Abbott Laboratories (ABT)

[DewDiligence]

ABT reports 1Q24 results—raises 2024 guidance slightly—stock sells off because ABT didn’t raise 2024 guidance to a larger degree:

https://abbott.mediaroom.com/2024-04-17-Abbott-Reports-First-Quarter-2024-Results-and-Raises-Midpoint-of-Full-Year-Guidance-Ranges

2024 guidance for organic sales growth excluding COVID diagnostics is now 8.5-10%, up from the prior guidance of 8-10%.

2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is now $4.55-$4.70, up from the prior guidance of $4.50-4.70.

1Q24 non-GAAP and GAAP EPS were $0.98 and $0.70, respectively, versus $1.03 and $0.59 in 1Q23. The YoY decline in non-GAAP EPS was due to lower sales of COVID diagnostics, which were $204M in 1Q24 vs $730M in 1Q23.

4Q23 FreeStyle Libre sales were $1.5B, +23% YoY in constant currency. FreeStyle Libre is the largest-selling medical device, ever, from any company.

Please see #msg-174255202 for a breakdown of ABT’s 1Q24 sales by business segment.