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0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002024-01-242024-01-240000001800exch:XCHI2024-01-242024-01-240000001800exch:XNYS2024-01-242024-01-24

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
January 24, 2024
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 January 24, 2024, Abbott Laboratories announced its results of operations for the fourth quarter and full year 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, tax benefit of certain intra-entity transfers of intellectual property, 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: January 24, 2024 By: /s/ Philip P. Boudreau
Philip P. Boudreau
Senior Vice President, Finance and Chief Financial Officer

EX-99.1 2 abt-2023q4xexhibitx991.htm EX-99.1 Document

Exhibit 99.1 9.1
abbottlogo.jpg
  News Release

Abbott Reports Fourth-Quarter and Full-Year 2023 Results; Issues 2024 Financial Outlook

–Fourth-quarter reported sales increased 1.5 percent; organic sales growth for the underlying base business increased 11.0 percent
–Full-year 2023 reported sales decreased 8.1 percent due to anticipated decline in COVID-19 testing-related sales; organic sales growth for the underlying base business increased 11.6 percent
–Full-year 2023 GAAP diluted EPS of $3.26; adjusted diluted EPS of $4.44
–R&D pipeline continues to deliver steady cadence of new products
ABBOTT PARK, Ill., Jan. 24, 2024 — Abbott today announced financial results for the fourth quarter ended Dec. 31, 2023.

•Fourth-quarter sales increased 1.5 percent on a reported basis, 2.1 percent on an organic basis, and 11.0 percent on an organic basis, excluding COVID-19 testing-related sales1.
•Fourth-quarter GAAP diluted EPS of $0.91 and adjusted diluted EPS of $1.19, which excludes specified items.
•Abbott issues full-year 2024 guidance for diluted EPS on a GAAP basis of $3.20 to $3.40 and full-year adjusted diluted EPS of $4.50 to $4.70.
•Abbott projects full-year 2024 organic sales growth, excluding COVID-19 testing-related sales, to be in the range of 8.0% to 10.0%2.
•In 2023, Abbott continued to recapture market share in the U.S. infant formula market. The company has now reclaimed its previous market-leading position, as measured on a volume basis.
•In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of its new laboratory automation system, GLP systems Track™, to help laboratories optimize performance and safety to better meet the growing demand for diagnostic testing.
•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. Abbott anticipates approval for its U.S. clinical trial (IDE) for the Volt PFA System in the first half of 2024.
•In January, Abbott announced that Tandem Diabetes Care's t:slim X2™3 insulin pump is the first automated insulin delivery system in the U.S. to integrate with Abbott's new FreeStyle Libre® 2 Plus sensor.


"The strength and diversity of the Abbott portfolio drove our success in 2023," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're entering 2024 with a lot of positive momentum, and with our highly productive pipeline, we're well-positioned for growth in 2024 and beyond."
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FOURTH-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.


Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 3,949  860  1,020  —  2,065 
International 6,292  1,178  1,514  1,222  2,378 
Total reported 10,241  2,038  2,534  1,222  4,443 
% Change vs. 4Q22
U.S. (6.4) 8.2  (38.8) n/a 17.6 
International 7.2  15.3  (6.0) 0.5  17.5 
Total reported 1.5  12.2  (22.7) 0.5  17.5 
Impact of foreign exchange (0.8) (0.7) (0.4) (8.3) 1.0 
Impact of CSI acquisition 0.4  —  —  —  1.1 
Impact of business exit (0.2) (1.0) —  —  — 
Organic 2.1  13.9  (22.3) 8.8  15.4 
Impact of COVID-19 testing sales (4)
 (8.9) —  (24.5) —  — 
Organic (excluding COVID-19 tests) 11.0  13.9  2.2  8.8  15.4 
    U.S. 7.1  8.2  (10.7) n/a 15.5 
    International 13.4  18.5  10.9  8.8  15.4 

Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 15,452  3,413  4,329  —  7,696 
International 24,657  4,741  5,659  5,066  9,191 
Total reported 40,109  8,154  9,988  5,066  16,887 
% Change vs. 12M22
U.S. (14.8) 16.9  (49.3) n/a 15.2 
International (3.3) 4.4  (28.7) 3.1  13.2 
Total reported (8.1) 9.3  (39.4) 3.1  14.1 
Impact of foreign exchange (2.0) (2.3) (1.2) (7.8) (1.0)
Impact of CSI acquisition 0.3  —  —  —  0.9 
Impact of business exit (0.2) (1.4) —  —  — 
Organic (6.2) 13.0  (38.2) 10.9  14.2 
Impact of COVID-19 testing sales (4)
 (17.8) —  (44.0) —  — 
Organic (excluding COVID-19 tests) 11.6  13.0  5.8  10.9  14.2 
    U.S. 11.3  16.9  1.3  n/a 13.3 
    International 11.7  10.4  8.5  10.9  14.9 
Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.

