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    Abbott Reports Fourth-Quarter and Full-Year 2024 Results; Issues 2025 Financial Outlook

    1/22/25 7:00:00 AM ET
    $ABT
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $ABT alert in real time by email
    • Fourth-quarter sales of $11.0 billion; full-year 2024 sales of $42.0 billion
    • Fourth-quarter reported sales increased 7.2 percent; organic sales growth for the underlying base business increased 10.1 percent1
    • Full-year 2024 reported sales increased 4.6 percent; organic sales growth for the underlying base business increased 9.6 percent2
    • Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%

    ABBOTT PARK, Ill., Jan. 22, 2025 /PRNewswire/ -- Abbott (NYSE:ABT) today announced financial results for the fourth quarter ended Dec. 31, 2024.

    • Fourth-quarter sales increased 7.2 percent on a reported basis, 8.8 percent on an organic basis, and 10.1 percent on an organic basis, excluding COVID-19 testing-related sales.
    • Fourth-quarter GAAP diluted EPS of $5.27 and adjusted diluted EPS of $1.34, which excludes specified items (see table titled "Non-GAAP Reconciliation of Financial Information").
    • Full-year 2024 sales of $42.0 billion increased 4.6 percent on a reported basis, 7.1 percent on an organic basis, and 9.6 percent on an organic basis, excluding COVID-19 testing-related sales.
    • Full-year 2024 gross margin as a percent of sales improved 60 basis points on a GAAP basis compared to 2023 and improved 70 basis points on an adjusted basis.
    • Full-year 2024 GAAP diluted EPS of $7.64 and adjusted diluted EPS of $4.67, which excludes specified items (see table titled "Non-GAAP Reconciliation of Financial Information").
    • For the full-year 2024, Abbott achieved the upper end of the initial guidance ranges the company provided in January 2024 for both organic sales growth and adjusted earnings per share.
    • During 2024, Abbott announced more than 15 new growth opportunities coming from the company's highly productive R&D pipeline. These include a combination of new product approvals and new treatment indications.
    • Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.
    • Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales, which reflects an increase of 150 basis points at the midpoint compared to 2024.
    • Abbott projects full-year 2025 adjusted diluted EPS of $5.05 to $5.25, which reflects double-digit growth at the midpoint.

    "We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year," said Robert B. Ford, chairman and chief executive officer, Abbott. "We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025."

    FOURTH-QUARTER BUSINESS OVERVIEW

    Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance in 2024, as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

    Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates. 

    Fourth Quarter 2024 Results (4Q24)



    Sales 4Q24 ($ in millions)

    Total Company



    Nutrition



    Diagnostics



    Established

    Pharmaceuticals



    Medical Devices

    U.S.

    4,341



    928



    1,055



    —



    2,353

    International

    6,633



    1,201



    1,465



    1,268



    2,699

    Total reported

    10,974



    2,129



    2,520



    1,268



    5,052





















    % Change vs. 4Q23



















    U.S.

    10.0



    8.0



    3.5



    n/a



    14.0

    International

    5.4



    2.0



    (3.4)



    3.8



    13.5

    Total reported

    7.2



    4.5



    (0.6)



    3.8



    13.7

    Impact of foreign exchange

    (1.4)



    (1.7)



    (1.6)



    (4.7)



    (0.3)

    Impact of business exit*

    (0.2)



    (0.9)



    —



    —



    —

    Organic

    8.8



    7.1



    1.0



    8.5



    14.0

    Impact of COVID-19 testing sales (3)

    (1.3)



    —



    (5.1)



    —



    —

    Organic (excluding COVID-19 tests)

    10.1



    7.1



    6.1



    8.5



    14.0





















        U.S.

    13.5



    10.0



    15.9



    n/a



    14.0

        International

    8.1



    4.9



    0.8



    8.5



    14.0

     

    Full-Year 2024 Results (12M24)



    Sales 12M24 ($ in millions)

    Total Company



    Nutrition



    Diagnostics



    Established

    Pharmaceuticals



    Medical Devices

    U.S.

    16,323



    3,689



    3,830



    —



    8,788

    International

    25,627



    4,724



    5,511



    5,194



    10,198

    Total reported

    41,950



    8,413



    9,341



    5,194



    18,986





















    % Change vs. 12M23



















    U.S.

    5.6



    8.1



    (11.5)



    n/a



    14.2

    International

    3.9



    (0.4)



    (2.6)



    2.5



    11.0

    Total reported

    4.6



    3.2



    (6.5)



    2.5



    12.4

    Impact of foreign exchange

    (2.6)



    (2.7)



    (2.6)



    (6.7)



    (1.3)

    Impact of business exit and acquisition*

    0.1



    (0.5)



    —



    —



    0.3

    Organic

    7.1



    6.4



    (3.9)



    9.2



    13.4

    Impact of COVID-19 testing sales (3)

    (2.5)



    —



    (9.1)



    —



    —

    Organic (excluding COVID-19 tests)

    9.6



    6.4



    5.2



    9.2



    13.4





















        U.S.

