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0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002023-10-182023-10-180000001800exch:XCHI2023-10-182023-10-180000001800exch:XNYS2023-10-182023-10-18

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
_______________________________________________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 18, 2023
Date of Report (Date of earliest event reported)
ABBOTT LABORATORIES
(Exact name of registrant as specified in charter)
_______________________________________________________

Illinois 1-2189 36-0698440
(State or other Jurisdiction
of Incorporation)		 (Commission File Number) (IRS Employer
Identification  No.)
_______________________________________________________
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: (224) 667-6100
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each Class
Trading
Symbol(s)
Name of Each Exchange
on Which Registered
Common Shares, Without Par Value ABT
New York Stock Exchange
Chicago Stock Exchange, Inc.
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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 On October 18, 2023, Abbott Laboratories announced its results of operations for the second quarter 2023.


Item 2.02    Results of Operations and Financial Condition
Furnished as Exhibit 99.1, and incorporated herein by reference, is the news release issued by Abbott announcing those results. In that news release, Abbott uses various non-GAAP financial measures including, among others, net earnings excluding specified items. These non-GAAP financial measures adjust for factors that are unusual or unpredictable, such as expenses primarily associated with acquisitions, restructuring actions, cost reduction initiatives, a voluntary recall, charges for intangible asset impairments, fair value adjustments to the contingent consideration related to business acquisitions, certain regulatory costs, tax benefits associated with specified items, net tax expense as a result of the resolution of various tax positions related to prior years, and excess tax benefits associated with share-based compensation. These non-GAAP financial measures also exclude intangible amortization expense to provide greater visibility on the results of operations excluding these costs, similar to how Abbott’s management internally assesses performance. Abbott’s management believes the presentation of these non-GAAP financial measures provides useful information to investors regarding Abbott’s results of operations as these non-GAAP financial measures allow investors to better evaluate ongoing business performance. Abbott’s management also uses these non-GAAP financial measures internally to monitor performance of the businesses. Abbott, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, financial measures prepared in accordance with GAAP.
Item 9.01    Financial Statements and Exhibits
Exhibit No. Exhibit
104 Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).


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 hereunto duly authorized.
ABBOTT LABORATORIES
Date: October 18, 2023 By: /s/ Philip P. Boudreau
Philip P. Boudreau
Senior Vice President, Finance and Chief Financial Officer

EX-99.1 2 abt-2023q3xexhibitx991.htm EX-99.1 Document

Exhibit 99.1 9 9.1
abbottlogo.jpg
  News Release

Abbott Reports Third-Quarter 2023 Results and Raises Midpoint of Full-Year EPS Guidance Range

–Sales of $10.1 billion driven by strong underlying base business performance
–Reported sales decreased 2.6 percent due to anticipated decline in COVID-19 testing-related sales versus prior year
–Organic sales growth for underlying base business of 13.8 percent, reflects double-digit growth in each of the four major businesses
ABBOTT PARK, Ill., Oct. 18, 2023 — Abbott today announced financial results for the third quarter ended Sept. 30, 2023.

•Third-quarter GAAP diluted EPS of $0.82 and adjusted diluted EPS of $1.14, which excludes specified items.
•Abbott narrowed its full-year 2023 EPS guidance range. Abbott projects full-year diluted EPS on a GAAP basis of $3.14 to $3.18 and projects adjusted diluted EPS of $4.42 to $4.46, which represents an increase at the midpoint of the guidance range.
•Abbott continues to project full-year 2023 organic sales growth, excluding COVID-19 testing-related sales1, to be in the low double-digits2.
•In July, Abbott obtained CE Mark for its AVEIR™ single-chamber leadless pacemaker for treating patients with slow heart rhythms. Unlike traditional pacemakers, leadless pacemakers do not require an incision in the chest to implant or leads (wires) to deliver therapy.
•In September, Abbott acquired Bigfoot Biomedical, a leader in developing insulin management systems, furthering Abbott's efforts to develop connected solutions for making diabetes management even more personal and precise.
•In September, Abbott expanded its existing collaboration with global biotech leader mAbxience Holdings S.L. to commercialize several biosimilar molecules, with the goal of broadening access to these therapies for people in emerging markets.
•In September, Abbott published an analysis showing a complementary relationship between the company's FreeStyle Libre® continuous glucose monitoring system and GLP-1 medications. The analysis also showed that a growing number of people are using these tools together to support behavior change to optimize the treatment of diabetes and improve overall health.


