Abbott continued leaning into its diverse business portfolio during the third quarter's volatile market and significantly exceeded Street estimates.
Based on the company's strong performance so far this year, Abbott is raising its full-year 2022 projected adjusted diluted earnings per share (EPS) guidance to $5.17 to $5.23.1
These are the quarter’s key numbers:
Abbott's diversified business model has been driving the company's success and setting it apart from competitors for more than 130 years. And this continued in the third quarter. The company's results were led by strong performance in Established Pharmaceuticals and the U.S. Medical Devices business, which reported strong, double-digit growth in Electrophysiology, Structural Heart and Diabetes Care.
Abbott continues to strengthen its portfolio with regulatory approvals, real-world data and new product introductions, including:
For full financials and reconciliation of non-GAAP measures, you can read Abbott's press release.
For further information, take a look at a summary of Abbott’s earnings highlights and download it here.
*Organic sales growth excludes the impact of foreign exchange.
References
1 Abbott is raising its projected full-year 2022 diluted earnings per share under GAAP to $3.75 to $3.81. Abbott forecasts specified items for the full-year 2022 of $1.42 per share primarily related to intangible amortization, costs related to a voluntary recall, asset impairments, expenses associated with acquisitions, restructurings and cost reduction initiatives and other net expenses. Excluding specified items, Abbott is raising its projected adjusted diluted earnings per share to $5.17 to $5.23 for the full-year 2022.
2 All reported amounts relate to continuing operations only as there are no discontinued operations in the periods presented.
3 Among patient-applied sensors. Data on file, Abbott Diabetes Care.
4 Data on file, Abbott Diabetes Care. Comparison based on publicly available information.
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, 2021 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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