    10.9



    9.2



    6.3



    n/a



    13.5

        International

    8.8



    4.4



    4.5



    9.2



    13.3

     

    Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.

    *Quarter to date Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024.  Full-year Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect product line in the Nutrition business in March 2024 and the acquisition of CSI on April 27, 2023. Organic sales growth excludes the impact of the acquired business from January through April 2024.

     

    Nutrition



    Fourth Quarter 2024 Results (4Q24)



    Sales 4Q24 ($ in millions)

    Total



    Pediatric



    Adult

    U.S.

    928



    562



    366

    International

    1,201



    438



    763

    Total reported

    2,129



    1,000



    1,129













    % Change vs. 4Q23











    U.S.

    8.0



    11.3



    3.2

    International

    2.0



    (8.9)



    9.5

    Total reported

    4.5



    1.5



    7.4

    Impact of foreign exchange

    (1.7)



    (1.0)



    (2.3)

    Impact of business exit*

    (0.9)



    —



    (1.7)

    Organic

    7.1



    2.5



    11.4













        U.S.

    10.0



    11.3



    8.1

        International

    4.9



    (6.7)



    13.0

     

    Worldwide Nutrition sales increased 4.5 percent on a reported basis and increased 7.1 percent on an organic basis in the fourth quarter.

    In Pediatric Nutrition, global sales increased 1.5 percent on a reported basis and 2.5 percent on an organic basis. Sales in the U.S. reflect continued market share gains in the infant formula business.

    In Adult Nutrition, global sales increased 7.4 percent on a reported basis and 11.4 percent on an organic basis, which was led by strong growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading brand of products designed to meet the nutritional requirements for people with diabetes.

    Full-Year 2024 Results (12M24)



    Sales 12M24 ($ in millions)

    Total



    Pediatric



    Adult

    U.S.

    3,689



    2,208



    1,481

    International

    4,724



    1,815



    2,909

    Total reported

    8,413



    4,023



    4,390













    % Change vs. 12M23











    U.S.

    8.1



    11.7



    3.2

    International

    (0.4)



    (7.3)



    4.5

    Total reported

    3.2



    2.2



    4.0

    Impact of foreign exchange

    (2.7)



    (1.5)



    (4.0)

    Impact of business exit*

    (0.5)



    —



    (0.9)

    Organic

    6.4



    3.7



    8.9













        U.S.

    9.2



    11.7



    5.8

        International

    4.4



    (4.3)



    10.5

    *Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.

     

    Diagnostics



    Fourth Quarter 2024 Results (4Q24)



    Sales 4Q24 ($ in millions)

    Total



    Core Laboratory



    Molecular



    Point of Care



    Rapid

    Diagnostics

    U.S.

    1,055



    363



    38



    100



    554

    International

    1,465



    1,024



    99



    47



    295

    Total reported

    2,520



    1,387



    137



    147



    849





















    % Change vs. 4Q23



















    U.S.

    3.5



    11.6



    (13.9)



    (6.1)



    2.1

    International

    (3.4)



    (1.9)



    (9.1)



    11.0



    (7.9)

    Total reported

    (0.6)



    1.3



    (10.5)



    (1.3)



    (1.6)

    Impact of foreign exchange

    (1.6)



    (2.5)



    (0.3)



    0.1



    (0.6)

    Organic

    1.0



    3.8



    (10.2)



    (1.4)



    (1.0)

    Impact of COVID-19 testing sales (3)

    (5.1)



    (0.2)



    (2.8)



    —



    (17.4)

    Organic (excluding COVID-19 tests)

    6.1



    4.0



    (7.4)



    (1.4)



    16.4





















        U.S.

    15.9



    11.9



    (7.2)



    (6.1)



    30.0

        International

    0.8



    1.5



    (7.5)



    10.7



    (0.6)

     

    As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales3. Worldwide COVID-19 testing sales were $176 million in the fourth quarter of 2024 compared to $288 million in the fourth quarter of the prior year.

    Excluding COVID-19 testing-related sales, global Diagnostics sales increased 4.3 percent on a reported basis and increased 6.1 percent on an organic basis.

    Excluding COVID-19 testing-related sales, growth in Rapid Diagnostics was driven by strong demand for Abbott's portfolio of respiratory disease tests used to diagnose influenza, strep throat, and respiratory syncytial virus (RSV).

    Full-Year 2024 Results (12M24)



    Sales 12M24 ($ in millions)

    Total



    Core Laboratory



    Molecular



    Point of Care



    Rapid

    Diagnostics

    U.S.

