Abbott Reports Third-Quarter 2024 Results and Raises Midpoint of Full-Year EPS Guidance Range
Abbott reported third-quarter 2024 results with sales of $10.6 billion, driven by strong underlying base business performance. Reported sales growth was 4.9%, with organic sales growth for the underlying base business at 8.2%, led by double-digit growth in Medical Devices. Abbott maintains its full-year 2024 organic sales growth guidance range of 9.5% to 10.0%, excluding COVID-19 testing-related sales. The company raised its full-year adjusted diluted EPS guidance to $4.64 to $4.70. Abbott's board authorized a new $7 billion share repurchase program. Notable developments include a partnership with Medtronic for continuous glucose monitoring, the U.S. launch of Lingo™, and completion of enrollment in the VOLT-AF IDE trial for the Volt™ Pulsed Field Ablation System.
Abbott ha riportato i risultati del terzo trimestre 2024 con vendite pari a 10,6 miliardi di dollari, sostenute da un’eccellente performance del business di base. La crescita delle vendite riportate è stata del 4,9%, con una crescita delle vendite organiche per il business di base di 8,2%, guidata da una crescita a doppia cifra nei Dispositivi Medici. Abbott mantiene la sua previsione di crescita delle vendite organiche per l'intero anno 2024 nella fascia di 9,5% a 10,0%, escludendo le vendite legate ai test COVID-19. L'azienda ha aumentato la sua previsione di utile per azione diluito rettificato per l'intero anno a 4,64 a 4,70 dollari. Il consiglio di amministrazione di Abbott ha autorizzato un nuovo programma di riacquisto di azioni da 7 miliardi di dollari. Sviluppi notevoli includono una partnership con Medtronic per il monitoraggio continuo della glicemia, il lancio negli Stati Uniti di Lingo™ e il completamento dell'arruolamento nello studio clinico VOLT-AF IDE per il sistema di ablazione a campo pulsato Volt™.
Abbott reportó los resultados del tercer trimestre de 2024 con ventas de 10.6 mil millones de dólares, impulsadas por un fuerte desempeño del negocio base. El crecimiento de ventas reportadas fue del 4.9%, con un crecimiento de ventas orgánicas del negocio base de 8.2%, liderado por un crecimiento de dos dígitos en Dispositivos Médicos. Abbott mantiene su guía de crecimiento de ventas orgánicas para todo el año 2024 en un rango de 9.5% a 10.0%, excluyendo las ventas relacionadas con pruebas de COVID-19. La compañía elevó su guía de ganancias por acción diluida ajustada para todo el año a 4.64 a 4.70 dólares. La junta de Abbott autorizó un nuevo programa de recompra de acciones de 7 mil millones de dólares. Los desarrollos notables incluyen una asociación con Medtronic para el monitoreo continuo de glucosa, el lanzamiento de Lingo™ en EE. UU. y la finalización de la inscripción en el ensayo VOLT-AF IDE para el sistema de Ablación de Campo Pulsado Volt™.
Abbott는 2024년 3분기 실적을 발표하며 매출이 106억 달러에 달하며, 이는 기본 사업의 강한 성과에 힘입은 것입니다. 보고된 매출 성장률은 4.9%였으며, 기본 사업의 유기적 매출 성장률은 8.2%로, 의료 기기에서의 두 자릿수 성장이 주도했습니다. Abbott는 COVID-19 테스트 관련 매출을 제외하고, 2024년 전체 유기적 매출 성장 가이드를 9.5%에서 10.0%으로 유지합니다. 회사는 연간 조정 후 희석 주당 순이익 가이드를 4.64에서 4.70달러로 상향 조정했습니다. Abbott 이사회는 새로운 70억 달러 규모의 자사주 매입 프로그램을 승인했습니다. 주목할 만한 발전 사항으로는 Medtronic와의 지속적인 혈당 모니터링을 위한 파트너십, 미국에서 Lingo™ 출시 및 Volt™ 펄스 필드 제동 시스템에 대한 VOLT-AF IDE 시험 enrolment 완료가 포함됩니다.
Abbott a annoncé les résultats du troisième trimestre 2024 avec des ventes de 10,6 milliards de dollars, soutenues par une forte performance de son activité de base. La croissance des ventes rapportées a été de 4,9%, avec une croissance des ventes organiques pour l'activité de base de 8,2%, entraînée par une croissance à deux chiffres dans le domaine des Dispositifs Médicaux. Abbott maintient son guide de croissance des ventes organiques pour l'année entière 2024 dans une fourchette de 9,5% à 10,0%, excluant les ventes liées aux tests COVID-19. L'entreprise a relevé son objectif de bénéfice par action dilué ajusté pour l'année complète à 4,64 à 4,70 dollars. Le conseil d'administration d'Abbott a autorisé un nouveau programme de rachat d'actions de 7 milliards de dollars. Les développements notables incluent un partenariat avec Medtronic pour la surveillance continue de la glycémie, le lancement de Lingo™ aux États-Unis et l'achèvement de l'inscription dans l'essai VOLT-AF IDE pour le système d'ablation à champ pulsé Volt™.
