- Sales of $10.0 billion driven
by strong underlying base business performance
- Reported sales increased 2.2 percent, which includes the
impact from the anticipated decline in COVID-19 testing-related
sales versus prior year
- Organic sales growth for underlying base business of 10.8
percent, which represents the fifth consecutive quarter of
double-digit growth1
ABBOTT
PARK, Ill., April 17,
2024 /PRNewswire/ -- Abbott (NYSE: ABT) today
announced financial results for the first quarter ended
March 31, 2024.
- First-quarter GAAP diluted EPS of $0.70 and adjusted diluted EPS of $0.98, which excludes specified items.
- Abbott narrowed its full-year 2024 EPS guidance range. Abbott
projects full-year diluted EPS on a GAAP basis of $3.25 to $3.40 and
projects adjusted diluted EPS of $4.55 to $4.70,
which represents an increase at the midpoint of the range.
- Abbott narrowed its full-year 2024 organic sales growth
guidance range, excluding COVID-19 testing-related sales, to 8.5%
to 10.0%, which represents an increase at the midpoint of the
range2.
- In January, Abbott launched the Protality™ brand, a new
high-protein nutrition shake to support the growing number of
adults interested in pursuing weight loss while maintaining muscle
mass.
- In February, Insulet's Omnipod® 5 Automated Insulin
Delivery System received CE Mark approval to be offered as an
integrated solution with Abbott's FreeStyle Libre® 2
Plus sensor for treating diabetes.
- In March, Abbott completed enrollment in the company's Volt CE
Mark clinical study, which is designed to evaluate the Volt™ Pulsed
Field Ablation (PFA) System for treating patients with heart rhythm
disorders such as atrial fibrillation (AFib). Enrollment in the
company's VOLT-AF IDE clinical study was initiated in April.
- In April, Abbott announced U.S. Food and Drug Administration
(FDA) approval of TriClip™, a first-of-its-kind, minimally invasive
treatment option for patients with tricuspid regurgitation, or a
leaky tricuspid heart valve.
- In April, Abbott announced FDA approval of the
i-STAT® TBI test, which helps assess a suspected
traumatic brain injury (TBI) or concussion in just 15 minutes. This
new test can be performed outside of traditional hospital settings,
making it more accessible and convenient for patients.
"Our first-quarter results reflect a strong start to the year,
and we are raising our full-year sales and EPS guidance," said
Robert B. Ford, chairman and chief
executive officer, Abbott. "This was the fifth consecutive quarter
that we delivered double-digit organic sales growth in our
underlying base business, which included particularly strong
results in Medical Devices and Established Pharmaceuticals."
FIRST-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 the acquisition of Cardiovascular Systems, Inc.
(CSI), is an appropriate way for investors to best understand the
core underlying performance of the business. Management further
believes that measuring sales growth rates on an organic basis
excluding COVID-19 tests is an appropriate way for investors to
best understand underlying base business performance as the
COVID-19 pandemic has shifted to an endemic state, resulting in
significantly lower demand for COVID-19 tests.
Note: In order to compute results excluding the impact of
exchange rates, current year U.S. dollar sales are multiplied
or divided, as appropriate, by the current year average
foreign exchange rates and then those amounts are multiplied or
divided, as appropriate, by the prior year average foreign
exchange rates.
|
Total
Company
First Quarter 2024
Results (1Q24)
|
|
Sales 1Q24 ($
in millions)
|
Total
Company
|
|
Nutrition
|
|
Diagnostics
|
|
Established
Pharmaceuticals
|
|
Medical
Devices
|
|
U.S.
