Abbott Reports First-Quarter 2023 Results; Increases Outlook For Underlying Base Business

Rhea-AI Summary

Abbott (NYSE: ABT) reported Q1 2023 sales of $9.7 billion, an 18.1% decline compared to the previous year, primarily due to reduced COVID-19 testing sales. However, organic sales growth for the underlying business was strong at 10.0%, driven by Medical Devices, Established Pharmaceuticals, and Nutrition sectors. GAAP diluted EPS was $0.75 and adjusted diluted EPS was $1.03. Abbott's full-year 2023 diluted EPS guidance remains between $3.05 to $3.25. Notably, the company expects COVID-19 testing-related sales to reach approximately $1.5 billion. Recent FDA approvals for new products in heart valve implantation and diabetes monitoring were highlighted as significant advancements.

Positive

• Organic sales growth of 10.0% in the underlying business.
• GAAP diluted EPS of $0.75 and adjusted diluted EPS of $1.03.
• FDA approval of Navitor® for heart valve implantation.
• Strong growth in Medical Devices, particularly in Diabetes Care with FreeStyle Libre sales up 50%.

Negative

• Reported sales decreased by 18.1% due to decline in COVID-19 testing.
• COVID-19 testing sales down to $730 million from $3.304 billion year-over-year.
• Anticipated lower earnings contribution from COVID-19 testing-related sales.

• Sales of $9.7 billion driven by strong underlying base business performance
• Reported sales decreased 18.1 percent due to anticipated decline in COVID-19 testing-related sales versus prior year
• Organic sales growth for underlying base business of 10.0 percent, led by Medical Devices, Established Pharmaceuticals and Nutrition

ABBOTT PARK, Ill., April 19, 2023 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2023.

• First-quarter GAAP diluted EPS of $0.75 and adjusted diluted EPS of $1.03, which excludes specified items.
• Projected full-year 2023 diluted EPS from continuing operations on a GAAP basis of $3.05 to $3.25 remains unchanged.
• Projected full-year adjusted EPS from continuing operations of $4.30 to $4.50 remains unchanged and now reflects an increased outlook for the underlying base business offset by a lower forecasted earnings contribution from COVID-19 testing-related sales.
• Abbott now projects full-year 2023 organic sales growth, excluding COVID-19 testing-related sales¹, of at least high single-digits² and COVID-19 testing-related sales of approximately $1.5 billion.
• In January, Abbott announced U.S. Food and Drug Administration (FDA) approval of Navitor^®, its second-generation transcatheter aortic valve implantation system, for people with severe aortic stenosis who are at high risk for surgery.
• In March, data was presented at the American College of Cardiology Scientific Sessions showing Abbott's TriClip^® system was superior to current medical therapy in treating patients with severe tricuspid regurgitation, or a leaky tricuspid heart valve.
• In March, Abbott's market-leading FreeStyle Libre^® continuous glucose monitoring system received U.S. FDA clearance for integration with automated insulin delivery systems. Abbott is partnering with leading insulin pump manufacturers to integrate their systems with FreeStyle Libre 2 and FreeStyle Libre 3 as soon as possible.

"Our first-quarter results reflect a very strong start to the year," said Robert B. Ford, chairman and chief executive officer, Abbott. "Growth in our underlying base businesses accelerated, including particularly strong results in Medical Devices, Established Pharmaceuticals and Nutrition."

