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    SEC Form 10-Q filed by Abbott Laboratories

    4/30/25 4:14:32 PM ET
    $ABT
    Biotechnology: Pharmaceutical Preparations
    Health Care
    Get the next $ABT alert in real time by email
    abt-20250331
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    Table of Contents

    UNITED STATES
    SECURITIES AND EXCHANGE COMMISSION
    WASHINGTON, D.C. 20549
    FORM 10-Q
    (Mark One)
    xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the quarterly period ended March 31, 2025
    OR
    oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
    For the transition period from              to
    Commission File No. 1-2189
    ABBOTT LABORATORIES
    An Illinois Corporation
    I.R.S. Employer Identification No.
    36-0698440
    100 Abbott Park Road
    Abbott Park, Illinois 60064-6400
    Telephone: (224) 667-6100
    Securities Registered Pursuant to Section 12(b) of the Act:
    Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
    Common Shares, Without Par ValueABT
    New York Stock Exchange
    Chicago Stock Exchange, Inc.
    Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
    Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
    Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
    Large Accelerated Filer x
    Accelerated Filer o
    Non-Accelerated Filer o
    Smaller reporting company o
    Emerging growth company o
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
    Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
    As of March 31, 2025, Abbott Laboratories had 1,739,836,465 common shares without par value outstanding.


    Table of Contents

    Abbott Laboratories
    Table of Contents
    Part I - Financial Information
    Page
    Item 1. Financial Statements and Supplementary Data
    Condensed Consolidated Statement of Earnings
    3
    Condensed Consolidated Statement of Comprehensive Income
    4
    Condensed Consolidated Balance Sheet
    5
    Condensed Consolidated Statement of Shareholders’ Investment
    6
    Condensed Consolidated Statement of Cash Flows
    7
    Notes to the Condensed Consolidated Financial Statements
    8
    Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
    21
    Item 4. Controls and Procedures
    26
    Part II - Other Information
    26
    Item 1. Legal Proceedings
    26
    Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
    26
    Item 6. Exhibits
    27
    Signature
    28
    2

    Table of Contents



    Abbott Laboratories and Subsidiaries
    Condensed Consolidated Statement of Earnings
    (Unaudited)
    (dollars in millions except per share data; shares in thousands)
    Three Months Ended
    March 31
    20252024
    Net sales$10,358 $9,964 
    Cost of products sold, excluding amortization of intangible assets4,468 4,463 
    Amortization of intangible assets420 472 
    Research and development716 684 
    Selling, general and administrative3,061 2,959 
    Total operating cost and expenses8,665 8,578 
    Operating earnings1,693 1,386 
    Interest expense131 141 
    Interest (income)(82)(80)
    Net foreign exchange (gain) loss(7)— 
    Other (income) expense, net(127)(111)
    Earnings before taxes1,778 1,436 
    Taxes on earnings453 211 
    Net Earnings$1,325 $1,225 
    Basic Earnings Per Common Share$0.76 $0.70 
    Diluted Earnings Per Common Share$0.76 $0.70 
    Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,739,206 1,740,203 
    Dilutive Common Stock Options8,014 9,449 
    Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,747,220 1,749,652 
    Outstanding Common Stock Options Having No Dilutive Effect1,431 6,892 
    The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
    3

    Table of Contents

    Abbott Laboratories and Subsidiaries
    Condensed Consolidated Statement of Comprehensive Income
    (Unaudited)
    (dollars in millions)
    Three Months Ended
    March 31
    20252024
    Net Earnings$1,325 $1,225 
    Foreign currency translation gain (loss) adjustments, net of taxes of $32 in 2025 and $— in 2024
    550 (386)
    Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $— in 2025 and $1 in 2024
    30 4 
    Net gains (losses) for derivative instruments designated as cash flow hedges, net of taxes of $(40) in 2025 and $30 in 2024
    (91)55 
    Other comprehensive income (loss)489 (327)
    Comprehensive Income$1,814 $898 
    March 31,
    2025
    December 31,
    2024
    Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
    Cumulative foreign currency translation (loss) adjustments$(6,955)$(7,505)
    Net actuarial (losses) and prior service (costs) and credits(581)(611)
    Cumulative gains (losses) on derivative instruments designated as cash flow hedges119 210 
    Accumulated other comprehensive income (loss)$(7,417)$(7,906)
    The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
    4

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    Abbott Laboratories and Subsidiaries
    Condensed Consolidated Balance Sheet
    (Unaudited)
    (dollars in millions)
    March 31,
    2025
    December 31,
    2024
    Assets
    Current Assets:
    Cash and cash equivalents$6,532 $7,616 
    Short-term investments312 351 
    Trade receivables, less allowances of $449 in 2025 and $439 in 2024
    7,327 6,925 
    Inventories:
    Finished products4,063 3,700 
    Work in process890 840 
    Materials1,686 1,654 
    Total inventories6,639 6,194 
    Prepaid expenses and other receivables2,343 2,570 
    Total Current Assets23,153 23,656 
    Investments907 886 
    Property and equipment, at cost23,418 22,740 
    Less: accumulated depreciation and amortization12,486 12,082 
    Net property and equipment10,932 10,658 
    Intangible assets, net of amortization6,261 6,647 
    Goodwill23,359 23,108 
    Deferred income taxes and other assets16,836 16,459 
    $81,448 $81,414 
    Liabilities and Shareholders’ Investment
    Current Liabilities:
    Trade accounts payable$4,214 $4,195 
    Salaries, wages and commissions1,167 1,701 
    Other accrued liabilities5,600 5,143 
    Dividends payable1,032 1,024 
    Income taxes payable485 594 
    Current portion of long-term debt506 1,500 
    Total Current Liabilities13,004 14,157 
    Long-term debt12,736 12,625 
    Post-employment obligations, deferred income taxes and other long-term liabilities6,644 6,731 
    Commitments and Contingencies
    Shareholders’ Investment:
    Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
    — — 
    Common shares, without par value Authorized — 2,400,000,000 shares
    Issued at stated capital amount — Shares: 2025: 1,995,858,606; 2024: 1,991,472,630
    25,125 25,153 
    Common shares held in treasury, at cost — Shares: 2025: 256,021,416; 2024: 259,774,639
    (16,612)(16,844)
    Earnings employed in the business47,715 47,261 
    Accumulated other comprehensive income (loss)(7,417)(7,906)
    Total Abbott Shareholders’ Investment48,811 47,664 
    Noncontrolling Interests in Subsidiaries253 237 
    Total Shareholders’ Investment49,064 47,901 
    $81,448 $81,414 
    The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
    5