    3,830



    1,332



    150



    408



    1,940

    International

    5,511



    3,903



    371



    180



    1,057

    Total reported

    9,341



    5,235



    521



    588



    2,997





















    % Change vs. 12M23



















    U.S.

    (11.5)



    7.2



    (12.7)



    3.1



    (23.0)

    International

    (2.6)



    (0.3)



    (7.7)



    6.4



    (9.8)

    Total reported

    (6.5)



    1.5



    (9.2)



    4.1



    (18.8)

    Impact of foreign exchange

    (2.6)



    (4.1)



    (0.7)



    —



    (1.0)

    Organic

    (3.9)



    5.6



    (8.5)



    4.1



    (17.8)

    Impact of COVID-19 testing sales (3)

    (9.1)



    (0.2)



    (5.3)



    —



    (23.8)

    Organic (excluding COVID-19 tests)

    5.2



    5.8



    (3.2)



    4.1



    6.0





















        U.S.

    6.3



    7.5



    (4.3)



    3.1



    7.4

        International

    4.5



    5.3



    (2.8)



    6.5



    3.8

     

    Established Pharmaceuticals



    Fourth Quarter 2024 Results (4Q24)



    Sales 4Q24 ($ in millions)

    Total



    Key Emerging

    Markets



    Other

    U.S.

    —



    —



    —

    International

    1,268



    948



    320

    Total reported

    1,268



    948



    320













    % Change vs. 4Q23











    U.S.

    n/a



    n/a



    n/a

    International

    3.8



    3.3



    5.2

    Total reported

    3.8



    3.3



    5.2

    Impact of foreign exchange

    (4.7)



    (5.5)



    (2.6)

    Organic

    8.5



    8.8



    7.8













        U.S.

    n/a



    n/a



    n/a

        International

    8.5



    8.8



    7.8

     

    Established Pharmaceuticals sales increased 3.8 percent on a reported basis and 8.5 percent on an organic basis in the fourth quarter.

    Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 3.3 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including gastroenterology, women's health, and central nervous system/pain management.

    Full-Year 2024 Results (12M24)



    Sales 12M24 ($ in millions)

    Total



    Key Emerging

    Markets



    Other

    U.S.

    —



    —



    —

    International

    5,194



    3,858



    1,336

    Total reported

    5,194



    3,858



    1,336













    % Change vs. 12M23











    U.S.

    n/a



    n/a



    n/a

    International

    2.5



    1.3



    6.1

    Total reported

    2.5



    1.3



    6.1

    Impact of foreign exchange

    (6.7)



    (8.2)



    (2.3)

    Organic

    9.2



    9.5



    8.4













        U.S.

    n/a



    n/a



    n/a

        International

    9.2



    9.5



    8.4

     

    Medical Devices



    Fourth Quarter 2024 Results (4Q24)



    Sales 4Q24 ($ in millions)

    Total



    Rhythm

    Management



    Electro-

    physiology



    Heart

    Failure



    Vascular



    Structural

    Heart



    Neuro-

    modulation



    Diabetes

    Care

    U.S.

    2,353



    303



    300



    253



    269



    290



    204



    734

    International

    2,699



    321



    343



    78



    456



    319



    53



    1,129

    Total reported

    5,052



    624



    643



    331



    725



    609



    257



    1,863

































    % Change vs. 4Q23































    U.S.

    14.0



    6.0



    7.7



    11.5



    9.7



    25.7



    4.2



    22.0

    International

    13.5



    8.2



    8.8



    5.0



    5.7



    19.5



    23.9



    18.8

    Total reported

    13.7



    7.1



    8.3



    9.9



    7.1



    22.4



    7.7



    20.1

    Impact of foreign exchange

    (0.3)



    (0.1)



    (0.5)



    0.3



    0.3



    (0.2)



    (0.7)



    (0.5)

    Organic

    14.0



    7.2



    8.8



    9.6



    6.8



    22.6



    8.4



    20.6

































        U.S.

    14.0



    6.0



    7.7



    11.5



    9.7



    25.7



    4.2



    22.0

        International

    14.0



    8.4



    9.8



    4.1



    5.2



    20.0



    27.8



    19.7

     

    Worldwide Medical Devices sales increased 13.7 percent on a reported basis and 14.0 percent on an organic basis in the fourth quarter, including double-digit growth in both the U.S. and internationally.

    Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.

    In Diabetes Care, sales of continuous glucose monitors were $1.8 billion and grew 22.7 percent on a reported basis and 22.8 percent on an organic basis.

    For the full-year 2024, Medical Devices sales were $19 billion and increased more than $2 billion compared to the previous year.

