1.7)
|
|
(1.0)
|
|
(2.3)
|
|
Impact of business
exit*
|
(0.9)
|
|
—
|
|
(1.7)
|
|
Organic
|
7.1
|
|
2.5
|
|
11.4
|
|
|
|
|
|
|
|
U.S.
|
10.0
|
|
11.3
|
|
8.1
|
|
International
|
4.9
|
|
(6.7)
|
|
13.0
|
Worldwide Nutrition sales increased 4.5 percent on a reported
basis and increased 7.1 percent on an organic basis in the fourth
quarter.
In Pediatric Nutrition, global sales increased 1.5 percent on a
reported basis and 2.5 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 7.4 percent on a
reported basis and 11.4 percent on an organic basis, which was led
by strong growth of Ensure®, Abbott's market-leading
complete and balanced nutrition brand, and Glucerna®,
Abbott's market-leading brand of products designed to meet the
nutritional requirements for people with diabetes.
|
Full-Year 2024
Results (12M24)
|
|
|
Sales 12M24 ($ in
millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
3,689
|
|
2,208
|
|
1,481
|
|
International
|
4,724
|
|
1,815
|
|
2,909
|
|
Total
reported
|
8,413
|
|
4,023
|
|
4,390
|
|
|
|
|
|
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
U.S.
|
8.1
|
|
11.7
|
|
3.2
|
|
International
|
(0.4)
|
|
(7.3)
|
|
4.5
|
|
Total
reported
|
3.2
|
|
2.2
|
|
4.0
|
|
Impact of foreign
exchange
|
(2.7)
|
|
(1.5)
|
|
(4.0)
|
|
Impact of business
exit*
|
(0.5)
|
|
—
|
|
(0.9)
|
|
Organic
|
6.4
|
|
3.7
|
|
8.9
|
|
|
|
|
|
|
|
U.S.
|
9.2
|
|
11.7
|
|
5.8
|
|
International
|
4.4
|
|
(4.3)
|
|
10.5
|
|
*Reflects the impact of
discontinuing the ZonePerfect® product line. This action
was initiated in March 2024.
|
|
Diagnostics
|
|
|
Fourth Quarter 2024
Results (4Q24)
|
|
|
Sales 4Q24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
1,055
|
|
363
|
|
38
|
|
100
|
|
554
|
|
International
|
1,465
|
|
1,024
|
|
99
|
|
47
|
|
295
|
|
Total
reported
|
2,520
|
|
1,387
|
|
137
|
|
147
|
|
849
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
3.5
|
|
11.6
|
|
(13.9)
|
|
(6.1)
|
|
2.1
|
|
International
|
(3.4)
|
|
(1.9)
|
|
(9.1)
|
|
11.0
|
|
(7.9)
|
|
Total
reported
|
(0.6)
|
|
1.3
|
|
(10.5)
|
|
(1.3)
|
|
(1.6)
|
|
Impact of foreign
exchange
|
(1.6)
|
|
(2.5)
|
|
(0.3)
|
|
0.1
|
|
(0.6)
|
|
Organic
|
1.0
|
|
3.8
|
|
(10.2)
|
|
(1.4)
|
|
(1.0)
|
|
Impact of COVID-19
testing sales (3)
|
(5.1)
|
|
(0.2)
|
|
(2.8)
|
|
—
|
|
(17.4)
|
|
Organic (excluding
COVID-19 tests)
|
6.1
|
|
4.0
|
|
(7.4)
|
|
(1.4)
|
|
16.4
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
15.9
|
|
11.9
|
|
(7.2)
|
|
(6.1)
|
|
30.0
|
|
International
|
0.8
|
|
1.5
|
|
(7.5)
|
|
10.7
|
|
(0.6)
|
As expected, Diagnostics sales growth in the fourth quarter was
negatively impacted by year-over-year declines in COVID-19
testing-related sales3. Worldwide COVID-19 testing sales
were $176 million in the fourth
quarter of 2024 compared to $288
million in the fourth quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics
sales increased 4.3 percent on a reported basis and increased 6.1
percent on an organic basis.