"The investments we made during the pandemic continue to drive broad-based growth across our underlying base business," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're on track to deliver on the financial commitments we set at the beginning of the year, and the momentum we're building across the portfolio positions us well as we head into 2024."
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THIRD-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, the impact of exiting the pediatric nutrition business in China, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI), 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 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.


Third Quarter 2023 Results (3Q23)
Sales 3Q23 ($ in millions) Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 3,817  860  1,013  —  1,940 
International 6,326  1,213  1,436  1,368  2,309 
Total reported 10,143  2,073  2,449  1,368  4,249 
% Change vs. 3Q22
U.S. (6.8) 25.4  (40.8) n/a 14.6 
International 0.2  9.3  (25.6) 3.2  18.4 
Total reported (2.6) 15.5  (32.7) 3.2  16.6 
Impact of foreign exchange (1.4) (1.4) (0.8) (7.9) 0.6 
Impact of CSI acquisition 0.5  —  —  —  1.3 
Impact of business exit (0.2) (1.2) —  —  — 
Organic (1.5) 18.1  (31.9) 11.1  14.7 
Impact of COVID-19 testing sales (3)
 (15.3) —  (42.0) —  — 
Organic (excluding COVID-19 tests) 13.8  18.1  10.1  11.1  14.7 
    U.S. 15.3  25.4  13.7  n/a 11.8 
    International 13.0  13.4  8.2  11.1  17.1 

First Nine Months 2023 Results (9M23)
Sales 9M23 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 11,503  2,553  3,309  —  5,631 
International 18,365  3,563  4,145  3,844  6,813 
Total reported 29,868  6,116  7,454  3,844  12,444 
% Change vs. 9M22
U.S. (17.4) 20.2  (51.8) n/a 14.3 
International (6.5) 1.3  (34.5) 4.0  11.8 
Total reported (11.0) 8.4  (43.5) 4.0  12.9 
Impact of foreign exchange (2.4) (2.8) (1.4) (7.6) (1.7)
Impact of CSI acquisition 0.3  —  —  —  0.8 
Impact of business exit (0.2) (1.5) —  —  — 
Organic (8.7) 12.7  (42.1) 11.6  13.8 
Impact of COVID-19 testing sales (3)
 (20.5) —  (49.3) —  — 
Organic (excluding COVID-19 tests) 11.8  12.7  7.2  11.6  13.8 
    U.S. 12.9  20.2  6.3  n/a 12.6 
    International 11.2  8.0  7.7  11.6  14.8 
Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.

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Nutrition

Third Quarter 2023 Results (3Q23)

Sales 3Q23 ($ in millions) Total Pediatric Adult
U.S. 860  506  354 
International 1,213  495  718 
Total reported 2,073  1,001  1,072 
% Change vs. 3Q22
U.S. 25.4  41.8  7.7 
International 9.3  5.1  12.4 
Total reported 15.5  20.9  10.8 
Impact of foreign exchange (1.4) (1.4) (1.6)
Impact of business exit (1.2) (2.6) — 
Organic 18.1  24.9  12.4 
    U.S. 25.4  41.8  7.7 
    International 13.4  11.5  14.8 
Worldwide Nutrition sales increased 15.5 percent on a reported basis and 18.1 percent on an organic basis in the third quarter. Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.
In Pediatric Nutrition, global sales increased 20.9 percent on a reported basis and 24.9 percent on an organic basis. In the U.S., sales growth of 41.8 percent was primarily driven by continued market share recovery in the infant formula business following a voluntary recall of certain products last year.
In Adult Nutrition, global sales increased 10.8 percent on a reported basis and 12.4 percent on an organic basis, which was led by strong global growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand.


