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0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002024-07-182024-07-180000001800exch:XNYS2024-07-182024-07-180000001800exch:XCHI2024-07-182024-07-18

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
July 18, 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 July 18, 2024, Abbott Laboratories announced its results of operations for the second quarter 2024.


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, a divestiture, restructuring actions, cost reduction initiatives, fair value adjustments to the contingent consideration related to business acquisitions, impairment charges related to intangible assets or equity investments, 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: July 18, 2024 By: /s/ Philip P. Boudreau
Philip P. Boudreau
Executive Vice President, Finance and Chief Financial Officer

EX-99.1 2 abt-2024q2xexhibitx991.htm EX-99.1 Document

Exhibit 99.1 9.1
abbottlogoa.jpg
  News Release

Abbott Reports Second-Quarter 2024 Results and Raises
Full-Year Guidance

–Sales of $10.4 billion driven by strong underlying base business performance
–Reported sales growth of 4.0 percent; organic sales growth for underlying base business of 9.3 percent1, led by double-digit growth in Medical Devices
–Continues to strengthen portfolio with new product approvals
ABBOTT PARK, Ill., July 18, 2024 — Abbott today announced financial results for the second quarter ended June 30, 2024.

•Second-quarter GAAP diluted EPS of $0.74 and adjusted diluted EPS of $1.14, which excludes specified items.
•Abbott raised its full-year 2024 EPS guidance range. Abbott projects full-year diluted EPS on a GAAP basis of $3.30 to $3.40 and projects adjusted diluted EPS of $4.61 to $4.71.
•Abbott narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 9.5% to 10.0%, which represents an increase at the midpoint of the range2.
•In April, Abbott announced U.S. Food and Drug Administration (FDA) approval of the Esprit™ below-the-knee (BTK) system, a breakthrough innovation for people living with peripheral artery disease. This system is designed to keep arteries open and deliver a drug to support vessel healing prior to completely dissolving.
•In June, Abbott announced U.S. FDA clearance for two new over-the-counter continuous glucose monitoring systems — Lingo™ and Libre Rio™, which are based on Abbott's world-leading FreeStyle Libre® continuous glucose monitoring technology3.
•In June, Abbott obtained CE Mark for its AVEIR® dual chamber (DR) leadless pacemaker system, the world's first dual chamber leadless pacemaker system that treats people with abnormal or slow heart rhythms.
•During the first half of 2024, Abbott announced 10 new growth opportunities coming from the company's highly productive R&D pipeline. These include a combination of new product approvals and new treatment indications.

"We achieved another quarter of strong growth in our underlying base business," said Robert B. Ford, chairman and chief executive officer, Abbott.
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SECOND-QUARTER BUSINESS OVERVIEW
"We have a lot of positive momentum heading into the second half of the year and are raising our full-year guidance." Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, the impact of discontinuing the ZonePerfect® product line in the Nutrition business, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI) during the first year post-acquisition, 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.


Second Quarter 2024 Results (2Q24)
Sales 2Q24 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 3,934  933  812  —  2,185 
International 6,443  1,217  1,383  1,294  2,549 
Total reported 10,377  2,150  2,195  1,294  4,734 
% Change vs. 2Q23
U.S. 4.7  6.0  (15.5) n/a 14.2 
International 3.6  1.7  1.9  0.6  7.0 
Total reported 4.0  3.5  (5.3) 0.6  10.2 
Impact of foreign exchange (3.5) (3.6) (3.8) (7.5) (2.2)
Impact of business exit and acquisition*
 0.1  (0.4) —  —  0.3 
Organic 7.4  7.5  (1.5) 8.1  12.1 
Impact of COVID-19 testing sales (4)
 (1.9) —  (7.4) —  — 
Organic (excluding COVID-19 tests) 9.3  7.5  5.9  8.1  12.1 
    U.S. 9.0  6.9  (0.3) n/a 13.5 
    International 9.4  7.9  9.5  8.1  10.9 