    Full-Year 2024 Results (12M24)



    Sales 12M24 ($ in millions)

    Total



    Rhythm

    Management



    Electro-

    physiology



    Heart

    Failure



    Vascular



    Structural

    Heart



    Neuro-

    modulation



    Diabetes

    Care

    U.S.

    8,788



    1,154



    1,141



    986



    1,056



    1,051



    767



    2,633

    International

    10,198



    1,236



    1,326



    293



    1,781



    1,195



    195



    4,172

    Total reported

    18,986



    2,390



    2,467



    1,279



    2,837



    2,246



    962



    6,805

































    % Change vs. 12M23































    U.S.

    14.2



    6.3



    13.2



    11.1



    8.0



    19.0



    5.9



    23.6

    International

    11.0



    5.7



    11.6



    7.3



    4.6



    12.6



    18.4



    14.9

    Total reported

    12.4



    6.0



    12.3



    10.2



    5.8



    15.5



    8.2



    18.1

    Impact of foreign exchange

    (1.3)



    (0.9)



    (2.1)



    (0.1)



    (0.9)



    (1.5)



    (1.3)



    (1.6)

    Impact of acquisition*

    0.3



    —



    —



    —



    2.1



    —



    —



    —

    Organic

    13.4



    6.9



    14.4



    10.3



    4.6



    17.0



    9.5



    19.7

































        U.S.

    13.5



    6.3



    13.2



    11.1



    2.5



    19.0



    5.9



    23.6

        International

    13.3



    7.5



    15.4



    7.6



    5.8



    15.3



    25.5



    17.3



    *Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.

     

    ABBOTT'S GUIDANCE

    Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.

    Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales.

    Abbott projects full-year 2025 adjusted diluted earnings per share of $5.05 to $5.25 and first-quarter 2025 adjusted diluted earnings per share of $1.05 to $1.09.

    Abbott has not provided the related GAAP financial measures on a forward-looking basis for these forward-looking non-GAAP financial measures because the company is unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items such as restructuring and cost reduction initiatives, charges for intangible asset impairments, acquisition-related expenses, and foreign exchange, which could significantly impact Abbott's results in accordance with GAAP. 

    ABBOTT DECLARES 404th CONSECUTIVE QUARTERLY DIVIDEND

    On Dec. 13, 2024, the board of directors of Abbott declared the company's quarterly dividend of $0.59 per share. Abbott's cash dividend is payable Feb. 14, 2025, to shareholders of record at the close of business on Jan. 15, 2025.

    Abbott has increased its dividend payout for 53 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

    About Abbott: 

    Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

    Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X and YouTube.

    Abbott will live-webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8:30 a.m. Central time today. An archived edition of the webcast will be available later in the day.

    — Private Securities Litigation Reform Act of 1995 —

    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.

    1

    In the fourth quarter of 2024, total worldwide sales were $10.974 billion and COVID-19 testing-related sales were $176 million. In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million.





    2

    In the full-year 2024, total worldwide sales were $41.950 billion and COVID-19 testing related sales were $747 million. In the full-year 2023, total worldwide sales were $40.109 billion and COVID-19 testing sales were $1.586 billion.





    3

    Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:

     



    Sales 4Q24





    COVID Tests Sales 4Q24

    ($ in millions)

    U.S.



    Int'l



    Total





    U.S.



    Int'l



    Total

    Total Diagnostics

    1,055



    1,465



    2,520





    134



    42



    176

    Core Laboratory

    363



    1,024



    1,387





    1



    1



    2

    Molecular

    38



    99



    137





    1



    1



    2

    Rapid Diagnostics

    554



    295



    849





    132



    40



    172





























    Sales 4Q23





    COVID Tests Sales 4Q23

    ($ in millions)

    U.S.



    Int'l



    Total





    U.S.



    Int'l



    Total

    Total Diagnostics

    1,020



    1,514



    2,534





    224



    64



    288

    Core Laboratory

    326



    1,044



    1,370





    1



    3



    4

    Molecular

    44



    109



    153





    5



    2



    7

    Rapid Diagnostics

    543



    319



    862





    218



    59



    277





























    Sales 12M24





    COVID Tests Sales 12M24

    ($ in millions)

    U.S.



    Int'l



    Total





    U.S.



    Int'l



    Total

    Total Diagnostics

    3,830



    5,511



    9,341





    562



    185



    747

    Core Laboratory

    1,332



    3,903



    5,235





    4



    6



    10

    Molecular

    150



    371



    521





    8



    4



    12

    Rapid Diagnostics

    1,940



    1,057



    2,997





    550



    175



    725





























    Sales 12M23





    COVID Tests Sales 12M23

    ($ in millions)

    U.S.



    Int'l



    Total





    U.S.