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    Abbott Laboratories and Subsidiaries
    Condensed Consolidated Statement of Shareholders’ Investment
    (Unaudited)
    (in millions except shares and per share data)
    Three Months Ended March 31
    20252024
    Common Shares:
    Balance at January 1
    Shares: 2025: 1,991,472,630; 2024: 1,987,883,852
    $25,153 $24,869 
    Issued under incentive stock programs  
    Shares: 2025: 4,385,976; 2024: 1,906,147
    239 87 
    Share-based compensation303 322 
    Issuance of restricted stock awards(570)(552)
    Balance at March 31  
    Shares: 2025: 1,995,858,606; 2024: 1,989,789,999
    $25,125 $24,726 
    Common Shares Held in Treasury:
    Balance at January 1
    Shares: 2025: 259,774,639; 2024: 253,807,494
    $(16,844)$(15,981)
    Issued under incentive stock programs  
    Shares: 2025: 3,935,939; 2024: 3,838,255
    256 242 
    Purchased  
    Shares: 2025: 182,716; 2024: 186,276
    (24)(22)
    Balance at March 31  
    Shares: 2025: 256,021,416; 2024: 250,155,515
    $(16,612)$(15,761)
    Earnings Employed in the Business:
    Balance at January 1$47,261 $37,554 
    Net earnings1,325 1,225 
    Cash dividends declared on common shares (per share — 2025: $0.59; 2024: $0.55)
    (1,033)(960)
    Effect of common and treasury share transactions162 192 
    Balance at March 31$47,715 $38,011 
    Accumulated Other Comprehensive Income (Loss):
    Balance at January 1$(7,906)$(7,839)
    Other comprehensive income (loss)489 (327)
    Balance at March 31$(7,417)$(8,166)
    Noncontrolling Interests in Subsidiaries:
    Balance at January 1$237 $224 
    Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases16 9 
    Balance at March 31$253 $233 
    The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
    6

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    Abbott Laboratories and Subsidiaries
    Condensed Consolidated Statement of Cash Flows
    (Unaudited)
    (dollars in millions)
    Three Months Ended March 31
    20252024
    Cash Flow From (Used in) Operating Activities:
    Net earnings$1,325 $1,225 
    Adjustments to reconcile net earnings to net cash from operating activities —
    Depreciation336 333 
    Amortization of intangible assets420 472 
    Share-based compensation289 304 
    Trade receivables(262)(151)
    Inventories(255)(410)
    Other, net(436)(748)
    Net Cash From Operating Activities1,417 1,025 
    Cash Flow From (Used in) Investing Activities:
    Acquisitions of property and equipment(484)(398)
    Sales (purchases) of other investment securities, net8 (28)
    Other6 1 
    Net Cash From (Used in) Investing Activities(470)(425)
    Cash Flow From (Used in) Financing Activities:
    Net borrowings (repayments) of short-term debt and other(36)(127)
    Proceeds from issuance of long-term debt1 — 
    Repayments of long-term debt(1,001)— 
    Purchases of common shares(280)(226)
    Proceeds from stock options exercised287 134 
    Dividends paid(1,026)(957)
    Net Cash From (Used in) Financing Activities(2,055)(1,176)
    Effect of exchange rate changes on cash and cash equivalents24 (36)
    Net Increase (Decrease) in Cash and Cash Equivalents(1,084)(612)
    Cash and Cash Equivalents, Beginning of Year7,616 6,896 
    Cash and Cash Equivalents, End of Period$6,532 $6,284 
    The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
    7

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 1 — Basis of Presentation

    The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2024. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

    Note 2 — New Accounting Standards

    Recently Adopted Accounting Standards

    In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of required segment disclosures. The guidance is required to be applied retrospectively to all periods presented in the financial statements. Abbott adopted the standard on January 1, 2024. The new standard did not have an impact on Abbott's consolidated financial statements, but required additional disclosures, retrospectively applied to all periods presented in Note 14 — Segment and geographic area information.

    Recent Accounting Standards Not Yet Adopted

    In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement expense categories. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for Abbott for full year 2027 reporting. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

    In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity to disclose annually additional information related to the company's income tax rate reconciliation and income taxes paid during the period. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for Abbott for full year 2025 reporting. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)
    Note 3 — Revenue

    Abbott’s revenues are derived primarily from the sale of a broad line of healthcare products under short-term receivable arrangements. Abbott has four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices.