|
3,846
|
|
878
|
|
931
|
|
—
|
|
2,034
|
|
International
|
6,118
|
|
1,190
|
|
1,283
|
|
1,226
|
|
2,419
|
|
Total
reported
|
9,964
|
|
2,068
|
|
2,214
|
|
1,226
|
|
4,453
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(2.1)
|
|
8.1
|
|
(30.3)
|
|
n/a
|
|
14.4
|
|
International
|
5.2
|
|
3.0
|
|
(5.1)
|
|
3.1
|
|
14.0
|
|
Total
reported
|
2.2
|
|
5.1
|
|
(17.6)
|
|
3.1
|
|
14.2
|
|
Impact of foreign
exchange
|
(2.9)
|
|
(2.6)
|
|
(2.1)
|
|
(10.6)
|
|
(1.2)
|
|
Impact of CSI
acquisition
|
0.4
|
|
—
|
|
—
|
|
—
|
|
1.1
|
|
Organic
|
4.7
|
|
7.7
|
|
(15.5)
|
|
13.7
|
|
14.3
|
|
Impact of COVID-19
testing sales
|
(6.1)
|
|
—
|
|
(20.9)
|
|
—
|
|
—
|
|
Organic (excluding
COVID-19 tests)
|
10.8
|
|
7.7
|
|
5.4
|
|
13.7
|
|
14.3
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
10.0
|
|
8.1
|
|
7.0
|
|
n/a
|
|
12.1
|
|
International
|
11.3
|
|
7.4
|
|
4.4
|
|
13.7
|
|
16.1
|
Refer to table titled "Non-GAAP Revenue Reconciliation" for a
reconciliation of adjusted historical revenue to reported
revenue.
|
Nutrition
First Quarter 2024
Results (1Q24)
|
|
|
Sales 1Q24 ($
in millions)
|
Total
|
|
Pediatric
|
|
Adult
|
|
U.S.
|
878
|
|
514
|
|
364
|
|
International
|
1,190
|
|
495
|
|
695
|
|
Total
reported
|
2,068
|
|
1,009
|
|
1,059
|
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
U.S.
|
8.1
|
|
12.0
|
|
3.0
|
|
International
|
3.0
|
|
6.4
|
|
0.8
|
|
Total
reported
|
5.1
|
|
9.2
|
|
1.5
|
|
Impact of foreign
exchange
|
(2.6)
|
|
(1.3)
|
|
(3.8)
|
|
Organic
|
7.7
|
|
10.5
|
|
5.3
|
|
|
|
|
|
|
|
U.S.
|
8.1
|
|
12.0
|
|
3.0
|
|
International
|
7.4
|
|
8.9
|
|
6.4
|
Worldwide Nutrition sales increased 5.1 percent on a reported
basis and 7.7 percent on an organic basis in the first quarter.
In Pediatric Nutrition, global sales increased 9.2 percent on a
reported basis and 10.5 percent on an organic basis. In the U.S.,
sales growth of 12.0 percent was primarily driven by market share
gains in the infant formula business. International sales increased
6.4 percent on a reported basis and 8.9 percent on an organic
basis, which was led by strong growth in Canada and several countries in Asia Pacific and Latin America.
In Adult Nutrition, global sales increased 1.5 percent on a
reported basis and 5.3 percent on an organic basis, which was led
by growth of Ensure®, Abbott's market-leading complete
and balanced nutrition brand.
|
Diagnostics
|
|
|
First Quarter 2024
Results (1Q24)
|
|
|
Sales 1Q24 ($
in millions)
|
Total
|
|
Core
Laboratory
|
|
Molecular
|
|
Point of
Care
|
|
Rapid
Diagnostics
|
|
U.S.
|
931
|
|
310
|
|
42
|
|
98
|
|
481
|
|
International
|
1,283
|
|
895
|
|
87
|
|
41
|
|
260
|
|
Total
reported
|
2,214
|
|
1,205
|
|
129
|
|
139
|
|
741
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
(30.3)
|
|
7.3
|
|
(10.6)
|
|
5.6
|
|
(46.9)
|
|
International
|
(5.1)
|
|
0.2
|
|
(12.5)
|
|
(0.6)
|
|
(18.3)
|
|
Total
reported
|
(17.6)
|
|
2.0
|
|
(11.9)
|
|
3.7
|
|
(39.5)
|
|
Impact of foreign
exchange
|
(2.1)
|
|
(3.9)
|
|
(0.2)
|
|
0.1
|
|
(0.8)
|
|
Organic
|
(15.5)
|
|
5.9
|
|
(11.7)
|
|
3.6
|
|
(38.7)
|
|
Impact of COVID-19
testing sales
|
(20.9)
|
|
(0.3)
|
|
(10.9)
|
|
—
|
|
(44.3)
|
|
Organic (excluding
COVID-19 tests)
|
5.4
|
|
6.2
|
|
(0.8)
|
|
3.6
|
|
5.6
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
7.0
|
|
7.7
|
|
6.2
|
|
5.6
|
|
6.9
|
|
International
|
4.4
|
|
5.7
|
|
(3.6)
|
|
(0.8)
|
|
3.5
|
As expected, Diagnostics sales growth in the first quarter was
negatively impacted by year-over-year declines in COVID-19
testing-related sales3. Worldwide COVID-19 testing sales
were $204 million in the first
quarter of 2024 compared to $730
million in the first quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics
sales increased 2.7 percent on a reported basis and 5.4 percent on
an organic basis.