First Half 2024 Results (1H24)
Sales 1H24 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 7,780  1,811  1,743  —  4,219 
International 12,561  2,407  2,666  2,520  4,968 
Total reported 20,341  4,218  4,409  2,520  9,187 
% Change vs. 1H23
U.S. 1.2  7.0  (24.1) n/a 14.3 
International 4.3  2.4  (1.6) 1.8  10.3 
Total reported 3.1  4.3  (11.9) 1.8  12.1 
Impact of foreign exchange (3.2) (3.1) (2.9) (9.0) (1.7)
Impact of business exit and acquisition*
 0.2  (0.2) —  —  0.7 
Organic 6.1  7.6  (9.0) 10.8  13.1 
Impact of COVID-19 testing sales (4)
 (3.9) —  (14.7) —  — 
Organic (excluding COVID-19 tests) 10.0  7.6  5.7  10.8  13.1 
    U.S. 9.5  7.5  3.3  n/a 12.8 
    International 10.3  7.7  7.1  10.8  13.4 
Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.

*Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024 and the acquisition of CSI on April 27, 2023. Organic sales growth excludes the impact of the acquired business from January through April 2024.
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Nutrition

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)
 Total Pediatric Adult
U.S. 933  564  369 
International 1,217  495  722 
Total reported 2,150  1,059  1,091 
% Change vs. 2Q23
U.S. 6.0  11.3  (1.2)
International 1.7  (4.4) 6.4 
Total reported 3.5  3.4  3.7 
Impact of foreign exchange (3.6) (1.6) (5.4)
Impact of business exit*
 (0.4) —  (0.8)
Organic 7.5  5.0  9.9 
    U.S. 6.9  11.3  0.8 
    International 7.9  (1.0) 14.7 
Worldwide Nutrition sales increased 3.5 percent on a reported basis and 7.5 percent on an organic basis in the second quarter.
In Pediatric Nutrition, global sales increased 3.4 percent on a reported basis and 5.0 percent on an organic basis. Sales in the U.S. reflect continued market share gains in the infant formula business.
In Adult Nutrition, global sales increased 3.7 percent on a reported basis and 9.9 percent on an organic basis, which was led by strong growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand.


First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)
 Total Pediatric Adult
U.S. 1,811  1,078  733 
International 2,407  990  1,417 
Total reported 4,218  2,068  2,150 
% Change vs. 1H23
U.S. 7.0  11.6  0.8 
International 2.4  0.7  3.6 
Total reported 4.3  6.1  2.6 
Impact of foreign exchange (3.1) (1.5) (4.6)
Impact of business exit* (0.2) —  (0.4)
Organic 7.6  7.6  7.6 
    U.S. 7.5  11.6  1.9 
    International 7.7  3.7  10.5 



*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.

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Diagnostics

Second Quarter 2024 Results (2Q24)
Sales 2Q24 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 812  327  33  107  345 
International 1,383  1,002  94  49  238 
Total reported 2,195  1,329  127  156  583 
% Change vs. 2Q23
U.S. (15.5) 5.1  (22.5) 8.1  (32.1)
International 1.9  2.1  (4.9) 14.1  2.1 
Total reported (5.3) 2.8  (10.3) 9.9  (21.3)
Impact of foreign exchange (3.8) (5.8) (0.9) (0.1) (1.5)
Organic (1.5) 8.6  (9.4) 10.0  (19.8)
Impact of COVID-19 testing sales (4)
(7.4) (0.2) (3.8) —  (20.2)
Organic (excluding COVID-19 tests) 5.9  8.8  (5.6) 10.0  0.4 
    U.S. (0.3) 5.3  (19.0) 8.1  (6.6)
    International 9.5  9.9  —  14.5  11.0 

As expected, Diagnostics sales growth in the second quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales4. Worldwide COVID-19 testing sales were $102 million in the second quarter of 2024 compared to $263 million in the second quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 1.8 percent on a reported basis and 5.9 percent on an organic basis.

Excluding COVID-19 testing-related sales, global Core Laboratory Diagnostics sales increased 3.0 percent on a reported basis and 8.8 percent on an organic basis, led by continued strong adoption of Abbott's Alinity® family of diagnostics systems and testing portfolios.