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Nutrition

Fourth Quarter 2023 Results (4Q23)

Sales 4Q23 ($ in millions)
 Total Pediatric Adult
U.S. 860  505  355 
International 1,178  480  698 
Total reported 2,038  985  1,053 
% Change vs. 4Q22
U.S. 8.2  11.4  4.0 
International 15.3  12.3  17.4 
Total reported 12.2  11.8  12.5 
Impact of foreign exchange (0.7) (0.5) (0.9)
Impact of business exit (1.0) (2.2) — 
Organic 13.9  14.5  13.4 
    U.S. 8.2  11.4  4.0 
    International 18.5  17.9  18.9 
Worldwide Nutrition sales increased 12.2 percent on a reported basis and 13.9 percent on an organic basis in the fourth quarter. Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.
In Pediatric Nutrition, global sales increased 11.8 percent on a reported basis and 14.5 percent on an organic basis. International sales increased 12.3 percent on a reported basis and 17.9 percent on an organic basis, which was led by strong growth in Canada and several countries in Latin America. In the U.S., sales growth of 11.4 percent was primarily driven by market share recovery in the infant formula business following a voluntary recall of certain products last year.
In Adult Nutrition, global sales increased 12.5 percent on a reported basis and 13.4 percent on an organic basis, which was led by strong global growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand.


Full-Year 2023 Results (12M23)

Sales 12M23 ($ in millions)
 Total Pediatric Adult
U.S. 3,413  1,977  1,436 
International 4,741  1,957  2,784 
Total reported 8,154  3,934  4,220 
% Change vs. 12M22
U.S. 16.9  26.6  5.8 
International 4.4  2.0  6.2 
Total reported 9.3  13.0  6.1 
Impact of foreign exchange (2.3) (1.8) (2.7)
Impact of business exit (1.4) (3.1) — 
Organic 13.0  17.9  8.8 
    U.S. 16.9  26.6  5.8 
    International 10.4  10.3  10.4 
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Diagnostics

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics *
U.S. 1,020  326  44  107  543 
International 1,514  1,044  109  42  319 
Total reported 2,534  1,370  153  149  862 
% Change vs. 4Q22
U.S. (38.8) 8.3  (27.7) 20.7  (55.3)
International (6.0) 8.4  (7.8) (1.0) (34.4)
Total reported (22.7) 8.4  (14.6) 13.6  (49.3)
Impact of foreign exchange (0.4) (0.7) 0.3  0.6  (0.1)
Organic (22.3) 9.1  (14.9) 13.0  (49.2)
Impact of COVID-19 testing sales (4)
(24.5) (0.6) (16.6) —  (35.5)
Organic (excluding COVID-19 tests) 2.2  9.7  1.7  13.0  (13.7)
    U.S. (10.7) 8.8  (12.6) 20.7  (29.2)
    International 10.9  10.0  8.2  (2.9) 18.6 

As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales4. Worldwide COVID-19 testing sales were $288 million in the fourth quarter of 2023 compared to $1.069 billion in the fourth quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics sales increased 1.7 percent on a reported basis and 2.2 percent on an organic basis.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics *
U.S. 4,329  1,243  172  396  2,518 
International 5,659  3,916  402  169  1,172 
Total reported 9,988  5,159  574  565  3,690 
% Change vs. 12M22
U.S. (49.3) 9.3  (53.6) 6.4  (62.1)
International (28.7) 4.4  (35.7) 10.3  (65.6)
Total reported (39.4) 5.5  (42.3) 7.5  (63.3)
Impact of foreign exchange (1.2) (2.9) (0.7) (0.2) (0.4)
Organic (38.2) 8.4  (41.6) 7.7  (62.9)
Impact of COVID-19 testing sales (4)
 (44.0) (1.0) (33.5) —  (64.2)
Organic (excluding COVID-19 tests) 5.8  9.4  (8.1) 7.7  1.3 
    U.S. 1.3  10.1  (17.8) 6.4  (4.8)
    International 8.5  9.1  (3.8) 10.8  11.6 
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.
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Established Pharmaceuticals

