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0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002025-01-222025-01-220000001800exch:XCHI2025-01-222025-01-220000001800exch:XNYS2025-01-222025-01-22

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 22, 2025
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 22, 2025, Abbott Laboratories announced its results of operations for the fourth quarter and full year 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, fair value adjustments to the contingent consideration related to business acquisitions, impairment charges related to intangible assets or equity investments, certain regulatory costs, a non-cash valuation allowance adjustment, 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: January 22, 2025 By: /s/ Philip P. Boudreau
Philip P. Boudreau
Executive Vice President, Finance and Chief Financial Officer

EX-99.1 2 abt-2024q4xexhibitx991.htm EX-99.1 Document

Exhibit 99.1 9.1
abbottlogo.jpg
  News Release

Abbott Reports Fourth-Quarter and Full-Year 2024 Results; Issues 2025 Financial Outlook

–Fourth-quarter sales of $11.0 billion; full-year 2024 sales of $42.0 billion
–Fourth-quarter reported sales increased 7.2 percent; organic sales growth for the underlying base business increased 10.1 percent1
–Full-year 2024 reported sales increased 4.6 percent; organic sales growth for the underlying base business increased 9.6 percent2
–Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%
ABBOTT PARK, Ill., Jan. 22, 2025 — Abbott today announced financial results for the fourth quarter ended Dec. 31, 2024.


•Fourth-quarter sales increased 7.2 percent on a reported basis, 8.8 percent on an organic basis, and 10.1 percent on an organic basis, excluding COVID-19 testing-related sales.
•Fourth-quarter GAAP diluted EPS of $5.27 and adjusted diluted EPS of $1.34, which excludes specified items (refer to page 13 for a reconciliation of GAAP EPS to adjusted EPS).
•Full-year 2024 sales of $42.0 billion increased 4.6 percent on a reported basis, 7.1 percent on an organic basis, and 9.6 percent on an organic basis, excluding COVID-19 testing-related sales.
•Full-year 2024 gross margin as a percent of sales improved 60 basis points on a GAAP basis compared to 2023 and improved 70 basis points on an adjusted basis.
•Full-year 2024 GAAP diluted EPS of $7.64 and adjusted diluted EPS of $4.67, which excludes specified items (refer to page 14 for a reconciliation of GAAP EPS to adjusted EPS).
•For the full-year 2024, Abbott achieved the upper end of the initial guidance ranges the company provided in January 2024 for both organic sales growth and adjusted earnings per share.
•During 2024, Abbott announced more than 15 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.
•Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.
•Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales, which reflects an increase of 150 basis points at the midpoint compared to 2024.
•Abbott projects full-year 2025 adjusted diluted EPS of $5.05 to $5.25, which reflects double-digit growth at the midpoint.

"We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year," said Robert B. Ford, chairman and chief executive officer, Abbott. "We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025." Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business.
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FOURTH-QUARTER BUSINESS OVERVIEW
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 in 2024, 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 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 4,341  928  1,055  —  2,353 
International 6,633  1,201  1,465  1,268  2,699 
Total reported 10,974  2,129  2,520  1,268  5,052 
% Change vs. 4Q23
U.S. 10.0  8.0  3.5  n/a 14.0 
International 5.4  2.0  (3.4) 3.8  13.5 
Total reported 7.2  4.5  (0.6) 3.8  13.7 
Impact of foreign exchange (1.4) (1.7) (1.6) (4.7) (0.3)
Impact of business exit*
 (0.2) (0.9) —  —  — 
Organic 8.8  7.1  1.0  8.5  14.0 
Impact of COVID-19 testing sales (3)
 (1.3) —  (5.1) —  — 
Organic (excluding COVID-19 tests) 10.1  7.1  6.1  8.5  14.0 
    U.S. 13.5  10.0  15.9  n/a 14.0 
    International 8.1  4.9  0.8  8.5  14.0 

Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 16,323  3,689  3,830  —  8,788 
International 25,627  4,724  5,511  5,194  10,198 
Total reported 41,950  8,413  9,341  5,194  18,986 
% Change vs. 12M23
U.S. 5.6  8.1  (11.5) n/a 14.2 
International 3.9  (0.4) (2.6) 2.5  11.0 
Total reported 4.6  3.2  (6.5) 2.5  12.4 
Impact of foreign exchange (2.6) (2.7) (2.6) (6.7) (1.3)
Impact of business exit and acquisition*
 0.1  (0.5) —  —  0.3 
Organic 7.1  6.4  (3.9) 9.2  13.4 
Impact of COVID-19 testing sales (3)
 (2.5) —  (9.1) —  — 
Organic (excluding COVID-19 tests) 9.6  6.4  5.2  9.2  13.4 
    U.S. 10.9  9.2  6.3  n/a 13.5 
    International 8.8  4.4  4.5  9.2  13.3 
Refer to page 16 for a reconciliation of adjusted historical revenue to reported revenue.
*Quarter to date Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024. Full-year Dec. 31, 2024, 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

Fourth Quarter 2024 Results (4Q24)

Sales 4Q24 ($ in millions)
 Total Pediatric Adult
U.S. 928  562  366 
International 1,201  438  763 
Total reported 2,129  1,000  1,129 
% Change vs. 4Q23
U.S. 8.0  11.3  3.2 
International 2.0  (8.9) 9.5 
Total reported 4.5  1.5  7.4 
Impact of foreign exchange (1.7) (1.0) (2.3)
Impact of business exit*
 (0.9) —  (1.7)
Organic 7.1  2.5  11.4 
    U.S. 10.0  11.3  8.1 
    International 4.9  (6.7) 13.0 
Worldwide Nutrition sales increased 4.5 percent on a reported basis and increased 7.1 percent on an organic basis in the fourth quarter.
In Pediatric Nutrition, global sales increased 1.5 percent on a reported basis and 2.5 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 7.4 percent on a reported basis and 11.4 percent on an organic basis, which was led by strong growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading brand of products designed to meet the nutritional requirements for people with diabetes.


Full-Year 2024 Results (12M24)

Sales 12M24 ($ in millions)
 Total Pediatric Adult
U.S. 3,689  2,208  1,481 
International 4,724  1,815  2,909 
Total reported 8,413  4,023  4,390 
% Change vs. 12M23
U.S. 8.1  11.7  3.2 
International (0.4) (7.3) 4.5 
Total reported 3.2  2.2  4.0 
Impact of foreign exchange (2.7) (1.5) (4.0)
Impact of business exit* (0.5) —  (0.9)
Organic 6.4  3.7  8.9 
    U.S. 9.2  11.7  5.8 
    International 4.4  (4.3) 10.5 
*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.

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Diagnostics

Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 1,055  363  38  100  554 
International 1,465  1,024  99  47  295 
Total reported 2,520  1,387  137  147  849 
% Change vs. 4Q23
U.S. 3.5  11.6  (13.9) (6.1) 2.1 
International (3.4) (1.9) (9.1) 11.0  (7.9)
Total reported (0.6) 1.3  (10.5) (1.3) (1.6)
Impact of foreign exchange (1.6) (2.5) (0.3) 0.1  (0.6)
Organic 1.0  3.8  (10.2) (1.4) (1.0)
Impact of COVID-19 testing sales (3)
(5.1) (0.2) (2.8) —  (17.4)
Organic (excluding COVID-19 tests) 6.1  4.0  (7.4) (1.4) 16.4 
    U.S. 15.9  11.9  (7.2) (6.1) 30.0 
    International 0.8  1.5  (7.5) 10.7  (0.6)

As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales3. Worldwide COVID-19 testing sales were $176 million in the fourth quarter of 2024 compared to $288 million in the fourth quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 4.3 percent on a reported basis and increased 6.1 percent on an organic basis.