Excluding COVID-19 testing-related sales, growth in Rapid
Diagnostics was driven by strong demand for Abbott's portfolio of
respiratory disease tests used to diagnose influenza, strep throat,
and respiratory syncytial virus (RSV).
|
Full-Year 2024
Results (12M24)
|
|
|
Sales 12M24 ($ in
millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
3,830
|
|
1,332
|
|
150
|
|
408
|
|
1,940
|
|
International
|
5,511
|
|
3,903
|
|
371
|
|
180
|
|
1,057
|
|
Total
reported
|
9,341
|
|
5,235
|
|
521
|
|
588
|
|
2,997
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(11.5)
|
|
7.2
|
|
(12.7)
|
|
3.1
|
|
(23.0)
|
|
International
|
(2.6)
|
|
(0.3)
|
|
(7.7)
|
|
6.4
|
|
(9.8)
|
|
Total
reported
|
(6.5)
|
|
1.5
|
|
(9.2)
|
|
4.1
|
|
(18.8)
|
|
Impact of foreign
exchange
|
(2.6)
|
|
(4.1)
|
|
(0.7)
|
|
—
|
|
(1.0)
|
|
Organic
|
(3.9)
|
|
5.6
|
|
(8.5)
|
|
4.1
|
|
(17.8)
|
|
Impact of COVID-19
testing sales (3)
|
(9.1)
|
|
(0.2)
|
|
(5.3)
|
|
—
|
|
(23.8)
|
|
Organic (excluding
COVID-19 tests)
|
5.2
|
|
5.8
|
|
(3.2)
|
|
4.1
|
|
6.0
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
6.3
|
|
7.5
|
|
(4.3)
|
|
3.1
|
|
7.4
|
|
International
|
4.5
|
|
5.3
|
|
(2.8)
|
|
6.5
|
|
3.8
|
|
Established
Pharmaceuticals
|
|
|
Fourth Quarter 2024
Results (4Q24)
|
|
|
Sales 4Q24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
1,268
|
|
948
|
|
320
|
|
Total
reported
|
1,268
|
|
948
|
|
320
|
|
|
|
|
|
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
3.8
|
|
3.3
|
|
5.2
|
|
Total
reported
|
3.8
|
|
3.3
|
|
5.2
|
|
Impact of foreign
exchange
|
(4.7)
|
|
(5.5)
|
|
(2.6)
|
|
Organic
|
8.5
|
|
8.8
|
|
7.8
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
8.5
|
|
8.8
|
|
7.8
|
Established Pharmaceuticals sales increased 3.8 percent on a
reported basis and 8.5 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 3.3 percent on a reported basis and increased
8.8 percent on an organic basis, led by growth in several
geographies and therapeutic areas, including gastroenterology,
women's health, and central nervous system/pain management.