    The following tables provide detail by sales category:

    Three Months Ended March 31, 2025Three Months Ended March 31, 2024
    (in millions)U.S.Int’lTotalU.S.Int’lTotal
    Established Pharmaceutical Products —
    Key Emerging Markets$— $965 $965 $— $928 $928 
    Other— 295 295 — 298 298 
    Total— 1,260 1,260 — 1,226 1,226 
    Nutritional Products —    
    Pediatric Nutritionals588 453 1,041 514 495 1,009 
    Adult Nutritionals367 738 1,105 364 695 1,059 
    Total955 1,191 2,146 878 1,190 2,068 
    Diagnostic Products —     
    Core Laboratory332 845 1,177 310 895 1,205 
    Molecular40 82 122 42 87 129 
    Point of Care100 42 142 98 41 139 
    Rapid Diagnostics399 214 613 481 260 741 
    Total871 1,183 2,054 931 1,283 2,214 
    Medical Devices —    
    Rhythm Management304 281 585 271 291 562 
    Electrophysiology299 330 629 269 318 587 
    Heart Failure262 77 339 237 68 305 
    Vascular268 442 710 254 435 689 
    Structural Heart282 295 577 233 282 515 
    Neuromodulation176 52 228 181 45 226 
    Diabetes Care 748 1,079 1,827 589 980 1,569 
    Total2,339 2,556 4,895 2,034 2,419 4,453 
    Other3 — 3 3 — 3 
    Total$4,168 $6,190 $10,358 $3,846 $6,118 $9,964 


    Remaining Performance Obligations

    As of March 31, 2025, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was $5.7 billion in the Diagnostic Products segment and $423 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 55 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)


    Note 3 — Revenue (Continued)
    These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

    Other Contract Assets and Liabilities

    Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and the end of the period, as well as the changes in the balance, were not significant.

    Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices segment when payment is received upfront for various multi-period extended service arrangements.

    Changes in the contract liabilities during the period are as follows:

    (in millions)
    Contract Liabilities:
    Balance at December 31, 2024$568 
    Unearned revenue from cash received during the period132 
    Revenue recognized related to contract liability balance(99)
    Balance at March 31, 2025$601 

    Note 4 — Supplemental Financial Information

    Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended March 31, 2025 and 2024 were $1.3 billion and $1.2 billion, respectively.

    Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first three months of 2025 includes $235 million of pension contributions and the payment of cash taxes of $255 million. The first three months of 2024 included $280 million of pension contributions and the payment of cash taxes of $225 million.

    The following summarizes the activity for the first three months of 2025 related to the allowance for doubtful accounts as of March 31, 2025:

    (in millions)
    Allowance for Doubtful Accounts:
    Balance at December 31, 2024$247 
    Provisions/charges to income23 
    Amounts charged off and other deductions(11)
    Balance at March 31, 2025$259 

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)


    Note 4 — Supplemental Financial Information (Continued)
    The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.

    The components of long-term investments are as follows:

    (in millions)March 31,
    2025
    December 31,
    2024
    Long-term Investments:
    Equity securities$572 $553 
    Other335 333 
    Total$907 $886 

    The increase in Abbott’s long-term investments as of March 31, 2025 versus the balance as of December 31, 2024 primarily relates to additional investments, partially offset by the impairment of certain securities.

    Abbott’s equity securities as of March 31, 2025 include $301 million of investments in mutual funds that are held in a rabbi trust. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

    Abbott also holds certain investments as of March 31, 2025 with a carrying value of $152 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of $109 million that do not have a readily determinable fair value.

    Note 5 — Changes In Accumulated Other Comprehensive Income (Loss)

    The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:

    Three Months Ended March 31
    Cumulative Foreign
    Currency Translation
    (Loss) Adjustments
    Net Actuarial (Losses) and
    Prior Service (Costs) and
    Credits
    Cumulative Gains (Losses)
    on Derivative Instruments
    Designated as Cash Flow
    Hedges
    (in millions)202520242025202420252024
    Balance at January 1$(7,505)$(6,504)$(611)$(1,376)$210 $41 
    Other comprehensive income (loss) before reclassifications550 (386)30 2 (64)68 
    Amounts reclassified from accumulated other comprehensive income— — — 2 (27)(13)
    Net current period comprehensive income (loss)550 (386)30 4 (91)55 
    Balance at March 31$(6,955)$(6,890)$(581)$(1,372)$119 $96 
    Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 12 — Post-Employment Benefits for additional details.

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)
    Note 6 — Goodwill and Intangible Assets

    The total amount of goodwill reported was $23.4 billion at March 31, 2025 and $23.1 billion at December 31, 2024. The amount of goodwill related to reportable segments at March 31, 2025 was $2.6 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.5 billion for the Diagnostic Products segment, and $16.9 billion for the Medical Devices segment. Foreign currency translation adjustments increased goodwill by $251 million in the first three months of 2025. There were no reductions of goodwill relating to impairments in the first three months of 2025.

    The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.3 billion as of March 31, 2025 and $27.1 billion as of December 31, 2024. Accumulated amortization was $21.8 billion and $21.3 billion as of March 31, 2025 and December 31, 2024, respectively. In the first three months of 2025, intangible assets increased $34 million due to foreign currency translation. Abbott’s estimated annual amortization expense for intangible assets is approximately $1.7 billion in 2025, $1.5 billion in 2026, $1.2 billion in 2027, $0.7 billion in 2028 and $0.6 billion in 2029.

    Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were $784 million as of March 31, 2025 and December 31, 2024.

    Note 7 — Restructuring Plans

    In 2025, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic and medical devices businesses. In the three months ended March 31, 2025, Abbott recorded employee related severance and other charges of $34 million, of which $13 million was recorded in Cost of products sold, $13 million was recorded in Research and development, and $8 million was recorded in Selling, general and administrative expenses. Payments related to these actions totaled $4 million in the first three months of 2025 and the remaining liabilities totaled $30 million at March 31, 2025. In addition, Abbott recognized asset impairment charges of $12 million related to these restructuring plans.

