Abbott’s financial results in the second quarter of 2023 demonstrate the continued strength of the company’s underlying base business as people continue to focus on getting and staying healthy.
Worldwide sales for the quarter totaled approximately $10 billion, reflecting organic sales growth1 for the underlying base business2 of 11.5%, led by strong performance in Medical Devices, Established Pharmaceuticals and Nutrition. This marks the second consecutive quarter of double-digit organic sales growth for the base business. Reported sales decreased 11.4% on account of the anticipated decline in COVID-19 testing revenue versus the previous year.
Abbott’s adjusted diluted earnings per share was $1.08 (GAAP diluted EPS was $0.78). Due to an increased outlook for the underlying base business, the company’s full-year adjusted EPS guidance of $4.30 to $4.50 remains unchanged despite a lower forecasted earnings contribution from COVID-19 testing-related sales. The company now projects full-year diluted EPS on a GAAP basis of $3.02 to $3.22.
Abbott now projects full-year organic sales growth, excluding COVID-19 testing-related revenue, to be in the low double digits3, an increased outlook versus the guidance provided in April.
Highlights from the second quarter include:
Medical Devices – up 14.2% organic (13.5% reported) – led by growth in Diabetes Care, Electrophysiology, Structural Heart and Neuromodulation. Sales of the FreeStyle Libre continuous glucose monitoring (CGM) system also increased 24.7% organic (22.9% reported) to $1.3 billion globally.
Established Pharmaceuticals – up 12.6% organic (5.2% reported) – driven by several emerging markets and therapeutic areas.
Nutrition – up 9.9% organic (6.3% reported) – fueled by U.S. market share recovery in the infant formula business and global growth of Ensure in the Adult business.
Diagnostics – up 7.1% organic excluding COVID testing sales (decreased 46% reported) – led by Core Laboratory.
Abbott continues to innovate and expand access for its products. Second-quarter new product and reimbursement news included:
- FDA approval of the AVEIR dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacing system that treats people with abnormal heart rhythms.
- Abbott announcing its FreeStyle Libre 2 system is the first and only continuous glucose monitoring system to receive expanded national reimbursement in France to now include all people with diabetes who use insulin.
- FDA approval of the TactiFlex Ablation Catheter, Sensor Enabled, the world's first ablation catheter with a unique flexible electrode tip and contact force sensing technology to treat patients with atrial fibrillation (AFib).
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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