First Nine Months 2023 Results (9M23)

Sales 9M23 ($ in millions) Total Pediatric Adult
U.S. 2,553  1,472  1,081 
International 3,563  1,477  2,086 
Total reported 6,116  2,949  3,167 
% Change vs. 9M22
U.S. 20.2  32.8  6.4 
International 1.3  (0.9) 2.9 
Total reported 8.4  13.5  4.1 
Impact of foreign exchange (2.8) (2.1) (3.3)
Impact of business exit (1.5) (3.5) — 
Organic 12.7  19.1  7.4 
    U.S. 20.2  32.8  6.4 
    International 8.0  8.1  7.9 



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Diagnostics

Third Quarter 2023 Results (3Q23)
Sales 3Q23 ($ in millions) Total Core Laboratory Molecular Point of Care Rapid Diagnostics *
U.S. 1,013  317  38  97  561 
International 1,436  997  95  43  301 
Total reported 2,449  1,314  133  140  862 
% Change vs. 3Q22
U.S. (40.8) 12.7  (42.0) 5.7  (55.9)
International (25.6) 6.3  (19.9) 21.8  (64.1)
Total reported (32.7) 7.8  (27.8) 10.2  (59.2)
Impact of foreign exchange (0.8) (1.9) (0.3) 0.4  (0.3)
Organic (31.9) 9.7  (27.5) 9.8  (58.9)
Impact of COVID-19 testing sales (3)
(42.0) (0.7) (23.9) —  (72.0)
Organic (excluding COVID-19 tests) 10.1  10.4  (3.6) 9.8  13.1 
    U.S. 13.7  13.4  (15.9) 5.7  20.1 
    International 8.2  9.5  1.7  20.4  2.9 

As expected, Diagnostics sales growth in the third quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales3. Worldwide COVID-19 testing sales were $305 million in the third quarter of 2023 compared to $1.671 billion in the third quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 8.8 percent on a reported basis and 10.1 percent on an organic basis.


First Nine Months 2023 Results (9M23)
Sales 9M23 ($ in millions) Total Core Laboratory Molecular Point of Care Rapid Diagnostics *
U.S. 3,309  917  128  289  1,975 
International 4,145  2,872  293  127  853 
Total reported 7,454  3,789  421  416  2,828 
% Change vs. 9M22
U.S. (51.8) 9.7  (58.7) 1.9  (63.7)
International (34.5) 3.0  (42.2) 14.6  (70.8)
Total reported (43.5) 4.6  (48.4) 5.5  (66.2)
Impact of foreign exchange (1.4) (3.5) (0.9) (0.4) (0.6)
Organic (42.1) 8.1  (47.5) 5.9  (65.6)
Impact of COVID-19 testing sales (3)
 (49.3) (1.1) (36.2) —  (73.8)
Organic (excluding COVID-19 tests) 7.2  9.2  (11.3) 5.9  8.2 
    U.S. 6.3  10.6  (19.5) 1.9  7.7 
    International 7.7  8.8  (7.7) 16.0  9.0 
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $30 million of sales in the third quarter of 2022 and $87 million in the first nine months of 2022 were moved from Rapid Diagnostics to Heart Failure.


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Established Pharmaceuticals

Third Quarter 2023 Results (3Q23)
Sales 3Q23 ($ in millions) Total Key Emerging Markets Other
U.S. —  —  — 
International 1,368  987  381 
Total reported 1,368  987  381 
% Change vs. 3Q22
U.S. n/a n/a n/a
International 3.2  (1.4) 17.2 
Total reported 3.2  (1.4) 17.2 
Impact of foreign exchange (7.9) (10.2) (1.2)
Organic 11.1  8.8  18.4 
    U.S. n/a n/a n/a
    International 11.1  8.8  18.4 
Established Pharmaceuticals sales increased 3.2 percent on a reported basis and 11.1 percent on an organic basis in the third 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 decreased 1.4 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including cardiometabolic, women's health, and central nervous system/pain management.