|
Full-Year 2024
Results (12M24)
|
|
|
Sales 12M24 ($ in
millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
5,194
|
|
3,858
|
|
1,336
|
|
Total
reported
|
5,194
|
|
3,858
|
|
1,336
|
|
|
|
|
|
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
2.5
|
|
1.3
|
|
6.1
|
|
Total
reported
|
2.5
|
|
1.3
|
|
6.1
|
|
Impact of foreign
exchange
|
(6.7)
|
|
(8.2)
|
|
(2.3)
|
|
Organic
|
9.2
|
|
9.5
|
|
8.4
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
9.2
|
|
9.5
|
|
8.4
|
|
Medical
Devices
|
|
|
Fourth Quarter 2024
Results (4Q24)
|
|
|
Sales 4Q24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
2,353
|
|
303
|
|
300
|
|
253
|
|
269
|
|
290
|
|
204
|
|
734
|
|
International
|
2,699
|
|
321
|
|
343
|
|
78
|
|
456
|
|
319
|
|
53
|
|
1,129
|
|
Total
reported
|
5,052
|
|
624
|
|
643
|
|
331
|
|
725
|
|
609
|
|
257
|
|
1,863
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.0
|
|
6.0
|
|
7.7
|
|
11.5
|
|
9.7
|
|
25.7
|
|
4.2
|
|
22.0
|
|
International
|
13.5
|
|
8.2
|
|
8.8
|
|
5.0
|
|
5.7
|
|
19.5
|
|
23.9
|
|
18.8
|
|
Total
reported
|
13.7
|
|
7.1
|
|
8.3
|
|
9.9
|
|
7.1
|
|
22.4
|
|
7.7
|
|
20.1
|
|
Impact of foreign
exchange
|
(0.3)
|
|
(0.1)
|
|
(0.5)
|
|
0.3
|
|
0.3
|
|
(0.2)
|
|
(0.7)
|
|
(0.5)
|
|
Organic
|
14.0
|
|
7.2
|
|
8.8
|
|
9.6
|
|
6.8
|
|
22.6
|
|
8.4
|
|
20.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.0
|
|
6.0
|
|
7.7
|
|
11.5
|
|
9.7
|
|
25.7
|
|
4.2
|
|
22.0
|
|
International
|
14.0
|
|
8.4
|
|
9.8
|
|
4.1
|
|
5.2
|
|
20.0
|
|
27.8
|
|
19.7
|
Worldwide Medical Devices sales increased 13.7 percent on a
reported basis and 14.0 percent on an organic basis in the fourth
quarter, including double-digit growth in both the U.S. and
internationally.
Several products contributed to the strong performance,
including FreeStyle Libre®, Navitor®,
TriClip®, Amplatzer® Amulet®, and
AVEIR®.
In Diabetes Care, sales of continuous glucose monitors were
$1.8 billion and grew 22.7 percent on
a reported basis and 22.8 percent on an organic basis.
For the full-year 2024, Medical Devices sales were $19 billion and increased more than $2 billion compared to the previous year.
|
Full-Year 2024
Results (12M24)
|
|
|
Sales 12M24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
8,788
|
|
1,154
|
|
1,141
|
|
986
|
|
1,056
|
|
1,051
|
|
767
|
|
2,633
|
|
International
|
10,198
|
|
1,236
|
|
1,326
|
|
293
|
|
1,781
|
|
1,195
|
|
195
|
|
4,172
|
|
Total
reported
|
18,986
|
|
2,390
|
|
2,467
|
|
1,279
|
|
2,837
|
|
2,246
|
|
962
|
|
6,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.2
|
|
6.3
|
|
13.2
|
|
11.1
|
|
8.0
|
|
19.0
|
|
5.9
|
|
23.6
|
|
International
|
11.0
|
|
5.7
|
|
11.6
|
|
7.3
|
|
4.6
|
|
12.6
|
|
18.4
|
|
14.9
|
|
Total
reported
|
12.4
|
|
6.0
|
|
12.3
|
|
10.2
|
|
5.8
|
|
15.5
|
|
8.2
|
|
18.1
|
|
Impact of foreign
exchange
|
(1.3)
|
|
(0.9)
|
|
(2.1)
|
|
(0.1)
|
|
(0.9)
|
|
(1.5)
|
|
(1.3)
|
|
(1.6)
|
|
Impact of
acquisition*
|
0.3
|
|
—
|
|
—
|
|
—
|
|
2.1
|
|
—
|
|
—
|
|
—
|
|
Organic
|
13.4
|
|
6.9
|
|
14.4
|
|
10.3
|
|
4.6
|
|
17.0
|
|
9.5
|
|
19.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
13.5
|
|
6.3
|
|
13.2
|
|
11.1
|
|
2.5
|
|
19.0
|
|
5.9
|
|
23.6
|
|
International
|
13.3
|
|
7.5
|
|
15.4
|
|
7.6
|
|
5.8
|
|
15.3
|
|
25.5
|
|
17.3
|
|
|
*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 GUIDANCE
Abbott projects full-year 2025
organic sales growth to be in the range of 7.5% to 8.5%.
