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0000001800FALSENew York Stock ExchangeChicago Stock Exchange, Inc.00000018002025-07-172025-07-170000001800exch:XCHI2025-07-172025-07-170000001800exch:XNYS2025-07-172025-07-17

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 17, 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 July 17, 2025, Abbott Laboratories announced its results of operations for the second quarter 2025.


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, fair value adjustments to the contingent consideration related to business acquisitions, certain regulatory costs, adjustments related to prior recognition of a significant non-cash deferred tax benefit, tax benefits associated with specified items, net tax benefit 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 17, 2025 By: /s/ Philip P. Boudreau
Philip P. Boudreau
Executive Vice President, Finance and Chief Financial Officer

EX-99.1 2 abt-2025q2xexhibitx991.htm EX-99.1 Document

Exhibit 99.1
abbottlogoa.jpg
  News Release

Abbott Reports Second-Quarter 2025 Results

–Second-quarter reported sales growth of 7.4 percent; organic sales growth of 6.9 percent or 7.5 percent excluding COVID-19 testing-related sales1
–Second-quarter GAAP diluted EPS of $1.01; adjusted diluted EPS of $1.26
–Reported gross margin of 52.7 percent of sales; adjusted gross margin of 57.0 percent, which reflects a 100 basis point increase
–Reported operating margin of 18.4 percent of sales; adjusted operating margin of 22.9 percent, which reflects a 100 basis point increase
ABBOTT PARK, Ill., July 17, 2025 — Abbott today announced financial results for the second quarter ended June 30, 2025.

•Second-quarter sales increased 7.4 percent on a reported basis, 6.9 percent on an organic basis, or 7.5 percent when excluding COVID-19 testing-related sales1.
•Second-quarter GAAP diluted EPS of $1.01 and adjusted diluted EPS of $1.26, which excludes specified items and reflects double-digit growth compared to the prior year.
•First-half sales increased 5.7 percent on a reported basis, 6.9 percent on an organic basis, or 7.9 percent when excluding COVID-19 testing-related sales2.
•Abbott projects full-year 2025 organic sales growth, excluding COVID-19 testing-related sales, to be 7.5% to 8.0%, or 6.0% to 7.0% when including COVID-19 testing-related sales.
•Abbott projects full-year 2025 adjusted diluted EPS of $5.10 to $5.20, which reflects double-digit growth at the midpoint.
•In April, Abbott completed enrollment ahead of schedule in its FlexPulse U.S. IDE trial, which is designed to evaluate the TactiFlex™ Duo Pulsed Field Ablation (PFA) System for treating patients with heart rhythm disorders such as atrial fibrillation (AFib).
•In April, Abbott announced late-breaking data from the AVEIR™ Conduction System Pacing (CSP) clinical feasibility study. This study was the world's first assessment of a leadless pacemaker delivering conduction pacing, which produces pacing that closely mimics the heart's natural electrical rhythm and represents a new treatment option for people with irregular heart rhythms.
•In May, Abbott announced U.S. Food and Drug Administration (FDA) approval of the company's Tendyne™ transcatheter mitral valve replacement (TMVR) system, a first-of-its-kind device to help treat people with mitral valve disease.
•Abbott has initiated plans to develop a new cardiovascular device manufacturing facility in the state of Georgia to be completed by 2028.

"Halfway through the year, we delivered high single-digit organic sales growth, double-digit EPS growth, significantly expanded our margin profiles, and continued to advance key programs through our new product pipeline," said Robert B. Ford, chairman and chief executive officer, Abbott.
 
Page 1 of 20

SECOND-QUARTER BUSINESS OVERVIEW
"We see this momentum carrying into 2026." 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. 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 the underlying performance of the company as the demand for COVID-19 tests has significantly declined following the transition from a pandemic to endemic phase.