FIRST-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, as well as the impact of exiting the pediatric nutrition business in China, 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 shifts to an endemic state, resulting in significantly lower expected 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
Reported Sales
Sales 1Q23 ($ in millions)	Total Company		Nutrition		Diagnostics		Established Pharmaceuticals		Medical Devices
U.S.	3,928		812		1,335		—		1,778
International	5,819		1,155		1,353		1,189		2,122
Total reported	9,747		1,967		2,688		1,189		3,900
% Change vs. 1Q22
U.S.	(20.4)		19.9		(50.8)		n/a		15.1
International	(16.4)		(5.1)		(46.9)		3.7		3.5
Total reported	(18.1)		3.8		(48.9)		3.7		8.5
Organic Sales
% Change vs. 1Q22	Total Company		Nutrition		Diagnostics		Established Pharmaceuticals		Medical Devices
Reported	(18.1)		3.8		(48.9)		3.7		8.5
Impact of foreign exchange	(3.3)		(3.9)		(1.8)		(7.4)		(3.9)
Impact of business exit	(0.3)		(2.6)		—		—		—
Organic	(14.5)		10.3		(47.1)		11.1		12.4
Impact of COVID-19 testing sales3	(24.5)		—		(51.5)		—		—
Organic excluding COVID-19 tests	10.0		10.3		4.4		11.1		12.4
U.S.	12.6		19.9		0.3		n/a		15.1
International	8.6		4.8		6.8		11.1		10.4

n/a = Not Applicable.

Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.

Nutrition
Reported Sales
Sales 1Q23 ($ in millions)			Total		Pediatric		Adult
U.S.			812		459		353
International			1,155		465		690
Total reported			1,967		924		1,043
% Change vs. 1Q22
U.S.			19.9		36.1		3.9
International			(5.1)		(8.6)		(2.6)
Total reported			3.8		9.2		(0.5)
Organic Sales
% Change vs. 1Q22			Total		Pediatric		Adult
Reported			3.8		9.2		(0.5)
Impact of foreign exchange			(3.9)		(2.8)		(4.7)
Impact of business exit			(2.6)		(6.4)		—
Organic			10.3		18.4		4.2
U.S.			19.9		36.1		3.9
International			4.8		5.3		4.4

Worldwide Nutrition sales increased 3.8 percent on a reported basis and 10.3 percent on an organic basis in the first quarter. Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.

In Pediatric Nutrition, global sales increased 9.2 percent on a reported basis and 18.4 percent on an organic basis. In the U.S., sales growth of 36.1 percent includes the impact of lower sales in the first quarter of the prior year due to a voluntary recall of certain infant formula products. Following a temporary manufacturing stoppage of these products, Abbott subsequently restarted production last year and continues to make good progress recovering market share in this business.

In Adult Nutrition, global sales decreased 0.5 percent on a reported basis and increased 4.2 percent on an organic basis, which was led by strong global growth of Ensure^®, Abbott's market-leading complete and balanced nutrition brand.

Diagnostics
Reported Sales
Sales 1Q23 ($ in millions)	Total		Core Laboratory		Molecular		Point of Care		Rapid Diagnostics *
U.S.	1,335		289		47		93		906
International	1,353		893		100		41		319
Total reported	2,688		1,182		147		134		1,225
% Change vs. 1Q22
U.S.	(50.8)		7.7		(72.7)		2.9		(58.4)
International	(46.9)		(2.5)		(59.7)		9.2		(76.3)
Total reported	(48.9)		(0.2)		(65.0)		4.7		(65.3)
Organic Sales
% Change vs. 1Q22	Total		Core Laboratory		Molecular		Point of Care		Rapid Diagnostics *
Reported	(48.9)		(0.2)		(65.0)		4.7		(65.3)
Impact of foreign exchange	(1.8)		(5.3)		(1.0)		(1.0)		(0.8)
Organic	(47.1)		5.1		(64.0)		5.7		(64.5)
Impact of COVID-19 testing sales3	(51.5)		(2.0)		(39.2)		—		(72.5)
Organic excluding COVID-19 tests	4.4		7.1		(24.8)		5.7		8.0
U.S.	0.3		9.0		(36.7)		2.9		(0.9)
International	6.8		6.5		(18.9)		12.7		23.2

*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $29 million of sales for the first quarter of 2022 were moved from Rapid Diagnostics to Heart Failure.