First Nine Months 2023 Results (9M23)
Sales 9M23 ($ in millions) Total Key Emerging Markets Other
U.S. —  —  — 
International 3,844  2,889  955 
Total reported 3,844  2,889  955 
% Change vs. 9M22
U.S. n/a n/a n/a
International 4.0  1.3  13.2 
Total reported 4.0  1.3  13.2 
Impact of foreign exchange (7.6) (8.7) (3.9)
Organic 11.6  10.0  17.1 
    U.S. n/a n/a n/a
    International 11.6  10.0  17.1 











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Medical Devices

Third Quarter 2023 Results (3Q23)
Sales 3Q23 ($ in millions) Total Rhythm Management Electro-
physiology		 Heart Failure * Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 1,940  271  246  217  251  223  188  544 
International 2,309  292  298  67  421  264  39  928 
Total reported 4,249  563  544  284  672  487  227  1,472 
% Change vs. 3Q22
U.S. 14.6  3.7  9.1  5.0  17.5  7.6  20.9  28.5 
International 18.4  8.2  22.5  30.9  7.3  23.8  7.4  24.8 
Total reported 16.6  6.0  16.0  10.2  10.9  15.8  18.3  26.2 
Impact of foreign exchange 0.6  0.2  (0.8) 1.0  0.2  1.1  (0.5) 1.7 
Impact of CSI acquisition 1.3  —  —  —  7.9  —  —  — 
Organic 14.7  5.8  16.8  9.2  2.8  14.7  18.8  24.5 
    U.S. 11.8  3.7  9.1  5.0  (4.1) 7.6  20.9  28.5 
    International 17.1  7.8  24.0  26.3  6.5  21.6  9.9  22.3 
Worldwide Medical Devices sales increased 16.6 percent on a reported basis and 14.7 percent on an organic basis in the third quarter. Sales growth was led by double-digit organic growth in Diabetes Care, Electrophysiology, Structural Heart, and Neuromodulation. Several recently launched products and new indications contributed to the strong performance, including Amplatzer® Amulet®, Navitor®, TriClip®, and AVEIR.

In Electrophysiology, internationally, sales grew more than 20 percent on a reported and organic basis, which includes mid-teens growth in Europe.

In Diabetes Care, FreeStyle Libre sales were $1.4 billion, which represents sales growth of 30.5 percent on a reported basis and 28.5 percent on an organic basis.

First Nine Months 2023 Results (9M23)
Sales 9M23 ($ in millions) Total Rhythm Management Electro-
physiology		 Heart Failure * Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 5,631  800  729  661  733  652  528  1,528 
International 6,813  873  873  199  1,271  794  122  2,681 
Total reported 12,444  1,673  1,602  860  2,004  1,446  650  4,209 
% Change vs. 9M22
U.S. 14.3  3.4  9.3  8.3  12.7  7.9  15.8  31.1 
International 11.8  5.1  13.0  19.2  3.5  19.1  8.5  15.6 
Total reported 12.9  4.3  11.3  10.7  6.7  13.8  14.4  20.8 
Impact of foreign exchange (1.7) (1.7) (2.8) (0.2) (2.1) (1.5) (1.1) (1.5)
Impact of CSI acquisition 0.8  —  —  —  4.9  —  —  — 
Organic 13.8  6.0  14.1  10.9  3.9  15.3  15.5  22.3 
    U.S. 12.6  3.4  9.3  8.3  (0.5) 7.9  15.8  31.1 
    International 14.8  8.6  18.3  20.1  6.2  21.9  14.1  17.9 

*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $30 million of sales in the third quarter of 2022 and $87 million in the first nine months of 2022 were moved from Rapid Diagnostics to Heart Failure.

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ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2023 diluted earnings per share under GAAP of $3.14 to $3.18. Abbott forecasts specified items for the full-year 2023 of $1.28 per share primarily related to intangible amortization, costs associated with acquisitions, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.42 to $4.46 for the full-year 2023.
ABBOTT DECLARES 399TH CONSECUTIVE QUARTERLY DIVIDEND
On Sept. 21, 2023, the board of directors of Abbott declared the company's quarterly dividend of $0.51 per share. Abbott's cash dividend is payable Nov. 15, 2023, to shareholders of record at the close of business on Oct. 13, 2023.