Excluding COVID-19 testing-related sales, growth in Rapid Diagnostics was driven by strong demand for Abbott's portfolio of respiratory disease tests used to diagnose influenza, strep throat, and respiratory syncytial virus (RSV).



Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 3,830  1,332  150  408  1,940 
International 5,511  3,903  371  180  1,057 
Total reported 9,341  5,235  521  588  2,997 
% Change vs. 12M23
U.S. (11.5) 7.2  (12.7) 3.1  (23.0)
International (2.6) (0.3) (7.7) 6.4  (9.8)
Total reported (6.5) 1.5  (9.2) 4.1  (18.8)
Impact of foreign exchange (2.6) (4.1) (0.7) —  (1.0)
Organic (3.9) 5.6  (8.5) 4.1  (17.8)
Impact of COVID-19 testing sales (3)
 (9.1) (0.2) (5.3) —  (23.8)
Organic (excluding COVID-19 tests) 5.2  5.8  (3.2) 4.1  6.0 
    U.S. 6.3  7.5  (4.3) 3.1  7.4 
    International 4.5  5.3  (2.8) 6.5  3.8 



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Established Pharmaceuticals

Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 1,268  948  320 
Total reported 1,268  948  320 
% Change vs. 4Q23
U.S. n/a n/a n/a
International 3.8  3.3  5.2 
Total reported 3.8  3.3  5.2 
Impact of foreign exchange (4.7) (5.5) (2.6)
Organic 8.5  8.8  7.8 
    U.S. n/a n/a n/a
    International 8.5  8.8  7.8 

Established Pharmaceuticals sales increased 3.8 percent on a reported basis and 8.5 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 3.3 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including gastroenterology, women's health, and central nervous system/pain management.


Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 5,194  3,858  1,336 
Total reported 5,194  3,858  1,336 
% Change vs. 12M23
U.S. n/a n/a n/a
International 2.5  1.3  6.1 
Total reported 2.5  1.3  6.1 
Impact of foreign exchange (6.7) (8.2) (2.3)
Organic 9.2  9.5  8.4 
    U.S. n/a n/a n/a
    International 9.2  9.5  8.4 











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Medical Devices

Fourth Quarter 2024 Results (4Q24)
Sales 4Q24 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 2,353  303  300  253  269  290  204  734 
International 2,699  321  343  78  456  319  53  1,129 
Total reported 5,052  624  643  331  725  609  257  1,863 
% Change vs. 4Q23
U.S. 14.0  6.0  7.7  11.5  9.7  25.7  4.2  22.0 
International 13.5  8.2  8.8  5.0  5.7  19.5  23.9  18.8 
Total reported 13.7  7.1  8.3  9.9  7.1  22.4  7.7  20.1 
Impact of foreign exchange (0.3) (0.1) (0.5) 0.3  0.3  (0.2) (0.7) (0.5)
Organic 14.0  7.2  8.8  9.6  6.8  22.6  8.4  20.6 
    U.S. 14.0  6.0  7.7  11.5  9.7  25.7  4.2  22.0 
    International 14.0  8.4  9.8  4.1  5.2  20.0  27.8  19.7 

Worldwide Medical Devices sales increased 13.7 percent on a reported basis and 14.0 percent on an organic basis in the fourth quarter, including double-digit growth in both the U.S. and internationally.

Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.

In Diabetes Care, sales of continuous glucose monitors were $1.8 billion and grew 22.7 percent on a reported basis and 22.8 percent on an organic basis.

For the full-year 2024, Medical Devices sales were $19 billion and increased more than $2 billion compared to the previous year.