First Half 2024 Results (1H24)
Sales 1H24 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 1,743  637  75  205  826 
International 2,666  1,897  181  90  498 
Total reported 4,409  2,534  256  295  1,324 
% Change vs. 1H23
U.S. (24.1) 6.2  (16.3) 6.9  (41.6)
International (1.6) 1.2  (8.8) 6.9  (9.7)
Total reported (11.9) 2.4  (11.1) 6.9  (32.7)
Impact of foreign exchange (2.9) (4.9) (0.6) —  (1.1)
Organic (9.0) 7.3  (10.5) 6.9  (31.6)
Impact of COVID-19 testing sales (4)
 (14.7) (0.3) (7.3) —  (34.6)
Organic (excluding COVID-19 tests) 5.7  7.6  (3.2) 6.9  3.0 
    U.S. 3.3  6.5  (6.7) 6.9  0.3 
    International 7.1  7.9  (1.8) 7.1  7.1 



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Established Pharmaceuticals

Second Quarter 2024 Results (2Q24)
Sales 2Q24 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 1,294  988  306 
Total reported 1,294  988  306 
% Change vs. 2Q23
U.S. n/a n/a n/a
International 0.6  (0.2) 3.1 
Total reported 0.6  (0.2) 3.1 
Impact of foreign exchange (7.5) (9.0) (2.6)
Organic 8.1  8.8  5.7 
    U.S. n/a n/a n/a
    International 8.1  8.8  5.7 

Established Pharmaceuticals sales increased 0.6 percent on a reported basis and 8.1 percent on an organic basis in the second 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 0.2 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, gastroenterology, and central nervous system/pain management.


First Half 2024 Results (1H24)
Sales 1H24 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 2,520  1,916  604 
Total reported 2,520  1,916  604 
% Change vs. 1H23
U.S. n/a n/a n/a
International 1.8  0.7  5.3 
Total reported 1.8  0.7  5.3 
Impact of foreign exchange (9.0) (11.3) (1.6)
Organic 10.8  12.0  6.9 
    U.S. n/a n/a n/a
    International 10.8  12.0  6.9 











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Medical Devices

Second Quarter 2024 Results (2Q24)
Sales 2Q24 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 2,185  292  287  244  275  258  192  637 
International 2,549  315  340  77  449  306  51  1,011 
Total reported 4,734  607  627  321  724  564  243  1,648 
% Change vs. 2Q23
U.S. 14.2  8.5  16.8  7.7  4.3  17.9  3.7  26.3 
International 7.0  0.4  10.5  11.4  (0.4) 9.4  21.7  10.0 
Total reported 10.2  4.2  13.3  8.6  1.3  13.2  7.0  15.8 
Impact of foreign exchange (2.2) (1.7) (3.4) (0.3) (2.0) (2.4) (1.2) (2.4)
Impact of acquisition* 0.3  —  —  —  2.1  —  —  — 
Organic 12.1  5.9  16.7  8.9  1.2  15.6  8.2  18.2 
    U.S. 13.5  8.5  16.8  7.7  (0.8) 17.9  3.7  26.3 
    International 10.9  3.7  16.7  12.8  2.5  13.8  28.4  13.7 

Worldwide Medical Devices sales increased 10.2 percent on a reported basis and 12.1 percent on an organic basis in the second quarter, including double-digit organic growth in both the U.S. and internationally.

Sales growth was led by double-digit growth in Diabetes Care, Electrophysiology, and Structural Heart. Several recently launched products and new indications contributed to the strong performance, including Amplatzer® Amulet®, Navitor®, TriClip®, and AVEIR®.

In Electrophysiology, sales grew 13.3 percent on a reported basis and 16.7 percent on an organic basis, which included double-digit growth in catheters and cardiac mapping-related products, and double-digit growth in all major geographic regions.

In Diabetes Care, FreeStyle Libre sales were $1.6 billion, which represents sales growth of 18.4 percent on a reported basis and 20.4 percent on an organic basis.