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 2025 Results (2Q25)
Sales 2Q25 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 4,276  957  811  —  2,503 
International 6,866  1,255  1,362  1,383  2,866 
Total reported 11,142  2,212  2,173  1,383  5,369 
% Change vs. 2Q24
U.S. 8.7  2.6  (0.1) n/a 14.6 
International 6.6  3.1  (1.5) 6.9  12.4 
Total reported 7.4  2.9  (1.0) 6.9  13.4 
Impact of foreign exchange 0.5  (0.5) 0.4  (0.8) 1.2 
Organic 6.9  3.4  (1.4) 7.7  12.2 
Impact of COVID-19 testing sales 1
 (0.6) —  (2.2) —  — 
Organic (excluding COVID-19 tests) 7.5  3.4  0.8  7.7  12.2 
Organic
    U.S. 8.7  2.6  (0.1) n/a 14.6 
    International 5.8  4.0  (2.2) 7.7  10.1 

First Half 2025 Results (1H25)
Sales 1H25 ($ in millions)
 Total Company Nutrition Diagnostics Established Pharmaceuticals Medical Devices
U.S. 8,444  1,912  1,682  —  4,842 
International 13,056  2,446  2,545  2,643  5,422 
Total reported 21,500  4,358  4,227  2,643  10,264 
% Change vs. 1H24
U.S. 8.5  5.6  (3.5) n/a 14.8 
International 3.9  1.6  (4.5) 4.9  9.1 
Total reported 5.7  3.3  (4.1) 4.9  11.7 
Impact of foreign exchange (1.1) (1.5) (0.9) (2.9) (0.7)
Impact of business exit* (0.1) (0.3) —  —  — 
Organic 6.9  5.1  (3.2) 7.8  12.4 
Impact of COVID-19 testing sales 2
 (1.0) —  (3.9) —  — 
Organic (excluding COVID-19 tests) 7.9  5.1  0.7  7.8  12.4 
Organic
    U.S. 8.7  6.4  (3.5) n/a 14.8 
    International 5.8  4.1  (3.0) 7.8  10.3 

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.


Page 2 of 20


Nutrition

Second Quarter 2025 Results (2Q25)

Sales 2Q25 ($ in millions)
 Total Pediatric Adult
U.S. 957  587  370 
International 1,255  467  788 
Total reported 2,212  1,054  1,158 
% Change vs. 2Q24
U.S. 2.6  4.2  0.2 
International 3.1  (5.7) 9.2 
Total reported 2.9  (0.4) 6.1 
Impact of foreign exchange (0.5) (0.6) (0.5)
Organic 3.4  0.2  6.6 
    U.S. 2.6  4.2  0.2 
    International 4.0  (4.5) 9.8 

Worldwide Nutrition sales increased 2.9 percent on a reported basis and 3.4 percent on an organic basis in the second quarter.
Growth in the quarter was led by Adult Nutrition, where global sales increased 6.1 percent on a reported basis and 6.6 percent on an organic basis, 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.

First Half 2025 Results (1H25)

Sales 1H25 ($ in millions)
 Total Pediatric Adult
U.S. 1,912  1,175  737 
International 2,446  920  1,526 
Total reported 4,358  2,095  2,263 
% Change vs. 1H24
U.S. 5.6  9.0  0.6 
International 1.6  (7.0) 7.7 
Total reported 3.3  1.3  5.3 
Impact of foreign exchange (1.5) (1.2) (1.6)
Impact of business exit* (0.3) —  (0.7)
Organic 5.1  2.5  7.6 
    U.S. 6.4  9.0  2.4 
    International 4.1  (4.6) 10.2 
*Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024.

