Abbott’s Momentum Continues in First Quarter of 2024

Abbott’s diverse business model and robust product pipeline continued to drive strong performance in 2024, with first-quarter results prompting the company to raise the midpoint of its full-year guidance ranges.

Global sales for the quarter topped analyst estimates and reached $10 billion, up 10.8% on an organic basis¹ for the underlying base business². Reported sales increased 2.2%, which includes the anticipated decline in COVID-19 testing-related revenue versus the previous year. Abbott’s adjusted diluted earnings per share was $0.98 (GAAP diluted EPS was $0.70), also beating analyst estimates.

Based on the company’s strong performance so far this year, Abbott narrowed its full-year 2024 EPS guidance range. Abbott now projects full-year adjusted diluted EPS of $4.55 to $4.70 and full-year 2024 diluted EPS under GAAP of $3.25 to $3.40, which represents an increase at the midpoint of the range.

Abbott also narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 8.5% to 10%, which represents an increase at the midpoint of the range³.

First-quarter growth was led by Medical Devices (up 14.3% organic; 14.2% reported), with FreeStyle Libre sales growing 23.3% on an organic basis (22.4% reported) to $1.5 billion. Additional growth came from Established Pharmaceuticals (up 13.7% organic; 3.1% reported), Nutrition (up 7.7% organic; 5.1% reported) and Diagnostics (up 5.4% organic; 2.7% reported).

Q1 Business Highlights

• In January, Abbott launched the PROTALITY brand, a new high-protein nutrition shake to support the growing number of adults interested in pursuing weight loss while maintaining muscle mass.
• In February, Insulet's Omnipod⁴ 5 automated insulin delivery system received CE Mark approval to be offered as an integrated solution with Abbott's FreeStyle Libre 2 Plus sensor for treating diabetes.
• In March, Abbott completed enrollment in the company's Volt CE Mark clinical study, which is designed to evaluate the VoltTM Pulsed Field Ablation (PFA) System for treating patients with heart rhythm disorders such as atrial fibrillation (AFib). Enrollment in the company's VOLT-AF IDE clinical study was initiated in April.
• In April, Abbott announced U.S. Food and Drug Administration (FDA) approval of TriClip, a first-of-its-kind, minimally invasive repair device for patients with tricuspid regurgitation, or a leaky tricuspid heart valve.
• In April, Abbott announced FDA clearance of the i-STAT TBI cartridge, which uses whole blood to help assess a person, 18 years old or older, with a suspected traumatic brain injury (TBI) or concussion and obtain lab-quality results in approximately 15 minutes. This newly cleared test can be performed outside of traditional hospital settings and can be used up to 24 hours after injury, increasing access and impact for patients.

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.

References

¹Organic sales growth excludes the impact of foreign exchange, the impact of exiting the pediatric nutrition business in China and the impact of acquiring Cardiovascular Systems, Inc.
²Excludes impact of COVID-19 testing-related sales. 
³Abbott 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.
⁴Omnipod is a registered trademark of Insulet Corp.

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 December 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.