Abbott Delivers Resilient Q2, Raises Guidance

Abbott adeptly navigated through the second quarter’s choppy market — the dips and crests stirred up in part by record-high inflation and turbulence from the ongoing pandemic — thanks to the company’s resilient diversified business.

Powered by this resiliency, Abbott once again significantly beat Street estimates on the top and bottom lines. Based on the company's strong performance through the first half of the year, Abbott is raising its full-year 2022 projected adjusted diluted earnings per share (EPS) guidance to at least $4.90.¹

These are the quarter’s key numbers:

• $11.3 billion in worldwide sales, increasing 14.3% organic* (10.1% reported).
  
• $1.43 in adjusted diluted EPS, which excludes specified items, reflecting 22.2% growth compared to the prior year.²
  
• $2.3 billion in global COVID-19 testing-related sales.

Throughout the pandemic, Abbott’s diversified business model has been a driving force behind the company’s success. And the second quarter was no exception. The company’s performance was led by strong organic sales growth in Diagnostics, Established Pharmaceuticals and Medical Devices, with more than 25% organic growth (18.7% reported) in sales of FreeStyle Libre systems.

New products and expanded indications continue to strengthen Abbott's strategic position and long-term growth opportunities.

Second-quarter highlights of new products and those under development include:

• U.S. Food and Drug Administration clearance of Abbott’s FreeStyle Libre 3 system.
  
• And the announcement that we’re developing a first-of-its-kind glucose-ketone biowearable sensor.

For full financials and reconciliation of non-GAAP measures, you can read Abbott's press release.

For further information, take a look at a summary of Abbott’s earnings highlights and download it here.

*Organic sales growth excludes the impact of foreign exchange.

References

¹Abbott is raising its projected full-year 2022 diluted earnings per share under GAAP to at least $3.50. Abbott forecasts specified items for the full-year 2022 of $1.40 per share primarily related to intangible amortization, costs related to a voluntary recall, expenses associated with acquisitions, restructurings and cost reduction initiatives and other net expenses. Excluding specified items, Abbott is raising its projected adjusted diluted earnings per share to at least $4.90 for the full-year 2022

²Second-quarter GAAP diluted EPS was $1.14, reflecting 72.7% growth compared to the prior year.

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, 2021 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.