Page 3 of 20


Diagnostics

Second Quarter 2025 Results (2Q25)
Sales 2Q25 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 811  351  35  104  321 
International 1,362  1,007  88  44  223 
Total reported 2,173  1,358  123  148  544 
% Change vs. 2Q24
U.S. (0.1) 7.3  5.5  (2.0) (7.1)
International (1.5) 0.5  (5.6) (11.9) (6.1)
Total reported (1.0) 2.2  (2.7) (5.1) (6.7)
Impact of foreign exchange 0.4  0.6  0.7  0.1  0.1 
Organic (1.4) 1.6  (3.4) (5.2) (6.8)
    U.S. (0.1) 7.3  5.5  (2.0) (7.1)
    International (2.2) (0.3) (6.5) (12.1) (6.3)

Global Diagnostics sales decreased 1.0 percent on a reported basis, decreased 1.4 percent on an organic basis, and increased 0.8 percent when excluding COVID-19 testing-related sales1.

Diagnostics sales growth was impacted by the year-over-year decline in COVID-19 testing-related sales and volume-based procurement programs in China.

COVID-19 testing-related sales were $55 million in the quarter, compared to $102 million in the second quarter of the prior year.

Global Core Laboratory Diagnostics sales increased 2.2 percent on a reported basis and increased 1.6 percent on an organic basis. Growth in the quarter was impacted by volume-based procurement programs in China.

First Half 2025 Results (1H25)
Sales 1H25 ($ in millions)
 Total Core Laboratory Molecular Point of Care Rapid Diagnostics
U.S. 1,682  683  75  204  720 
International 2,545  1,852  170  86  437 
Total reported 4,227  2,535  245  290  1,157 
% Change vs. 1H24
U.S. (3.5) 7.2  —  (0.3) (12.8)
International (4.5) (2.4) (6.1) (4.5) (12.3)
Total reported (4.1) 0.1  (4.4) (1.6) (12.6)
Impact of foreign exchange (0.9) (1.2) (1.0) (0.4) (0.6)
Organic (3.2) 1.3  (3.4) (1.2) (12.0)
    U.S. (3.5) 7.2  —  (0.3) (12.8)
    International (3.0) (0.7) (4.9) (3.3) (10.7)

Page 4 of 20


Established Pharmaceuticals

Second Quarter 2025 Results (2Q25)
Sales 2Q25 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 1,383  1,059  324 
Total reported 1,383  1,059  324 
% Change vs. 2Q24
U.S. n/a n/a n/a
International 6.9  7.3  5.9 
Total reported 6.9  7.3  5.9 
Impact of foreign exchange (0.8) (1.4) 1.4 
Organic 7.7  8.7  4.5 
    U.S. n/a n/a n/a
    International 7.7  8.7  4.5 

Established Pharmaceuticals sales increased 6.9 percent on a reported basis and 7.7 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 increased 7.3 percent on a reported basis and 8.7 percent on an organic basis, led by double-digit growth in several countries across Asia, Latin America and the Middle East.

First Half 2025 Results (1H25)
Sales 1H25 ($ in millions)
 Total Key Emerging Markets Other
U.S. —  —  — 
International 2,643  2,024  619 
Total reported 2,643  2,024  619 
% Change vs. 1H24
U.S. n/a n/a n/a
International 4.9  5.7  2.4 
Total reported 4.9  5.7  2.4 
Impact of foreign exchange (2.9) (3.3) (1.4)
Organic 7.8  9.0  3.8 
    U.S. n/a n/a n/a
    International 7.8  9.0  3.8 


Page 5 of 20


Medical Devices

Second Quarter 2025 Results (2Q25)
Sales 2Q25 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 2,503  340  322  282  283  289  193  794 
International 2,866  333  378  86  474  347  61  1,187 
Total reported 5,369  673  700  368  757  636  254  1,981 
% Change vs. 2Q24
U.S. 14.6  16.5  12.2  15.8  3.0  12.2  0.4  24.5 
International 12.4  5.7  10.9  11.2  5.4  13.7  20.4  17.5 
Total reported 13.4  10.9  11.5  14.7  4.5  13.0  4.6  20.2 
Impact of foreign exchange 1.2  1.1  1.2  0.7  1.0  1.3  0.3  1.7 
Organic 12.2  9.8  10.3  14.0  3.5  11.7  4.3  18.5 
    U.S. 14.6  16.5  12.2  15.8  3.0  12.2  0.4  24.5 
    International 10.1  3.6  8.8  8.4  3.8  11.4  18.7  14.7 

Worldwide Medical Devices sales increased 13.4 percent on a reported basis and 12.2 percent on an organic basis in the second quarter.