Abbott hat die Ergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 10,6 Milliarden Dollar, der durch starke Leistungen des Grundgeschäfts unterstützt wurde. Das gemeldete Umsatzwachstum betrug 4,9%, während das organische Umsatzwachstum des Grundgeschäfts bei 8,2% lag, angeführt von zweistelligem Wachstum im Bereich Medizinprodukte. Abbott hält an seiner Wachstumsprognose für organische Verkäufe im gesamten Jahr 2024 in einer Spanne von 9,5% bis 10,0% fest, ohne Verkaufszahlen aus COVID-19-Tests. Das Unternehmen hat seine Prognose für den bereinigten verwässerten Gewinn pro Aktie für das gesamte Jahr auf 4,64 bis 4,70 Dollar angehoben. Der Vorstand von Abbott genehmigte ein neues Aktienrückkaufprogramm im Wert von 7 Milliarden Dollar. Zu den bemerkenswerten Entwicklungen gehören eine Partnerschaft mit Medtronic im Bereich der kontinuierlichen Glukoseüberwachung, die Markteinführung von Lingo™ in den USA, sowie der Abschluss der Rekrutierung für die VOLT-AF IDE-Studie für das Volt™ Pulsed Field Ablation System.
- Reported sales growth of 4.9% with organic sales growth for underlying base business of 8.2%
- Raised full-year adjusted diluted EPS guidance to $4.64 to $4.70
- Authorized new $7 billion share repurchase program
- Double-digit growth in Medical Devices segment
- Launched Lingo™, a non-prescription continuous glucose monitoring system
- Completed enrollment ahead of schedule in VOLT-AF IDE trial for atrial fibrillation treatment
- Decline in COVID-19 testing-related sales compared to previous year
- Negative impact of foreign exchange on sales growth
Insights
Abbott's Q3 2024 results demonstrate strong performance, with
- Adjusted diluted EPS of
$1.21 , excluding specified items - Raised full-year 2024 EPS guidance midpoint
- New
$7 billion share repurchase program authorized - Strong performance in Medical Devices with
11.7% reported growth and13.3% organic growth - Continued growth in Diabetes Care, with sales exceeding
$1.6 billion
The company's diversified business model and focus on innovation are paying off, as evidenced by new product approvals and strategic partnerships. Abbott's ability to maintain growth despite the decline in COVID-19 testing sales is a positive sign for long-term investors. The increased dividend and share repurchase program further demonstrate confidence in the company's financial strength and commitment to shareholder returns.
Abbott's Q3 results highlight significant progress in its medical device portfolio, particularly in diabetes care and cardiovascular health. The FreeStyle Libre continuous glucose monitoring system continues to be a major growth driver, with sales growing
The company's cardiovascular devices also showed strong performance:
- Electrophysiology:
12.2% reported growth,14.3% organic growth - Structural Heart:
14.6% reported growth,16.5% organic growth - Heart Failure:
14% reported growth,14.4% organic growth
The partnership with Medtronic to integrate Abbott's CGM with insulin delivery devices is a significant move that could enhance patient care in diabetes management. Additionally, the enrollment completion in the VOLT-AF IDE trial for the Volt™ Pulsed Field Ablation System demonstrates Abbott's commitment to advancing treatments for atrial fibrillation. These developments position Abbott well in the rapidly evolving medical device market.
- Sales of
$10.6 billion - Reported sales growth of 4.9 percent; organic sales growth for underlying base business of 8.2 percent1, led by double-digit growth in Medical Devices
- Continues to strengthen portfolio with steady cadence of new product approvals, reimbursement coverage, and clinical data
ABBOTT PARK, Ill., Oct. 16, 2024 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2024.
- Third-quarter GAAP diluted EPS of
$0.94 $1.21 - Abbott maintains its full-year 2024 organic sales growth guidance range of
9.5% to10.0% , excluding COVID-19 testing-related sales2. - Abbott now projects full-year diluted EPS on a GAAP basis of
$3.34 $3.40 $4.64 $4.70 - In October, Abbott's board of directors authorized a new share repurchase program of up to
$7 billion - In August, Abbott announced a unique global partnership with Medtronic to collaborate on connecting Abbott's world-leading continuous glucose monitoring (CGM) system with Medtronic's insulin delivery devices.
- In September, Abbott announced the
U.S. launch of Lingo™, the company's first continuous glucose monitoring system available without a prescription and designed for people interested in improving their overall health and wellness. - In September, Abbott announced a partnership with the Big Ten Conference® to conduct a nationwide blood donation competition to help increase the
U.S. blood supply. - In September, Abbott completed enrollment ahead of schedule in its VOLT-AF IDE trial, which is designed to evaluate the Volt™ Pulsed Field Ablation (PFA) System for treating patients with heart rhythm disorders such as atrial fibrillation (AFib).
"Our results this quarter demonstrate the strength of our diversified business model," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're well-positioned to achieve the upper end of our initial guidance ranges for the year and have great momentum heading into next year."
THIRD-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.