Abbott projects full-year 2025 adjusted operating margin to be
23.5% to 24.0% of sales.
Abbott projects full-year 2025 adjusted diluted earnings per
share of $5.05 to $5.25 and first-quarter 2025 adjusted diluted
earnings per share of $1.05 to
$1.09.
Abbott has not provided the related GAAP financial measures on a
forward-looking basis for these forward-looking non-GAAP financial
measures because the company is unable to predict with reasonable
certainty and without unreasonable effort the timing and impact of
certain items such as restructuring and cost reduction initiatives,
charges for intangible asset impairments, acquisition-related
expenses, and foreign exchange, which could significantly impact
Abbott's results in accordance with GAAP.
ABBOTT DECLARES 404th CONSECUTIVE QUARTERLY
DIVIDEND
On Dec. 13, 2024, the
board of directors of Abbott declared the company's quarterly
dividend of $0.59 per share. Abbott's
cash dividend is payable Feb. 14,
2025, to shareholders of record at the close of business on
Jan. 15, 2025.
Abbott has increased its dividend payout for 53 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 fourth-quarter earnings conference
call through its Investor Relations website at
www.abbottinvestor.com at 8:30 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 fourth quarter
of 2024, total worldwide sales were $10.974 billion and COVID-19
testing-related sales were $176 million. In the fourth quarter of
2023, total worldwide sales were $10.241 billion and COVID-19
testing-related sales were $288 million.
|
|
|
|
2
|
In the full-year 2024,
total worldwide sales were $41.950 billion and COVID-19 testing
related sales were $747 million. In the full-year 2023, total
worldwide sales were $40.109 billion and COVID-19 testing sales
were $1.586 billion.
|
|
|
|
3
|
Diagnostic sales and
COVID-19 testing-related sales in 2024 and 2023 are summarized
below:
|
|
Sales
4Q24
|
|
|
COVID Tests Sales
4Q24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,055
|
|
1,465
|
|
2,520
|
|
|
134
|
|
42
|
|
176
|
|
Core
Laboratory
|
363
|
|
1,024
|
|
1,387
|
|
|
1
|
|
1
|
|
2
|
|
Molecular
|
38
|
|
99
|
|
137
|
|
|
1
|
|
1
|
|
2
|
|
Rapid
Diagnostics
|
554
|
|
295
|
|
849
|
|
|
132
|
|
40
|
|
172
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
4Q23
|
|
|
COVID Tests Sales
4Q23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,020
|
|
1,514
|
|
2,534
|
|
|
224
|
|
64
|
|
288
|
|
Core
Laboratory
|
326
|
|
1,044
|
|
1,370
|
|
|
1
|
|
3
|
|
4
|
|
Molecular
|
44
|
|
109
|
|
153
|
|
|
5
|
|
2
|
|
7
|
|
Rapid
Diagnostics
|
543
|
|
319
|
|
862
|
|
|
218
|
|
59
|
|
277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
12M24
|
|
|
COVID Tests Sales
12M24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
3,830
|
|
5,511
|
|
9,341
|
|
|
562
|
|
185
|
|
747
|
|
Core
Laboratory
|
1,332
|
|
3,903
|
|
5,235
|
|
|
4
|
|
6
|
|
10
|
|
Molecular
|
150
|
|
371
|
|
521
|
|
|
8
|
|
4
|
|
12
|
|
Rapid
Diagnostics
|
1,940
|
|
1,057
|
|
2,997
|
|
|
550
|
|
175
|
|
725
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
12M23
|
|
|
COVID Tests Sales
12M23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
4,329
|
|
5,659
|
|
9,988
|
|
|
1,255
|
|
331
|
|
1,586
|
|
Core
Laboratory
|
1,243
|
|
3,916
|
|
5,159
|
|
|
7
|
|
13
|
|
20
|
|
Molecular
|
172
|
|
402
|
|
574
|
|
|
24
|
|
19
|
|
43
|
|
Rapid
Diagnostics
|
2,518
|
|
1,172
|
|
3,690
|
|
|
1,224
|
|
299
|
|
1,523
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