Full-Year 2024 Results (12M24)
Sales 12M24 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 8,788  1,154  1,141  986  1,056  1,051  767  2,633 
International 10,198  1,236  1,326  293  1,781  1,195  195  4,172 
Total reported 18,986  2,390  2,467  1,279  2,837  2,246  962  6,805 
% Change vs. 12M23
U.S. 14.2  6.3  13.2  11.1  8.0  19.0  5.9  23.6 
International 11.0  5.7  11.6  7.3  4.6  12.6  18.4  14.9 
Total reported 12.4  6.0  12.3  10.2  5.8  15.5  8.2  18.1 
Impact of foreign exchange (1.3) (0.9) (2.1) (0.1) (0.9) (1.5) (1.3) (1.6)
Impact of acquisition* 0.3  —  —  —  2.1  —  —  — 
Organic 13.4  6.9  14.4  10.3  4.6  17.0  9.5  19.7 
    U.S. 13.5  6.3  13.2  11.1  2.5  19.0  5.9  23.6 
    International 13.3  7.5  15.4  7.6  5.8  15.3  25.5  17.3 

*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 GUIDANCE
Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.

Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales.

Abbott projects full-year 2025 adjusted diluted earnings per share of $5.05 to $5.25 and first-quarter 2025 adjusted diluted earnings per share of $1.05 to $1.09.

Abbott has not provided the related GAAP financial measures on a forward-looking basis for these forward-looking non-GAAP financial measures because the company is unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items such as restructuring and cost reduction initiatives, charges for intangible asset impairments, acquisition-related expenses, and foreign exchange, which could significantly impact Abbott's results in accordance with GAAP.
ABBOTT DECLARES 404th CONSECUTIVE QUARTERLY DIVIDEND
On Dec. 13, 2024, the board of directors of Abbott declared the company's quarterly dividend of $0.59 per share. Abbott's cash dividend is payable Feb. 14, 2025, to shareholders of record at the close of business on Jan. 15, 2025.

Abbott has increased its dividend payout for 53 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 fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8:30 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
Abbott Media:
Karen Twigg May, 224-668-2681
Kate Dyer, 224-668-9965
1In the fourth quarter of 2024, total worldwide sales were $10.974 billion and COVID-19 testing-related sales were $176 million. In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million.

2In the full-year 2024, total worldwide sales were $41.950 billion and COVID-19 testing related sales were $747 million. In the full-year 2023, total worldwide sales were $40.109 billion and COVID-19 testing sales were $1.586 billion.

3Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:

Sales 4Q24
COVID Tests Sales 4Q24
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 1,055  1,465  2,520  134  42  176 
Core Laboratory 363  1,024  1,387  1  1  2 
Molecular 38  99  137  1  1  2 
Rapid Diagnostics 554  295  849  132  40  172 
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 12M24
COVID Tests Sales 12M24
($ in millions) U.S. Int'l Total U.S. Int'l Total
Total Diagnostics 3,830  5,511  9,341  562  185  747 
Core Laboratory 1,332  3,903  5,235  4  6  10 
Molecular 150  371  521  8  4  12 
Rapid Diagnostics 1,940  1,057  2,997  550  175  725 
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 

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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Fourth Quarter Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)




4Q24 4Q23 % Change
Net Sales $10,974 $10,241 7.2 
Cost of products sold, excluding amortization expense 4,942  4,556  8.5 
Amortization of intangible assets 465  481  (3.1)
Research and development 749  700  7.0 
Selling, general, and administrative 2,907  2,724  6.7 
Total Operating Cost and Expenses 9,063  8,461  7.1 
Operating Earnings 1,911  1,780  7.4 
Interest expense, net 45  70  (35.6)
Net foreign exchange (gain) loss (10) 24  n/m
Other (income) expense, net (154) (109) n/m
Earnings before taxes 2,030  1,795  13.1 
Taxes on earnings (7,199) 201  n/m 1)
Net Earnings $9,229 $1,594 n/m
Net Earnings excluding Specified Items, as described below $2,349 $2,094 12.2  2)
Diluted Earnings per Common Share $5.27 $0.91 n/m
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $1.34 $1.19 12.6  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,746  1,748 


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 $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.

2)2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $6.880 billion, or $3.93 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and other net expenses.