Note: In order to compute results excluding the impact of exchange rates, current year
Third Quarter 2024 Results (3Q24) | |||||||||
Sales 3Q24 ($ in millions) | Total Company | Nutrition | Diagnostics | Established | Medical Devices | ||||
4,202 | 950 | 1,032 | — | 2,216 | |||||
International | 6,433 | 1,116 | 1,380 | 1,406 | 2,531 | ||||
Total reported | 10,635 | 2,066 | 2,412 | 1,406 | 4,747 | ||||
% Change vs. 3Q23 | |||||||||
10.1 | 10.4 | 1.8 | n/a | 14.2 | |||||
International | 1.7 | (7.9) | (3.8) | 2.7 | 9.6 | ||||
Total reported | 4.9 | (0.3) | (1.5) | 2.7 | 11.7 | ||||
Impact of foreign exchange | (2.5) | (3.1) | (2.9) | (4.3) | (1.6) | ||||
Impact of business exit* | (0.2) | (0.6) | — | — | — | ||||
Organic | 7.6 | 3.4 | 1.4 | 7.0 | 13.3 | ||||
Impact of COVID-19 testing sales (3) | (0.6) | — | (1.9) | — | — | ||||
Organic (excluding COVID-19 tests) | 8.2 | 3.4 | 3.3 | 7.0 | 13.3 | ||||
| 11.0 | 11.9 | 2.4 | n/a | 14.2 | ||||
International | 6.5 | (2.6) | 3.8 | 7.0 | 12.5 | ||||
First Nine Months 2024 Results (9M24) | |||||||||
Sales 9M24 ($ in millions) | Total Company | Nutrition | Diagnostics | Established | Medical Devices | ||||
11,982 | 2,761 | 2,775 | — | 6,435 | |||||
International | 18,994 | 3,523 | 4,046 | 3,926 | 7,499 | ||||
Total reported | 30,976 | 6,284 | 6,821 | 3,926 | 13,934 | ||||
% Change vs. 9M23 | |||||||||
4.2 | 8.1 | (16.2) | n/a | 14.3 | |||||
International | 3.4 | (1.1) | (2.4) | 2.1 | 10.1 | ||||
Total reported | 3.7 | 2.7 | (8.5) | 2.1 | 12.0 | ||||
Impact of foreign exchange | (3.0) | (3.1) | (2.9) | (7.3) | (1.6) | ||||
Impact of business exit and acquisition* | 0.1 | (0.4) | — | — | 0.4 | ||||
Organic | 6.6 | 6.2 | (5.6) | 9.4 | 13.2 | ||||
Impact of COVID-19 testing sales (3) | (2.8) | — | (10.4) | — | — | ||||
Organic (excluding COVID-19 tests) | 9.4 | 6.2 | 4.8 | 9.4 | 13.2 | ||||
| 10.0 | 9.0 | 3.0 | n/a | 13.3 | ||||
International | 9.0 | 4.2 | 5.9 | 9.4 | 13.1 | ||||
Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.
*Quarter to date Sept. 30, 2024, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024. Year to date Sept. 30, 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 | |||||
Third Quarter 2024 Results (3Q24) | |||||
Sales 3Q24 ($ in millions) | Total | Pediatric | Adult | ||
950 | 568 | 382 | |||
International | 1,116 | 387 | 729 | ||
Total reported | 2,066 | 955 | 1,111 | ||
% Change vs. 3Q23 | |||||
10.4 | 12.2 | 7.9 | |||
International | (7.9) | (21.6) | 1.5 | ||
Total reported | (0.3) | (4.5) | 3.6 | ||
Impact of foreign exchange | (3.1) | (1.8) | (4.4) | ||
Impact of business exit* | (0.6) | — | (1.1) | ||
Organic | 3.4 | (2.7) | 9.1 | ||
| 11.9 | 12.2 | 11.5 | ||
International | (2.6) | (18.0) | 8.0 | ||
Worldwide Nutrition sales decreased 0.3 percent on a reported basis and increased 3.4 percent on an organic basis in the third quarter, led by growth in Adult Nutrition.
In Adult Nutrition, global sales increased 3.6 percent on a reported basis and 9.1 percent on an organic basis, which was led by growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand.
First Nine Months 2024 Results (9M24) | |||||
Sales 9M24 ($ in millions) | Total | Pediatric | Adult | ||
2,761 | 1,646 | 1,115 | |||
International | 3,523 | 1,377 | 2,146 | ||
Total reported | 6,284 | 3,023 | 3,261 | ||
% Change vs. 9M23 | |||||
8.1 | 11.8 | 3.2 | |||
International | (1.1) | (6.8) | 2.8 | ||
Total reported | 2.7 | 2.5 | 3.0 | ||
Impact of foreign exchange | (3.1) | (1.6) | (4.4) | ||
Impact of business exit* | (0.4) | — | (0.7) | ||
Organic | 6.2 | 4.1 | 8.1 | ||
| 9.0 | 11.8 | 5.0 | ||
International | 4.2 | (3.6) | 9.7 | ||
*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024. |
Diagnostics | |||||||||
Third Quarter 2024 Results (3Q24) | |||||||||
Sales 3Q24 ($ in millions) | Total | Core Laboratory | Molecular | Point of Care | Rapid | ||||
1,032 | 332 | 37 | 103 | 560 | |||||
International | 1,380 | 982 | 91 | 43 | 264 | ||||
Total reported | 2,412 | 1,314 | 128 | 146 | 824 | ||||
% Change vs. 3Q23 | |||||||||
1.8 | 4.5 | (2.8) | 6.0 | (0.2) | |||||
International | (3.8) | (1.5) | (3.9) | 0.7 | (12.2) | ||||
Total reported | (1.5) | — | (3.6) | 4.4 | (4.4) | ||||
Impact of foreign exchange | (2.9) | (4.3) | (1.5) | (0.2) | (1.4) | ||||
Organic | 1.4 | 4.3 | (2.1) | 4.6 | (3.0) | ||||
Impact of COVID-19 testing sales (3) | (1.9) | (0.2) | (3.9) | — | (3.4) | ||||
Organic (excluding COVID-19 tests) | 3.3 | 4.5 | 1.8 | 4.6 | 0.4 | ||||
| 2.4 | 4.8 | 4.5 | 6.0 | (1.0) | ||||
International | 3.8 | 4.4 | 0.8 | 1.3 | 2.8 | ||||
As expected, Diagnostics sales growth in the third 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 0.2 percent on a reported basis and increased 3.3 percent on an organic basis.