First Half 2024 Results (1H24)
Sales 1H24 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 4,219  563  556  481  529  491  373  1,226 
International 4,968  606  658  145  884  588  96  1,991 
Total reported 9,187  1,169  1,214  626  1,413  1,079  469  3,217 
% Change vs. 1H23
U.S. 14.3  6.6  15.0  8.2  9.8  14.4  9.6  24.6 
International 10.3  4.4  14.4  9.7  4.1  10.9  15.9  13.6 
Total reported 12.1  5.4  14.7  8.6  6.1  12.5  10.9  17.6 
Impact of foreign exchange (1.7) (1.3) (2.8) (0.1) (1.5) (1.8) (1.6) (1.8)
Impact of acquisition* 0.7  —  —  —  4.3  —  —  — 
Organic 13.1  6.7  17.5  8.7  3.3  14.3  12.5  19.4 
    U.S. 12.8  6.6  15.0  8.2  (1.3) 14.4  9.6  24.6 
    International 13.4  6.8  19.6  10.1  6.0  14.3  24.1  16.5 

*Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.

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ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.30 to $3.40. Abbott forecasts specified items for the full-year 2024 of $1.31 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.61 to $4.71 for the full-year 2024.

Abbott projects third-quarter 2024 diluted earnings per share under GAAP of $0.85 to $0.89. Abbott forecasts specified items for the third-quarter 2024 of $0.33 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $1.18 to $1.22 for the third quarter 2024.
ABBOTT DECLARES 402ND CONSECUTIVE QUARTERLY DIVIDEND
On June 14, 2024, the board of directors of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is payable Aug. 15, 2024, to shareholders of record at the close of business on July 15, 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 and on LinkedIn, Facebook, Instagram, X and YouTube.

Abbott will live-webcast its second-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 Dec. 31, 2023, 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 second quarter of 2024, total worldwide sales were $10.377 billion and COVID-19 testing-related sales were $102 million. In the second quarter of 2023, total worldwide sales were $9.978 billion and COVID-19 testing-related sales were $263 million.

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.

3Data on file. Abbott Diabetes Care.

4Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:
Sales 2Q24 COVID Tests Sales 2Q24
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 812  1,383  2,195  69  33  102 
Core Laboratory 327  1,002  1,329  1  1  2 
Molecular 33  94  127  2  1  3 
Rapid Diagnostics 345  238  583  66  31  97 
Sales 2Q23 COVID Tests Sales 2Q23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 961  1,356  2,317  216  47  263 
Core Laboratory 311  982  1,293  2  3  5 
Molecular 43  98  141  4  4  8 
Rapid Diagnostics 508  233  741  210  40  250 

Sales 1H24 COVID Tests Sales 1H24
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,743  2,666  4,409  222  84  306 
Core Laboratory 637  1,897  2,534  2  3  5 
Molecular 75  181  256  5  2  7 
Rapid Diagnostics 826  498  1,324  215  79  294 
Sales 1H23 COVID Tests Sales 1H23
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 2,296  2,709  5,005  824  169  993 
Core Laboratory 600  1,875  2,475  4  7  11 
Molecular 90  198  288  14  14  28 
Rapid Diagnostics 1,414  552  1,966  806  148  954 

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Second Quarter Ended June 30, 2024 and 2023
(in millions, except per share data)
(unaudited)




2Q24 2Q23 % Change
Net Sales $10,377 $9,978 4.0 
Cost of products sold, excluding amortization expense 4,603  4,483  2.7 
Amortization of intangible assets 471  498  (5.6)
Research and development 698  715  (2.3)
Selling, general, and administrative 2,936  2,740  7.1 
Total Operating Cost and Expenses 8,708  8,436  3.2 
Operating Earnings 1,669  1,542  8.2 
Interest expense, net 58  61  (5.1)
Net foreign exchange (gain) loss (6) 21  n/m
Other (income) expense, net 10  (176) n/m
Earnings before taxes 1,607  1,636  (1.8)
Taxes on earnings 305  261  17.1  1)
Net Earnings $1,302 $1,375 (5.3)
Net Earnings excluding Specified Items, as described below $2,003 $1,893 5.8  2)
Diluted Earnings per Common Share $0.74 $0.78 (5.1)
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $1.14 $1.08 5.6  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,751  1,750 


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)2024 Taxes on Earnings includes the recognition of approximately $25 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2023 Taxes on Earnings includes the recognition of approximately $40 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2)2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $701 million, or $0.40 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and a divestiture, and other net expenses.

