Abbott Laboratories (ABT)

[DewDiligence]

ABT reports 2Q24 results—raises 2024 guidance slightly—for the second consecutive quarter, stock sells off because ABT didn’t raise 2024 guidance to a larger degree:

https://abbott.mediaroom.com/2024-07-18-Abbott-Reports-Second-Quarter-2024-Results-and-Raises-Full-Year-Guidance

2024 guidance for organic sales growth excluding COVID diagnostics is now 9.5-10%, up from the prior guidance of 8.5-10% given three months ago.

2024 guidance for non-GAAP EPS (which excludes FX and restructuring costs) is now $4.61-4.70, up from the prior guidance of $4.55-4.70 given three months ago.

2Q24 non-GAAP and GAAP EPS were $1.14 and $0.74, respectively, versus $1.08 and $0.78 in 2Q23. These YOY comparisons were adversely affected by a 56% decline in COVID-diagnostic sales, which were $102M in 2Q24 in 2Q24 vs $230M in 2Q23.

2Q24 FreeStyle Libre sales were $1.6B, +20% YoY in constant currency. FreeStyle Libre is the largest-selling medical device, ever, from any company.

Please see #msg-174774187 for a breakdown of ABT’s 2Q24 sales by business segment.