Abbott Laboratories Reports Strong Q1 2024 Results

Abbott, a global healthcare company, has reported its first-quarter 2024 financial results, showing strong performance and a positive outlook for the year. Here are the key highlights from the report:

  • Sales for the first quarter of 2024 reached $10.0 billion, with reported sales increasing by 2.2 percent. Organic sales growth for the underlying base business was an impressive 10.8 percent, marking the fifth consecutive quarter of double-digit growth.

  • The company's GAAP diluted earnings per share (EPS) for the first quarter were $0.70, and adjusted diluted EPS, which excludes specified items, stood at $0.98.

  • Abbott narrowed its full-year 2024 EPS guidance range, projecting full-year diluted EPS on a GAAP basis of $3.25 to $3.40 and adjusted diluted EPS of $4.55 to $4.70, which represents an increase at the midpoint of the range.

  • The nutrition segment saw worldwide sales increase by 5.1 percent on a reported basis and 7.7 percent on an organic basis in the first quarter. Pediatric nutrition sales particularly stood out with a reported increase of 9.2 percent and an organic increase of 10.5 percent.

  • Diagnostics sales, excluding the impact of COVID-19 testing-related sales, grew 2.7 percent on a reported basis and 5.4 percent on an organic basis, showing resilience in the face of shifting market demands.

  • Established pharmaceuticals sales increased by 3.1 percent on a reported basis and an impressive 13.7 percent on an organic basis, driven by growth in key emerging markets.

  • Medical devices sales surged, with a reported increase of 14.2 percent and an organic increase of 14.3 percent in the first quarter. Strong performances were seen in diabetes care, electrophysiology, neuromodulation, and structural heart.

  • Abbott also highlighted its ongoing commitment to shareholders, declaring its 401st consecutive quarterly dividend of $0.55 per share.

Following these announcements, the company's shares moved -3.1%, and are now trading at a price of $105.81. Check out the company's full 8-K submission here.

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