2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $518 million, or $0.30 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
First Half Ended June 30, 2024 and 2023
(in millions, except per share data)
(unaudited)




1H24 1H23 % Change
Net Sales $20,341 $19,725 3.1 
Cost of products sold, excluding amortization expense 9,066  8,814  2.9 
Amortization of intangible assets 943  989  (4.7)
Research and development 1,382  1,369  0.9 
Selling, general, and administrative 5,895  5,502  7.1 
Total Operating Cost and Expenses 17,286  16,674  3.7 
Operating Earnings 3,055  3,051  0.2 
Interest expense, net 119  113  5.6 
Net foreign exchange (gain) loss (6) 27  n/m
Other (income) expense, net (101) (287) n/m
Earnings before taxes 3,043  3,198  (4.8)
Taxes on earnings 516  505  2.2  1)
Net Earnings $2,527 $2,693 (6.2)
Net Earnings excluding Specified Items, as described below $3,732 $3,708 0.7  2)
Diluted Earnings per Common Share $1.44 $1.53 (5.9)
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $2.12 $2.11 0.5  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,750  1,751 



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)2024 Taxes on Earnings includes the recognition of approximately $35 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2023 Taxes on Earnings includes the recognition of approximately $62 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2)2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.205 billion, or $0.68 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and a divestiture, and other net expenses.

2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.015 billion, or $0.58 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
Non-GAAP Reconciliation of Financial Information
Second Quarter Ended June 30, 2024 and 2023
(in millions, except per share data)
(unaudited)
2Q24
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 471  $ (471) $ — 
Gross Margin
 5,303  506  5,809 
R&D
 698  (41) 657 
SG&A
 2,936  (57) 2,879 
Other (income) expense, net
 10  (145) (135)
Earnings before taxes
 1,607  749  2,356 
Taxes on Earnings
 305  48  353 
Net Earnings
 1,302  701  2,003 
Diluted Earnings per Share
 $ 0.74  $ 0.40  $ 1.14 

Specified items reflect intangible amortization expense of $471 million and other net expenses of $278 million associated with restructuring actions, acquisitions, a divestiture and other net expenses. See page 17 for additional details regarding specified items.
2Q23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 498  $ (498) $ — 
Gross Margin
 4,997  529  5,526 
R&D
 715  (72) 643 
SG&A
 2,740  (22) 2,718 
Other (income) expense, net
 (176) 57  (119)
Earnings before taxes
 1,636  566  2,202 
Taxes on Earnings
 261  48  309 
Net Earnings
 1,375  518  1,893 
Diluted Earnings per Share
 $ 0.78  $ 0.30  $ 1.08 

Specified items reflect intangible amortization expense of $498 million and other net expenses of $68 million associated with restructuring actions, costs associated with acquisitions and other net expenses. See page 18 for additional details regarding specified items.
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Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
First Half Ended June 30, 2024 and 2023
(in millions, except per share data)
(unaudited)
1H24
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 943  $ (943) $ — 
Gross Margin
 10,332  1,024  11,356 
R&D
 1,382  (62) 1,320 
SG&A
 5,895  (91) 5,804 
Other (income) expense, net
 (101) (171) (272)
Earnings before taxes
 3,043  1,348  4,391 
Taxes on Earnings
 516  143  659 
Net Earnings
 2,527  1,205  3,732 
Diluted Earnings per Share
 $ 1.44  $ 0.68  $ 2.12 