Excluding COVID-19 testing-related sales, global Core Laboratory
Diagnostics sales increased 2.2 percent on a reported basis and 6.2
percent on an organic basis, led by continued strong adoption of
Abbott's Alinity® family of diagnostics systems and
testing portfolios.
|
Established
Pharmaceuticals
|
|
|
First Quarter 2024
Results (1Q24)
|
|
|
Sales 1Q24 ($
in millions)
|
Total
|
|
Key Emerging
Markets
|
|
Other
|
|
U.S.
|
—
|
|
—
|
|
—
|
|
International
|
1,226
|
|
928
|
|
298
|
|
Total
reported
|
1,226
|
|
928
|
|
298
|
|
|
|
|
|
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
3.1
|
|
1.7
|
|
7.6
|
|
Total
reported
|
3.1
|
|
1.7
|
|
7.6
|
|
Impact of foreign
exchange
|
(10.6)
|
|
(13.7)
|
|
(0.6)
|
|
Organic
|
13.7
|
|
15.4
|
|
8.2
|
|
|
|
|
|
|
|
U.S.
|
n/a
|
|
n/a
|
|
n/a
|
|
International
|
13.7
|
|
15.4
|
|
8.2
|
Established Pharmaceuticals sales increased 3.1 percent on a
reported basis and 13.7 percent on an organic basis in the first
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 1.7 percent on a reported basis and 15.4
percent on an organic basis, led by growth in several geographies
and therapeutic areas, including respiratory, women's health, and
central nervous system/pain management.
|
Medical
Devices
|
|
|
First Quarter 2024
Results (1Q24)
|
|
|
Sales 1Q24 ($ in
millions)
|
Total
|
|
Rhythm
Management
|
|
Electro-
physiology
|
|
Heart
Failure
|
|
Vascular
|
|
Structural
Heart
|
|
Neuro-
modulation
|
|
Diabetes
Care
|
|
U.S.
|
2,034
|
|
271
|
|
269
|
|
237
|
|
254
|
|
233
|
|
181
|
|
589
|
|
International
|
2,419
|
|
291
|
|
318
|
|
68
|
|
435
|
|
282
|
|
45
|
|
980
|
|
Total
reported
|
4,453
|
|
562
|
|
587
|
|
305
|
|
689
|
|
515
|
|
226
|
|
1,569
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
14.4
|
|
4.5
|
|
13.1
|
|
8.7
|
|
16.4
|
|
10.8
|
|
16.8
|
|
22.8
|
|
International
|
14.0
|
|
9.0
|
|
18.9
|
|
7.7
|
|
9.1
|
|
12.5
|
|
9.8
|
|
17.6
|
|
Total
reported
|
14.2
|
|
6.8
|
|
16.2
|
|
8.5
|
|
11.7
|
|
11.7
|
|
15.3
|
|
19.5
|
|
Impact of foreign
exchange
|
(1.2)
|
|
(0.7)
|
|
(2.2)
|
|
0.1
|
|
(1.0)
|
|
(1.3)
|
|
(2.1)
|
|
(1.2)
|
|
Impact of
CSI
|
1.1
|
|
—
|
|
—
|
|
—
|
|
6.9
|
|
—
|
|
—
|
|
—
|
|
Organic
|
14.3
|
|
7.5
|
|
18.4
|
|
8.4
|
|
5.8
|
|
13.0
|
|
17.4
|
|
20.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S.
|
12.1
|
|
4.5
|
|
13.1
|
|
8.7
|
|
(1.8)
|
|
10.8
|
|
16.8
|
|
22.8
|
|
International
|
16.1
|
|
10.3
|
|
23.0
|
|
7.1
|
|
9.9
|
|
14.8
|
|
19.6
|
|
19.6
|
Worldwide Medical Devices sales increased 14.2 percent on a
reported basis and 14.3 percent on an organic basis in the first
quarter, including double-digit growth in both the U.S. and
internationally.
