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Mar 31, 2023
Abbott Q1 2023 Earnings Report
Abbott's Q1 2023 performance was driven by strong underlying base business growth, offset by anticipated decline in COVID-19 testing-related sales.
Key Takeaways
Abbott's Q1 2023 sales reached $9.7 billion, driven by strong underlying base business performance. The reported sales decreased by 18.1 percent due to an anticipated decline in COVID-19 testing-related sales compared to the previous year. The organic sales growth for the underlying base business was 10.0 percent, led by Medical Devices, Established Pharmaceuticals, and Nutrition.
GAAP diluted EPS was $0.75, and adjusted diluted EPS was $1.03, excluding specified items.
Full-year 2023 diluted EPS from continuing operations on a GAAP basis is projected to be $3.05 to $3.25.
Full-year adjusted EPS from continuing operations is projected to be $4.30 to $4.50, reflecting an increased outlook for the underlying base business offset by a lower forecasted earnings contribution from COVID-19 testing-related sales.
Full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, is projected to be at least high single-digits, with COVID-19 testing-related sales of approximately $1.5 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Abbott projects full-year 2023 diluted earnings per share from continuing operations under GAAP of $3.05 to $3.25. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $4.30 to $4.50 for the full-year 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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