    Int'l



    Total

    Total Diagnostics

    4,329



    5,659



    9,988





    1,255



    331



    1,586

    Core Laboratory

    1,243



    3,916



    5,159





    7



    13



    20

    Molecular

    172



    402



    574





    24



    19



    43

    Rapid Diagnostics

    2,518



    1,172



    3,690





    1,224



    299



    1,523

     

    Abbott Laboratories and Subsidiaries

    Condensed Consolidated Statement of Earnings

    Fourth Quarter Ended December 31, 2024 and 2023

    (in millions, except per share data)

    (unaudited)









    4Q24



    4Q23



    % Change



    Net Sales

    $10,974



    $10,241



    7.2

















    Cost of products sold, excluding amortization expense

    4,942



    4,556



    8.5



    Amortization of intangible assets

    465



    481



    (3.1)



    Research and development

    749



    700



    7.0



    Selling, general, and administrative

    2,907



    2,724



    6.7



    Total Operating Cost and Expenses

    9,063



    8,461



    7.1

















    Operating Earnings

    1,911



    1,780



    7.4

















    Interest expense, net

    45



    70



    (35.6)



    Net foreign exchange (gain) loss

    (10)



    24



    n/m



    Other (income) expense, net

    (154)



    (109)



    n/m



    Earnings before taxes

    2,030



    1,795



    13.1



    Taxes on earnings

    (7,199)



    201



    n/m

    1)















    Net Earnings

    $9,229



    $1,594



    n/m

















    Net Earnings excluding Specified Items, as described below

    $2,349



    $2,094



    12.2

    2)















    Diluted Earnings per Common Share

    $5.27



    $0.91



    n/m

















    Diluted Earnings per Common Share,

    excluding Specified Items, as described below

    $1.34



    $1.19



    12.6

    2)















    Average Number of Common Shares Outstanding

    Plus Dilutive Common Stock Options

    1,746



    1,748







     

    NOTES:

    See table titled "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information.

    n/m = Percent change is not meaningful.

    See footnotes on the following section.



    1)

    2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.





    2)

    2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $6.880 billion, or $3.93 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and other net expenses.







    2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $500 million, or $0.28 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

     

    Abbott Laboratories and Subsidiaries

    Condensed Consolidated Statement of Earnings

    Twelve Months Ended December 31, 2024 and 2023

    (in millions, except per share data)

    (unaudited)









    12M24



    12M23



    % Change



    Net Sales

    $41,950



    $40,109



    4.6

















    Cost of products sold, excluding amortization expense

    18,706



    17,975



    4.1



    Amortization of intangible assets

    1,878



    1,966



    (4.4)



    Research and development

    2,844



    2,741



    3.8



    Selling, general, and administrative

    11,697



    10,949



    6.8



    Total Operating Cost and Expenses

    35,125



    33,631



    4.4

















    Operating Earnings

    6,825



    6,478



    5.4

















    Interest expense, net

    215



    252



    (14.5)



    Net foreign exchange (gain) loss

    (27)



    41



    n/m



    Other (income) expense, net

    (376)



    (479)



    n/m



    Earnings before taxes

    7,013



    6,664



    5.2



    Taxes on earnings

    (6,389)



    941



    n/m

    1)















    Net Earnings

    $13,402



    $5,723



    n/m

















    Net Earnings excluding Specified Items, as described below

    $8,200



    $7,802



    5.1

    2)















    Diluted Earnings per Common Share

    $7.64



    $3.26



    n/m

















    Diluted Earnings per Common Share,

    excluding Specified Items, as described below

    $4.67



    $4.44



    5.2

    2)















    Average Number of Common Shares Outstanding

    Plus Dilutive Common Stock Options

    1,748



    1,749







     

    NOTES:

    See table title "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information.

    n/m = Percent change is not meaningful.

    See footnotes on the following section.





    1)

    2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.







    2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.





    2)

    2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $5.202 billion, or $2.97 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and a divestiture, and other net expenses.







    2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.079 billion, or $1.18 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

     

    Abbott Laboratories and Subsidiaries

    Non-GAAP Reconciliation of Financial Information

    Fourth Quarter Ended December 31, 2024 and 2023

    (in millions, except per share data)

    (unaudited)





    4Q24



    As

    Reported

    (GAAP)



    Specified

    Items



    As

    Adjusted













    Intangible Amortization

    $            465



    $          (465)



    $              —

    Gross Margin

    5,567



    673



    6,240

    R&D

    749



    (59)



    690

    SG&A

    2,907



    (21)



    2,886

    Other (income) expense, net

    (154)



    20



    (134)

    Earnings before taxes

    2,030



    733



    2,763

    Taxes on Earnings

    (7,199)



    7,613



    414

    Net Earnings

    9,229



    (6,880)



    2,349

    Diluted Earnings per Share

    $           5.27



    $         (3.93)



    $           1.34

     

    Specified items reflect intangible amortization expense of $465 million and other net expenses of $268 million associated with intangible impairments, restructuring actions, acquisitions and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.



