Abbott Reports Fourth-Quarter and Full-Year 2024 Results; Issues 2025 Financial Outlook
Abbott (ABT) reported strong Q4 2024 results with sales of $11.0 billion, up 7.2% on a reported basis and 10.1% organic growth excluding COVID-19 testing. Full-year 2024 sales reached $42.0 billion, increasing 4.6% on a reported basis and 9.6% organic growth excluding COVID-19 testing.
The company achieved the upper end of its initial 2024 guidance ranges for both organic sales growth and adjusted earnings per share. Q4 2024 GAAP diluted EPS was $5.27, while adjusted diluted EPS was $1.34. Full-year 2024 GAAP diluted EPS was $7.64, with adjusted EPS at $4.67.
Looking ahead, Abbott projects full-year 2025 organic sales growth of 7.5% to 8.5%, with adjusted operating margin expected to be 23.5% to 24.0%. The company forecasts full-year 2025 adjusted diluted EPS of $5.05 to $5.25, representing double-digit growth at the midpoint.
Abbott (ABT) ha riportato risultati solidi per il quarto trimestre del 2024 con vendite di 11,0 miliardi di dollari, in aumento del 7,2% su base riportata e del 10,1% in crescita organica, escludendo i test per il COVID-19. Le vendite totali per l'anno 2024 hanno raggiunto i 42,0 miliardi di dollari, con un incremento del 4,6% su base riportata e una crescita organica del 9,6% escludendo i test per il COVID-19.
L'azienda ha raggiunto l'estremità superiore delle sue previsioni iniziali per il 2024 sia per la crescita delle vendite organiche che per gli utili per azione rettificati. L'EPS diluito GAAP del quarto trimestre 2024 è stato di 5,27 dollari, mentre l'EPS diluito rettificato è stato di 1,34 dollari. L'EPS diluito GAAP per l'intero anno 2024 è stato di 7,64 dollari, con un EPS rettificato di 4,67 dollari.
Guardando al futuro, Abbott prevede una crescita organica delle vendite per l'intero anno 2025 tra il 7,5% e l'8,5%, con un margine operativo rettificato previsto tra il 23,5% e il 24,0%. L'azienda stima un EPS diluito rettificato per l'anno 2025 compreso tra 5,05 e 5,25 dollari, che rappresenta una crescita a doppia cifra nel punto medio.
Abbott (ABT) reportó resultados sólidos en el cuarto trimestre de 2024 con ventas de 11,0 mil millones de dólares, un aumento del 7,2% en base reportada y un crecimiento orgánico del 10,1% excluyendo las pruebas de COVID-19. Las ventas totales del año 2024 alcanzaron los 42,0 mil millones de dólares, con un incremento del 4,6% en base reportada y un crecimiento orgánico del 9,6% excluyendo las pruebas de COVID-19.
La empresa logró el extremo superior de sus proyecciones iniciales para 2024 tanto en el crecimiento de ventas orgánicas como en ganancias ajustadas por acción. El EPS diluido GAAP del cuarto trimestre de 2024 fue de 5,27 dólares, mientras que el EPS diluido ajustado fue de 1,34 dólares. El EPS diluido GAAP para todo el año 2024 fue de 7,64 dólares, con un EPS ajustado de 4,67 dólares.
De cara al futuro, Abbott proyecta un crecimiento orgánico de las ventas para todo el año 2025 del 7,5% al 8,5%, con un margen operativo ajustado esperado entre el 23,5% y el 24,0%. La empresa prevé un EPS diluido ajustado para el año 2025 de entre 5,05 y 5,25 dólares, lo que representa un crecimiento de dos dígitos en el punto medio.
Abbott (ABT)는 2024년 4분기 실적을 발표하며 110억 달러의 매출을 기록했으며, 보고 기준으로 7.2%, COVID-19 검사를 제외한 유기적 성장률는 10.1% 증가했습니다. 2024년 전체 매출은 420억 달러에 달하며 보고 기준으로 4.6%, COVID-19 검사를 제외한 유기적 성장률은 9.6% 증가했습니다.