Abbott has increased its dividend payout for 51 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 115,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com, on LinkedIn at www.linkedin.com/company/abbott-/, on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews.
Abbott will live-webcast its third-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later in the day.
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— 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 December 31, 2022, 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.
Abbott Financial:
Michael Comilla, 224-668-1872 Tamika LeBean 224-399-5082
Ryan Aliff, 224-667-2299
Abbott Media:
Karen Twigg May, 224-668-2681
Kate Dyer, 224-668-9965
1For the full-year 2022, COVID-19 testing-related sales were $8.368 billion and total worldwide sales were $43.653 billion. For the full-year 2023, Abbott projects COVID-19 testing-related sales of approximately $1.5 billion.

2Abbott 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 the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth.

3Diagnostic sales and COVID-19 testing-related sales in 2023 and 2022 are summarized below:

Sales 3Q23 COVID Tests Sales 3Q23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,013  1,436  2,449  207  98  305 
Core Laboratory 317  997  1,314  2  3  5 
Molecular 38  95  133  5  3  8 
Rapid Diagnostics 561  301  862  200  92  292 
Sales 3Q22 COVID Tests Sales 3Q22
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,711  1,930  3,641  1,002  669  1,671 
Core Laboratory 281  938  1,219  4  7  11 
Molecular 65  118  183  26  28  54 
Rapid Diagnostics 1,273  839  2,112  972  634  1,606 

Sales 9M23 COVID Tests Sales 9M23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 3,309  4,145  7,454  1,031  267  1,298 
Core Laboratory 917  2,872  3,789  6  10  16 
Molecular 128  293  421  19  17  36 
Rapid Diagnostics 1,975  853  2,828  1,006  240  1,246 
Sales 9M22 COVID Tests Sales 9M22
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 6,864  6,328  13,192  4,722  2,577  7,299 
Core Laboratory 836  2,788  3,624  12  39  51 
Molecular 308  507  815  174  201  375 
Rapid Diagnostics 5,436  2,923  8,359  4,536  2,337  6,873 




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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Third Quarter Ended September 30, 2023 and 2022
(in millions, except per share data)
(unaudited)




3Q23 3Q22 % Change
Net Sales $10,143 $10,410 (2.6)
Cost of products sold, excluding amortization expense 4,605  4,629  (0.5)
Amortization of intangible assets 496  498  (0.4)
Research and development 672  782  (14.0)
Selling, general, and administrative 2,723  2,731  (0.3)
Total Operating Cost and Expenses 8,496  8,640  (1.7)
Operating Earnings 1,647  1,770  (7.0)
Interest expense, net 69  86  (20.9)
Net foreign exchange (gain) loss (10) 19  n/m
Other (income) expense, net (83) (93) (10.8)
Earnings before taxes 1,671  1,758  (4.9)
Taxes on earnings 235  323  (27.4)
Net Earnings $1,436 $1,435 0.1 
Net Earnings excluding Specified Items, as described below $2,000 $2,036 (1.8) 1)
Diluted Earnings per Common Share $0.82 $0.81 1.2 
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $1.14 $1.15 (0.9) 1)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,748  1,764 


NOTES:
See tables on page 13 for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following page.
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1)2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $564 million, or $0.32 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.

2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $601 million, or $0.34 per share, for intangible amortization, charges related to the impairment of R&D intangible assets, expenses associated with acquisitions, restructuring and cost reduction initiatives and other net expenses.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Nine Months Ended September 30, 2023 and 2022
(in millions, except per share data)
(unaudited)




9M23 9M22 % Change
Net Sales $29,868 $33,562 (11.0)
Cost of products sold, excluding amortization expense 13,419  14,549  (7.8)
Amortization of intangible assets 1,485  1,517  (2.1)
Research and development 2,041  2,163  (5.6)
Selling, general, and administrative 8,225  8,275  (0.6)
Total Operating Cost and Expenses 25,170  26,504  (5.0)
Operating Earnings 4,698  7,058  (33.4)
Interest expense, net 182  309  (41.3)
Net foreign exchange (gain) loss 17  16  5.0 
Other (income) expense, net (370) (253) 46.2 
Earnings before taxes 4,869  6,986  (30.3)
Taxes on earnings 740  1,086  (31.9) 1)
Net Earnings $4,129 $5,900 (30.0)
Net Earnings excluding Specified Items, as described below $5,708 $7,655 (25.4) 2)
Diluted Earnings per Common Share $2.35 $3.32 (29.2)
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $3.25 $4.31 (24.6) 2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,750  1,768 



NOTES:
See tables on page 14 for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following page.