Excluding COVID-19 testing-related sales, global Core Laboratory Diagnostics sales grew 0.1 percent on a reported basis and increased 4.5 percent on an organic basis, led by continued adoption of Abbott's Alinity® family of diagnostics systems and testing portfolios.
First Nine Months 2024 Results (9M24) | |||||||||
Sales 9M24 ($ in millions) | Total | Core Laboratory | Molecular | Point of Care | Rapid | ||||
2,775 | 969 | 112 | 308 | 1,386 | |||||
International | 4,046 | 2,879 | 272 | 133 | 762 | ||||
Total reported | 6,821 | 3,848 | 384 | 441 | 2,148 | ||||
% Change vs. 9M23 | |||||||||
(16.2) | 5.6 | (12.3) | 6.6 | (29.8) | |||||
International | (2.4) | 0.3 | (7.2) | 4.8 | (10.6) | ||||
Total reported | (8.5) | 1.5 | (8.7) | 6.0 | (24.0) | ||||
Impact of foreign exchange | (2.9) | (4.8) | (0.8) | (0.1) | (1.1) | ||||
Organic | (5.6) | 6.3 | (7.9) | 6.1 | (22.9) | ||||
Impact of COVID-19 testing sales (3) | (10.4) | (0.2) | (6.3) | — | (25.0) | ||||
Organic (excluding COVID-19 tests) | 4.8 | 6.5 | (1.6) | 6.1 | 2.1 | ||||
| 3.0 | 5.9 | (3.3) | 6.6 | (0.1) | ||||
International | 5.9 | 6.7 | (0.9) | 5.1 | 5.7 | ||||
Established Pharmaceuticals | |||||
Third Quarter 2024 Results (3Q24) | |||||
Sales 3Q24 ($ in millions) | Total | Key Emerging | Other | ||
— | — | — | |||
International | 1,406 | 994 | 412 | ||
Total reported | 1,406 | 994 | 412 | ||
% Change vs. 3Q23 | |||||
n/a | n/a | n/a | |||
International | 2.7 | 0.7 | 8.1 | ||
Total reported | 2.7 | 0.7 | 8.1 | ||
Impact of foreign exchange | (4.3) | (4.7) | (3.1) | ||
Organic | 7.0 | 5.4 | 11.2 | ||
| n/a | n/a | n/a | ||
International | 7.0 | 5.4 | 11.2 | ||
Established Pharmaceuticals sales increased 2.7 percent on a reported basis and 7.0 percent on an organic basis in the third 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 increased 5.4 percent on an organic basis, led by growth in several geographies and therapeutic areas, including gastroenterology, cardiometabolic, and central nervous system/pain management.
First Nine Months 2024 Results (9M24) | |||||
Sales 9M24 ($ in millions) | Total | Key Emerging | Other | ||
— | — | — | |||
International | 3,926 | 2,910 | 1,016 | ||
Total reported | 3,926 | 2,910 | 1,016 | ||
% Change vs. 9M23 | |||||
n/a | n/a | n/a | |||
International | 2.1 | 0.7 | 6.4 | ||
Total reported | 2.1 | 0.7 | 6.4 | ||
Impact of foreign exchange | (7.3) | (9.0) | (2.2) | ||
Organic | 9.4 | 9.7 | 8.6 | ||
| n/a | n/a | n/a | ||
International | 9.4 | 9.7 | 8.6 | ||
Medical Devices | |||||||||||||||
Third Quarter 2024 Results (3Q24) | |||||||||||||||
Sales 3Q24 ($ in millions) | Total | Rhythm | Electro- physiology | Heart | Vascular | Structural | Neuro- | Diabetes | |||||||
2,216 | 288 | 285 | 252 | 258 | 270 | 190 | 673 | ||||||||
International | 2,531 | 309 | 325 | 70 | 441 | 288 | 46 | 1,052 | |||||||
Total reported | 4,747 | 597 | 610 | 322 | 699 | 558 | 236 | 1,725 | |||||||
% Change vs. 3Q23 | |||||||||||||||
14.2 | 6.0 | 15.8 | 16.7 | 2.8 | 21.1 | 0.8 | 23.6 | ||||||||
International | 9.6 | 5.7 | 9.2 | 5.2 | 4.5 | 9.2 | 17.8 | 13.3 | |||||||
Total reported | 11.7 | 5.9 | 12.2 | 14.0 | 3.9 | 14.6 | 3.8 | 17.1 | |||||||
Impact of foreign exchange | (1.6) | (1.1) | (2.1) | (0.4) | (1.0) | (1.9) | (1.4) | (2.0) | |||||||
Organic | 13.3 | 7.0 | 14.3 | 14.4 | 4.9 | 16.5 | 5.2 | 19.1 | |||||||
| 14.2 | 6.0 | 15.8 | 16.7 | 2.8 | 21.1 | 0.8 | 23.6 | |||||||
International | 12.5 | 7.9 | 13.0 | 6.6 | 6.2 | 12.6 | 25.7 | 16.5 | |||||||
Worldwide Medical Devices sales increased 11.7 percent on a reported basis and 13.3 percent on an organic basis in the third quarter, including double-digit organic growth in both the
Sales growth was led by double-digit growth in Diabetes Care, Structural Heart, Heart Failure, and Electrophysiology. Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.
