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Jun 30, 2023
Abbott Q2 2023 Earnings Report
Second quarter results were announced, with sales driven by strong underlying base business performance and an increased outlook for the underlying base business.
Key Takeaways
Abbott's second-quarter 2023 results revealed a decrease in reported sales by 11.4 percent, attributed to an anticipated decline in COVID-19 testing-related sales. However, the underlying base business demonstrated strength, with organic sales growth of 11.5 percent, led by Medical Devices, Established Pharmaceuticals, and Nutrition. The company is strengthening its portfolio through new product approvals and expanded reimbursement coverage.
GAAP diluted EPS was $0.78, and adjusted diluted EPS was $1.08, excluding specified items.
Full-year 2023 diluted EPS is projected to be $3.02 to $3.22 on a GAAP basis.
The adjusted EPS for the full year is projected to be $4.30 to $4.50, reflecting an increased outlook for the underlying base business offset by lower forecasted earnings from COVID-19 testing-related sales.
Full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, is projected to be in the low double-digits, with COVID-19 testing-related sales of approximately $1.3 billion.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Abbott projects full-year 2023 diluted earnings per share under GAAP of $3.02 to $3.22. Excluding specified items, projected adjusted diluted earnings per share 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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