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1)2023 Taxes on Earnings includes the recognition of approximately $59 million of net tax expense as a result of the resolution of various tax positions related to prior years.
2022 Taxes on Earnings includes the recognition of approximately $20 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $36 million in excess tax benefits associated with share-based compensation.

2)2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.579 billion, or $0.90 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.
2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.755 billion, or $0.99 per share, for intangible amortization, charges related to a voluntary recall and the impairment of R&D intangible assets, acquisition-related costs and other net expenses.
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Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Third Quarter Ended September 30, 2023 and 2022
(in millions, except per share data)
(unaudited)
3Q23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 496  $ (496) $ — 
Gross Margin
 5,042  542  5,584 
R&D
 672  (46) 626 
SG&A
 2,723  (43) 2,680 
Other (income) expense, net
 (83) (23) (106)
Earnings before taxes
 1,671  654  2,325 
Taxes on Earnings
 235  90  325 
Net Earnings
 1,436  564  2,000 
Diluted Earnings per Share
 $ 0.82  $ 0.32  $ 1.14 

Specified items reflect intangible amortization expense of $496 million and other net expenses of $158 million associated with restructuring actions, costs associated with acquisitions and other net expenses. See page 17 for additional details regarding specified items.
3Q22
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 498  $ (498) $ — 
Gross Margin
 5,283  540  5,823 
R&D
 782  (146) 636 
SG&A
 2,731  (39) 2,692 
Other (income) expense, net
 (93) (4) (97)
Earnings before taxes
 1,758  729  2,487 
Taxes on Earnings
 323  128  451 
Net Earnings
 1,435  601  2,036 
Diluted Earnings per Share
 $ 0.81  $ 0.34  $ 1.15 

Specified items reflect intangible amortization expense of $498 million and other net expenses of $231 million associated with the impairment of R&D intangible assets, costs associated with acquisitions and other expenses. See page 18 for additional details regarding specified items.
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Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Nine Months Ended September 30, 2023 and 2022
(in millions, except per share data)
(unaudited)
9M23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 1,485  $ (1,485) $ — 
Gross Margin
 14,964  1,591  16,555 
R&D
 2,041  (144) 1,897 
SG&A
 8,225  (67) 8,158 
Other (income) expense, net
 (370) 34  (336)
Earnings before taxes
 4,869  1,768  6,637 
Taxes on Earnings
 740  189  929 
Net Earnings
 4,129  1,579  5,708 
Diluted Earnings per Share
 $ 2.35  $ 0.90  $ 3.25 

Specified items reflect intangible amortization expense of $1.485 billion and other net expenses of $283 million associated with restructuring actions, costs associated with acquisitions and other expenses. See page 19 for additional details regarding specified items.
9M22
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 1,517  $ (1,517) $ — 
Gross Margin
 17,496  1,739  19,235 
R&D
 2,163  (211) 1,952 
SG&A
 8,275  (92) 8,183 
Other (income) expense, net
 (253) (31) (284)
Earnings before taxes
 6,986  2,073  9,059 
Taxes on Earnings
 1,086  318  1,404 
Net Earnings
 5,900  1,755  7,655 
Diluted Earnings per Share
 $ 3.32  $ 0.99  $ 4.31 

Specified items reflect intangible amortization expense of $1.517 billion and other net expenses of $556 million that includes charges for the impairment of R&D intangible assets, costs associated with a product recall, acquisition-related costs, and other net expenses. See page 20 for additional details regarding specified items.
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A reconciliation of the third-quarter tax rates for 2023 and 2022 is shown below:
3Q23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,671  $ 235  14.0  %
Specified items 654  90 
Excluding specified items $ 2,325  $ 325  14.0  %
3Q22
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,758  $ 323  18.4  %
Specified items 729  128 
Excluding specified items $ 2,487  $ 451  18.1  %

