Company News
Q4: Abbott sales drop 8.1%
Abbott is entering 2024 with a lot of momentum fueled by four consecutive quarters of double-digit organic sales growth1 in the underlying base business2 and a deep and diverse product pipeline.
For the full year, Abbott’s worldwide sales were $40.1 billion, up 11.6% organic, excluding Covid-19 testing-related revenue. Reported sales decreased 8.1% due to the anticipated decline in Covid-19 testing-related revenue. Full-year adjusted diluted EPS was $4.44, exceeding the midpoint of the guidance Abbott provided at the start of 2023. GAAP diluted EPS was $3.26.
Sales for the fourth quarter of 2023 reached $10.2 billion, an 11.0% organic increase, excluding Covid-19 testing-related revenue, driven by Medical Devices (up 15.4% organic; 17.5% reported) and Nutrition (up 13.9% organic; 12.2% reported).
This performance led to Q4 adjusted diluted EPS of $1.19, which excludes specified items. GAAP diluted EPS was $0.91.
Abbott also issued full-year guidance for 2024 adjusted diluted EPS of $4.50 to $4.70. Guidance for GAAP diluted EPS is $3.20 to $3.40. The company projects full-year organic sales growth, excluding Covid-19 testing-related revenue, to be between 8–10% in 2024.
Q4 highlights include:
- FreeStyle Libre sales increased 24 percent organic (25.5% reported) to $1.4 billion.
- In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of the company’s laboratory automation system, GLP Systems Track, which helps laboratories optimize performance and safety to better meet the growing demand for diagnostic testing.
- In January, Abbott announced that Tandem Diabetes Care’s t:slim X23 insulin pump is the first automated insulin delivery system in the United States to integrate with Abbott’s new FreeStyle Libre 2 Plus sensor.
- In January, Abbott announced that the first-in-human procedures were conducted using the company’s new Volt Pulsed Field Ablation (PFA) System to treat patients with heart rhythm disorders such as atrial fibrillation (AFib). These procedures were part of Abbott’s Volt CE Mark clinical study.
For full fourth-quarter and full-year 2023 results click.
MB Bureau