회사는 유기적 판매 성장률과 조정된 주당 순이익 모두에 대해 2024년 초기 가이던스 범위의 상단에 도달했습니다. 2024년 4분기 GAAP 희석 EPS는 5.27달러였으며, 조정된 희석 EPS는 1.34달러였습니다. 2024년 전체 GAAP 희석 EPS는 7.64달러였고, 조정된 EPS는 4.67달러였습니다.
앞을 내다보며, Abbott는 2025년 전체 유기적 판매 성장률을 7.5%에서 8.5%로 예상하고 있으며, 조정된 운영 마진은 23.5%에서 24.0%가 될 것으로 보입니다. 회사는 2025년 전체 조정된 희석 EPS를 5.05달러에서 5.25달러로 예상하며, 이는 중간 값에서 두 자릿수 성장률을 나타냅니다.
Abbott (ABT) a annoncé de solides résultats pour le quatrième trimestre 2024 avec des ventes de 11,0 milliards de dollars, soit une augmentation de 7,2% sur une base déclarée et une croissance organique de 10,1% hors tests COVID-19. Les ventes totales pour l'année 2024 ont atteint 42,0 milliards de dollars, en hausse de 4,6% sur une base déclarée et de 9,6% en croissance organique hors tests COVID-19.
L'entreprise a atteint la limite supérieure de ses prévisions initiales pour 2024 tant en croissance organique des ventes qu'en bénéfice par action ajusté. Le BPA dilué GAAP pour le quatrième trimestre 2024 était de 5,27 dollars, tandis que le BPA dilué ajusté était de 1,34 dollar. Le BPA dilué GAAP pour l'année entière 2024 était de 7,64 dollars, avec un BPA ajusté de 4,67 dollars.
En regardant vers l'avenir, Abbott prévoit une croissance organique des ventes pour l'année entière 2025 de 7,5% à 8,5%, avec une marge opérationnelle ajustée attendue entre 23,5% et 24,0%. L'entreprise prévoit un BPA dilué ajusté pour l'année 2025 de 5,05 à 5,25 dollars, ce qui représente une croissance à deux chiffres au point médian.
Abbott (ABT) hat im vierten Quartal 2024 starke Ergebnisse mit einem Umsatz von 11,0 Milliarden Dollar gemeldet, was einem Anstieg von 7,2% auf Basis der Berichtszahlen und einem organischen Wachstum von 10,1% ohne COVID-19-Tests entspricht. Der Gesamtumsatz für das Jahr 2024 erreichte 42,0 Milliarden Dollar und stieg um 4,6% auf Basis der Berichtszahlen sowie um 9,6% organisch ohne COVID-19-Tests.
Das Unternehmen erreichte das obere Ende seiner ursprünglichen Prognose für 2024 sowohl beim organischen Umsatzwachstum als auch beim bereinigten Gewinn pro Aktie. Das GAAP-diluted EPS für das vierte Quartal 2024 betrug 5,27 Dollar, während das bereinigte diluted EPS bei 1,34 Dollar lag. Das GAAP-diluted EPS für das Gesamtjahr 2024 betrug 7,64 Dollar, mit einem bereinigten EPS von 4,67 Dollar.
Für die Zukunft prognostiziert Abbott ein organisches Umsatzwachstum für das Gesamtjahr 2025 von 7,5% bis 8,5%, wobei eine bereinigte operative Marge von 23,5% bis 24,0% erwartet wird. Das Unternehmen schätzt ein bereinigtes diluted EPS für das Jahr 2025 zwischen 5,05 und 5,25 Dollar, das im Mittelwert ein zweistelliges Wachstum darstellt.