In Electrophysiology, sales grew 12.2 percent on a reported basis and 14.3 percent on an organic basis, which included double-digit growth in catheters and cardiac mapping-related products.
In Diabetes Care, sales of continuous glucose monitors exceeded
First Nine Months 2024 Results (9M24) | |||||||||||||||
Sales 9M24 ($ in millions) | Total | Rhythm | Electro- physiology | Heart | Vascular | Structural | Neuro- | Diabetes | |||||||
6,435 | 851 | 841 | 733 | 787 | 761 | 563 | 1,899 | ||||||||
International | 7,499 | 915 | 983 | 215 | 1,325 | 876 | 142 | 3,043 | |||||||
Total reported | 13,934 | 1,766 | 1,824 | 948 | 2,112 | 1,637 | 705 | 4,942 | |||||||
% Change vs. 9M23 | |||||||||||||||
14.3 | 6.4 | 15.3 | 11.0 | 7.4 | 16.7 | 6.5 | 24.3 | ||||||||
International | 10.1 | 4.8 | 12.6 | 8.2 | 4.2 | 10.3 | 16.5 | 13.5 | |||||||
Total reported | 12.0 | 5.6 | 13.8 | 10.4 | 5.4 | 13.2 | 8.4 | 17.4 | |||||||
Impact of foreign exchange | (1.6) | (1.2) | (2.6) | (0.1) | (1.3) | (1.9) | (1.5) | (1.9) | |||||||
Impact of acquisition* | 0.4 | — | — | — | 2.8 | — | — | — | |||||||
Organic | 13.2 | 6.8 | 16.4 | 10.5 | 3.9 | 15.1 | 9.9 | 19.3 | |||||||
| 13.3 | 6.4 | 15.3 | 11.0 | 0.1 | 16.7 | 6.5 | 24.3 | |||||||
International | 13.1 | 7.1 | 17.4 | 8.9 | 6.0 | 13.7 | 24.6 | 16.5 | |||||||
*Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024. |
ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of
Abbott projects fourth-quarter 2024 diluted earnings per share under GAAP of
ABBOTT DECLARES 403RD CONSECUTIVE QUARTERLY DIVIDEND
On Sept. 19, 2024, the board of directors of Abbott declared the company's quarterly dividend of
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 third-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 third quarter of 2024, total worldwide sales were |
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 3Q24 | COVID Tests Sales 3Q24 | |||||||||||
($ in millions) | Int'l | Total | Int'l | Total | ||||||||
Total Diagnostics | 1,032 | 1,380 | 2,412 | 206 | 59 | 265 | ||||||
Core Laboratory | 332 | 982 | 1,314 | 1 | 2 | 3 | ||||||
Molecular | 37 | 91 | 128 | 2 | 1 | 3 | ||||||
Rapid Diagnostics | 560 | 264 | 824 | 203 | 56 | 259 | ||||||
Sales 3Q23 | COVID Tests Sales 3Q23 | |||||||||||
($ in millions) | Int'l | Total | Int'l | Total | ||||||||
Total Diagnostics | 1,013 | 1,436 | 2,449 | 207 | 98 | 305 | ||||||
Core Laboratory | 317 | 997 | 1,314 | 2 | 3 | 5 | ||||||
Molecular | 38 | 95 | 133 | 5 | 3 | 8 | ||||||
Rapid Diagnostics | 561 | 301 | 862 | 200 | 92 | 292 | ||||||
Sales 9M24 | COVID Tests Sales 9M24 | |||||||||||
($ in millions) | Int'l | Total | Int'l | Total | ||||||||
Total Diagnostics | 2,775 | 4,046 | 6,821 | 428 | 143 | 571 | ||||||
Core Laboratory | 969 | 2,879 | 3,848 | 3 | 5 | 8 | ||||||
Molecular | 112 | 272 | 384 | 7 | 3 | 10 | ||||||
Rapid Diagnostics | 1,386 | 762 | 2,148 | 418 | 135 | 553 | ||||||
Sales 9M23 | COVID Tests Sales 9M23 | |||||||||||
($ in millions) | Int'l | Total | Int'l | Total | ||||||||
Total Diagnostics | 3,309 | 4,145 | 7,454 | 1,031 | 267 | 1,298 | ||||||
Core Laboratory | 917 | 2,872 | 3,789 | 6 | 10 | 16 | ||||||
Molecular | 128 | 293 | 421 | 19 | 17 | 36 | ||||||
Rapid Diagnostics | 1,975 | 853 | 2,828 | 1,006 | 240 | 1,246 | ||||||
Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings Third Quarter Ended September 30, 2024 and 2023 (in millions, except per share data) (unaudited) | ||||||
3Q24 | 3Q23 | % Change | ||||
Net Sales | 4.9 | |||||
Cost of products sold, excluding amortization expense | 4,698 | 4,605 | 2.0 | |||
Amortization of intangible assets | 470 | 496 | (5.1) | |||
Research and development | 713 | 672 | 6.1 | |||
Selling, general, and administrative | 2,895 | 2,723 | 6.3 | |||
Total Operating Cost and Expenses | 8,776 | 8,496 | 3.3 | |||
Operating Earnings | 1,859 | 1,647 | 12.8 | |||
Interest expense, net | 51 | 69 | (26.0) | |||
Net foreign exchange (gain) loss | (11) | (10) | n/m | |||
Other (income) expense, net | (121) | (83) | n/m | |||
Earnings before taxes | 1,940 | 1,671 | 16.1 | |||
Taxes on earnings | 294 | 235 | 25.6 | |||
Net Earnings | 14.6 | |||||
Net Earnings excluding Specified Items, as described below | 5.9 | 1) | ||||
Diluted Earnings per Common Share | 14.6 | |||||