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 1,222  918  304 
Total reported 1,222  918  304 
% Change vs. 4Q22
U.S. n/a n/a n/a
International 0.5  0.5  0.4 
Total reported 0.5  0.5  0.4 
Impact of foreign exchange (8.3) (10.9) (0.4)
Organic 8.8  11.4  0.8 
    U.S. n/a n/a n/a
    International 8.8  11.4  0.8 
Established Pharmaceuticals sales increased 0.5 percent on a reported basis and 8.8 percent on an organic basis in the fourth 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 increased 0.5 percent on a reported basis and increased 11.4 percent on an organic basis, led by growth in several geographies and therapeutic areas, including cardiometabolic, gastroenterology, respiratory, and central nervous system/pain management.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 5,066  3,807  1,259 
Total reported 5,066  3,807  1,259 
% Change vs. 12M22
U.S. n/a n/a n/a
International 3.1  1.1  9.8 
Total reported 3.1  1.1  9.8 
Impact of foreign exchange (7.8) (9.2) (3.0)
Organic 10.9  10.3  12.8 
    U.S. n/a n/a n/a
    International 10.9  10.3  12.8 










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Medical Devices

Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure * Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 2,065  285  279  227  245  231  197  601 
International 2,378  297  314  74  432  267  43  951 
Total reported 4,443  582  593  301  677  498  240  1,552 
% Change vs. 4Q22
U.S. 17.6  12.0  15.0  13.6  14.8  7.9  20.8  28.3 
International 17.5  14.5  28.0  26.6  10.4  17.6  10.2  18.4 
Total reported 17.5  13.3  21.5  16.6  12.0  12.9  18.8  22.0 
Impact of foreign exchange 1.0  1.2  0.3  1.2  1.1  1.5  —  1.3 
Impact of CSI acquisition 1.1  —  —  —  6.4  —  —  — 
Organic 15.4  12.1  21.2  15.4  4.5  11.4  18.8  20.7 
    U.S. 15.5  12.0  15.0  13.6  (2.5) 7.9  20.8  28.3 
    International 15.4  12.1  27.3  21.4  8.3  14.7  10.2  16.2 

Worldwide Medical Devices sales increased 17.5 percent on a reported basis and 15.4 percent on an organic basis in the fourth quarter. Sales growth was led by double-digit organic growth in Diabetes Care, Neuromodulation, Structural Heart, Electrophysiology, Heart Failure, and Rhythm Management. 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 25.0 percent on a reported and organic basis, which included sales growth of more than 20.0 percent in Europe.

In Diabetes Care, FreeStyle Libre sales were $1.4 billion, which represents sales growth of 25.5 percent on a reported basis and 23.8 percent on an organic basis.


Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure * Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 7,696  1,085  1,008  888  978  883  725  2,129 
International 9,191  1,170  1,187  273  1,703  1,061  165  3,632 
Total reported 16,887  2,255  2,195  1,161  2,681  1,944  890  5,761 
% Change vs. 12M22
U.S. 15.2  5.5  10.8  9.6  13.2  7.9  17.2  30.3 
International 13.2  7.4  16.6  21.1  5.2  18.7  9.0  16.3 
Total reported 14.1  6.5  13.9  12.1  8.0  13.6  15.5  21.1 
Impact of foreign exchange (1.0) (1.0) (2.0) 0.1  (1.3) (0.7) (0.9) (0.8)
Impact of CSI acquisition 0.9  —  —  —  5.3  —  —  — 
Organic 14.2  7.5  15.9  12.0  4.0  14.3  16.4  21.9 
    U.S. 13.3  5.5  10.8  9.6  (1.0) 7.9  17.2  30.3 
    International 14.9  9.4  20.5  20.5  6.7  20.1  13.1  17.5 
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.

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ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.20 to $3.40. Abbott forecasts specified items for the full-year 2024 of $1.30 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 $4.50 to $4.70 for the full-year 2024.
ABBOTT DECLARES 400TH CONSECUTIVE QUARTERLY DIVIDEND
On Dec. 15, 2023, the board of directors of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is payable Feb. 15, 2024, to shareholders of record at the close of business on Jan. 12, 2024.

Abbott has increased its dividend payout for 52 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 114,000 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 fourth-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
1In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million. In the fourth quarter of 2022, total worldwide sales were $10.091 billion and COVID-19 testing-related sales were $1.069 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 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.