- Q4 2024 sales increased 7.2% to $11.0 billion
- Full-year 2024 sales grew 4.6% to $42.0 billion
- Q4 organic sales growth of 10.1% excluding COVID-19 testing
- Medical Devices segment grew 13.7% in Q4
- Diabetes Care sales increased 22.7% in Q4
- Projected 2025 organic sales growth of 7.5-8.5%
- Expected operating margin improvement of 150 basis points in 2025
- Diagnostics segment reported -0.6% growth in Q4
- COVID-19 testing sales declined from $288M to $176M in Q4
- Molecular diagnostics sales decreased 10.5% in Q4
Insights
Abbott's Q4 2024 results demonstrate exceptional execution across its diversified portfolio. The company achieved $11.0 billion in quarterly sales and $42.0 billion in full-year revenue, with the base business showing impressive 10.1% organic growth in Q4, excluding COVID testing impact.
The Medical Devices segment emerges as a standout performer, with 13.7% reported growth driven by FreeStyle Libre and structural heart products. This segment's $19 billion annual revenue and $2 billion year-over-year increase underscores Abbott's leadership in high-growth medical technology markets.
Particularly noteworthy is the projected operating margin expansion of 150 basis points for 2025, reaching 23.5-24.0%. This improvement reflects operational efficiency and strategic portfolio management, including the discontinuation of lower-margin products like ZonePerfect.
The company's R&D pipeline delivered over 15 new growth opportunities in 2024, positioning Abbott for sustained long-term growth. The 2025 guidance of 7.5-8.5% organic growth and projected EPS of $5.05-$5.25 indicates management's confidence in maintaining momentum despite the declining COVID testing business.
Abbott's market performance analysis reveals compelling competitive advantages across key segments. In Diabetes Care, FreeStyle Libre generated $1.8 billion in Q4 sales with 22.7% growth, solidifying Abbott's leadership in the continuous glucose monitoring market. The Medical Devices segment's broad-based growth across multiple product lines indicates successful market penetration and share gains.
Geographic diversification remains a key strength, with international sales representing 60% of total revenue. The Established Pharmaceuticals division showed robust 8.8% organic growth in Key Emerging Markets, demonstrating successful execution of Abbott's branded generics strategy in high-growth regions.
The Nutrition segment's performance, particularly in U.S. infant formula, indicates successful market share recovery post-industry disruptions. Adult Nutrition's 11.4% organic growth, led by Ensure and Glucerna, reflects strong brand positioning in growing demographic segments.
The company's commitment to innovation, evidenced by 15+ new growth opportunities in 2024, positions Abbott to capture emerging market opportunities and maintain its competitive edge across its diverse portfolio.
Abbott's healthcare technology portfolio demonstrates remarkable advancement across multiple therapeutic areas. The FreeStyle Libre system's continued growth trajectory, with a 22.8% organic increase, validates its position as a transformative technology in diabetes care management.
The Structural Heart division's 22.4% growth reflects successful adoption of innovative products like Navitor and TriClip, addressing critical unmet needs in cardiovascular care. The Electrophysiology segment's 8.8% organic growth indicates strong market acceptance of the AVEIR leadless pacing system.
Abbott's R&D pipeline productivity, delivering over 15 new growth opportunities in 2024, spans critical areas including cardiovascular devices, diagnostics and nutrition. The company's balanced approach to innovation across both breakthrough technologies and incremental improvements supports sustainable growth in healthcare markets.
The diagnostics portfolio's evolution beyond COVID-19 testing shows strategic adaptation to endemic phase healthcare needs, with strong growth in routine testing and respiratory diagnostics.
- Fourth-quarter sales of
$11.0 billion $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% to8.5%
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 $1.34 - Full-year 2024 sales of
$42.0 billion - 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 $4.67 - 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% to8.5% . - Abbott projects full-year 2025 adjusted operating margin to be
23.5% to24.0% 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 $5.25
"We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year," said Robert B. Ford, chairman and chief executive officer, Abbott. "We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025."
FOURTH-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance in 2024, as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.