Fourth Quarter Ended
December 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
4Q24
|
|
4Q23
|
|
%
Change
|
|
|
Net Sales
|
$10,974
|
|
$10,241
|
|
7.2
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
4,942
|
|
4,556
|
|
8.5
|
|
|
Amortization of
intangible assets
|
465
|
|
481
|
|
(3.1)
|
|
|
Research and
development
|
749
|
|
700
|
|
7.0
|
|
|
Selling, general, and
administrative
|
2,907
|
|
2,724
|
|
6.7
|
|
|
Total Operating Cost
and Expenses
|
9,063
|
|
8,461
|
|
7.1
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
1,911
|
|
1,780
|
|
7.4
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
45
|
|
70
|
|
(35.6)
|
|
|
Net foreign exchange
(gain) loss
|
(10)
|
|
24
|
|
n/m
|
|
|
Other (income)
expense, net
|
(154)
|
|
(109)
|
|
n/m
|
|
|
Earnings before
taxes
|
2,030
|
|
1,795
|
|
13.1
|
|
|
Taxes on
earnings
|
(7,199)
|
|
201
|
|
n/m
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$9,229
|
|
$1,594
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$2,349
|
|
$2,094
|
|
12.2
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$5.27
|
|
$0.91
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$1.34
|
|
$1.19
|
|
12.6
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,746
|
|
1,748
|
|
|
|
|
NOTES:
|
|
See table titled
"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 $7.497 billion in non-cash valuation allowance adjustments
resulting from the restructuring of certain foreign affiliates and
the confirmation of certain tax filing positions.
|
|
|
|
2)
|
2024 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax benefits of $6.880 billion, or $3.93 per
share, for non-cash valuation allowance adjustments, intangible
amortization, charges related to intangible impairments, expenses
associated with restructuring actions, acquisitions and other net
expenses.
|
|
|
|
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.
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
Twelve Months Ended
December 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
12M24
|
|
12M23
|
|
%
Change
|
|
|
Net Sales
|
$41,950
|
|
$40,109
|
|
4.6
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
18,706
|
|
17,975
|
|
4.1
|
|
|
Amortization of
intangible assets
|
1,878
|
|
1,966
|
|
(4.4)
|
|
|
Research and
development
|
2,844
|
|
2,741
|
|
3.8
|
|
|
Selling, general, and
administrative
|
11,697
|
|
10,949
|
|
6.8
|
|
|
Total Operating Cost
and Expenses
|
35,125
|
|
33,631
|
|
4.4
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
6,825
|
|
6,478
|
|
5.4
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
215
|
|
252
|
|
(14.5)
|
|
|
Net foreign exchange
(gain) loss
|
(27)
|
|
41
|
|
n/m
|
|
|
Other (income)
expense, net
|
(376)
|
|
(479)
|
|
n/m
|
|
|
Earnings before
taxes
|
7,013
|
|
6,664
|
|
5.2
|
|
|
Taxes on
earnings
|
(6,389)
|
|
941
|
|
n/m
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$13,402
|
|
$5,723
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$8,200
|
|
$7,802
|
|
5.1
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$7.64
|
|
$3.26
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$4.67
|
|
$4.44
|
|
5.2
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,748
|
|
1,749
|
|
|
|
|
NOTES:
|
|
See table title
"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 $7.497 billion in non-cash valuation allowance adjustments
resulting from the restructuring of certain foreign affiliates and
the confirmation of certain tax filing positions.