    In 2024 and 2023, Abbott management approved plans to restructure or streamline various operations in order to reduce costs in its medical devices, diagnostic, nutritional and established pharmaceutical businesses, including the discontinuation of its ZonePerfect® product line in 2024. In addition, Abbott recognized asset impairment charges of approximately $30 million related to these restructuring plans in the first three months of 2024. The following summarizes the activity related to these restructuring actions and the status of the related accruals as of March 31, 2025:

    (in millions)Total
    Accrued balance at December 31, 2024$118 
    Payments and other adjustments(32)
    Accrued balance at March 31, 2025$86 


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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)
    Note 8 — Incentive Stock Programs

    In the first three months of 2025, Abbott granted 1,426,812 stock options, 354,001 restricted stock awards and 4,240,698 restricted stock units under its incentive stock program. At March 31, 2025, 50 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at March 31, 2025 is as follows:

    OutstandingExercisable
    Number of shares 23,554,185 20,335,604 
    Weighted average remaining life (years)
    5.14.4
    Weighted average exercise price $88.86 $83.51 
    Aggregate intrinsic value (in millions)
    $1,035 $999 

    The total unrecognized share-based compensation cost at March 31, 2025 amounted to $790 million, which is expected to be recognized over the next three years.

    Note 9 — Debt and Lines of Credit

    On March 17, 2025, Abbott repaid the $1.0 billion outstanding principal amount of its 2.95% Notes upon maturity.

    Note 10 — Financial Instruments, Derivatives and Fair Value Measures

    Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates, primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.0 billion at March 31, 2025 and December 31, 2024, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of March 31, 2025 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

    Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At March 31, 2025 and December 31, 2024, Abbott held the gross notional amounts of $16.2 billion of such foreign currency forward exchange contracts.

    Abbott has designated a yen-denominated, 5-year term loan of $612 million and $583 million as of March 31, 2025 and December 31, 2024, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

    Abbott is a party to interest rate hedge contracts with a notional amount totaling $1.2 billion at March 31, 2025 and $2.2 billion at December 31, 2024 to manage its exposure to changes in the fair value of fixed-rate debt. The decrease from December 31, 2024 was due to the maturity of $1.0 billion of interest rate hedge contracts in conjunction with long-term debt, both of which matured in March 2025. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

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    Table of Contents
    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
    The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of March 31, 2025 and December 31, 2024:

    Fair Value - AssetsFair Value - Liabilities
    (in millions)March 31, 2025December 31, 2024Balance Sheet CaptionMarch 31, 2025December 31, 2024Balance Sheet Caption
    Interest rate swaps designated as fair value hedges:
    Non-current$— $— Deferred income taxes and other assets$48 $51 Post-employment obligations, deferred income taxes and other long-term liabilities
    Current— 1 Prepaid expenses and other receivables— — Other accrued liabilities
    Foreign currency forward exchange contracts:
    Hedging instruments82 243 Prepaid expenses and other receivables75 19 Other accrued liabilities
    Others not designated as hedges106 147 Prepaid expenses and other receivables137 112 Other accrued liabilities
    Debt designated as a hedge of net investment in a foreign subsidiary— — n/a612 583 Long-term debt
    $188 $391 $872 $765 

    The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income.

    Gain (loss) Recognized in Other
    Comprehensive Income (loss)
    Income (expense) and Gain (loss)
    Reclassified into Income
    Three Months Ended March 31,Three Months Ended March 31,
    (in millions)2025202420252024Income Statement Caption
    Foreign currency forward exchange contracts designated as cash flow hedges$(94)$127 $39 $18 Cost of products sold
    Debt designated as a hedge of net investment in a foreign subsidiary(29)24 — — n/a
    Interest rate swaps designated as fair value hedgesn/an/a3 (24)Interest expense

    Gains of $34 million and $92 million were recognized in the three months ended March 31, 2025 and 2024, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.
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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
    The carrying values and fair values of certain financial instruments as of March 31, 2025 and December 31, 2024 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.

    March 31, 2025December 31, 2024
    (in millions)Carrying
    Value
    Fair
    Value
    Carrying
    Value
    Fair
    Value
    Long-term Investment Securities:
    Equity securities$572 $572 $553 $553 
    Other335 335 333 333 
    Total Long-term Debt(13,242)(12,975)(14,125)(13,710)
    Foreign Currency Forward Exchange Contracts:   
    Receivable position188 188 390 390 
    (Payable) position(212)(212)(131)(131)
    Interest Rate Hedge Contracts:    
    Receivable position— — 1 1 
    (Payable) position(48)(48)(51)(51)

    The fair value of the debt was determined based on significant other observable inputs, including current interest rates.

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    Table of Contents
    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
    The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:

    Basis of Fair Value Measurement
    (in millions)Outstanding
    Balances
    Quoted
    Prices in
    Active
    Markets
    Significant
    Other
    Observable
    Inputs
    Significant
    Unobservable
    Inputs
    March 31, 2025:
    Equity securities$311 $311 $— $— 
    Foreign currency forward exchange contracts188 — 188 — 
    Total Assets$499 $311 $188 $— 
    Fair value of hedged long-term debt$1,112 $— $1,112 $— 
    Interest rate swap derivative financial instruments48 — 48 — 
    Foreign currency forward exchange contracts212 — 212 — 
    Contingent consideration related to business combinations59 — — 59 
    Total Liabilities$1,431 $— $1,372 $59 
    December 31, 2024:
    Equity securities$323 $323 $— $— 
    Interest rate swap derivative financial instruments 1 — 1 — 
    Foreign currency forward exchange contracts390 — 390 — 
    Total Assets$714 $323 $391 $— 
    Fair value of hedged long-term debt$2,096 $— $2,096 $— 
    Interest rate swap derivative financial instruments51 — 51 — 
    Foreign currency forward exchange contracts131 — 131 — 
    Contingent consideration related to business combinations38 — — 38 
    Total Liabilities$2,316 $— $2,278 $38 

    The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value. The increase in the amount of contingent consideration from December 31, 2024 reflects a fair value adjustment for contingent consideration related to a previous business combination.

