Replies to post #26727 on The Rising Influence of Rising Affluence

[DewDiligence]

ABT 3Q22 Results by Business Segment

  
                  %Corp      YoY Growth    
 Segment          Sales   (const currency)   
 Medical devices*  35%        +6%     
 Diagnostics       35%        -1%     
 Nutrition         17%       -10%     
 Drugs†            13%       +12%

3Q22 COVID-diagnostics sales were $1.7B, 46% of 3Q22 diagnostics sales.

61% of overall corporate sales were ex-US.

*Includes diabetes care.
†Branded generics in emerging markets.

[DewDiligence]

ABT CEO at JPM: “Libre will become a $10B product in the next 5 years.”

I.e., Libre is almost certain to be the biggest-selling medical device, ever.

[DewDiligence]

ABT reports 4Q22 results—issues 2023 guidance:

https://abbott.mediaroom.com/2023-01-25-Abbott-Reports-Fourth-Quarter-and-Full-Year-2022-Results-Issues-2023-Financial-Outlook

2023 GAAP EPS guidance is $3.05-3.25, -19% YoY at the midpoint of the range. 2023 non-GAAP EPS guidance (which excludes restructuring costs and FX) is $4.30-4.50, -18% YoY at the midpoint of the range.

The reason 2023 guidance is below 2022 results for both GAAP and non-GAAP EPS is, of course, declining COVID-diagnostics revenue. In 2022, ABT sold $8.4B of COVID diagnostics, but 2023 guidance is only $2.0B as testing volume has fallen off rapidly from the peak of the pandemic.

On a positive note, 4Q22 Freestyle Libre sales were $1.1B, including a 40% YoY increase in the US market.

Excluding COVID diagnostics, ABT expects 2023 organic sales growth in the high dingle digits.