|
|
|
|
2023 Taxes on Earnings
includes the recognition of approximately $80 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 benefits of $5.202 billion, or $2.97 per
share, for non-cash valuation allowance adjustments, intangible
amortization, charges related to intangible impairments, expenses
associated with restructuring actions, 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 $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.
|
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Reconciliation
of Financial Information
Fourth Quarter Ended
December 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
4Q24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
465
|
|
$
(465)
|
|
$
—
|
|
Gross
Margin
|
5,567
|
|
673
|
|
6,240
|
|
R&D
|
749
|
|
(59)
|
|
690
|
|
SG&A
|
2,907
|
|
(21)
|
|
2,886
|
|
Other (income)
expense, net
|
(154)
|
|
20
|
|
(134)
|
|
Earnings before
taxes
|
2,030
|
|
733
|
|
2,763
|
|
Taxes on
Earnings
|
(7,199)
|
|
7,613
|
|
414
|
|
Net
Earnings
|
9,229
|
|
(6,880)
|
|
2,349
|
|
Diluted Earnings per
Share
|
$
5.27
|
|
$
(3.93)
|
|
$
1.34
|
Specified items reflect intangible amortization expense of
$465 million and other net expenses
of $268 million associated with
intangible impairments, restructuring actions, acquisitions and
other net expenses. See table titled "Details of Specified Items"
for additional details regarding specified items.
|
4Q23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
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, 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
Twelve Months Ended
December 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
12M24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
1,878
|
|
$
(1,878)
|
|
$
—
|
|
Gross
Margin
|
21,366
|
|
2,213
|
|
23,579
|
|
R&D
|
2,844
|
|
(140)
|
|
2,704
|
|
SG&A
|
11,697
|
|
(117)
|
|
11,580
|
|
Other (income)
expense, net
|
(376)
|
|
(163)
|
|
(539)
|
|
Earnings before
taxes
|
7,013
|
|
2,633
|
|
9,646
|
|
Taxes on
Earnings
|
(6,389)
|
|
7,835
|
|
1,446
|
|
Net
Earnings
|
13,402
|
|
(5,202)
|
|
8,200
|
|
Diluted Earnings per
Share
|
$
7.64
|
|
$
(2.97)
|
|
$
4.67
|
Specified items reflect intangible amortization expense of
$1.878 billion and other net expenses
of $755 million associated with
intangible impairments, restructuring actions, acquisitions, a
divestiture and other net expenses. See table titled "Details of
Specified Items" for additional details regarding specified
items.
|
12M23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
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 $442 million associated with
restructuring actions, acquisitions and other net expenses. See
table titled "Details of Specified Items" for additional details
regarding specified items.
A reconciliation of the fourth-quarter tax rates for 2024 and
2023 is shown below:
|
4Q24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
2,030
|
|
$
(7,199)
|
|
(354.6 %)
|
1)
|
|
Specified
items
|
733
|
|
7,613
|
|
|
|
|
Excluding specified
items
|
$
2,763
|
|
$
414
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
4Q23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,795
|
|
$
201
|
|
11.2 %
|
2)
|
|
Specified
items
|
640
|
|
140
|
|
|
|
|
Excluding specified
items
|
$
2,435
|
|
$
341
|
|
14.0 %
|
|
A reconciliation of the year-to-date tax rates for 2024 and 2023
is shown below:
|
12M24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
7,013
|
|
$
(6,389)
|
|
(91.1 %)
|
1)
|
|
Specified
items
|
2,633
|
|
7,835
|
|
|
|
|
Excluding specified
items
|
$
9,646
|
|
$
1,446
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
12M23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
6,664
|
|
$
941
|
|
14.1 %
|
2)
|
|
Specified
items
|
2,408
|
|
329
|
|
|
|
|
Excluding specified
items
|
$
9,072
|
|
$
1,270
|
|
14.0 %
|
|
|
|
|
1)
|
2024 Taxes on Earnings
includes $7.497 billion in non-cash valuation allowance adjustments
resulting from the restructuring of certain foreign affiliates and
the confirmation of certain tax filing positions.