    The maximum amount for certain contingent consideration is not determinable as it is based on a percent of certain sales. Excluding such contingent consideration, the maximum amount that may be due under the other contingent consideration arrangements was estimated at March 31, 2025 to be $59 million, which is dependent upon attaining certain sales thresholds or upon the occurrence of certain events, such as regulatory approvals.

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 11 — Litigation and Environmental Matters

    Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.

    Abbott has been named as a defendant in a number of lawsuits alleging that its preterm infant formula and human milk fortifier products that contain cow’s milk cause an intestinal disease known as necrotizing enterocolitis (NEC) and inadequately warn about the risk of NEC. These lawsuits claim that certain preterm infants suffered injury or death as a result of contracting NEC. In a trial held in July 2024, a jury in a Missouri state court awarded a plaintiff $495 million in damages. Abbott stands by its products and the information it provided about them, and it appealed this jury’s verdict with the Missouri Court of Appeals in December 2024. In a trial held in October 2024 involving Abbott and another infant formula manufacturer and the treating hospital as co-defendants, a jury in a Missouri state court returned a unanimous verdict for Abbott and its co-defendants. In December 2024, the plaintiff filed a motion for a new trial. In March 2025, the Missouri state court granted the plaintiff’s motion for a new trial, and Abbott appealed the ruling to the Missouri Court of Appeals. Abbott does not believe that it is probable that a material loss will be incurred related to these lawsuits and therefore, no reserves have been recorded. Given the uncertainty as to the possible outcome in each of these lawsuits, Abbott is unable to reasonably estimate a range of possible loss related to these lawsuits.

    Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $25 million to $35 million. The recorded accrual balance at March 31, 2025 for these proceedings and exposures was approximately $30 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations, except for the cases discussed in the second paragraph of this note, the resolution of which could be material to Abbott's financial position, cash flows or results of operations.

    Note 12 — Post-Employment Benefits

    Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net costs recognized for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans are as follows:

    Defined Benefit PlansMedical and Dental Plans
    Three Months Ended March 31,Three Months Ended March 31,
    (in millions)2025202420252024
    Service cost - benefits earned during the period$54 $61 $10 $10 
    Interest cost on projected benefit obligations122 118 16 15 
    Expected return on plan assets(278)(262)(7)(6)
    Net amortization of:
    Actuarial loss, net2 6 — — 
    Prior service cost (credit)— — (2)(3)
    Net cost (credit)$(100)$(77)$17 $16 

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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 12 — Post-Employment Benefits (Continued)
    Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first three months of 2025 and 2024, $235 million and $280 million, respectively, were contributed to defined benefit plans. In the first three months of 2025 and 2024, $75 million and $28 million were contributed, respectively, to the post-employment medical and dental plans.

    Note 13 — Taxes on Earnings

    Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first three months of 2025 and 2024, taxes on earnings include $73 million and $25 million, respectively, in excess tax benefits associated with share-based compensation. The 2025 taxes on earnings includes approximately $200 million of tax expense related to a deferred tax asset that was recognized as a significant non-cash tax benefit in a prior year. In the first three months of 2024, taxes on earnings also included approximately $10 million of tax expense as the result of the resolution of various tax positions related to prior years.

    In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

    In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

    In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2024.

    Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

    The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. The enactment of current Pillar 2 model rules did not and is not projected to have a material impact to Abbott's consolidated financial statements.


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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)
    Note 14 — Segment Information

    Abbott’s principal business is the discovery, development, manufacture and sale of a broad line of healthcare products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, healthcare facilities, laboratories, physicians’ offices and government agencies throughout the world.

    Abbott’s reportable segments are as follows:

    Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.

    Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.

    Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics businesses are aggregated and reported as the Diagnostic Products segment.

    Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products. For segment reporting purposes, the Cardiac Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation and Diabetes Care businesses are aggregated and reported as the Medical Devices segment.

    Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. The chief operating decision maker (CODM) at Abbott is the Chief Executive Officer (CEO). The CODM primarily considers sales and operating margin to assess the performance of segments and to allocate resources, where segment operating margin profitability includes cost of products sold and operating expenses. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets.


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    Abbott Laboratories and Subsidiaries
    Notes to the Condensed Consolidated Financial Statements
    March 31, 2025
    (Unaudited)

    Note 14 — Segment Information (Continued)
    The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.