Diluted Earnings per Common Share, excluding Specified Items, as described below | 6.1 | 1) | ||||
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | 1,748 | 1,748 | ||||
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 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges 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 Nine Months Ended September 30, 2024 and 2023 (in millions, except per share data) (unaudited) | ||||||
9M24 | 9M23 | % Change | ||||
Net Sales | 3.7 | |||||
Cost of products sold, excluding amortization expense | 13,764 | 13,419 | 2.6 | |||
Amortization of intangible assets | 1,413 | 1,485 | (4.9) | |||
Research and development | 2,095 | 2,041 | 2.6 | |||
Selling, general, and administrative | 8,790 | 8,225 | 6.9 | |||
Total Operating Cost and Expenses | 26,062 | 25,170 | 3.5 | |||
Operating Earnings | 4,914 | 4,698 | 4.6 | |||
Interest expense, net | 170 | 182 | (6.4) | |||
Net foreign exchange (gain) loss | (17) | 17 | n/m | |||
Other (income) expense, net | (222) | (370) | n/m | |||
Earnings before taxes | 4,983 | 4,869 | 2.3 | |||
Taxes on earnings | 810 | 740 | 9.6 | 1) | ||
Net Earnings | 1.0 | |||||
Net Earnings excluding Specified Items, as described below | 2.5 | 2) | ||||
Diluted Earnings per Common Share | 1.3 | |||||
Diluted Earnings per Common Share, excluding Specified Items, as described below | 2.5 | 2) | ||||
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | 1,749 | 1,750 | ||||
NOTES: | |
See table tilted "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information. | |
n/m = Percent change is not meaningful. | |
See footnotes on the following section. | |
1) | 2024 Taxes on Earnings includes the recognition of approximately |
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 charges 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 Third Quarter Ended September 30, 2024 and 2023 (in millions, except per share data) (unaudited) | |||||
3Q24 | |||||
As Reported | Specified | As Adjusted | |||
Intangible Amortization | $ 470 | $ (470) | $ — | ||
Gross Margin | 5,467 | 516 | 5,983 | ||
R&D | 713 | (19) | 694 | ||
SG&A | 2,895 | (5) | 2,890 | ||
Other (income) expense, net | (121) | (12) | (133) | ||
Earnings before taxes | 1,940 | 552 | 2,492 | ||
Taxes on Earnings | 294 | 79 | 373 | ||
Net Earnings | 1,646 | 473 | 2,119 | ||
Diluted Earnings per Share | $ 0.94 | $ 0.27 | $ 1.21 | ||
Specified items reflect intangible amortization expense of
3Q23 | |||||
As Reported | Specified | As Adjusted | |||
Intangible Amortization | $ 496 | $ (496) | $ — | ||
Gross Margin | 5,042 | 542 | 5,584 | ||
R&D | 672 | (46) | 626 | ||
SG&A | 2,723 | (43) | 2,680 | ||
Other (income) expense, net | (83) | (23) | (106) | ||
Earnings before taxes | 1,671 | 654 | 2,325 | ||
Taxes on Earnings | 235 | 90 | 325 | ||
Net Earnings | 1,436 | 564 | 2,000 | ||
Diluted Earnings per Share | $ 0.82 | $ 0.32 | $ 1.14 | ||
Specified items reflect intangible amortization expense of
Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information Nine Months Ended September 30, 2024 and 2023 (in millions, except per share data) (unaudited) | |||||
9M24 | |||||
As Reported | Specified | As Adjusted | |||
Intangible Amortization | $ 1,413 | $ (1,413) | $ — | ||
Gross Margin | 15,799 | 1,540 | 17,339 | ||
R&D | 2,095 | (81) | 2,014 | ||
SG&A | 8,790 | (96) | 8,694 | ||
Other (income) expense, net | (222) | (183) | (405) | ||
Earnings before taxes | 4,983 | 1,900 | 6,883 | ||
Taxes on Earnings | 810 | 222 | 1,032 | ||
Net Earnings | 4,173 | 1,678 | 5,851 | ||
Diluted Earnings per Share | $ 2.38 | $ 0.95 | $ 3.33 | ||
Specified items reflect intangible amortization expense of
9M23 | |||||
As Reported | Specified | As Adjusted | |||
Intangible Amortization | $ 1,485 | $ (1,485) | $ — | ||
Gross Margin | 14,964 | 1,591 | 16,555 | ||
R&D | 2,041 | (144) | 1,897 | ||
SG&A | 8,225 | (67) | 8,158 | ||
Other (income) expense, net | (370) | 34 | (336) | ||
Earnings before taxes | 4,869 | 1,768 | 6,637 | ||
Taxes on Earnings | 740 | 189 | 929 | ||
Net Earnings | 4,129 | 1,579 | 5,708 | ||
Diluted Earnings per Share | $ 2.35 | $ 0.90 | $ 3.25 | ||
Specified items reflect intangible amortization expense of
A reconciliation of the third-quarter tax rates for 2024 and 2023 is shown below:
