Abbott Laboratories (ABT)

[DewDiligence]

ABT reports 4Q23 results—issues 2024 guidance:

https://abbott.mediaroom.com/2024-01-24-Abbott-Reports-Fourth-Quarter-and-Full-Year-2023-Results-Issues-2024-Financial-Outlook

2024 guidance for organic sales growth excluding COVID diagnostics is 8-10%.

2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is $4.50-4.70, -12-16% vs $5.34 in 2023. 2024 guidance for GAAP EPS is $3.20-3.40, -13-18% vs $3.91 in 2023. The expected YoY declines in non-GAAP and GAAP EPS are due to lower expected sales of COVID diagnostics, which were $1.59B in 2023.

4Q23 non-GAAP and GAAP EPS were $1.19 and $0.91, respectively, versus $1.03 and $0.59 in 4Q22. The YoY growth in EPS came despite sharply lower sales of COVID diagnostics, which were $288M in 4Q23 vs $1.07B in 4Q22.

4Q23 FreeStyle Libre sales were $1.4B, +26% YoY. FreeStyle Libre is the largest-selling medical device, ever, from any company.

Please see #msg-173691063 for a breakdown of ABT’s 4Q23 sales by business segment.