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.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Twelve Months Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)




12M24 12M23 % Change
Net Sales $41,950 $40,109 4.6 
Cost of products sold, excluding amortization expense 18,706  17,975  4.1 
Amortization of intangible assets 1,878  1,966  (4.4)
Research and development 2,844  2,741  3.8 
Selling, general, and administrative 11,697  10,949  6.8 
Total Operating Cost and Expenses 35,125  33,631  4.4 
Operating Earnings 6,825  6,478  5.4 
Interest expense, net 215  252  (14.5)
Net foreign exchange (gain) loss (27) 41  n/m
Other (income) expense, net (376) (479) n/m
Earnings before taxes 7,013  6,664  5.2 
Taxes on earnings (6,389) 941  n/m 1)
Net Earnings $13,402 $5,723 n/m
Net Earnings excluding Specified Items, as described below $8,200 $7,802 5.1  2)
Diluted Earnings per Common Share $7.64 $3.26 n/m
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $4.67 $4.44 5.2  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,748  1,749 



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 $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.

2023 Taxes on Earnings includes the recognition of approximately $80 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 benefits of $5.202 billion, or $2.97 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, 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 $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.


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Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Fourth Quarter Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
4Q24
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 465  $ (465) $ — 
Gross Margin
 5,567  673  6,240 
R&D
 749  (59) 690 
SG&A
 2,907  (21) 2,886 
Other (income) expense, net
 (154) 20  (134)
Earnings before taxes
 2,030  733  2,763 
Taxes on Earnings
 (7,199) 7,613  414 
Net Earnings
 9,229  (6,880) 2,349 
Diluted Earnings per Share
 $ 5.27  $ (3.93) $ 1.34 

Specified items reflect intangible amortization expense of $465 million and other net expenses of $268 million associated with intangible impairments, restructuring actions, acquisitions and other net expenses. See page 17 for additional details regarding specified items.
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, acquisitions and other net expenses. See page 18 for additional details regarding specified items.
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Page 13 of 20


Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Twelve Months Ended December 31, 2024 and 2023
(in millions, except per share data)
(unaudited)
12M24
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 1,878  $ (1,878) $ — 
Gross Margin
 21,366  2,213  23,579 
R&D
 2,844  (140) 2,704 
SG&A
 11,697  (117) 11,580 
Other (income) expense, net
 (376) (163) (539)
Earnings before taxes
 7,013  2,633  9,646 
Taxes on Earnings
 (6,389) 7,835  1,446 
Net Earnings
 13,402  (5,202) 8,200 
Diluted Earnings per Share
 $ 7.64  $ (2.97) $ 4.67 

Specified items reflect intangible amortization expense of $1.878 billion and other net expenses of $755 million associated with intangible impairments, restructuring actions, acquisitions, a divestiture and other net expenses. See page 19 for additional details regarding specified items.
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, acquisitions 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 2024 and 2023 is shown below:
4Q24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 2,030  $ (7,199) (354.6  %) 1)
Specified items 733  7,613 
Excluding specified items $ 2,763  $ 414  15.0  %
4Q23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,795  $ 201  11.2  % 2)
Specified items 640  140 
Excluding specified items $ 2,435  $ 341  14.0  %

A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:
12M24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 7,013  $ (6,389) (91.1  %) 1)
Specified items 2,633  7,835 
Excluding specified items $ 9,646  $ 1,446  15.0  %
12M23
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 6,664  $ 941  14.1  % 2)
Specified items 2,408  329 
Excluding specified items $ 9,072  $ 1,270  14.0  %

1)2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.