    4Q23



    As

    Reported

    (GAAP)



    Specified

    Items



    As

    Adjusted













    Intangible Amortization

    $            481



    $          (481)



    $              —

    Gross Margin

    5,204



    518



    5,722

    R&D

    700



    (78)



    622

    SG&A

    2,724



    (35)



    2,689

    Other (income) expense, net

    (109)



    (9)



    (118)

    Earnings before taxes

    1,795



    640



    2,435

    Taxes on Earnings

    201



    140



    341

    Net Earnings

    1,594



    500



    2,094

    Diluted Earnings per Share

    $           0.91



    $           0.28



    $           1.19

     

    Specified items reflect intangible amortization expense of $481 million and other net expenses of $159 million associated with restructuring actions, acquisitions and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.

     

    Abbott Laboratories and Subsidiaries

    Non-GAAP Reconciliation of Financial Information

    Twelve Months Ended December 31, 2024 and 2023

    (in millions, except per share data)

    (unaudited)





    12M24



    As

    Reported

    (GAAP)



    Specified

    Items



    As

    Adjusted













    Intangible Amortization

    $         1,878



    $       (1,878)



    $              —

    Gross Margin

    21,366



    2,213



    23,579

    R&D

    2,844



    (140)



    2,704

    SG&A

    11,697



    (117)



    11,580

    Other (income) expense, net

    (376)



    (163)



    (539)

    Earnings before taxes

    7,013



    2,633



    9,646

    Taxes on Earnings

    (6,389)



    7,835



    1,446

    Net Earnings

    13,402



    (5,202)



    8,200

    Diluted Earnings per Share

    $           7.64



    $         (2.97)



    $           4.67

     

    Specified items reflect intangible amortization expense of $1.878 billion and other net expenses of $755 million associated with intangible impairments, restructuring actions, acquisitions, a divestiture and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.



    12M23



    As

    Reported

    (GAAP)



    Specified

    Items



    As

    Adjusted













    Intangible Amortization

    $         1,966



    $       (1,966)



    $              —

    Gross Margin

    20,168



    2,109



    22,277

    R&D

    2,741



    (222)



    2,519

    SG&A

    10,949



    (102)



    10,847

    Other (income) expense, net

    (479)



    25



    (454)

    Earnings before taxes

    6,664



    2,408



    9,072

    Taxes on Earnings

    941



    329



    1,270

    Net Earnings

    5,723



    2,079



    7,802

    Diluted Earnings per Share

    $           3.26



    $           1.18



    $           4.44

     

    Specified items reflect intangible amortization expense of $1.966 billion and other net expenses of $442 million associated with restructuring actions, acquisitions and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.

    A reconciliation of the fourth-quarter tax rates for 2024 and 2023 is shown below:



    4Q24



    ($ in millions)

    Pre-Tax

    Income



    Taxes on

    Earnings



    Tax

    Rate



    As reported (GAAP)

    $         2,030



    $       (7,199)



    (354.6 %)

    1)

    Specified items

    733



    7,613







    Excluding specified items

    $         2,763



    $           414



    15.0 %



















    4Q23



    ($ in millions)

    Pre-Tax

    Income



    Taxes on

    Earnings



    Tax

    Rate



    As reported (GAAP)

    $         1,795



    $           201



    11.2 %

    2)

    Specified items

    640



    140







    Excluding specified items

    $         2,435



    $           341



    14.0 %



     

    A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:



    12M24



    ($ in millions)

    Pre-Tax

    Income



    Taxes on

    Earnings



    Tax

    Rate



    As reported (GAAP)

    $         7,013



    $       (6,389)



    (91.1 %)

    1)

    Specified items

    2,633



    7,835







    Excluding specified items

    $         9,646



    $        1,446



    15.0 %



















    12M23



    ($ in millions)

    Pre-Tax

    Income



    Taxes on

    Earnings



    Tax

    Rate



    As reported (GAAP)

    $         6,664



    $           941



    14.1 %

    2)

    Specified items

    2,408



    329







    Excluding specified items

    $         9,072



    $        1,270



    14.0 %







    1)

    2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.





    2)

    2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.

     

    Abbott Laboratories and Subsidiaries

    Non-GAAP Revenue Reconciliation

    Fourth Quarter and Twelve Months Ended December 31, 2024 and 2023

    ($ in millions)

    (unaudited)







    4Q24



    4Q23



    % Change vs. 4Q23

























    Non-GAAP





    Abbott

    Reported

    Impact

    from

    business

    exit (b)

    Adjusted

    Revenue



    Abbott

    Reported

    Impact

    from

    business

    exit (b)

    Adjusted

    Revenue



    Reported



    Adjusted

    Organic

    Total Company



    10,974

    (1)

    10,973



    10,241

    (17)

    10,224



    7.2



    7.4

    8.8

    U.S.



