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Abbott Laboratories (ABT) SEC Filing 10-K Annual Report for the fiscal year ending Saturday, December 31, 2022

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Abbott Laboratories

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CIK: 1800 Ticker: ABT

Exhibit 99.1
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  News Release

Abbott Reports Fourth-Quarter and Full-Year 2022 Results; Issues 2023 Financial Outlook

–Fourth-quarter sales of $10.1 billion; full-year 2022 sales of $43.7 billion
–Full-year 2022 sales growth of 1.3 percent; organic sales growth of 6.4 percent
–Full-year 2022 GAAP diluted EPS of $3.91; adjusted diluted EPS of $5.34
–Continues to strengthen portfolio with steady cadence of new product approvals
ABBOTT PARK, Ill., Jan. 25, 2023 — Abbott today announced financial results for the fourth quarter ended Dec. 31, 2022.

•Fourth-quarter sales of $10.1 billion, which were negatively impacted by an expected year-over-year decline in COVID-19 testing-related sales, decreased 12.0 percent on a reported basis and
6.1 percent on an organic basis, which excludes the impact of foreign exchange.
•Excluding COVID-19 testing-related sales1, fourth-quarter sales decreased 1.4 percent on a reported basis and increased 5.4 percent on an organic basis.
•Excluding COVID-19 testing-related sales2 and U.S. infant formula sales that were impacted by manufacturing disruptions3, full-year 2022 sales increased 1.9 percent on a reported basis and 7.4 percent on an organic basis.
•GAAP diluted EPS was $0.59 in the fourth quarter. Excluding specified items, adjusted diluted EPS was $1.03.
•Abbott issues full-year 2023 guidance for diluted EPS from continuing operations on a GAAP basis of $3.05 to $3.25 and full-year adjusted EPS from continuing operations of $4.30 to $4.50.
•Abbott projects full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, of high-single digits4 and COVID-19 testing-related sales of around $2.0 billion.
•In October, Abbott's market-leading FreeStyle Libre® continuous glucose monitoring system was named the "Best Medical Technology" of the last 50 years by the Galien Foundation.
•In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of its EternaTM spinal cord stimulation system — the smallest implantable, rechargeable system currently available for the treatment of chronic pain.5
•In January, Abbott announced U.S. FDA approval of its minimally invasive NavitorTM transcatheter aortic valve implantation (TAVI) system for people with severe aortic stenosis who are at high risk for surgery.

"We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions," said Robert B. Ford, chairman and chief executive officer, Abbott. "Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward."
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The following information was filed by Abbott Laboratories (ABT) on Wednesday, January 25, 2023 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Abbott Laboratories's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Cover
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Comprehensive Income (Parenthetical)
Consolidated Statement Of Earnings
Consolidated Statement Of Shareholders Investment
Consolidated Statement Of Shareholders Investment (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Debt And Lines Of Credit
Debt And Lines Of Credit (Tables)
Debt And Lines Of Credit - Narrative (Details)
Debt And Lines Of Credit - Summary Of Long-Term Debt (Details)
Financial Instruments, Derivatives And Fair Value Measures
Financial Instruments, Derivatives And Fair Value Measures (Tables)
Financial Instruments, Derivatives And Fair Value Measures - Amounts And Location Of Derivative Instruments (Details)
Financial Instruments, Derivatives And Fair Value Measures - Bases Of Measurement (Details)
Financial Instruments, Derivatives And Fair Value Measures - Carrying Value And Fair Value (Details)
Financial Instruments, Derivatives And Fair Value Measures - Narrative (Details)
Financial Instruments, Derivatives And Fair Value Measures - Summary Of Cash Flow Hedges (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Details)
Incentive Stock Program - Fair Value Assumptions (Details)
Incentive Stock Program - Restricted Awards And Units (Details)
Incentive Stock Programs
Incentive Stock Programs (Tables)
Incentive Stock Programs - Narrative (Details)
Incentive Stock Programs - Stock Option Activity (Details)
Leases
Leases (Tables)
Leases - Future Minimum Lease Payments (Details)
Leases - Narrative (Details)
Leases - Operating Leases As Lessee (Details)
Leases - Rou Assets And Lease Liabilities (Details)
Litigation And Environmental Matters
Litigation And Environmental Matters (Details)
New Accounting Standards
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - Assumptions (Details)
Post-Employment Benefits - Funding And Payments (Details)
Post-Employment Benefits - Narrative (Details)
Post-Employment Benefits - Net Periodic Benefit Cost (Details)
Post-Employment Benefits - Plan Assets Measured At Fair Value (Details)
Post-Employment Benefits - Summary Of Accumulated Benefit Obligations, Projected Benefit Obligations, And Plan Assets Where Accumulated Benefit Obligations Exceed Plan Assets (Details)
Post-Employment Benefits - Summary Of Benefit Plans (Details)
Post-Employment Benefits - Summary Of Projected Benefit Obligations And Aggregate Plan Assets For Plans Where Projected Benefit Obligations Exceed Plans Assets (Details)
Restructuring Plans
Restructuring Plans (Tables)
Restructuring Plans - Narrative (Details)
Restructuring Plans - Summary Of Other Restructuring Activity (Details)
Restructuring Plans - Summary Of Restructuring Activity Related To Covid-19 (Details)
Revenue
Revenue (Tables)
Revenue - Changes In Contract Liabilities (Details)
Revenue - Narrative (Details)
Revenue - Revenue By Sales Category (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segment And Geographic Area Information
Segment And Geographic Area Information (Tables)
Segment And Geographic Area Information - Depreciation And Assets (Details)
Segment And Geographic Area Information - Geographic Information (Details)
Segment And Geographic Area Information - Narrative (Details)
Segment And Geographic Area Information - Reconciliation Of Assets (Details)
Segment And Geographic Area Information - Reconciliation Of Earnings (Details)
Segment And Geographic Area Information - Sales And Earnings (Details)
Subsequent Event
Subsequent Event (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Narrative (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Allowance For Doubtful Accounts (Details)
Supplemental Financial Information - Investments (Details)
Supplemental Financial Information - Narrative (Details)
Supplemental Financial Information - Other Accrued Liabilities (Details)
Supplemental Financial Information - Post-Employment Obligations And Other Long-Term Liabilities (Details)
Taxes On Earnings From Continuing Operations
Taxes On Earnings From Continuing Operations (Tables)
Taxes On Earnings From Continuing Operations - Deferred Tax Assets And Liabilities (Details)
Taxes On Earnings From Continuing Operations - Earnings And Taxes (Details)
Taxes On Earnings From Continuing Operations - Narrative (Details)
Taxes On Earnings From Continuing Operations - Tax Rate Reconciliation (Details)
Taxes On Earnings From Continuing Operations - Unrecognized Tax Benefits (Details)
Ticker: ABT
CIK: 1800
Form Type: 10-K Annual Report
Accession Number: 0001628280-23-004026
Submitted to the SEC: Fri Feb 17 2023 4:09:44 PM EST
Accepted by the SEC: Fri Feb 17 2023
Period: Saturday, December 31, 2022
Industry: Pharmaceutical Preparations

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