Specified items reflect intangible amortization expense of $943 million and other net expenses of $405 million associated with restructuring actions, acquisitions, a divestiture and other net expenses. See page 19 for additional details regarding specified items.
1H23
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 989  $ (989) $ — 
Gross Margin
 9,922  1,049  10,971 
R&D
 1,369  (98) 1,271 
SG&A
 5,502  (24) 5,478 
Other (income) expense, net
 (287) 57  (230)
Earnings before taxes
 3,198  1,114  4,312 
Taxes on Earnings
 505  99  604 
Net Earnings
 2,693  1,015  3,708 
Diluted Earnings per Share
 $ 1.53  $ 0.58  $ 2.11 

Specified items reflect intangible amortization expense of $989 million and other net expenses of $125 million associated with restructuring actions, costs associated with acquisitions and other expenses. See page 20 for additional details regarding specified items.









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A reconciliation of the second-quarter tax rates for 2024 and 2023 is shown below:
2Q24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,607  $ 305  19.0  % 1)
Specified items 749  48 
Excluding specified items $ 2,356  $ 353  15.0  %
2Q23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,636  $ 261  15.9  % 2)
Specified items 566  48 
Excluding specified items $ 2,202  $ 309  14.0  %
1)2024 Taxes on Earnings includes the recognition of approximately $25 million of net tax expense as a result of the resolution of various tax positions related to prior years.

2)2023 Taxes on Earnings includes the recognition of approximately $40 million of net tax expense as a result of the resolution of various tax positions related to prior years.

A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:
1H24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 3,043  $ 516  17.0  % 3)
Specified items 1,348  143 
Excluding specified items $ 4,391  $ 659  15.0  %
1H23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 3,198  $ 505  15.8  % 4)
Specified items 1,114  99 
Excluding specified items $ 4,312  $ 604  14.0  %

3)2024 Taxes on Earnings includes the recognition of approximately $35 million of net tax expense as a result of the resolution of various tax positions related to prior years.

4)2023 Taxes on Earnings includes the recognition of approximately $62 million of net tax expense as a result of the resolution of various tax positions related to prior years.


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Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
Second Quarter and First Half Ended June 30, 2024 and 2023
($ in millions)
(unaudited)
2Q24 2Q23 % Change vs. 2Q23
Non-GAAP
Abbott Reported Impact of acquisition (a) Impact from business exit (b) Adjusted Revenue Abbott Reported Impact from business exit (b) Adjusted Revenue Reported Adjusted Organic
Total Company 10,377  (15) (8) 10,354  9,978  (15) 9,963  4.0  3.9  7.4 
U.S. 3,934  (13) (8) 3,913  3,758  (15) 3,743  4.7  4.6  4.6 
Intl 6,443  (2) —  6,441  6,220  —  6,220  3.6  3.5  9.2 
Total Nutrition 2,150  —  (8) 2,142  2,076  (15) 2,061  3.5  3.9  7.5 
U.S. 933  —  (8) 925  881  (15) 866  6.0  6.9  6.9 
Intl 1,217  —  —  1,217  1,195  —  1,195  1.7  1.7  7.9 
Adult Nutrition 1,091  —  (8) 1,083  1,052  (15) 1,037  3.7  4.5  9.9 
U.S. 369  —  (8) 361  374  (15) 359  (1.2) 0.8  0.8 
Intl 722  —  —  722  678  —  678  6.4  6.4  14.7 
Total Medical Devices 4,734  (15) —  4,719  4,295  —  4,295  10.2  9.9  12.1 
U.S. 2,185  (13) —  2,172  1,913  —  1,913  14.2  13.5  13.5 
Intl 2,549  (2) —  2,547  2,382  —  2,382  7.0  7.0  10.9 
Vascular 724  (15) —  709  715  —  715  1.3  (0.8) 1.2 
U.S. 275  (13) —  262  264  —  264  4.3  (0.8) (0.8)
Intl 449  (2) —  447  451  —  451  (0.4) (0.6) 2.5 
1H24 1H23 % Change vs. 1H23
Non-GAAP
Abbott Reported Impact of acquisition (a) Impact from business exit (b) Adjusted Revenue Abbott Reported Impact from business exit (b) Adjusted Revenue Reported Adjusted Organic
Total Company 20,341  (57) (8) 20,276  19,725  (15) 19,710  3.1  2.9  6.1 
U.S. 7,780  (53) (8) 7,719  7,686  (15) 7,671  1.2  0.6  0.6 
Intl 12,561  (4) —  12,557  12,039  —  12,039  4.3  4.3  9.6 
Total Nutrition 4,218  —  (8) 4,210  4,043  (15) 4,028  4.3  4.5  7.6 
U.S. 1,811  —  (8) 1,803  1,693  (15) 1,678  7.0  7.5  7.5 
Intl 2,407  —  —  2,407  2,350  —  2,350  2.4  2.4  7.7 
Adult Nutrition 2,150  —  (8) 2,142  2,095  (15) 2,080  2.6  3.0  7.6 
U.S. 733  —  (8) 725  727  (15) 712  0.8  1.9  1.9 
Intl 1,417  —  —  1,417  1,368  —  1,368  3.6  3.6  10.5 
Total Medical Devices 9,187  (57) —  9,130  8,195  —  8,195  12.1  11.4  13.1 
U.S. 4,219  (53) —  4,166  3,691  —  3,691  14.3  12.8  12.8 
Intl 4,968  (4) —  4,964  4,504  —  4,504  10.3  10.2  13.4 
Vascular 1,413  (57) —  1,356  1,332  —  1,332  6.1  1.8  3.3 
U.S. 529  (53) —  476  482  —  482  9.8  (1.3) (1.3)
Intl 884  (4) —  880  850  —  850  4.1  3.6  6.0 