2)2023 Taxes on Earnings includes the recognition of approximately $80 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
Fourth Quarter and Twelve Months Ended December 31, 2024 and 2023
($ in millions)
(unaudited)
4Q24 4Q23 % Change vs. 4Q23
Non-GAAP
Abbott Reported Impact from business exit (b) Adjusted Revenue Abbott Reported Impact from business exit (b) Adjusted Revenue Reported Adjusted Organic
Total Company 10,974  (1) 10,973  10,241  (17) 10,224  7.2  7.4  8.8 
U.S. 4,341  (1) 4,340  3,949  (17) 3,932  10.0  10.4  10.4 
Intl 6,633  —  6,633  6,292  —  6,292  5.4  5.4  7.7 
Total Nutrition 2,129  (1) 2,128  2,038  (17) 2,021  4.5  5.4  7.1 
U.S. 928  (1) 927  860  (17) 843  8.0  10.0  10.0 
Intl 1,201  —  1,201  1,178  —  1,178  2.0  2.0  4.9 
Adult Nutrition 1,129  (1) 1,128  1,053  (17) 1,036  7.4  9.1  11.4 
U.S. 366  (1) 365  355  (17) 338  3.2  8.1  8.1 
Intl 763  —  763  698  —  698  9.5  9.5  13.0 
Total Medical Devices 5,052  —  5,052  4,443  —  4,443  13.7  13.7  14.0 
U.S. 2,353  —  2,353  2,065  —  2,065  14.0  14.0  14.0 
Intl 2,699  —  2,699  2,378  —  2,378  13.5  13.5  14.0 
Vascular 725  —  725  677  —  677  7.1  7.1  6.8 
U.S. 269  —  269  245  —  245  9.7  9.7  9.7 
Intl 456  —  456  432  —  432  5.7  5.7  5.2 
12M24 12M23 % Change vs. 12M23
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 41,950  (57) (14) 41,879  40,109  (49) 40,060  4.6  4.5  7.1 
U.S. 16,323  (53) (14) 16,256  15,452  (49) 15,403  5.6  5.5  5.5 
Intl 25,627  (4) —  25,623  24,657  —  24,657  3.9  3.9  8.1 
Total Nutrition 8,413  —  (14) 8,399  8,154  (49) 8,105  3.2  3.7  6.4 
U.S. 3,689  —  (14) 3,675  3,413  (49) 3,364  8.1  9.2  9.2 
Intl 4,724  —  —  4,724  4,741  —  4,741  (0.4) (0.4) 4.4 
Adult Nutrition 4,390  —  (14) 4,376  4,220  (49) 4,171  4.0  4.9  8.9 
U.S. 1,481  —  (14) 1,467  1,436  (49) 1,387  3.2  5.8  5.8 
Intl 2,909  —  —  2,909  2,784  —  2,784  4.5  4.5  10.5 
Total Medical Devices 18,986  (57) —  18,929  16,887  —  16,887  12.4  12.1  13.4 
U.S. 8,788  (53) —  8,735  7,696  —  7,696  14.2  13.5  13.5 
Intl 10,198  (4) —  10,194  9,191  —  9,191  11.0  10.9  13.3 
Vascular 2,837  (57) —  2,780  2,681  —  2,681  5.8  3.7  4.6 
U.S. 1,056  (53) —  1,003  978  —  978  8.0  2.5  2.5 
Intl 1,781  (4) —  1,777  1,703  —  1,703  4.6  4.4  5.8 

(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
Fourth Quarter Ended December 31, 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 $ —  $ 49  $ 465  $ 159  $ 673 
R&D (1) (20) —  (38) (59)
SG&A (5) (22) —  6  (21)
Other (income) expense, net (2) —  —  22  20 
Earnings before taxes $ 8  $ 91  $ 465  $ 169  733 
Taxes on Earnings (d) 7,613 
Net Earnings $ (6,880)
Diluted Earnings per Share $ (3.93)
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.
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 intangible asset impairment charges.
d)Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.



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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 MDR and 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
Twelve Months Ended December 31, 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  $ 125  $ 1,878  $ 208  $ 2,213 
R&D (5) (21) —  (114) (140)
SG&A (37) (39) —  (41) (117)
Other (income) expense, net (155) —  —  (8) (163)
Earnings before taxes $ 199  $ 185  $ 1,878  $ 371  2,633 
Taxes on Earnings (d) 7,835 
Net Earnings $ (5,202)
Diluted Earnings per Share $ (2.97)
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, including non-cash valuation allowance adjustments.

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Page 19 of 20


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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