Abbott’s Q4 Earnings Sustain Momentum Into 2024

Continued strength in base business positions Abbott for success in 2024 and beyond.

Strategy and Strength|Jan.24, 2024

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.

Q4 highlights include:

FreeStyle Libre sales increased 24 percent organic (25.5% reported) to $1.4 billion.
In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of the company’s laboratory automation system, GLP Systems Track, which helps laboratories optimize performance and safety to better meet the growing demand for diagnostic testing.
In January, Abbott announced that Tandem Diabetes Care’s t:slim X2³ insulin pump is the first automated insulin delivery system in the United States to integrate with Abbott’s new FreeStyle Libre 2 Plus sensor.
In January, Abbott announced that the first-in-human procedures were conducted using the company’s new Volt Pulsed Field Ablation (PFA) System to treat patients with heart rhythm disorders such as atrial fibrillation (AFib). These procedures were part of Abbott’s Volt CE Mark clinical study.

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.
³ t:slim X2 is a trademark of Tandem Diabetes Care, Inc.

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, 2022, 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.

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Failure to use FreeStyle Libre systems as instructed in labeling may result in missing a severe low or high glucose event and/or making a treatment decision, resulting in injury. If glucose reading and alarms (if enabled) do not match symptoms or expectations, use a fingerstick value from a blood glucose meter for treatment decisions. Seek medical attention when appropriate or contact Abbott at 855-632-8658 or FreeStyleLibre.us for safety info.

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