Abbott Reports Strong Third-Quarter 2024 Results and Raises Full-Year EPS Guidance
Abbott has reported strong financial results for the third quarter ended September 30, 2024. The company's sales reached $10.6 billion, representing a 4.9% growth compared to the same period last year. Organic sales growth for the underlying base business was even more robust at 8.2%. This growth was driven by double-digit growth in medical devices, which saw a 13.3% increase in sales.
In terms of specific business segments, the nutrition business witnessed a 3.4% increase in sales on an organic basis. The adult nutrition segment led this growth with a 9.1% increase in sales. For diagnostics, excluding the impact of Covid-19 testing-related sales, global sales experienced a 3.3% increase on an organic basis, with core laboratory diagnostics sales growing 4.5%. Established pharmaceuticals sales also saw a 7.0% increase on an organic basis, with key emerging markets contributing to this growth.
The medical devices segment was particularly strong, with worldwide sales increasing by 13.3% on an organic basis. Diabetes care sales, in particular, exceeded $1.6 billion, representing a 20.7% organic growth.
Looking ahead, Abbott has raised the midpoint of its full-year EPS guidance range. The company now projects full-year diluted EPS on a GAAP basis of $3.34 to $3.40 and adjusted diluted EPS of $4.64 to $4.70, representing an increase at the midpoint of the guidance range.
Abbott's Board of Directors also authorized a new share repurchase program of up to $7 billion of the company's common shares, demonstrating confidence in the company's performance and financial position.
The market has reacted to these announcements by moving the company's shares 1.9% to a price of $118.2. If you want to know more, read the company's complete 8-K report here.