3t:slimX2TM is a trademark of Tandem Diabetes Care, Inc.

4Diagnostic sales and COVID-19 testing-related sales in 2023 and 2022 are summarized below:

Sales 4Q23
 COVID Tests Sales 4Q23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,020  1,514  2,534  224  64  288 
Core Laboratory 326  1,044  1,370  1  3  4 
Molecular 44  109  153  5  2  7 
Rapid Diagnostics 543  319  862  218  59  277 
Sales 4Q22 COVID Tests Sales 4Q22
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,667  1,610  3,277  776  293  1,069 
Core Laboratory 301  963  1,264  3  7  10 
Molecular 62  118  180  17  20  37 
Rapid Diagnostics 1,216  486  1,702  756  266  1,022 

Sales 12M23 COVID Tests Sales 12M23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 4,329  5,659  9,988  1,255  331  1,586 
Core Laboratory 1,243  3,916  5,159  7  13  20 
Molecular 172  402  574  24  19  43 
Rapid Diagnostics 2,518  1,172  3,690  1,224  299  1,523 
Sales 12M22 COVID Tests Sales 12M22
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 8,531  7,938  16,469  5,498  2,870  8,368 
Core Laboratory 1,137  3,751  4,888  16  46  62 
Molecular 370  625  995  190  221  411 
Rapid Diagnostics 6,652  3,409  10,061  5,292  2,603  7,895 

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Fourth Quarter Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)




4Q23 4Q22 % Change
Net Sales $10,241 $10,091 1.5 
Cost of products sold, excluding amortization expense 4,556  4,593  (0.8)
Amortization of intangible assets 481  496  (3.1)
Research and development 700  725  (3.6)
Selling, general, and administrative 2,724  2,973  (8.3)
Total Operating Cost and Expenses 8,461  8,787  (3.7)
Operating Earnings 1,780  1,304  36.5 
Interest expense, net 70  66  5.9 
Net foreign exchange (gain) loss 24  (14) n/m
Other (income) expense, net (109) (68) 60.9 
Earnings before taxes 1,795  1,320  36.0 
Taxes on earnings 201  287  (29.6)
Net Earnings $1,594 $1,033 54.2 
Net Earnings excluding Specified Items, as described below $2,094 $1,811 15.6  1)
Diluted Earnings per Common Share $0.91 $0.59 54.2 
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $1.19 $1.03 15.5  1)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,748  1,754 


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 $500 million, or $0.28 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 $778 million, or $0.44 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions, and other net expenses.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Twelve Months Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)




12M23
 12M22 % Change
Net Sales $40,109 $43,653 (8.1)
Cost of products sold, excluding amortization expense 17,975  19,142  (6.1)
Amortization of intangible assets 1,966  2,013  (2.3)
Research and development 2,741  2,888  (5.1)
Selling, general, and administrative 10,949  11,248  (2.7)
Total Operating Cost and Expenses 33,631  35,291  (4.7)
Operating Earnings 6,478  8,362  (22.5)
Interest expense, net 252  375  (33.0)
Net foreign exchange (gain) loss 41  2  n/m
Other (income) expense, net (479) (321) 49.3 
Earnings before taxes 6,664  8,306  (19.8)
Taxes on earnings 941  1,373  (31.4) 1)
Net Earnings $5,723 $6,933 (17.5)
Net Earnings excluding Specified Items, as described below $7,802 $9,466 (17.6) 2)
Diluted Earnings per Common Share $3.26 $3.91 (16.6)
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $4.44 $5.34 (16.9) 2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,749  1,764 



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)Taxes on Earnings includes the recognition of approximately $22 million and $43 million of excess tax benefits associated with share-based compensation in 2023 and 2022, respectively.