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 $730 million in the first quarter of 2023 compared to $3.304 billion in the first quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 0.2 percent on a reported basis and increased 4.4 percent on an organic basis. Organic sales growth, excluding COVID-19 testing-related sales, was led by Core Laboratory, Point of Care and Rapid Diagnostics. In Molecular Diagnostics, growth was negatively impacted by lower demand for seasonal respiratory testing compared to significantly higher-than-usual demand in the first quarter of the prior year.

Established Pharmaceuticals
Reported Sales
Sales 1Q23 ($ in millions)				Total		Key Emerging Markets		Other
U.S.				—		—		—
International				1,189		912		277
Total reported				1,189		912		277
% Change vs. 1Q22
U.S.				n/a		n/a		n/a
International				3.7		0.7		15.0
Total reported				3.7		0.7		15.0
Organic Sales
% Change vs. 1Q22				Total		Key Emerging Markets		Other
Reported				3.7		0.7		15.0
Impact of foreign exchange				(7.4)		(7.6)		(6.8)
Organic				11.1		8.3		21.8
U.S.				n/a		n/a		n/a
International				11.1		8.3		21.8

Established Pharmaceuticals sales increased 3.7 percent on a reported basis and 11.1 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 0.7 percent on a reported basis and 8.3 percent on an organic basis, led by growth in Brazil, China and Southeast Asia, and across several therapeutic areas, including cardiometabolic, respiratory and central nervous system/pain management.

Medical Devices
Reported Sales
Sales 1Q23 ($ in millions)	Total		Rhythm Management		Electro- physiology		Heart Failure *		Vascular		Structural Heart		Neuro- modulation		Diabetes Care
U.S.	1,778		260		238		218		218		210		155		479
International	2,122		267		267		63		399		251		41		834
Total reported	3,900		527		505		281		617		461		196		1,313
% Change vs. 1Q22
U.S.	15.1		4.4		10.0		11.3		4.8		10.5		8.4		39.7
International	3.5		(3.2)		(1.0)		16.6		(2.7)		13.7		13.5		6.5
Total reported	8.5		0.4		3.9		12.4		(0.2)		12.2		9.4		16.6
Organic Sales
% Change vs. 1Q22	Total		Rhythm Management		Electro- physiology		Heart Failure *		Vascular		Structural Heart		Neuro- modulation		Diabetes Care
Reported	8.5		0.4		3.9		12.4		(0.2)		12.2		9.4		16.6
Impact of foreign exchange	(3.9)		(3.6)		(4.9)		(1.2)		(4.1)		(4.2)		(1.8)		(4.4)
Organic	12.4		4.0		8.8		13.6		3.9		16.4		11.2		21.0
U.S.	15.1		4.4		10.0		11.3		4.8		10.5		8.4		39.7
International	10.4		3.7		7.8		22.3		3.4		21.4		22.5		12.9

*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $29 million of sales for the first quarter of 2022 were moved from Rapid Diagnostics to Heart Failure.

Worldwide Medical Devices sales increased 8.5 percent on a reported basis and 12.4 percent on an organic basis in the first quarter, including double-digit organic sales growth in both the U.S. and internationally.

Sales growth was led by double-digit organic growth in Diabetes Care, Structural Heart, Heart Failure and Neuromodulation. Several recently launched products and new indications contributed to the strong performance, including Amplatzer^® Amulet^®, Navitor, TriClip, Aveir^® and CardioMEMS^®.

In Electrophysiology, internationally, sales grew double-digits on a reported basis and high-teens on an organic basis in Europe, which was partially offset by soft market conditions in China during the first several weeks of the first quarter.

In Diabetes Care, FreeStyle Libre sales were $1.2 billion, which included U.S. growth of approximately 50 percent.

ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2023 diluted earnings per share from continuing operations under GAAP of $3.05 to $3.25. Abbott forecasts specified items for the full-year 2023 of $1.25 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 from continuing operations would be $4.30 to $4.50 for the full-year 2023.

ABBOTT DECLARES 397^TH CONSECUTIVE QUARTERLY DIVIDEND
On February 17, 2023, the board of directors of Abbott declared the company's quarterly dividend of $0.51 per share. Abbott's cash dividend is payable May 15, 2023, to shareholders of record at the close of business on April 14, 2023.