3Q24 | ||||||
($ in millions) | Pre-Tax Income | Taxes on Earnings | Tax Rate | |||
As reported (GAAP) | $ 1,940 | $ 294 | 15.2 % | |||
Specified items | 552 | 79 | ||||
Excluding specified items | $ 2,492 | $ 373 | 15.0 % | |||
3Q23 | ||||||
($ in millions) | Pre-Tax Income | Taxes on Earnings | Tax Rate | |||
As reported (GAAP) | $ 1,671 | $ 235 | 14.0 % | |||
Specified items | 654 | 90 | ||||
Excluding specified items | $ 2,325 | $ 325 | 14.0 % | |||
A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:
9M24 | ||||||
($ in millions) | Pre-Tax Income | Taxes on Earnings | Tax Rate | |||
As reported (GAAP) | $ 4,983 | $ 810 | 16.3 % | 1) | ||
Specified items | 1,900 | 222 | ||||
Excluding specified items | $ 6,883 | $ 1,032 | 15.0 % | |||
9M23 | ||||||
($ in millions) | Pre-Tax Income | Taxes on Earnings | Tax Rate | |||
As reported (GAAP) | $ 4,869 | $ 740 | 15.2 % | 2) | ||
Specified items | 1,768 | 189 | ||||
Excluding specified items | $ 6,637 | $ 929 | 14.0 % | |||
1) | 2024 Taxes on Earnings includes the recognition of approximately |
2) | 2023 Taxes on Earnings includes the recognition of approximately |
Abbott Laboratories and Subsidiaries Non-GAAP Revenue Reconciliation Third Quarter and Nine Months Ended September 30, 2024 and 2023 ($ in millions) (unaudited) | |||||||||||||
3Q24 | 3Q23 | % Change vs. 3Q23 | |||||||||||
Non-GAAP | |||||||||||||
Abbott | Impact from | Adjusted | Abbott | Impact from | Adjusted | Reported | Adjusted | Organic | |||||
Total Company | 10,635 | (5) | 10,630 | 10,143 | (17) | 10,126 | 4.9 | 5.1 | 7.6 | ||||
4,202 | (5) | 4,197 | 3,817 | (17) | 3,800 | 10.1 | 10.4 | 10.4 | |||||
Intl | 6,433 | — | 6,433 | 6,326 | — | 6,326 | 1.7 | 1.7 | 5.8 | ||||
Total Nutrition | 2,066 | (5) | 2,061 | 2,073 | (17) | 2,056 | (0.3) | 0.3 | 3.4 | ||||
950 | (5) | 945 | 860 | (17) | 843 | 10.4 | 11.9 | 11.9 | |||||
Intl | 1,116 | — | 1,116 | 1,213 | — | 1,213 | (7.9) | (7.9) | (2.6) | ||||
Adult Nutrition | 1,111 | (5) | 1,106 | 1,072 | (17) | 1,055 | 3.6 | 4.7 | 9.1 | ||||
382 | (5) | 377 | 354 | (17) | 337 | 7.9 | 11.5 | 11.5 | |||||
Intl | 729 | — | 729 | 718 | — | 718 | 1.5 | 1.5 | 8.0 | ||||
Total Medical Devices | 4,747 | — | 4,747 | 4,249 | — | 4,249 | 11.7 | 11.7 | 13.3 | ||||
2,216 | — | 2,216 | 1,940 | — | 1,940 | 14.2 | 14.2 | 14.2 | |||||
Intl | 2,531 | — | 2,531 | 2,309 | — | 2,309 | 9.6 | 9.6 | 12.5 | ||||
Vascular | 699 | — | 699 | 672 | — | 672 | 3.9 | 3.9 | 4.9 | ||||
258 | — | 258 | 251 | — | 251 | 2.8 | 2.8 | 2.8 | |||||
Intl | 441 | — | 441 | 421 | — | 421 | 4.5 | 4.5 | 6.2 | ||||
9M24 | 9M23 | % Change vs. 9M23 | |||||||||||
Non-GAAP | |||||||||||||
Abbott | Impact of | Impact from | Adjusted | Abbott | Impact from | Adjusted | Reported | Adjusted | Organic | ||||
Total Company | 30,976 | (57) | (13) | 30,906 | 29,868 | (32) | 29,836 | 3.7 | 3.6 | 6.6 | |||
11,982 | (53) | (13) | 11,916 | 11,503 | (32) | 11,471 | 4.2 | 3.9 | 3.9 | ||||
Intl | 18,994 | (4) | — | 18,990 | 18,365 | — | 18,365 | 3.4 | 3.4 | 8.3 | |||
Total Nutrition | 6,284 | — | (13) | 6,271 | 6,116 | (32) | 6,084 | 2.7 | 3.1 | 6.2 | |||
2,761 | — | (13) | 2,748 | 2,553 | (32) | 2,521 | 8.1 | 9.0 | 9.0 | ||||
Intl | 3,523 | — | — | 3,523 | 3,563 | — | 3,563 | (1.1) | (1.1) | 4.2 | |||
Adult Nutrition | 3,261 | — | (13) | 3,248 | 3,167 | (32) | 3,135 | 3.0 | 3.7 | 8.1 | |||
1,115 | — | (13) | 1,102 | 1,081 | (32) | 1,049 | 3.2 | 5.0 | 5.0 | ||||
Intl | 2,146 | — | — | 2,146 | 2,086 | — | 2,086 | 2.8 | 2.8 | 9.7 | |||
Total Medical Devices | 13,934 | (57) | — | 13,877 | 12,444 | — | 12,444 | 12.0 | 11.6 | 13.2 | |||
6,435 | (53) | — | 6,382 | 5,631 | — | 5,631 | 14.3 | 13.3 | 13.3 | ||||
Intl | 7,499 | (4) | — | 7,495 | 6,813 | — | 6,813 | 10.1 | 10.0 | 13.1 | |||
Vascular | 2,112 | (57) | — | 2,055 | 2,004 | — | 2,004 | 5.4 | 2.6 | 3.9 | |||
787 | (53) | — | 734 | 733 | — | 733 | 7.4 | 0.1 | 0.1 | ||||
Intl | 1,325 | (4) | — | 1,321 | 1,271 | — | 1,271 | 4.2 | 3.9 | 6.0 | |||
(a) | Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024. |
(b) | Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024. |
Abbott Laboratories and Subsidiaries Details of Specified Items Third Quarter Ended September 30, 2024 (in millions, except per share data) (unaudited) | |||||||||