    4,341

    (1)

    4,340



    3,949

    (17)

    3,932



    10.0



    10.4

    10.4

    Intl



    6,633

    —

    6,633



    6,292

    —

    6,292



    5.4



    5.4

    7.7





























    Total Nutrition



    2,129

    (1)

    2,128



    2,038

    (17)

    2,021



    4.5



    5.4

    7.1

    U.S.



    928

    (1)

    927



    860

    (17)

    843



    8.0



    10.0

    10.0

    Intl



    1,201

    —

    1,201



    1,178

    —

    1,178



    2.0



    2.0

    4.9





























    Adult Nutrition



    1,129

    (1)

    1,128



    1,053

    (17)

    1,036



    7.4



    9.1

    11.4

    U.S.



    366

    (1)

    365



    355

    (17)

    338



    3.2



    8.1

    8.1

    Intl



    763

    —

    763



    698

    —

    698



    9.5



    9.5

    13.0





























    Total Medical Devices



    5,052

    —

    5,052



    4,443

    —

    4,443



    13.7



    13.7

    14.0

    U.S.



    2,353

    —

    2,353



    2,065

    —

    2,065



    14.0



    14.0

    14.0

    Intl



    2,699

    —

    2,699



    2,378

    —

    2,378



    13.5



    13.5

    14.0





























    Vascular



    725

    —

    725



    677

    —

    677



    7.1



    7.1

    6.8

    U.S.



    269

    —

    269



    245

    —

    245



    9.7



    9.7

    9.7

    Intl



    456

    —

    456



    432

    —

    432



    5.7



    5.7

    5.2

     



    12M24



    12M23



    % Change vs. 12M23























    Non-GAAP



    Abbott

    Reported

    Impact of

    acquisition

    (a)

    Impact from

    business exit

    (b)

    Adjusted

    Revenue



    Abbott

    Reported

    Impact from

    business exit

    (b)

    Adjusted

    Revenue



    Reported

    Adjusted

    Organic

    Total Company

    41,950

    (57)

    (14)

    41,879



    40,109

    (49)

    40,060



    4.6

    4.5

    7.1

    U.S.

    16,323

    (53)

    (14)

    16,256



    15,452

    (49)

    15,403



    5.6

    5.5

    5.5

    Intl

    25,627

    (4)

    —

    25,623



    24,657

    —

    24,657



    3.9

    3.9

    8.1



























    Total Nutrition

    8,413

    —

    (14)

    8,399



    8,154

    (49)

    8,105



    3.2

    3.7

    6.4

    U.S.

    3,689

    —

    (14)

    3,675



    3,413

    (49)

    3,364



    8.1

    9.2

    9.2

    Intl

    4,724

    —

    —

    4,724



    4,741

    —

    4,741



    (0.4)

    (0.4)

    4.4



























    Adult Nutrition

    4,390

    —

    (14)

    4,376



    4,220

    (49)

    4,171



    4.0

    4.9

    8.9

    U.S.

    1,481

    —

    (14)

    1,467



    1,436

    (49)

    1,387



    3.2

    5.8

    5.8

    Intl

    2,909

    —

    —

    2,909



    2,784

    —

    2,784



    4.5

    4.5

    10.5



























    Total Medical Devices

    18,986

    (57)

    —

    18,929



    16,887

    —

    16,887



    12.4

    12.1

    13.4

    U.S.

    8,788

    (53)

    —

    8,735



    7,696

    —

    7,696



    14.2

    13.5

    13.5

    Intl

    10,198

    (4)

    —

    10,194



    9,191

    —

    9,191



    11.0

    10.9

    13.3



























    Vascular

    2,837

    (57)

    —

    2,780



    2,681

    —

    2,681



    5.8

    3.7

    4.6

    U.S.

    1,056

    (53)

    —

    1,003



    978

    —

    978



    8.0

    2.5

    2.5

    Intl

    1,781

    (4)

    —

    1,777



    1,703

    —

    1,703



    4.6

    4.4

    5.8





    (a)

    Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.

    (b)

    Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024.