Sales growth in the quarter was led by double-digit growth in Diabetes Care, Heart Failure, Structural Heart and Electrophysiology.

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

In Diabetes Care, sales of continuous glucose monitors were $1.9 billion and grew 21.4 percent on a reported basis and 19.6 percent on an organic basis.

First Half 2025 Results (1H25)
Sales 1H25 ($ in millions)
 Total Rhythm Management Electro-
physiology		 Heart Failure Vascular Structural Heart Neuro-modulation Diabetes Care
U.S. 4,842  644  621  544  551  571  369  1,542 
International 5,422  614  708  163  916  642  113  2,266 
Total reported 10,264  1,258  1,329  707  1,467  1,213  482  3,808 
% Change vs. 1H24
U.S. 14.8  14.4  11.7  13.2  4.2  16.3  (1.1) 25.7 
International 9.1  1.2  7.6  12.6  3.5  9.3  18.5  13.8 
Total reported 11.7  7.6  9.5  13.1  3.8  12.5  2.9  18.4 
Impact of foreign exchange (0.7) (0.4) (0.6) (0.2) (0.7) (0.7) (0.4) (0.7)
Organic 12.4  8.0  10.1  13.3  4.5  13.2  3.3  19.1 
    U.S. 14.8  14.4  11.7  13.2  4.2  16.3  (1.1) 25.7 
    International 10.3  2.0  8.8  13.4  4.8  10.5  20.5  15.0 


Page 6 of 20


ABBOTT'S FINANCIAL GUIDANCE
Abbott projects full-year 2025 organic sales growth, excluding COVID-19 testing related sales, to be 7.5% to 8.0%, or 6.0% to 7.0% when including COVID-19 testing-related sales.

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

Abbott projects full-year 2025 adjusted diluted earnings per share of $5.10 to $5.20 and third-quarter 2025 adjusted diluted earnings per share of $1.28 to $1.32.

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 406th CONSECUTIVE QUARTERLY DIVIDEND
On June 13, 2025, the board of directors of Abbott declared the company's quarterly dividend of $0.59 per share. Abbott's cash dividend is payable Aug. 15, 2025, to shareholders of record at the close of business on July 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 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.

Page 7 of 20


— 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, 2024, 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 McLoughlin, 224-399-5082
Randy Blakley, 224-361-7966
Abbott Media:
Karen Twigg May, 224-668-2681
Kate Dyer, 224-668-9965


1.In the second quarter of 2025, total worldwide sales were $11.142 billion, total Diagnostics sales were $2.173 billion and COVID-19 testing-related sales were $55 million. In the second quarter of 2024, total worldwide sales were $10.377 billion, total Diagnostics sales were $2.195 billion and COVID-19 testing-related sales were $102 million.

2.In the first half of 2025, total worldwide sales were $21.500 billion, total Diagnostics sales were $4.227 billion and COVID-19 testing-related sales were $139 million. In the first half of 2024, total worldwide sales were $20.341 billion, total Diagnostics sales were $4.409 billion and COVID-19 testing-related sales were $306 million.



Page 8 of 20


Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Second Quarter Ended June 30, 2025 and 2024
(in millions, except per share data)
(unaudited)




2Q25 2Q24 % Change
Net Sales $11,142 $10,377 7.4 
Cost of products sold, excluding amortization expense 4,854  4,603  5.5 
Amortization of intangible assets 420  471  (10.7)
Research and development 725  698  3.9 
Selling, general, and administrative 3,091  2,936  5.3 
Total Operating Cost and Expenses 9,090  8,708  4.4 
Operating Earnings 2,052  1,669  23.0 
Interest expense, net 50  58  (14.2)
Net foreign exchange (gain) loss (11) (6) 55.6 
Other (income) expense, net (137) 10  n/m
Earnings before taxes 2,150  1,607  33.8 
Taxes on earnings 371  305  21.3  1)
Net Earnings $1,779 $1,302 36.7 
Net Earnings excluding Specified Items, as described below $2,213 $2,003 10.5  2)
Diluted Earnings per Common Share $1.01 $0.74 36.5 
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $1.26 $1.14 10.5  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,751  1,751 


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.