    Net Sales to External CustomersCost of Products SoldResearch and DevelopmentSelling, General and AdministrativeOperating Earnings
    For the three months ended March 31,For the three months ended March 31,For the three months ended March 31,For the three months ended March 31,For the three months ended March 31,
    (in millions)2025202420252024202520242025202420252024
    Established Pharmaceuticals$1,260 $1,226 $(569)$(584)$(42)$(41)$(351)$(334)$298 $267 
    Nutritionals2,146 2,068 (1,124)(1,088)(52)(52)(576)(551)394 377 
    Diagnostics 2,054 2,214 (1,152)(1,188)(151)(155)(392)(397)359 474 
    Medical Devices 4,895 4,453 (1,598)(1,547)(401)(368)(1,287)(1,178)1,609 1,360 
    Total$10,355 $9,961 $(4,443)$(4,407)$(646)$(616)$(2,606)$(2,460)$2,660 $2,478 
    Other3 3 
    Net sales$10,358 $9,964 
    Corporate functions and plan benefit costs(28)(66)
    Net interest expense(49)(61)
    Share-based compensation (a)(289)(304)
    Amortization of Intangible assets(420)(472)
    Other, net (b)(96)(139)
    Earnings before Taxes$1,778 $1,436 
    ______________________________________
    (a)
    Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
    (b)
    Other, net for the three months ended March 31, 2025 and 2024 includes charges related to restructurings, investment impairments, fair value adjustments to contingent consideration and integration costs related to business combinations.
    DepreciationAdditions to
    Property and Equipment
    Total Assets
    For the three months ended March 31,For the three months ended March 31,As of March 31,As of December 31,
    (in millions)202520242025202420252024
    Established Pharmaceuticals$23 $24 $33 $29 $3,448 $3,087 
    Nutritionals42 39 79 73 4,635 4,404 
    Diagnostics126 129 135 123 7,840 7,678 
    Medical Devices88 87 156 135 10,034 9,472 
    Total Reportable Segments279 279 403 360 $25,957 $24,641 
    Other57 54 60 49 
    Total$336 $333 $463 $409 
    As of March 31,As of December 31,
    (in millions)20252024
    Total Reportable Segment Assets$25,957 $24,641 
    Cash and investments7,751 8,853 
    Goodwill and intangible assets29,620 29,755 
    All other (c)18,120 18,165 
    Total Assets$81,448 $81,414 
    (c)As of March 31, 2025 and December 31, 2024, all other includes the long-term assets associated with the defined benefit plans and certain deferred tax assets.
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    Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

    Financial Review — Results of Operations

    Abbott’s revenues are derived primarily from the sale of a broad line of healthcare products under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott’s products under a contract most impact which products are sold; price controls, competition and rebates most impact the net selling prices of products; and foreign currency translation impacts the measurement of net sales and costs. Abbott’s primary products are medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals.

    The following tables detail sales by reportable segment for the three months ended March 31. Percent changes are versus the prior year and are based on unrounded numbers.
    Net Sales to External Customers
    (in millions)Three Months Ended
    March 31, 2025
    Three Months Ended
    March 31, 2024
    Total
    Change
    Impact of
    Foreign
    Exchange
    Total Change
    Excl. Foreign
    Exchange
    Established Pharmaceutical Products$1,260 $1,226 2.7 %(5.1)%7.8 %
    Nutritional Products2,146 2,068 3.8 (2.4)6.2 
    Diagnostic Products2,054 2,214 (7.2)(2.3)(4.9)
    Medical Devices4,895 4,453 9.9 (2.7)12.6 
    Total Reportable Segments10,355 9,961 4.0 (2.8)6.8 
    Other3 3 n/mn/mn/m
    Net Sales$10,358 $9,964 4.0 (2.8)6.8 
    Total U.S.$4,168 $3,846 8.4 — 8.4 
    Total International$6,190 $6,118 1.2 (4.5)5.7 

    ____________________________________
    Notes: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.
    n/m = Percent change is not meaningful
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    The 6.8 percent increase in total net sales during the first quarter of 2025, excluding the impact of foreign exchange, primarily reflected higher sales in the Medical Devices, Established Pharmaceutical Products and Nutritional Products segments, fueled by higher sales of existing products as well as the introduction of new products. Diagnostic Products sales growth continued to be impacted by the decline in COVID-19 testing-related sales and the impact of volume-based procurement programs in China. COVID-19 testing-related sales were $84 million in the first quarter of 2025 compared to $204 million in the first quarter of 2024. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the first quarter as the relatively stronger U.S. dollar decreased total international sales by 4.5 percent and total sales by 2.8 percent.

    The table below provides detail by sales category for the three months ended March 31. Percent changes are versus the prior year and are based on unrounded numbers.

    (in millions)March 31, 2025March 31, 2024Total
    Change
    Impact of
    Foreign
    Exchange
    Total Change
    Excl. Foreign
    Exchange
    Established Pharmaceutical Products —
    Key Emerging Markets$965 $928 4.0 %(5.3)%9.3 %
    Other Emerging Markets295 298 (1.2)(4.3)3.1 
    Nutritional Products —
    International Pediatric Nutritionals453 495 (8.4)(3.6)(4.8)
    U.S. Pediatric Nutritionals588 514 14.2 — 14.2 
    International Adult Nutritionals738 695 6.1 (4.5)10.6 
    U.S. Adult Nutritionals367 364 1.1 — 1.1 
    Diagnostic Products —
    Core Laboratory1,177 1,205 (2.3)(3.2)0.9 
    Molecular122 129 (5.9)(2.4)(3.5)
    Point of Care142 139 2.4 (0.8)3.2 
    Rapid Diagnostics613 741 (17.3)(1.2)(16.1)
    Medical Devices —
    Rhythm Management585 562 4.0 (2.1)6.1 
    Electrophysiology629 587 7.3 (2.6)9.9 
    Heart Failure339 305 11.4 (1.0)12.4 
    Vascular710 689 3.0 (2.7)5.7 
    Structural Heart577 515 11.9 (2.8)14.7 
    Neuromodulation228 226 1.0 (1.2)2.2 
    Diabetes Care1,827 1,569 16.5 (3.3)19.8 
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    In the first three months of 2025, total Established Pharmaceutical Products sales, excluding the impact of foreign exchange, increased 7.8 percent. Excluding the unfavorable effect of foreign exchange, sales in Key Emerging Markets for Established Pharmaceutical Products increased 9.3 percent in the first three months of 2025, led by higher revenue in several countries and across several therapeutic areas, including cardiometabolic, gastroenterology, central nervous system/pain management and respiratory. Other Emerging Markets, excluding the effect of foreign exchange, increased by 3.1 percent in the first three months of 2025.

