Abbott is entering 2024 with a lot of momentum fueled by four consecutive quarters of double-digit organic sales growth1 in the underlying base business2 and a deep and diverse product pipeline.
For the full year, Abbott’s worldwide sales were $40.1 billion, up 11.6% organic, excluding COVID-19 testing-related revenue. Reported sales decreased 8.1% due to the anticipated decline in COVID-19 testing-related revenue. Full-year adjusted diluted EPS was $4.44, exceeding the midpoint of the guidance Abbott provided at the start of 2023. GAAP diluted EPS was $3.26.
Sales for the fourth quarter of 2023 reached $10.2 billion, an 11.0% organic increase, excluding COVID-19 testing-related revenue, driven by Medical Devices (up 15.4% organic; 17.5% reported) and Nutrition (up 13.9% organic; 12.2% reported).
This performance led to Q4 adjusted diluted EPS of $1.19, which excludes specified items. GAAP diluted EPS was $0.91.
Abbott also issued full-year guidance for 2024 adjusted diluted EPS of $4.50 to $4.70. Guidance for GAAP diluted EPS is $3.20 to $3.40. The company projects full-year organic sales growth, excluding COVID-19 testing-related revenue, to be between 8–10% in 2024.
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