Sales growth was led by double-digit growth in Diabetes Care,
Electrophysiology, Neuromodulation, and Structural Heart. Several
recently launched products and new indications contributed to the
strong performance, including Amplatzer®
Amulet®, Navitor®, TriClip®, and
AVEIR®.
In Electrophysiology, internationally, sales grew 18.9 percent
on a reported and 23.0 percent on an organic basis, which included
organic sales growth of 20.4 percent in Europe.
In Diabetes Care, FreeStyle Libre sales were $1.5 billion, which represents sales growth of
22.4 percent on a reported basis and 23.3 percent on an organic
basis.
ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects
full-year 2024 diluted earnings per share under GAAP of
$3.25 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 $4.55 to $4.70 for the full-year 2024.
Abbott projects second-quarter 2024 diluted earnings per share
under GAAP of $0.69 to $0.73. Abbott forecasts specified items for the
second-quarter 2024 of $0.39 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 $1.08 to $1.12 for the second quarter 2024.
ABBOTT DECLARES 401ST CONSECUTIVE QUARTERLY
DIVIDEND
On February 16, 2024, the board of directors
of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is
payable May 15, 2024, to shareholders
of record at the close of business on April
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 first-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 first quarter of
2024, total worldwide sales were $9.964 billion and COVID-19
testing-related sales were $204 million. In the first quarter of
2023, total worldwide sales were $9.747 billion and COVID-19
testing-related sales were $730 million.
|
|
|
|
2
|
Abbott has not provided
the related GAAP financial measure for organic sales growth,
excluding COVID-19 testing-related sales, on a forward-looking
basis because the company is unable to predict with reasonable
certainty the impact of foreign exchange due to the
unpredictability of future changes in foreign exchange rates, which
could significantly impact reported sales growth. In addition, as
the COVID-19 pandemic has shifted to an endemic state, the company
has determined that it is unable to predict with reasonable
certainty future COVID-19 test sales due to the unpredictability of
demand for COVID-19 tests.
|
|
|
|
3
|
Diagnostic sales and
COVID-19 testing-related sales in 2024 and 2023 are summarized
below:
|
|
Sales
1Q24
|
|
|
COVID Tests
Sales 1Q24
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
931
|
|
1,283
|
|
2,214
|
|
|
153
|
|
51
|
|
204
|
|
Core
Laboratory
|
310
|
|
895
|
|
1,205
|
|
|
1
|
|
2
|
|
3
|
|
Molecular
|
42
|
|
87
|
|
129
|
|
|
3
|
|
1
|
|
4
|
|
Rapid
Diagnostics
|
481
|
|
260
|
|
741
|
|
|
149
|
|
48
|
|
197
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales
1Q23
|
|
|
COVID Tests Sales
1Q23
|
|
($ in
millions)
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
Total
Diagnostics
|
1,335
|
|
1,353
|
|
2,688
|
|
|
608
|
|
122
|
|
730
|
|
Core
Laboratory
|
289
|
|
893
|
|
1,182
|
|
|
2
|
|
4
|
|
6
|
|
Molecular
|
47
|
|
100
|
|
147
|
|
|
10
|
|
10
|
|
20
|
|
Rapid
Diagnostics
|
906
|
|
319
|
|
1,225
|
|
|
596
|
|
108
|
|
704
|
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
First Quarter Ended
March 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
|
|
1Q24
|
|
1Q23
|
|
%
Change
|
|
|
Net Sales
|
$9,964
|
|
$9,747
|
|
2.2
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
4,463
|
|
4,331
|
|
3.0
|
|
|
Amortization of
intangible assets
|
472
|
|
491
|
|
(3.9)
|
|
|
Research and
development
|
684
|
|
654
|
|
4.5
|
|
|
Selling, general, and
administrative
|
2,959
|
|
2,762
|
|
7.1
|
|
|
Total Operating Cost
and Expenses
|
8,578
|
|
8,238
|
|
4.1
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
1,386
|
|
1,509
|
|