A reconciliation of the year-to-date tax rates for 2023 and 2022 is shown below:
9M23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 4,869  $ 740  15.2  % 1)
Specified items 1,768  189 
Excluding specified items $ 6,637  $ 929  14.0  %
9M22
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 6,986  $ 1,086  15.6  % 2)
Specified items 2,073  318 
Excluding specified items $ 9,059  $ 1,404  15.5  %

1)2023 Taxes on Earnings includes the recognition of approximately $59 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2)2022 Taxes on Earnings includes the recognition of approximately $20 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $36 million in excess tax benefits associated with share-based compensation.
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Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
Third Quarter and Nine Months Ended September 30, 2023 and 2022
($ in millions)
(unaudited)
3Q23 3Q22 % Change vs. 3Q22
Non-GAAP
Abbott Reported Impact
of CSI acquisition (a)		 Impact from business exit (b) Adjusted Revenue Abbott Reported Impact from business exit (b) Adjusted Revenue Reported Adjusted Organic
Total Company 10,143  (47) (4) 10,092  10,410  (21) 10,389  (2.6) (2.9) (1.5)
U.S. 3,817  (46) —  3,771  4,094  —  4,094  (6.8) (7.9) (7.9)
Intl 6,326  (1) (4) 6,321  6,316  (21) 6,295  0.2  0.4  2.6 
Total Nutrition 2,073  —  (4) 2,069  1,795  (21) 1,774  15.5  16.7  18.1 
U.S. 860  —  —  860  686  —  686  25.4  25.4  25.4 
Intl 1,213  —  (4) 1,209  1,109  (21) 1,088  9.3  11.0  13.4 
Pediatric Nutrition 1,001  —  (4) 997  827  (21) 806  20.9  23.5  24.9 
U.S. 506  —  —  506  357  —  357  41.8  41.8  41.8 
Intl 495  —  (4) 491  470  (21) 449  5.1  9.1  11.5 
Total Medical Devices 4,249  (47) —  4,202  3,645  —  3,645  16.6  15.3  14.7 
U.S. 1,940  (46) —  1,894  1,694  —  1,694  14.6  11.8  11.8 
Intl 2,309  (1) —  2,308  1,951  —  1,951  18.4  18.4  17.1 
Vascular 672  (47) —  625  606  —  606  10.9  3.0  2.8 
U.S. 251  (46) —  205  213  —  213  17.5  (4.1) (4.1)
Intl 421  (1) —  420  393  —  393  7.3  6.9  6.5 
9M23 9M22 % Change vs. 9M22
Non-GAAP
Abbott Reported Impact
of CSI acquisition (a)		 Impact from business exit (b) Adjusted Revenue Abbott Reported Impact from business exit (b) Adjusted Revenue Reported Adjusted Organic
Total Company 29,868  (90) (41) 29,737  33,562  (112) 33,450  (11.0) (11.1) (8.7)
U.S. 11,503  (85) —  11,418  13,923  —  13,923  (17.4) (18.0) (18.0)
Intl 18,365  (5) (41) 18,319  19,639  (112) 19,527  (6.5) (6.2) (2.0)
Total Nutrition 6,116  —  (41) 6,075  5,642  (112) 5,530  8.4  9.9  12.7 
U.S. 2,553  —  —  2,553  2,124  —  2,124  20.2  20.2  20.2 
Intl 3,563  —  (41) 3,522  3,518  (112) 3,406  1.3  3.4  8.0 
Pediatric Nutrition 2,949  —  (41) 2,908  2,599  (112) 2,487  13.5  17.0  19.1 
U.S. 1,472  —  —  1,472  1,108  —  1,108  32.8  32.8  32.8 
Intl 1,477  —  (41) 1,436  1,491  (112) 1,379  (0.9) 4.2  8.1 
Total Medical Devices 12,444  (90) —  12,354  11,024  —  11,024  12.9  12.1  13.8 
U.S. 5,631  (85) —  5,546  4,927  —  4,927  14.3  12.6  12.6 
Intl 6,813  (5) —  6,808  6,097  —  6,097  11.8  11.7  14.8 
Vascular 2,004  (90) —  1,914  1,878  —  1,878  6.7  1.8  3.9 
U.S. 733  (85) —  648  650  —  650  12.7  (0.5) (0.5)
Intl 1,271  (5) —  1,266  1,228  —  1,228  3.5  3.1  6.2 