Acquisition or Divestiture- related (a) | Restructuring and Cost Reduction Initiatives (b) | Intangible Amortization | Other (c) | Total Specifieds | |||||
Gross Margin | $ — | $ 2 | $ 470 | $ 44 | $ 516 | ||||
R&D | — | — | — | (19) | (19) | ||||
SG&A | (7) | 2 | — | — | (5) | ||||
Other (income) expense, net | (5) | — | — | (7) | (12) | ||||
Earnings before taxes | $ 12 | $ — | $ 470 | $ 70 | 552 | ||||
Taxes on Earnings (d) | 79 | ||||||||
Net Earnings | $ 473 | ||||||||
Diluted Earnings per Share | $ 0.27 | ||||||||
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. |
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 investment and intangible asset impairment charges. |
d) | Reflects the net tax benefit associated with the specified items. |
Abbott Laboratories and Subsidiaries Details of Specified Items Third Quarter Ended September 30, 2023 (in millions, except per share data) (unaudited) | |||||||||
Acquisition or Divestiture- related (a) | Restructuring and Cost Reduction Initiatives (b) | Intangible Amortization | Other (c) | Total Specifieds | |||||
Gross Margin | $ 3 | $ 19 | $ 496 | $ 24 | $ 542 | ||||
R&D | (1) | (13) | — | (32) | (46) | ||||
SG&A | (22) | (22) | — | 1 | (43) | ||||
Other (income) expense, net | 5 | — | — | (28) | (23) | ||||
Earnings before taxes | $ 21 | $ 54 | $ 496 | $ 83 | 654 | ||||
Taxes on Earnings (d) | 90 | ||||||||
Net Earnings | $ 564 | ||||||||
Diluted Earnings per Share | $ 0.32 | ||||||||
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 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 European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and charges for intangible asset impairments. |
d) | Reflects the net tax benefit associated with the specified items. |
Abbott Laboratories and Subsidiaries Details of Specified Items Nine Months Ended September 30, 2024 (in millions, except per share data) (unaudited) | |||||||||
Acquisition or Divestiture- related (a) | Restructuring and Cost Reduction Initiatives (b) | Intangible Amortization | Other (c) | Total Specifieds | |||||
Gross Margin | $ 2 | $ 76 | $ 1,413 | $ 49 | $ 1,540 | ||||
R&D | (4) | (1) | — | (76) | (81) | ||||
SG&A | (32) | (17) | — | (47) | (96) | ||||
Other (income) expense, net | (140) | — | — | (43) | (183) | ||||
Earnings before taxes | $ 178 | $ 94 | $ 1,413 | $ 215 | 1,900 | ||||
Taxes on Earnings (d) | 222 | ||||||||
Net Earnings | $ 1,678 | ||||||||
Diluted Earnings per Share | $ 0.95 | ||||||||
The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information." | |
a) | Includes the loss on the sale of a non-core business. Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as other costs related to business acquisitions. |
b) | Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives. |
c) | Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for investment and intangible asset impairments. |
d) | Reflects the net tax benefit associated with the specified items and tax expense as a result of the resolution of various tax positions related to prior years. |
Abbott Laboratories and Subsidiaries Details of Specified Items Nine Months Ended September 30, 2023 (in millions, except per share data) (unaudited) | |||||||||
Acquisition or Divestiture- related (a) | Restructuring and Cost Reduction Initiatives (b) | Intangible Amortization | Other (c) | Total Specifieds | |||||
Gross Margin | $ 15 | $ 51 | $ 1,485 | $ 40 | $ 1,591 | ||||
R&D | (13) | (5) | — | (126) | (144) | ||||
SG&A | (43) | (28) | — | 4 | (67) | ||||
Other (income) expense, net | 46 | — | — | (12) | 34 | ||||
Earnings before taxes | $ 25 | $ 84 | $ 1,485 | $ 174 | 1,768 | ||||
Taxes on Earnings (d) | 189 | ||||||||
Net Earnings | $ 1,579 | ||||||||
Diluted Earnings per Share | $ 0.90 | ||||||||
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 MDR and IVDR regulations for previously approved products and charges for intangible asset impairments. |
d) | Reflects the net tax benefit associated with the specified items and tax expense as a result of the resolution of various tax positions related to prior years. |
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SOURCE Abbott
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