(a) Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.
(b) Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024.

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Abbott Laboratories and Subsidiaries
Details of Specified Items
Second Quarter Ended June 30, 2024
(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  $ 32  $ 471  $ 2  $ 506 
R&D (1) 1  —  (41) (41)
SG&A (11) (10) —  (36) (57)
Other (income) expense, net (147) —  —  2  (145)
Earnings before taxes $ 160  $ 41  $ 471  $ 77  749 
Taxes on Earnings (d) 48 
Net Earnings $ 701 
Diluted Earnings per Share $ 0.40 
The table above provides additional details regarding the specified items described on page 13.

a)Includes the loss on the sale of a non-core business. Acquisition-related expenses include 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 European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and an intangible asset impairment charge.
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
Second Quarter Ended June 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 $ 7  $ 11  $ 498  $ 13  $ 529 
R&D (8) 7  —  (71) (72)
SG&A (17) (2) —  (3) (22)
Other (income) expense, net 47  —  —  10  57 
Earnings before taxes $ (15) $ 6  $ 498  $ 77  566 
Taxes on Earnings (d) 48 
Net Earnings $ 518 
Diluted Earnings per Share $ 0.30 

The table above provides additional details regarding the specified items described on page 13.
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. These costs were more than offset by fair value adjustments to contingent consideration 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 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
First Half Ended June 30, 2024
(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 $ 2  $ 74  $ 943  $ 5  $ 1,024 
R&D (4) (1) —  (57) (62)
SG&A (25) (19) —  (47) (91)
Other (income) expense, net (135) —  —  (36) (171)
Earnings before taxes $ 166  $ 94  $ 943  $ 145  1,348 
Taxes on Earnings (d) 143 
Net Earnings $ 1,205 
Diluted Earnings per Share $ 0.68 
The table above provides additional details regarding the specified items described on page 14.

a)Includes the loss on the sale of a non-core business. Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as 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 MDR and IVDR regulations for previously approved products and charges for investment and 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
First Half Ended June 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 $ 12  $ 32  $ 989  $ 16  $ 1,049 
R&D (12) 8  —  (94) (98)
SG&A (21) (6) —  3  (24)
Other (income) expense, net 41  —  —  16  57 
Earnings before taxes $ 4  $ 30  $ 989  $ 91  1,114 
Taxes on Earnings (d) 99 
Net Earnings $ 1,015 
Diluted Earnings per Share $ 0.58 

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. These costs were partially offset by fair value adjustments to contingent consideration 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 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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