The momentum of Abbott’s diversified business model continued into the third quarter of 2024, which saw global sales reach $10.6 billion, up 8.2% on an organic basis1 for the underlying base business2. Reported sales increased 4.9%.
Abbott’s adjusted diluted earnings per share was $1.21 (GAAP diluted EPS was $0.94).
Growth was led by double-digit gains in Medical Devices (up 13.3% organic, 11.7% reported), with notable performance from Diabetes Care (up 19.1% organic, 17.1% reported), including $1.6 billion in sales of continuous glucose monitors. Sales also grew significantly in Structural Heart (up 16.5% organic, 14.6% reported) and Heart Failure (up 14.4% organic, 14% reported).
The company now projects full-year diluted EPS of $4.64 to $4.70 (full-year 2024 diluted EPS under GAAP of $3.34 to $3.40), which represents an increase at the midpoint of the guidance range. Abbott is maintaining its full-year 2024 organic sales growth guidance range of 9.5% to 10.0%, excluding COVID-19 testing-related sales3.
Business highlights from the past quarter include:
For full financial data and reconciliation of non-GAAP measures, you can read Abbott’s full press release.
For more information, view a summary of Abbott’s earnings highlights and download it here.
References
1 Organic sales growth excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect product line in the Nutrition business.
2 Excludes impact of COVID-19 testing-related sales.
3 Abbott has not provided the related GAAP financial measure for organic sales growth, excluding COVID-19 testing-related sales, on a forward-looking basis because the company is unable to predict with reasonable certainty the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth. In addition, as the COVID-19 pandemic has shifted to an endemic state, the company has determined that it is unable to predict with reasonable certainty future COVID-19 test sales due to the unpredictability of demand for Covid-19 tests.
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