Abbott’s underlying base business maintained its upward trajectory during the third quarter, with double-digit organic growth1, excluding COVID-19 testing-related sales, in each of the four major business areas.
The company has now reported three consecutive quarters of double-digit organic growth in the underlying base business2, driven by investments made during the pandemic.
Global sales for the third quarter were $10.1 billion, reflecting organic sales growth for the underlying base business of 13.8%. Reported sales decreased 2.6% primarily due to an anticipated decline in COVID-19 testing revenue versus the previous year.
Adjusted diluted EPS was $1.14, which excludes specified items. GAAP diluted EPS was $0.82.
Based on the company’s strong performance so far this year, Abbott now projects full-year adjusted diluted EPS of $4.42 to $4.46 and full-year 2023 diluted EPS under GAAP of $3.14 to $3.18, which in each case reflects a 4-cent increase at the midpoint.
Organic sales growth for the underlying base business of each of the four major businesses was in the double-digits, led by Nutrition (up 18.1%, 15.5% reported) and Medical Devices (up 14.7%; 16.6% reported), followed by Established Pharmaceuticals (up 11.1%, 3.2% reported), and Diagnostics (up 10.1%, decreased 32.7% reported).
Highlights from the third quarter include:
- Publishing an analysis showing a complementary relationship between Abbott’s FreeStyle Libre continuous glucose monitoring system and GLP-1 medications. The analysis also showed that a growing number of people are using these tools together to support behavior change to optimize the treatment of diabetes and improve their overall health.
- Completing the acquisition of Bigfoot Biomedical, a leader in developing insulin management systems. The acquisition furthers Abbott’s efforts to develop connected solutions for diabetes care.
- Expanding an existing collaboration with biotech leader mAbxience Holdings S.L. to commercialize several biosimilar molecules, with the goal of broadening access to these therapies in emerging markets.
- Obtaining CE Mark for the AVEIR single-chamber leadless pacemaker for treating patients with slow heart rhythms.
For full financial data and reconciliation of non-GAAP measures, you can read Abbott’s full press release.
For more information, view a summary of Abbott’s earnings highlights and download it here.
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