Page 9 of 20


1)2025 Taxes on Earnings includes the recognition of approximately $90 million of net tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings also includes approximately $100 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

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)2025 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $434 million, or $0.25 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, and other net expenses.

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.

Page 10 of 20


Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
First Half Ended June 30, 2025 and 2024
(in millions, except per share data)
(unaudited)




1H25 1H24 % Change
Net Sales $21,500 $20,341 5.7 
Cost of products sold, excluding amortization expense 9,322  9,066  2.8 
Amortization of intangible assets 840  943  (10.8)
Research and development 1,441  1,382  4.3 
Selling, general, and administrative 6,152  5,895  4.4 
Total Operating Cost and Expenses 17,755  17,286  2.7 
Operating Earnings 3,745  3,055  22.6 
Interest expense, net 99  119  (16.4)
Net foreign exchange (gain) loss (18) (6) n/m
Other (income) expense, net (264) (101) n/m
Earnings before taxes 3,928  3,043  29.1 
Taxes on earnings 824  516  59.5  1)
Net Earnings $3,104 $2,527 22.9 
Net Earnings excluding Specified Items, as described below $4,132 $3,732 10.7  2)
Diluted Earnings per Common Share $1.77 $1.44 22.9 
Diluted Earnings per Common Share,
excluding Specified Items, as described below
 $2.35 $2.12 10.8  2)
Average Number of Common Shares Outstanding
Plus Dilutive Common Stock Options
 1,749  1,750 



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.

Page 11 of 20



1)2025 Taxes on Earnings includes the recognition of approximately $90 million of net tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings also includes approximately $300 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

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.

2)2025 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.028 billion, or $0.58 per share, for intangible amortization, charges related to investment impairments, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions, and other net expenses.

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.




Page 12 of 20


Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
Second Quarter Ended June 30, 2025 and 2024
(in millions, except per share data)
(unaudited)
2Q25
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 420  $ (420) $ — 
Gross Margin
 5,868  478  6,346 
R&D
 725  (20) 705 
SG&A
 3,091  (1) 3,090 
Other (income) expense, net
 (137) (1) (138)
Earnings before taxes
 2,150  500  2,650 
Taxes on Earnings
 371  66  437 
Net Earnings
 1,779  434  2,213 
Diluted Earnings per Share
 $ 1.01  $ 0.25  $ 1.26 

Specified items reflect intangible amortization expense of $420 million and other net expenses of $80 million associated with restructuring actions, costs associated with acquisitions, and other net expenses. See page 17 for additional details regarding specified items.
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 18 for additional details regarding specified items.

Page 13 of 20


Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information
First Half Ended June 30, 2025 and 2024
(in millions, except per share data)
(unaudited)
1H25
As
Reported (GAAP)		 Specified Items As
Adjusted
Intangible Amortization
 $ 840  $ (840) $ — 
Gross Margin
 11,338  926  12,264 
R&D
 1,441  (47) 1,394 
SG&A
 6,152  (11) 6,141 
Other (income) expense, net
 (264) (36) (300)
Earnings before taxes
 3,928  1,020  4,948 
Taxes on Earnings
 824  (8) 816 
Net Earnings
 3,104  1,028  4,132 
Diluted Earnings per Share
 $ 1.77  $ 0.58  $ 2.35 

Specified items reflect intangible amortization expense of $840 million and other net expenses of $180 million associated with restructuring actions, acquisitions, investment impairment charges, and other net expenses. See page 19 for additional details regarding specified items.
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 20 for additional details regarding specified items.