Abbott has increased its dividend payout for 51 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 115,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews.

Abbott will live-webcast its 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, 2022, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

1	For the full-year 2022, COVID-19 testing-related sales were $8.368 billion and total worldwide sales were $43.653 billion.
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 the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth.
3	Diagnostic sales and COVID-19 testing-related sales in 2023 and 2022 are summarized below:

 

							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
							Sales 1Q22							COVID Tests Sales 1Q22
($ in millions)							U.S.		Int'l		Total			U.S.		Int'l		Total
Total Diagnostics							2,712		2,545		5,257			1,988		1,316		3,304
Core Laboratory							268		916		1,184			5		23		28
Molecular							172		248		420			114		132		246
Rapid Diagnostics							2,181		1,344		3,525			1,869		1,161		3,030

 

Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings First Quarter Ended March 31, 2023 and 2022 (in millions, except per share data) (unaudited)
	1Q23		1Q22		% Change
Net Sales	$9,747		$11,895		(18.1)
Cost of products sold, excluding amortization expense	4,331		4,987		(13.2)
Amortization of intangible assets	491		512		(4.0)
Research and development	654		697		(6.2)
Selling, general, and administrative	2,762		2,787		(0.9)
Total Operating Cost and Expenses	8,238		8,983		(8.3)
Operating Earnings	1,509		2,912		(48.2)
Interest expense, net	52		117		(56.1)
Net foreign exchange (gain) loss	6		(3)		n/m
Other (income) expense, net	(111)		(78)		41.5
Earnings before taxes	1,562		2,876		(45.7)
Taxes on earnings	244		429		(43.0)	1)
Net Earnings	$1,318		$2,447		(46.1)
Net Earnings excluding Specified Items, as described below	$1,815		$3,077		(41.0)	2)
Diluted Earnings per Common Share	$0.75		$1.37		(45.3)
Diluted Earnings per Common Share, excluding Specified Items, as described below	$1.03		$1.73		(40.5)	2)
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,752		1,775

NOTES:
See tables tables 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 below.
1)	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.
	2022 Taxes on Earnings includes the recognition of approximately $30 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $30 million in excess tax benefits associated with share-based compensation.
2)	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.
	2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $630 million, or $0.36 per share, for intangible amortization, charges related to a voluntary recall and other net expenses primarily associated with acquisitions.

 

Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information First Quarter Ended March 31, 2023 and 2022 (in millions, except per share data) (unaudited)
				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 expenses. See table titled "Details of Specified Items First Quarter Ended March 31, 2023" for additional details regarding specified items.

 

				1Q22
				As Reported (GAAP)		Specified Items		As Adjusted
Intangible Amortization				$            512		$          (512)		$              —
Gross Margin				6,396		636		7,032
R&D				697		(33)		664
SG&A				2,787		(39)		2,748
Other (income) expense, net				(78)		(15)		(93)
Earnings before taxes				2,876		723		3,599
Taxes on Earnings				429		93		522
Net Earnings				2,447		630		3,077
Diluted Earnings per Share				$           1.37		$           0.36		$           1.73

Specified items reflect intangible amortization expense of $512 million and other net expenses of $211 million that includes costs associated with a product recall, acquisitions and other net expenses. See table titled "Details of Specified Items First Quarter Ended March 31, 2022" for additional details regarding specified items.

 

A reconciliation of the first-quarter tax rates for 2023 and 2022 is shown below:
					1Q23
($ in millions)					Pre-Tax Income		Taxes on Earnings		Tax Rate
As reported (GAAP)					$         1,562		$            244		15.6 %	1)
Specified items					548		51
Excluding specified items					$         2,110		$            295		14.0 %
					1Q22
($ in millions)					Pre-Tax Income		Taxes on Earnings		Tax Rate
As reported (GAAP)					$         2,876		$            429		14.9 %	2)
Specified items					723		93
Excluding specified items					$         3,599		$            522		14.5 %

1)	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)	2022 Taxes on Earnings includes the recognition of approximately $30 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $30 million in excess tax benefits associated with share-based compensation.