|
|
|
|
2)
|
2023 Taxes on Earnings
includes the recognition of approximately $80 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Revenue
Reconciliation
Fourth Quarter and
Twelve Months Ended December 31, 2024 and
2023
($ in
millions)
(unaudited)
|
|
|
|
4Q24
|
|
4Q23
|
|
% Change vs.
4Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
10,974
|
(1)
|
10,973
|
|
10,241
|
(17)
|
10,224
|
|
7.2
|
|
7.4
|
8.8
|
|
U.S.
|
|
4,341
|
(1)
|
4,340
|
|
3,949
|
(17)
|
3,932
|
|
10.0
|
|
10.4
|
10.4
|
|
Intl
|
|
6,633
|
—
|
6,633
|
|
6,292
|
—
|
6,292
|
|
5.4
|
|
5.4
|
7.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
|
2,129
|
(1)
|
2,128
|
|
2,038
|
(17)
|
2,021
|
|
4.5
|
|
5.4
|
7.1
|
|
U.S.
|
|
928
|
(1)
|
927
|
|
860
|
(17)
|
843
|
|
8.0
|
|
10.0
|
10.0
|
|
Intl
|
|
1,201
|
—
|
1,201
|
|
1,178
|
—
|
1,178
|
|
2.0
|
|
2.0
|
4.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
|
1,129
|
(1)
|
1,128
|
|
1,053
|
(17)
|
1,036
|
|
7.4
|
|
9.1
|
11.4
|
|
U.S.
|
|
366
|
(1)
|
365
|
|
355
|
(17)
|
338
|
|
3.2
|
|
8.1
|
8.1
|
|
Intl
|
|
763
|
—
|
763
|
|
698
|
—
|
698
|
|
9.5
|
|
9.5
|
13.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
|
5,052
|
—
|
5,052
|
|
4,443
|
—
|
4,443
|
|
13.7
|
|
13.7
|
14.0
|
|
U.S.
|
|
2,353
|
—
|
2,353
|
|
2,065
|
—
|
2,065
|
|
14.0
|
|
14.0
|
14.0
|
|
Intl
|
|
2,699
|
—
|
2,699
|
|
2,378
|
—
|
2,378
|
|
13.5
|
|
13.5
|
14.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
|
725
|
—
|
725
|
|
677
|
—
|
677
|
|
7.1
|
|
7.1
|
6.8
|
|
U.S.
|
|
269
|
—
|
269
|
|
245
|
—
|
245
|
|
9.7
|
|
9.7
|
9.7
|
|
Intl
|
|
456
|
—
|
456
|
|
432
|
—
|
432
|
|
5.7
|
|
5.7
|
5.2
|
|
12M24
|
|
12M23
|
|
% Change vs.
12M23
|
|
|
|
|
|
|
|
|
|
|
|
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
|
41,950
|
(57)
|
(14)
|
41,879
|
|
40,109
|
(49)
|
40,060
|
|
4.6
|
4.5
|
7.1
|
|
U.S.
|
16,323
|
(53)
|
(14)
|
16,256
|
|
15,452
|
(49)
|
15,403
|
|
5.6
|
5.5
|
5.5
|
|
Intl
|
25,627
|
(4)
|
—
|
25,623
|
|
24,657
|
—
|
24,657
|
|
3.9
|
3.9
|
8.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
Nutrition
|
8,413
|
—
|
(14)
|
8,399
|
|
8,154
|
(49)
|
8,105
|
|
3.2
|
3.7
|
6.4
|
|
U.S.