Page 14 of 20


A reconciliation of the second-quarter tax rates for 2025 and 2024 is shown below:
2Q25
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 2,150  $ 371  17.3  % 1)
Specified items 500  66 
Excluding specified items $ 2,650  $ 437  16.5  %
2Q24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 1,607  $ 305  19.0  % 2)
Specified items 749  48 
Excluding specified items $ 2,356  $ 353  15.0  %
1)2025 Taxes on Earnings includes the recognition of approximately $90 million of net tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings also includes approximately $100 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

2)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.

A reconciliation of the year-to-date tax rates for 2025 and 2024 is shown below:
1H25
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 3,928  $ 824  21.0  % 3)
Specified items 1,020  (8)
Excluding specified items $ 4,948  $ 816  16.5  %
1H24
($ in millions) Pre-Tax
Income		 Taxes on
Earnings		 Tax
Rate
As reported (GAAP) $ 3,043  $ 516  17.0  % 4)
Specified items 1,348  143 
Excluding specified items $ 4,391  $ 659  15.0  %

3)2025 Taxes on Earnings includes the recognition of approximately $90 million of net tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings also includes approximately $300 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

4)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.

Page 15 of 20


Abbott Laboratories and Subsidiaries
Non-GAAP Revenue Reconciliation
First Half Ended June 30, 2025 and 2024
($ in millions)
(unaudited)

1H25 1H24 % Change vs. 1H24
Non-GAAP
Abbott Reported Abbott Reported Impact from business exit (a) Adjusted Revenue Reported Adjusted Organic
Total Company 21,500  20,341  (13) 20,328  5.7  5.8  6.9 
U.S. 8,444  7,780  (13) 7,767  8.5  8.7  8.7 
Intl 13,056  12,561  —  12,561  3.9  3.9  5.8 
Total Nutrition 4,358  4,218  (13) 4,205  3.3  3.6  5.1 
U.S. 1,912  1,811  (13) 1,798  5.6  6.4  6.4 
Intl 2,446  2,407  —  2,407  1.6  1.6  4.1 
Adult Nutrition 2,263  2,150  (13) 2,137  5.3  6.0  7.6 
U.S. 737  733  (13) 720  0.6  2.4  2.4 
Intl 1,526  1,417  —  1,417  7.7  7.7  10.2 

(a) Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024.


Page 16 of 20


Abbott Laboratories and Subsidiaries
Details of Specified Items
Second Quarter Ended June 30, 2025
(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  $ 55  $ 420  $ 2  $ 478 
R&D —  (7) —  (13) (20)
SG&A (3) 1  —  1  (1)
Other (income) expense, net (1) —  —  —  (1)
Earnings before taxes $ 5  $ 61  $ 420  $ 14  500 
Taxes on Earnings (d) 66 
Net Earnings $ 434 
Diluted Earnings per Share $ 0.25 
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.

d)Reflects the net tax benefit associated with the specified items and the recognition of a tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings includes approximately $100 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

Page 17 of 20


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 MDR and 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.

Page 18 of 20


Abbott Laboratories and Subsidiaries
Details of Specified Items
First Half Ended June 30, 2025
(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  $ 81  $ 840  $ 4  $ 926 
R&D (1) (23) —  (23) (47)
SG&A (6) (6) —  1  (11)
Other (income) expense, net (25) —  —  (11) (36)
Earnings before taxes $ 33  $ 110  $ 840  $ 37  1,020 
Taxes on Earnings (d) (8)
Net Earnings $ 1,028 
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 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 impairments.
d)Reflects the net tax benefit associated with the specified items and recognition of a tax benefit as a result of the resolution of various tax positions related to prior years. 2025 Taxes on Earnings includes approximately $300 million in adjustments related to prior recognition of a significant non-cash deferred tax benefit.

Page 19 of 20


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.
Page 20 of 20