 

Abbott Laboratories and Subsidiaries Non-GAAP Revenue Reconciliation First Quarter Ended March 31, 2023 and 2022 ($ in millions) (unaudited)
		1Q23				1Q22				% Change vs. 1Q22
												Non-GAAP
		Abbott Reported	Impact from business exit (a)	Adjusted Revenue		Abbott Reported	Impact from business exit (a)	Adjusted Revenue		Reported		Adjusted	Organic
Total Company		9,747	(8)	9,739		11,895	(52)	11,843		(18.1)		(17.8)	(14.5)
U.S.		3,928	—	3,928		4,937	—	4,937		(20.4)		(20.4)	(20.4)
Intl		5,819	(8)	5,811		6,958	(52)	6,906		(16.4)		(15.9)	(10.2)
Total Nutrition		1,967	(8)	1,959		1,894	(52)	1,842		3.8		6.4	10.3
U.S.		812	—	812		677	—	677		19.9		19.9	19.9
Intl		1,155	(8)	1,147		1,217	(52)	1,165		(5.1)		(1.5)	4.8
Pediatric Nutrition		924	(8)	916		847	(52)	795		9.2		15.4	18.4
U.S.		459	—	459		338	—	338		36.1		36.1	36.1
Intl		465	(8)	457		509	(52)	457		(8.6)		0.2	5.3

(a)	Reflects the impact of exiting the pediatric nutrition business in China. This action was initiated in December 2022.

 

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.

 

Abbott Laboratories and Subsidiaries Details of Specified Items First Quarter Ended March 31, 2022 (in millions, except per share data) (unaudited)
	Acquisition or Divestiture- related (a)		Restructuring and Cost Reduction Initiatives (b)		Intangible Amortization		Other (c)		Total Specifieds
Gross Margin	$                  21		$                  (6)		$                512		$                109		$                636
R&D	(2)		(1)		—		(30)		(33)
SG&A	(11)		—		—		(28)		(39)
Other (income) expense, net	(7)		—		—		(8)		(15)
Earnings before taxes	$                  41		$                  (5)		$                512		$                175		723
Taxes on Earnings (d)									93
Net Earnings									$                630
Diluted Earnings per Share									$               0.36

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 the acquired businesses and include expenditures for the integration of systems, processes and business activities.
b)	Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives. The Gross Margin amount includes a credit associated with the charges taken in the second quarter of 2021 for a restructuring plan related to Abbott's manufacturing network for COVID-19 diagnostic tests.
c)	Other includes charges related to a voluntary recall within the Nutrition segment and incremental costs to comply with the European Union's Medical Device (MDR) and In Vitro Diagnostics Medical Device (IVDR) Regulations for previously approved products.
d)	Reflects the net tax benefit associated with the specified items, excess tax benefits associated with share-based compensation and net tax expense as a result of the resolution of various tax positions related to prior years.

 

View original content:https://www.prnewswire.com/news-releases/abbott-reports-first-quarter-2023-results-increases-outlook-for-underlying-base-business-301801684.html

SOURCE Abbott

FAQ

What were Abbott's Q1 2023 sales figures?

Abbott reported sales of $9.7 billion for Q1 2023.

How much did Abbott's EPS adjust for Q1 2023?

Adjusted diluted EPS for Q1 2023 was $1.03.

What is Abbott's guidance for full-year 2023 EPS?

Abbott projects full-year 2023 diluted EPS to be between $3.05 and $3.25.

What drove Abbott's organic sales growth in Q1 2023?

Organic sales growth of 10.0% was driven by Medical Devices, Established Pharmaceuticals, and Nutrition.

What are the implications of Abbott's decline in COVID-19 testing sales?

Abbott experienced a significant decline in COVID-19 testing sales, impacting overall revenue.