    Excluding the impact of foreign exchange, total Nutritional Products sales in the first three months of 2025 increased 6.2 percent. In U.S. Pediatric Nutritionals, the 14.2 percent increase in sales in the first three months of 2025 reflects sales growth across the product portfolio. Excluding the effect of foreign exchange, the 4.8 percent decrease in International Pediatric Nutritionals sales in the first three months of 2025 reflects a decrease in sales in the Asia Pacific and Latin America regions, partially offset by increased sales in Canada and the Europe/Middle East regions.

    In the first three months of 2025, U.S. and International Adult Nutritionals sales, excluding the effect of foreign exchange, increased 1.1 percent and 10.6 percent, respectively, due to growth of Ensure® and Glucerna® product sales. U.S. Adult Nutritionals sales were partially offset by the discontinuation of the ZonePerfect® product line in March 2024.

    Diagnostic Products sales decreased 4.9 percent in the first three months of 2025, excluding the impact of foreign exchange. In Core Laboratory, sales increased 0.9 percent in the first three months of 2025, excluding the effect of foreign exchange, due to continued deployment of Abbott's Alinity® testing platform, mostly offset by the impact of volume-based procurement programs in China. In Rapid Diagnostics, sales decreased 16.1 percent in the first three months of 2025, excluding the effect of foreign exchange, primarily due to lower demand for COVID-19 tests.

    Excluding the effect of foreign exchange, total Medical Devices sales increased 12.6 percent in the first three months of 2025, led by growth in Diabetes Care, Structural Heart, Heart Failure and Electrophysiology. Higher Diabetes Care sales were driven by continued growth in Abbott's continuous glucose monitoring (CGM) systems. CGM systems sales totaled $1.7 billion and $1.5 billion in the first three months of 2025 and 2024, respectively. Excluding the effect of foreign exchange, CGM systems sales increased 21.6 percent in the first three months of 2025.

    During the first three months of 2025, procedure volumes continued to increase across the cardiovascular and neuromodulation businesses. In Structural Heart, the 14.7 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in Navitor® and TriClip® products. In Heart Failure, the 12.4 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in chronic and acute pump products and related accessories. In Electrophysiology, the 9.9 percent increase in sales, excluding the effect of foreign exchange, primarily reflects higher procedure volumes and increased demand for diagnostic and mapping catheters.

    In Rhythm Management, the 6.1 percent sales increase in the first three months of 2025, excluding the impact of foreign exchange, was primarily due to growth in Aveir® leadless pacemakers, partially offset by a decrease in traditional pacemaker and implantable cardioverter-defibrillator sales. In Vascular, the 5.7 percent increase in sales, excluding the impact of foreign exchange, was primarily due to growth in vascular imaging, vessel closure products and the Esprit™ (BTK) system, Abbott's below-the-knee resorbable stent.

    In March 2025, Abbott obtained CE Mark for its Volt™ Pulse Field Ablation (PFA) System to treat patients with atrial fibrillation.

    The gross profit margin percentage was 52.8 percent for the first quarter of 2025 compared to 50.5 percent for the first quarter of 2024. The increase in the first three months of 2025 reflects the favorable impacts of gross margin improvement initiatives and foreign exchange.

    Research and development (R&D) expenses increased $32 million to $716 million, or 4.6 percent, in the first quarter of 2025. The increase in R&D expense in the first three months of 2025 was primarily driven by higher spending on various projects.

    Selling, general and administrative expenses increased $102 million, or 3.5 percent, in the first quarter of 2025 as higher selling and marketing spending to drive growth across various businesses was partially offset by the favorable impact of foreign exchange.

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    Restructuring Plans

    In 2025, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic and medical devices businesses. In the three months ended March 31, 2025, Abbott recorded employee related severance and other charges of $34 million, of which $13 million was recorded in Cost of products sold, $13 million was recorded in Research and development, and $8 million was recorded in Selling, general and administrative expenses. Payments related to these actions totaled $4 million in the first three months of 2025 and the remaining liabilities totaled $30 million at March 31, 2025. In addition, Abbott recognized asset impairment charges of $12 million related to these restructuring plans.

    Other (Income) Expense, net

    Other income, net increased from $111 million of income in the first quarter of 2024 to $127 million of income in the first quarter of 2025. The increase in the first three months of 2025 primarily reflects lower investment impairments and higher income associated with the non-service cost components of net pension and post-retirement medical benefit costs, partially offset by unfavorable changes in the fair value of contingent consideration liabilities related to previous business combinations.

    Interest Expense, net

    Interest expense, net decreased $12 million to $49 million in the first quarter of 2025. In the first quarter of 2025, interest expense decreased primarily as a result of the repayment of long-term debt in November of 2024 and March 2025, combined with an increase in interest income due to higher average cash and short-term investment balances versus the prior year.

    Taxes on Earnings

    Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first three months of 2025 and 2024, taxes on earnings include $73 million and $25 million, respectively, in excess tax benefits associated with share-based compensation. The 2025 taxes on earnings includes approximately $200 million of tax expense related to a deferred tax asset that was recognized as a significant non-cash tax benefit in a prior year. In the first three months of 2024, taxes on earnings also included approximately $10 million of tax expense as the result of the resolution of various tax positions related to prior years.

    In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

    In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

    In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2024.