(a) Reflects the impact of the acquisition of Cardiovascular Systems, Inc. (CSI) on April 27, 2023.
(b) Reflects the impact of exiting the pediatric nutrition business in China. This action was initiated in December 2022.

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Abbott Laboratories and Subsidiaries
Details of Specified Items
Third Quarter Ended September 30, 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 $ 3  $ 19  $ 496  $ 24  $ 542 
R&D (1) (13) —  (32) (46)
SG&A (22) (22) —  1  (43)
Other (income) expense, net 5  —  —  (28) (23)
Earnings before taxes $ 21  $ 54  $ 496  $ 83  654 
Taxes on Earnings (d) 90 
Net Earnings $ 564 
Diluted Earnings per Share $ 0.32 
The table above provides additional details regarding the specified items described on page 13.

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 European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and charges for intangible asset impairments.
d)Reflects the net tax benefit associated with the specified items.
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Abbott Laboratories and Subsidiaries
Details of Specified Items
Third Quarter Ended September 30, 2022
(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 $ 15  $ 11  $ 498  $ 16  $ 540 
R&D (3) (3) —  (140) (146)
SG&A (13) (5) —  (21) (39)
Other (income) expense, net (4) —  —  —  (4)
Earnings before taxes $ 35  $ 19  $ 498  $ 177  729 
Taxes on Earnings (d) 128 
Net Earnings $ 601 
Diluted Earnings per Share $ 0.34 

The table above provides additional details regarding the specified items described on page 13.
a)Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

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 charges related to an impairment of R&D intangible assets acquired in a business combination, incremental costs to comply with the European Union's Medical Device (MDR) and In Vitro Diagnostics Medical Device (IVDR) Regulations for previously approved products and costs related to certain litigation.
d)Reflects the net tax benefit associated with the specified items.
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Abbott Laboratories and Subsidiaries
Details of Specified Items
Nine Months Ended September 30, 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 $ 15  $ 51  $ 1,485  $ 40  $ 1,591 
R&D (13) (5) —  (126) (144)
SG&A (43) (28) —  4  (67)
Other (income) expense, net 46  —  —  (12) 34 
Earnings before taxes $ 25  $ 84  $ 1,485  $ 174  1,768 
Taxes on Earnings (d) 189 
Net Earnings $ 1,579 
Diluted Earnings per Share $ 0.90 
The table above provides additional details regarding the specified items described on page 14.

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 and tax expense as a result of the resolution of various tax positions related to prior years.
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Abbott Laboratories and Subsidiaries
Details of Specified Items
Nine Months Ended September 30, 2022
(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 $ 56  $ (1) $ 1,517  $ 167  $ 1,739 
R&D (10) (4) —  (197) (211)
SG&A (31) (5) —  (56) (92)
Other (income) expense, net (15) —  —  (16) (31)
Earnings before taxes $ 112  $ 8  $ 1,517  $ 436  2,073 
Taxes on Earnings (d) 318 
Net Earnings $ 1,755 
Diluted Earnings per Share $ 0.99 

The table above provides additional details regarding the specified items described on page 14.
a)Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.
b)Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. The Gross Margin amount includes a credit associated with the charges taken in the second quarter of 2021 for a restructuring plan related to Abbott's manufacturing network for COVID-19 diagnostic tests.

c)Other primarily relates to the net costs related to a voluntary recall within the Nutrition segment, charges associated with the impairment of R&D intangible assets acquired in a business combination, incremental costs to comply with the European Union's MDR and IVDR Regulations for previously approved products and costs related to certain litigation.
d)Reflects the net tax benefit associated with the specified items, excess tax benefits associated with share-based compensation and net tax expense as a result of the resolution of various tax positions related to prior years.
###
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