|
3,689
|
—
|
(14)
|
3,675
|
|
3,413
|
(49)
|
3,364
|
|
8.1
|
9.2
|
9.2
|
|
Intl
|
4,724
|
—
|
—
|
4,724
|
|
4,741
|
—
|
4,741
|
|
(0.4)
|
(0.4)
|
4.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adult
Nutrition
|
4,390
|
—
|
(14)
|
4,376
|
|
4,220
|
(49)
|
4,171
|
|
4.0
|
4.9
|
8.9
|
|
U.S.
|
1,481
|
—
|
(14)
|
1,467
|
|
1,436
|
(49)
|
1,387
|
|
3.2
|
5.8
|
5.8
|
|
Intl
|
2,909
|
—
|
—
|
2,909
|
|
2,784
|
—
|
2,784
|
|
4.5
|
4.5
|
10.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
18,986
|
(57)
|
—
|
18,929
|
|
16,887
|
—
|
16,887
|
|
12.4
|
12.1
|
13.4
|
|
U.S.
|
8,788
|
(53)
|
—
|
8,735
|
|
7,696
|
—
|
7,696
|
|
14.2
|
13.5
|
13.5
|
|
Intl
|
10,198
|
(4)
|
—
|
10,194
|
|
9,191
|
—
|
9,191
|
|
11.0
|
10.9
|
13.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
2,837
|
(57)
|
—
|
2,780
|
|
2,681
|
—
|
2,681
|
|
5.8
|
3.7
|
4.6
|
|
U.S.
|
1,056
|
(53)
|
—
|
1,003
|
|
978
|
—
|
978
|
|
8.0
|
2.5
|
2.5
|
|
Intl
|
1,781
|
(4)
|
—
|
1,777
|
|
1,703
|
—
|
1,703
|
|
4.6
|
4.4
|
5.8
|
|
|
|
(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
Fourth Quarter
Ended December 31, 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
|
$
—
|
|
$
49
|
|
$
465
|
|
$
159
|
|
$
673
|
|
R&D
|
(1)
|
|
(20)
|
|
—
|
|
(38)
|
|
(59)
|
|
SG&A
|
(5)
|
|
(22)
|
|
—
|
|
6
|
|
(21)
|
|
Other (income) expense,
net
|
(2)
|
|
—
|
|
—
|
|
22
|
|
20
|
|
Earnings before
taxes
|
$
8
|
|
$
91
|
|
$
465
|
|
$
169
|
|
733
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
7,613
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
(6,880)
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
(3.93)
|
|
|
|
The table above
provides additional details regarding the specified items described
on table 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 intangible asset impairment charges.
|
|
|
|
d)
|
Reflects the net tax
benefit associated with the specified items, including non-cash
valuation allowance adjustments.
|
|
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
|
$
1
|
|
$
29
|
|
$
481
|
|
$
7
|
|
$
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 table 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 MDR and 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
Twelve Months Ended
December 31, 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
|
|
$
125
|
|
$
1,878
|
|
$
208
|
|
$
2,213
|
|
R&D
|
(5)
|
|
(21)
|
|
—
|
|
(114)
|
|
(140)
|
|
SG&A
|
(37)
|
|
(39)
|
|
—
|
|
(41)
|
|
(117)
|
|
Other (income) expense,
net
|
(155)
|
|
—
|
|
—
|
|
(8)
|
|
(163)
|
|
Earnings before
taxes
|
$
199
|
|
$
185
|
|
$
1,878
|
|
$
371
|
|
2,633
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
7,835
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
(5,202)
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
(2.97)
|
|
|
|
The table above
provides additional details regarding the specified items described
on table 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, including non-cash
valuation allowance adjustments.
|
|
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,
net
|
40
|
|
—
|
|
—
|
|
(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 table 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.
|
View original
content:https://www.prnewswire.com/news-releases/abbott-reports-fourth-quarter-and-full-year-2024-results-issues-2025-financial-outlook-302357321.html
SOURCE Abbott