(8.1)
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
61
|
|
52
|
|
18.4
|
|
|
Net foreign exchange
(gain) loss
|
—
|
|
6
|
|
(92.2)
|
|
|
Other (income)
expense, net
|
(111)
|
|
(111)
|
|
(0.4)
|
|
|
Earnings before
taxes
|
1,436
|
|
1,562
|
|
(8.1)
|
|
|
Taxes on
earnings
|
211
|
|
244
|
|
(13.7)
|
1)
|
|
|
|
|
|
|
|
|
Net
Earnings
|
$1,225
|
|
$1,318
|
|
(7.0)
|
|
|
|
|
|
|
|
|
|
Net Earnings excluding
Specified Items, as described below
|
$1,729
|
|
$1,815
|
|
(4.7)
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
$0.70
|
|
$0.75
|
|
(6.7)
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
excluding Specified
Items, as described below
|
$0.98
|
|
$1.03
|
|
(4.9)
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
Plus Dilutive Common
Stock Options
|
1,750
|
|
1,752
|
|
|
|
|
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 $10 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 $22 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 $504 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.
|
|
|
|
2023 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $497 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
Non-GAAP Reconciliation
of Financial Information
First Quarter Ended
March 31, 2024 and 2023
(in millions, except
per share data)
(unaudited)
|
|
|
1Q24
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
472
|
|
$
(472)
|
|
$
—
|
|
Gross
Margin
|
5,029
|
|
518
|
|
5,547
|
|
R&D
|
684
|
|
(21)
|
|
663
|
|
SG&A
|
2,959
|
|
(34)
|
|
2,925
|
|
Other (income)
expense, net
|
(111)
|
|
(26)
|
|
(137)
|
|
Earnings before
taxes
|
1,436
|
|
599
|
|
2,035
|
|
Taxes on
Earnings
|
211
|
|
95
|
|
306
|
|
Net
Earnings
|
1,225
|
|
504
|
|
1,729
|
|
Diluted Earnings per
Share
|
$
0.70
|
|
$
0.28
|
|
$
0.98
|
Specified items reflect intangible amortization expense of
$472 million and other net expenses
of $127 million associated with
restructuring actions, costs associated with acquisitions,
investment impairment charges and other net expenses. See table
titled "Details of Specified Items" for additional details
regarding specified items.
|
1Q23
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
|
|
|
|
|
|
Intangible
Amortization
|
$
491
|
|
$
(491)
|
|
$
—
|
|
Gross
Margin
|
4,925
|
|
520
|
|
5,445
|
|
R&D
|
654
|
|
(26)
|
|
628
|
|
SG&A
|
2,762
|
|
(2)
|
|
2,760
|
|
Earnings before
taxes
|
1,562
|
|
548
|
|
2,110
|
|
Taxes on
Earnings
|
244
|
|
51
|
|
295
|
|
Net
Earnings
|
1,318
|
|
497
|
|
1,815
|
|
Diluted Earnings per
Share
|
$
0.75
|
|
$
0.28
|
|
$
1.03
|
Specified items reflect intangible amortization expense of
$491 million and other net expenses
of $57 million associated with
restructuring actions, costs associated with acquisitions and other
net expenses. See table titled "Details of Specified Items" for
additional details regarding specified items.
A reconciliation of the first-quarter tax rates for 2024 and
2023 is shown below:
|
1Q24
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,436
|
|
$
211
|
|
14.7 %
|
1)
|
|
Specified
items
|
599
|
|
95
|
|
|
|
|
Excluding specified
items
|
$
2,035
|
|
$
306
|
|
15.0 %
|
|
|
|
|
|
|
|
|
|
1Q23
|
|
|
($ in
millions)
|
Pre-Tax
Income
|
|
Taxes
on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
$
1,562
|
|
$
244
|
|
15.6 %
|
2)
|
|
Specified
items
|
548
|
|
51
|
|
|
|
|
Excluding specified
items
|
$
2,110
|
|
$
295
|
|
14.0 %
|
|
|
|
|
1)
|
2024 Taxes on Earnings
includes the recognition of approximately $10 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 $22 million of net tax
expense as a result of the resolution of various tax positions
related to prior years.
|
|
Abbott Laboratories and
Subsidiaries
Non-GAAP Revenue
Reconciliation
First Quarter Ended
March 31, 2024 and 2023
($ in
millions)
(unaudited)
|
|
|
|
1Q24
|
|
1Q23
|
|
% Change vs.