     

    Abbott Laboratories and Subsidiaries

    Details of Specified Items

    Fourth Quarter Ended December 31, 2024

    (in millions, except per share data)

    (unaudited)





    Acquisition or

    Divestiture-

    related (a)



    Restructuring

    and Cost

    Reduction

    Initiatives (b)



    Intangible

    Amortization



    Other (c)



    Total

    Specifieds

    Gross Margin

    $                  —



    $                  49



    $                465



    $                159



    $                673

    R&D

    (1)



    (20)



    —



    (38)



    (59)

    SG&A

    (5)



    (22)



    —



    6



    (21)

    Other (income) expense, net

    (2)



    —



    —



    22



    20

    Earnings before taxes

    $                    8



    $                  91



    $                465



    $                169



    733

    Taxes on Earnings (d)

















    7,613

    Net Earnings

















    $           (6,880)

    Diluted Earnings per Share

















    $             (3.93)





    The table above provides additional details regarding the specified items described on table titled "Non-GAAP Reconciliation of Financial Information."





    a)

    Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses.





    b)

    Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.





    c)

    Other includes incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and intangible asset impairment charges.





    d)

    Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.

     

    Abbott Laboratories and Subsidiaries

    Details of Specified Items

    Fourth Quarter Ended December 31, 2023

    (in millions, except per share data)

    (unaudited)





    Acquisition or

    Divestiture-

    related (a)



    Restructuring

    and Cost

    Reduction

    Initiatives (b)



    Intangible

    Amortization



    Other (c)



    Total

    Specifieds

    Gross Margin

    $                    1



    $                  29



    $                481



    $                    7



    $                518

    R&D

    (6)



    (4)



    —



    (68)



    (78)

    SG&A

    (15)



    (5)



    —



    (15)



    (35)

    Other (income) expense, net

    (6)



    —



    —



    (3)



    (9)

    Earnings before taxes

    $                  28



    $                  38



    $                481



    $                  93



    640

    Taxes on Earnings (d)

















    140

    Net Earnings

















    $                500

    Diluted Earnings per Share

















    $               0.28





    The table above provides additional details regarding the specified items described on table titled "Non-GAAP Reconciliation of Financial Information."





    a)

    Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as legal and other costs related to business acquisitions.





    b)

    Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.





    c)

    Other includes incremental costs to comply with the MDR and IVDR requirements for previously approved products and charges for intangible asset impairments.





    d)

    Reflects the net tax benefit associated with the specified items.

     

    Abbott Laboratories and Subsidiaries

    Details of Specified Items

    Twelve Months Ended December 31, 2024

    (in millions, except per share data)

    (unaudited)





    Acquisition or

    Divestiture-

    related (a)



    Restructuring

    and Cost

    Reduction

    Initiatives (b)



    Intangible

    Amortization



    Other (c)



    Total

    Specifieds

    Gross Margin

    $                    2



    $                125



    $             1,878



    $                208



    $             2,213

    R&D

    (5)



    (21)



    —



    (114)



    (140)

    SG&A

    (37)



    (39)



    —



    (41)



    (117)

    Other (income) expense, net

    (155)



    —



    —



    (8)



    (163)

    Earnings before taxes

    $                199



    $                185



    $             1,878



    $                371



    2,633

    Taxes on Earnings (d)

















    7,835

    Net Earnings

















    $           (5,202)

    Diluted Earnings per Share

















    $             (2.97)





    The table above provides additional details regarding the specified items described on table titled "Non-GAAP Reconciliation of Financial Information."





    a)

    Includes the loss on the sale of a non-core business. Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as other costs related to business acquisitions.





    b)

    Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.





    c)

    Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for investment and intangible asset impairments.





    d)

    Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.

     

    Abbott Laboratories and Subsidiaries

    Details of Specified Items

    Twelve Months Ended December 31, 2023

    (in millions, except per share data)

    (unaudited)





    Acquisition or

    Divestiture-

    related (a)



    Restructuring

    and Cost

    Reduction

    Initiatives (b)



    Intangible

    Amortization



    Other (c)



    Total

    Specifieds

    Gross Margin

    $                  16



    $                  80



    $             1,966



    $                  47



    $             2,109

    R&D

    (19)



    (9)



    —



    (194)



    (222)

    SG&A

    (58)



    (33)



    —



    (11)



    (102)

    Other (income) expense, net

    40



    —



    —



    (15)



    25

    Earnings before taxes

    $                  53



    $                122



    $             1,966



    $                267



    2,408

    Taxes on Earnings (d)

















    329

    Net Earnings

















    $             2,079

    Diluted Earnings per Share

















    $               1.18





    The table above provides additional details regarding the specified items described on table titled "Non-GAAP Reconciliation of Financial Information."





    a)

    Acquisition-related expenses include legal and other costs related to business acquisitions as well as integration costs, which represent incremental costs directly related to integrating acquired businesses.





    b)

    Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.





    c)

    Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for intangible asset impairments.





    d)

    Reflects the net tax benefit associated with the specified items.

     

    Cision View original content:https://www.prnewswire.com/news-releases/abbott-reports-fourth-quarter-and-full-year-2024-results-issues-2025-financial-outlook-302357321.html

    SOURCE Abbott

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