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    Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

    The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. The enactment of current Pillar 2 model rules did not and is not projected to have a material impact to Abbott's consolidated financial statements.

    Liquidity and Capital Resources

    The decrease in cash and cash equivalents from $7.6 billion at December 31, 2024 to $6.5 billion at March 31, 2025 reflects the repayment of debt in March 2025 of $1.0 billion, the payment of dividends and capital expenditures in the first three months of 2025, partially offset by cash generated from operations. Working capital was $10.1 billion at March 31, 2025 and $9.5 billion at December 31, 2024. The increase in working capital in 2025 primarily reflects increases in inventory and trade receivables.

    In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first three months of 2025 totaled $1.4 billion, an increase of $392 million from the prior year, primarily due to higher segment operating earnings. In the first three months of 2025, Net cash from operating activities included $235 million of pension contributions and the payment of cash taxes of $255 million. Net cash from operating activities in 2024 included $280 million of pension contributions and the payment of cash taxes of $225 million.

    At March 31, 2025, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating.

    On March 17, 2025, Abbott repaid the $1.0 billion outstanding principal amount of its 2.95% Notes upon maturity.

    In October 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time. The new authorization is in addition to the $293 million unused portion of the share repurchase program authorized in December 2021.

    In the first quarter of 2025, Abbott declared a quarterly dividend of $0.59 per share on its common shares, which represents an increase of 7.3 percent over the $0.55 per share dividend declared in the first quarter of 2024.

    Legislative Issues

    Abbott’s primary markets are highly competitive and subject to substantial government regulations throughout the world. Abbott expects debate to continue over the availability, method of delivery, and payment for healthcare products and services. It is not possible to predict the extent to which Abbott or the healthcare industry in general might be adversely affected by these factors in the future. A more complete discussion of these factors is contained in Item 1, Business, and Item 1A, Risk Factors, in the 2024 Annual Report on Form 10-K.

    Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements

    Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Abbott cautions that any forward-looking statements made by Abbott 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, 2024, 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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    PART I. FINANCIAL INFORMATION

    Item 4.     Controls and Procedures

    (a)Evaluation of disclosure controls and procedures. The Chief Executive Officer, Robert B. Ford, and Chief Financial Officer, Philip P. Boudreau, evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

    (b)Changes in internal control over financial reporting. During the quarter ended March 31, 2025, there were no changes in Abbott’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, Abbott’s internal control over financial reporting.

    PART II. OTHER INFORMATION

    Item 1.     Legal Proceedings

    Abbott is involved in various claims, legal proceedings and investigations as described in its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 10-K”), including those described below (as of March 31, 2025, except where noted below). While it is not feasible to predict the outcome of such pending claims, proceedings, and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on Abbott's financial position, cash flows, or results of operations.

    In the 2024 10-K, Abbott reported that it is a defendant in numerous lawsuits alleging that preterm infants developed necrotizing enterocolitis as a result of being administered Abbott’s preterm infant formula products. Abbott further reported in the 2024 10-K that in a trial held in October 2024 involving Abbott and another infant formula manufacturer and the treating hospital as co-defendants, a jury in a Missouri state court returned a unanimous verdict for Abbott and its co-defendants and that in December 2024, the plaintiff filed a motion for a new trial. In March 2025, the Missouri state court granted the plaintiff’s motion for a new trial, and Abbott appealed the ruling to the Missouri Court of Appeals.

    Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

    (c)Issuer Purchases of Equity Securities

    Period(a) Total
    Number of
    Shares (or
    Units)
    Purchased
    (b) Average
    Price Paid per
    Share (or
    Unit)
    (c) Total Number
    of Shares (or
    Units) Purchased
    as Part of
    Publicly
    Announced Plans
    or Programs
    (d) Maximum
    Number (or
    Approximate
    Dollar Value) of
    Shares (or Units)
    that May Yet Be
    Purchased Under
    the Plans or
    Programs
    January 1, 2025 - January 31, 2025— 
    (1)
    $— — $7,293,222,352 
    (2)
    February 1, 2025 - February 28, 2025— 
    (1)
    — — 7,293,222,352 
    (2)
    March 1, 2025 - March 31, 2025— 
    (1)
    — — 7,293,222,352 
    (2)
    Total— 
    (1)
    $— — $7,293,222,352 
    (2)
    ______________________________________
    1.These shares do not include the shares surrendered to Abbott to satisfy tax withholding obligations in connection with the vesting of restricted stock or restricted stock units.
    2.On December 10, 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to time (the "2021 Plan"). On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan is in addition to the unused portion of the 2021 Plan.
    26

    Table of Contents
    Item 6.     Exhibits
    Exhibit No.Exhibit
    10.1
    Abbott Laboratories Non-Employee Directors' Fee Plan, as amended and restated.
    31.1
    Certification of Chief Executive Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).
    31.2
    Certification of Chief Financial Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)).
    Exhibits 32.1 and 32.2 are furnished herewith and should not be deemed to be “filed” under the Securities Exchange Act of 1934.
    32.1
    Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    32.2
    Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
    101The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter ended March 31, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Earnings; (ii) Condensed Consolidated Statement of Comprehensive Income; (iii) Condensed Consolidated Balance Sheet; (iv) Condensed Consolidated Statement of Shareholders’ Investment; (v) Condensed Consolidated Statement of Cash Flows; and (vi) Notes to the Condensed Consolidated Financial Statements.
    104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).
    27

    Table of Contents
    SIGNATURE
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
    ABBOTT LABORATORIES
    By:/s/ PHILIP P. BOUDREAU
    Philip P. Boudreau
    Executive Vice President, Finance
    and Chief Financial Officer
    Date: April 30, 2025
    28
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