ABBOTT LABORATORIES
For the period ended Oct 16, 2024. Filed Oct 16, 2024.
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A notice of a major event between regular reports, such as results, a deal or a change of executives. It is often the first formal record of the news.
Oct 16, 2024 · Filed Oct 16, 2024
Contents
EX-99.1 · A Caution Concerning Forward-Looking Statements
A Caution Concerning 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, 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.
| Abbott Financial:Michael Comilla, 224-668-1872Tamika LeBean, 224-399-5082Ryan Aliff, 224-667-2299 | Abbott Media:Karen Twigg May, 224-668-2681Kate Dyer, 224-668-9965 |
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1 In the third quarter of 2024, total worldwide sales were $10.635 billion and COVID-19 testing-related sales were $265 million. In the third quarter of 2023, total worldwide sales were $10.143 billion and COVID-19 testing-related sales were $305 million.
2 Abbott has not provided the related GAAP financial measure for organic sales growth, excluding COVID-19 testing-related sales, on a forward-looking basis because the company is unable to predict with reasonable certainty the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth. In addition, as the COVID-19 pandemic has shifted to an endemic state, the company has determined that it is unable to predict with reasonable certainty future COVID-19 test sales due to the unpredictability of demand for COVID-19 tests.
3 Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:
| Sales 3Q24 | COVID Tests Sales 3Q24 | |||||
|---|---|---|---|---|---|---|
| ($ in millions) | U.S. | Int'l | Total | U.S. | Int'l | Total |
| Total Diagnostics | 1,032 | 1,380 | 2,412 | 206 | 59 | 265 |
| Core Laboratory | 332 | 982 | 1,314 | 1 | 2 | 3 |
| Molecular | 37 | 91 | 128 | 2 | 1 | 3 |
| Rapid Diagnostics | 560 | 264 | 824 | 203 | 56 | 259 |
| Sales 3Q23 | COVID Tests Sales 3Q23 | |||||
|---|---|---|---|---|---|---|
| ($ in millions) | U.S. | Int'l | Total | U.S. | Int'l | Total |
| Total Diagnostics | 1,013 | 1,436 | 2,449 | 207 | 98 | 305 |
| Core Laboratory | 317 | 997 | 1,314 | 2 | 3 | 5 |
| Molecular | 38 | 95 | 133 | 5 | 3 | 8 |
| Rapid Diagnostics | 561 | 301 | 862 | 200 | 92 | 292 |
| Sales 9M24 | COVID Tests Sales 9M24 | |||||
|---|---|---|---|---|---|---|
| ($ in millions) | U.S. | Int'l | Total | U.S. | Int'l | Total |
| Total Diagnostics | 2,775 | 4,046 | 6,821 | 428 | 143 | 571 |
| Core Laboratory | 969 | 2,879 | 3,848 | 3 | 5 | 8 |
| Molecular | 112 | 272 | 384 | 7 | 3 | 10 |
| Rapid Diagnostics | 1,386 | 762 | 2,148 | 418 | 135 | 553 |
| Sales 9M23 | COVID Tests Sales 9M23 | |||||
|---|---|---|---|---|---|---|
| ($ in millions) | U.S. | Int'l | Total | U.S. | Int'l | Total |
| Total Diagnostics | 3,309 | 4,145 | 7,454 | 1,031 | 267 | 1,298 |
| Core Laboratory | 917 | 2,872 | 3,789 | 6 | 10 | 16 |
| Molecular | 128 | 293 | 421 | 19 | 17 | 36 |
| Rapid Diagnostics | 1,975 | 853 | 2,828 | 1,006 | 240 | 1,246 |
Condensed Consolidated Statement of Earnings
Third Quarter Ended September 30, 2024 and 2023
| 3Q24 · 3Q23 · % Change | |||||
|---|---|---|---|---|---|
| Net Sales | $10,635 | $10,143 | 4.9 | ||
| Cost of products sold, excluding amortization expense | 4,698 | 4,605 | 2.0 | ||
| Amortization of intangible assets | 470 | 496 | (5.1) | ||
| Research and development | 713 | 672 | 6.1 | ||
| Selling, general, and administrative | 2,895 | 2,723 | 6.3 | ||
| Total Operating Cost and Expenses | 8,776 | 8,496 | 3.3 | ||
| Operating Earnings | 1,859 | 1,647 | 12.8 | ||
| Interest expense, net | 51 | 69 | (26.0) | ||
| Net foreign exchange (gain) loss | (11) | (10) | n/m | ||
| Other (income) expense, net | (121) | (83) | n/m | ||
| Earnings before taxes | 1,940 | 1,671 | 16.1 | ||
| Taxes on earnings | 294 | 235 | 25.6 | ||
| Net Earnings | $1,646 | $1,436 | 14.6 | ||
| Net Earnings excluding Specified Items, as described below | $2,119 | $2,000 | 5.9 | 1) | |
| Diluted Earnings per Common Share | $0.94 | $0.82 | 14.6 | ||
| Diluted Earnings per Common Share,excluding Specified Items, as described below | $1.21 | $1.14 | 6.1 | 1) | |
| Average Number of Common Shares OutstandingPlus Dilutive Common Stock Options | 1,748 | 1,748 | |||
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