Abbott Laboratories (ABT)

[DewDiligence]

ABT reports 3Q23 results—increases_midpoint_of_ 2023_EPS_ guidance:

https://abbott.mediaroom.com/2023-10-18-Abbott-Reports-Third-Quarter-2023-Results-and-Raises-Midpoint-of-Full-Year-EPS-Guidance-Range

ABT continues to expect 2023 organic sales growth (excluding COVID-diagnostic sales) in the low double digits. 3Q23 organic sales growth was 13.5%.

3Q23 GAAP and non-GAAP EPS were $0.82 and $1.14, respectively, flat versus $0.81 and $1.15 in 3Q22. The YoY flatness was due to sharply lower COVID-diagnostics revenue: $305M in 3Q23 vs $1.67B in 3Q22. (ABT now expects 2023 COVID-diagnostics sales of $1.5B, which implies ~$200M for 4Q23.)

ABT raised the midpoint and tightened the ranges for 2023 EPS guidance. The new guidance is: GAAP $3.14-3.18 (from the prior range of $3.02-3.22); and non-GAAP $4.42-4.46 (from the prior range of $4.30-4.50).

3Q23 FreeStyle Libre sales were $1.4B, +29% YoY. FreeStyle Libre is already the largest-selling medical device, ever, from any company.

Please see #msg-173045466 for a breakdown of ABT’s 3Q23 sales by business segment.