Note: In order to compute results excluding the impact of exchange rates, current year
Fourth Quarter 2024 Results (4Q24) | |||||||||
Sales 4Q24 ($ in millions) | Total Company | Nutrition | Diagnostics | Established | Medical Devices | ||||
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 | |||||||||
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 | ||||
| 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 | Medical Devices | ||||
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 | |||||||||
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 | ||||
| 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 | ||
928 | 562 | 366 | |||
International | 1,201 | 438 | 763 | ||
Total reported | 2,129 | 1,000 | 1,129 | ||
% Change vs. 4Q23 | |||||
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 | ||
| 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
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 | ||
3,689 | 2,208 | 1,481 | |||
International | 4,724 | 1,815 | 2,909 | ||
Total reported | 8,413 | 4,023 | 4,390 | ||
% Change vs. 12M23 | |||||
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 | ||
| 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 | ||||
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 | |||||||||
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 | ||||
| 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
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 | ||||
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 | |||||||||
(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 | ||||
| 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 | Other | ||
— | — | — | |||
International | 1,268 | 948 | 320 | ||
Total reported | 1,268 | 948 | 320 | ||
% Change vs. 4Q23 | |||||
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 | ||
| 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 | Other | ||
— | — | — | |||
International | 5,194 | 3,858 | 1,336 | ||
Total reported | 5,194 | 3,858 | 1,336 | ||
% Change vs. 12M23 | |||||
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 | ||
| 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 | Electro- physiology | Heart | Vascular | Structural | Neuro- | Diabetes | |||||||
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 | |||||||||||||||
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 | |||||||
| 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
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
For the full-year 2024, Medical Devices sales were
Full-Year 2024 Results (12M24) | |||||||||||||||
Sales 12M24 ($ in millions) | Total | Rhythm | Electro- physiology | Heart | Vascular | Structural | Neuro- | Diabetes | |||||||
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 | |||||||||||||||
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 | |||||||
| 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
Abbott projects full-year 2025 adjusted operating margin to be
Abbott projects full-year 2025 adjusted diluted earnings per share of
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
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 |
2 | In the full-year 2024, total worldwide sales were |
3 | Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below: |
Sales 4Q24 | COVID Tests Sales 4Q24 | |||||||||||
($ in millions) | Int'l | Total | 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) | Int'l | Total | 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) | Int'l | Total | 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) | Int'l | Total | 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 | 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 | n/m | |||||
Net Earnings excluding Specified Items, as described below | 12.2 | 2) | ||||
Diluted Earnings per Common Share | n/m | |||||
Diluted Earnings per Common Share, excluding Specified Items, as described below | 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 |
2) | 2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of |
2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of | |
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 | 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 | n/m | |||||
Net Earnings excluding Specified Items, as described below | 5.1 | 2) | ||||
Diluted Earnings per Common Share | n/m | |||||
Diluted Earnings per Common Share, excluding Specified Items, as described below | 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 |
2023 Taxes on Earnings includes the recognition of approximately | |
2) | 2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of |
2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of | |
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 | Specified | 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
4Q23 | |||||
As Reported | Specified | 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
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 | Specified | 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
12M23 | |||||
As Reported | Specified | 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
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 |
2) | 2023 Taxes on Earnings includes the recognition of approximately |
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 | Impact | Adjusted | Abbott | Impact | Adjusted | Reported | Adjusted | Organic | |||||
Total Company | 10,974 | (1) | 10,973 | 10,241 | (17) | 10,224 | 7.2 | 7.4 | 8.8 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | ||||
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 | Impact of | Impact from | Adjusted | Abbott | Impact from | Adjusted | Reported | Adjusted | Organic | |||
Total Company | 41,950 | (57) | (14) | 41,879 | 40,109 | (49) | 40,060 | 4.6 | 4.5 | 7.1 | ||
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 | ||
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 | ||
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 | ||
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 | ||
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. |
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SOURCE Abbott
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