1Q23
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP
|
|
|
Abbott
Reported
|
Impact of CSI
acquisition
|
Adjusted
Revenue
|
|
Abbott
Reported
|
Impact of CSI
acquisition
|
Adjusted
Revenue
|
|
Reported
|
|
Adjusted
|
Organic
|
|
Total
Company
|
|
9,964
|
(42)
|
9,922
|
|
9,747
|
—
|
9,747
|
|
2.2
|
|
1.8
|
4.7
|
|
U.S.
|
|
3,846
|
(40)
|
3,806
|
|
3,928
|
—
|
3,928
|
|
(2.1)
|
|
(3.1)
|
(3.1)
|
|
Intl
|
|
6,118
|
(2)
|
6,116
|
|
5,819
|
—
|
5,819
|
|
5.2
|
|
5.1
|
9.9
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Medical
Devices
|
|
4,453
|
(42)
|
4,411
|
|
3,900
|
—
|
3,900
|
|
14.2
|
|
13.1
|
14.3
|
|
U.S.
|
|
2,034
|
(40)
|
1,994
|
|
1,778
|
—
|
1,778
|
|
14.4
|
|
12.1
|
12.1
|
|
Intl
|
|
2,419
|
(2)
|
2,417
|
|
2,122
|
—
|
2,122
|
|
14.0
|
|
13.9
|
16.1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Vascular
|
|
689
|
(42)
|
647
|
|
617
|
—
|
617
|
|
11.7
|
|
4.8
|
5.8
|
|
U.S.
|
|
254
|
(40)
|
214
|
|
218
|
—
|
218
|
|
16.4
|
|
(1.8)
|
(1.8)
|
|
Intl
|
|
435
|
(2)
|
433
|
|
399
|
—
|
399
|
|
9.1
|
|
8.4
|
9.9
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
First Quarter Ended
March 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
|
$
1
|
|
$
42
|
|
$
472
|
|
$
3
|
|
$
518
|
|
R&D
|
(3)
|
|
(2)
|
|
—
|
|
(16)
|
|
(21)
|
|
SG&A
|
(14)
|
|
(9)
|
|
—
|
|
(11)
|
|
(34)
|
|
Other (income) expense,
net
|
12
|
|
—
|
|
—
|
|
(38)
|
|
(26)
|
|
Earnings before
taxes
|
$
6
|
|
$
53
|
|
$
472
|
|
$
68
|
|
599
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
95
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
504
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.28
|
|
|
|
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 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 various
investment impairment charges and 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.
|
|
|
|
d)
|
Reflects the net tax
benefit associated with the specified items.
|
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
First Quarter Ended
March 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
|
$
5
|
|
$
21
|
|
$
491
|
|
$
3
|
|
$
520
|
|
R&D
|
(4)
|
|
1
|
|
—
|
|
(23)
|
|
(26)
|
|
SG&A
|
(4)
|
|
(4)
|
|
—
|
|
6
|
|
(2)
|
|
Other (income) expense,
net
|
(6)
|
|
—
|
|
—
|
|
6
|
|
—
|
|
Earnings before
taxes
|
$
19
|
|
$
24
|
|
$
491
|
|
$
14
|
|
548
|
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
51
|
|
Net Earnings
|
|
|
|
|
|
|
|
|
$
497
|
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
$
0.28
|
|
|
|
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 European Union's Medical
Device Regulations (MDR) and In Vitro Diagnostics Medical Device
Regulations (IVDR) requirements for previously approved
products.
|
|
|
|
d)
|
Reflects the net tax
benefit associated with the specified items.
|
View original
content:https://www.prnewswire.com/news-releases/abbott-reports-first-quarter-2024-results-and-raises-midpoint-of-full-year-guidance-ranges-302119393.html
SOURCE Abbott