2)2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.079 billion, or $1.18 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 $2.533 billion, or $1.43 per share, for intangible amortization, charges related to a voluntary recall and restructuring actions, 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
Fourth Quarter Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)
4Q23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 481  $ (481) $ — 
Gross Margin
 5,204  518  5,722 
R&D
 700  (78) 622 
SG&A
 2,724  (35) 2,689 
Other (income) expense, net
 (109) (9) (118)
Earnings before taxes
 1,795  640  2,435 
Taxes on Earnings
 201  140  341 
Net Earnings
 1,594  500  2,094 
Diluted Earnings per Share
 $ 0.91  $ 0.28  $ 1.19 

Specified items reflect intangible amortization expense of $481 million and other net expenses of $159 million associated with restructuring actions, costs associated with acquisitions and other net expenses. See page 17 for additional details regarding specified items.
4Q22
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 496  $ (496) $ — 
Gross Margin
 5,002  612  5,614 
R&D
 725  (71) 654 
SG&A
 2,973  (144) 2,829 
Other (income) expense, net
 (68) (24) (92)
Earnings before taxes
 1,320  851  2,171 
Taxes on Earnings
 287  73  360 
Net Earnings
 1,033  778  1,811 
Diluted Earnings per Share
 $ 0.59  $ 0.44  $ 1.03 

Specified items reflect intangible amortization expense of $496 million and other net expenses of $355 million associated with restructuring actions, 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
Twelve Months Ended December 31, 2023 and 2022
(in millions, except per share data)
(unaudited)
12M23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 1,966  $ (1,966) $ — 
Gross Margin
 20,168  2,109  22,277 
R&D
 2,741  (222) 2,519 
SG&A
 10,949  (102) 10,847 
Other (income) expense, net
 (479) 25  (454)
Earnings before taxes
 6,664  2,408  9,072 
Taxes on Earnings
 941  329  1,270 
Net Earnings
 5,723  2,079  7,802 
Diluted Earnings per Share
 $ 3.26  $ 1.18  $ 4.44 

Specified items reflect intangible amortization expense of $1.966 billion and other net expenses of $442 million associated with restructuring actions, costs associated with acquisitions and other expenses. See page 19 for additional details regarding specified items.
12M22
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 2,013  $ (2,013) $ — 
Gross Margin
 22,498  2,351  24,849 
R&D
 2,888  (282) 2,606 
SG&A
 11,248  (236) 11,012 
Other (income) expense, net
 (321) (55) (376)
Earnings before taxes
 8,306  2,924  11,230 
Taxes on Earnings
 1,373  391  1,764 
Net Earnings
 6,933  2,533  9,466 
Diluted Earnings per Share
 $ 3.91  $ 1.43  $ 5.34 

Specified items reflect intangible amortization expense of $2.013 billion and other net expenses of $911 million that includes charges for the impairment of R&D intangible assets, costs associated with a product recall and restructuring actions, acquisition-related costs, and other net expenses. See page 20 for additional details regarding specified items.
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A reconciliation of the fourth-quarter tax rates for 2023 and 2022 is shown below:
4Q23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,795  $ 201  11.2  %
Specified items 640  140 
Excluding specified items $ 2,435  $ 341  14.0  %
4Q22
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,320  $ 287  21.7  %
Specified items 851  73 
Excluding specified items $ 2,171  $ 360  16.5  %

A reconciliation of the year-to-date tax rates for 2023 and 2022 is shown below:
12M23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 6,664  $ 941  14.1  % 1)
Specified items 2,408  329 
Excluding specified items $ 9,072  $ 1,270  14.0  %
12M22
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 8,306  $ 1,373  16.5  % 2)
Specified items 2,924  391 
Excluding specified items $ 11,230  $ 1,764  15.7  %

1)2023 Taxes on Earnings includes the recognition of approximately $22 million in excess tax benefits associated with share-based compensation.

2)2022 Taxes on Earnings includes the recognition of approximately $43 million in excess tax benefits associated with share-based compensation.
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Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
Fourth Quarter and Twelve Months Ended December 31, 2023 and 2022
($ in millions)
(unaudited)
4Q23 4Q22 % Change vs. 4Q22
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 10,241  (40) (7) 10,194  10,091  (23) 10,068  1.5  1.3  2.1 
U.S. 3,949  (38) —  3,911  4,219  —  4,219  (6.4) (7.3) (7.3)
Intl 6,292  (2) (7) 6,283  5,872  (23) 5,849  7.2  7.4  8.8 
Total Nutrition 2,038  —  (7) 2,031  1,817  (23) 1,794  12.2  13.2  13.9 
U.S. 860  —  —  860  795  —  795  8.2  8.2  8.2 
Intl 1,178  —  (7) 1,171  1,022  (23) 999  15.3  17.2  18.5 
Pediatric Nutrition 985  —  (7) 978  882  (23) 859  11.8  14.0  14.5 
U.S. 505  —  —  505  454  —  454  11.4  11.4  11.4 
Intl 480  —  (7) 473  428  (23) 405  12.3  16.9  17.9 
Total Medical Devices 4,443  (40) —  4,403  3,778  —  3,778  17.5  16.4  15.4 
U.S. 2,065  (38) —  2,027  1,754  —  1,754  17.6  15.5  15.5 
Intl 2,378  (2) —  2,376  2,024  —  2,024  17.5  17.4  15.4 
Vascular 677  (40) —  637  605  —  605  12.0  5.6  4.5 
U.S. 245  (38) —  207  214  —  214  14.8  (2.5) (2.5)
Intl 432  (2) —  430  391  —  391  10.4  9.9  8.3 
12M23 12M22 % Change vs. 12M22
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 40,109  (130) (48) 39,931  43,653  (135) 43,518  (8.1) (8.2) (6.2)
U.S. 15,452  (123) —  15,329  18,142  —  18,142  (14.8) (15.5) (15.5)
Intl 24,657  (7) (48) 24,602  25,511  (135) 25,376  (3.3) (3.0) 0.5 
Total Nutrition 8,154  —  (48) 8,106  7,459  (135) 7,324  9.3  10.7  13.0 
U.S. 3,413  —  —  3,413  2,919  —  2,919  16.9  16.9  16.9 
Intl 4,741  —  (48) 4,693  4,540  (135) 4,405  4.4  6.6  10.4 
Pediatric Nutrition 3,934  —  (48) 3,886  3,481  (135) 3,346  13.0  16.1  17.9 
U.S. 1,977  —  —  1,977  1,562  —  1,562  26.6  26.6  26.6 
Intl 1,957  —  (48) 1,909  1,919  (135) 1,784  2.0  7.1  10.3 
Total Medical Devices 16,887  (130) —  16,757  14,802  —  14,802  14.1  13.2  14.2 
U.S. 7,696  (123) —  7,573  6,681  —  6,681  15.2  13.3  13.3 
Intl 9,191  (7) —  9,184  8,121  —  8,121  13.2  13.1  14.9 
Vascular 2,681  (130) —  2,551  2,483  —  2,483  8.0  2.7  4.0 
U.S. 978  (123) —  855  864  —  864  13.2  (1.0) (1.0)
Intl 1,703  (7) —  1,696  1,619  —  1,619  5.2  4.7  6.7 

(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
Fourth Quarter Ended December 31, 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 $ 1  $ 29  $ 481  $ 7  $ 518 
R&D (6) (4) —  (68) (78)
SG&A (15) (5) —  (15) (35)
Other (income) expense, net (6) —  —  (3) (9)
Earnings before taxes $ 28  $ 38  $ 481  $ 93  640 
Taxes on Earnings (d) 140 
Net Earnings $ 500 
Diluted Earnings per Share $ 0.28 
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
Fourth Quarter Ended December 31, 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 $ 23  $ 87  $ 496  $ 6  $ 612 
R&D (6) (34) —  (31) (71)
SG&A (7) (135) —  (2) (144)
Other (income) expense, net 3  —  —  (27) (24)
Earnings before taxes $ 33  $ 256  $ 496  $ 66  851 
Taxes on Earnings (d) 73 
Net Earnings $ 778 
Diluted Earnings per Share $ 0.44 

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 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 as well as the impairment of an equity investment.
d)Reflects the net tax benefit associated with the specified items.
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Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 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 $ 16  $ 80  $ 1,966  $ 47  $ 2,109 
R&D (19) (9) —  (194) (222)
SG&A (58) (33) —  (11) (102)
Other (income) expense, net 40  —  —  (15) 25 
Earnings before taxes $ 53  $ 122  $ 1,966  $ 267  2,408 
Taxes on Earnings (d) 329 
Net Earnings $ 2,079 
Diluted Earnings per Share $ 1.18 
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.
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Page 19 of 20


Abbott Laboratories and Subsidiaries
Details of Specified Items
Twelve Months Ended December 31, 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 $ 79  $ 86  $ 2,013  $ 173  $ 2,351 
R&D (16) (38) —  (228) (282)
SG&A (38) (140) —  (58) (236)
Other (income) expense, net (12) —  —  (43) (55)
Earnings before taxes $ 145  $ 264  $ 2,013  $ 502  2,924 
Taxes on Earnings (d) 391 
Net Earnings $ 2,533 
Diluted Earnings per Share $ 1.43 

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 impairments of R&D intangible assets and an equity investment 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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