Abbott Laboratories (ABT) 10-Q Quarterly Report November 2022

•Third-quarter sales of $10.4 billion decreased 4.7 percent on a reported basis and increased 1.3 percent on an organic basis, which excludes the impact of foreign exchange.

•GAAP diluted EPS1 was $0.81 in the third quarter. Excluding specified items, adjusted diluted EPS was $1.15.

•Abbott is raising its full-year 2022 EPS guidance. Abbott projects full-year diluted EPS on a GAAP basis of $3.75 to $3.81 and projects adjusted diluted EPS of $5.17 to $5.23.

•Full-year 2022 guidance assumes COVID-19 testing-related sales of $7.8 billion, which includes sales of $7.3 billion through September 2022 and projected sales of $0.5 billion in the fourth quarter.

•U.S. Medical Devices sales grew 11.3 percent in the third quarter, led by strong double-digit growth in Electrophysiology, Structural Heart and Diabetes Care.

•In September, Abbott presented new data showing its FreeStyle Libre® continuous glucose monitoring system helped reduce acute diabetes-related events, leading to a 67 percent decrease in hospitalizations in people with Type 2 diabetes on once-daily (basal) insulin therapy.2

•During the quarter, Abbott launched its latest-generation FreeStyle Libre 3 system in the U.S., which automatically delivers up-to-the-minute glucose readings and unsurpassed 14-day accuracy3 in the world's smallest and thinnest3 wearable sensor.

•During the quarter, following a manufacturing stoppage earlier this year, Abbott restarted production of Similac® as well as EleCare® and metabolic infant formulas at its Sturgis, Michigan, facility.

"Our results and increased guidance in the current macroeconomic environment reflect the strength of our diversified business model and execution," said Robert B. Ford, chairman and chief executive officer, Abbott. "We're particularly pleased with improving sales growth rates in U.S. Medical Devices, which is being fueled by several recent product launches, as well as continued strong performance in Established Pharmaceuticals."

-- more --

Page 1 of 19

The following information was filed by Abbott Laboratories (ABT) on Wednesday, October 19, 2022 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1800/000162828022027550/abt-20220930.htm

View differences made from one quarter to another to evaluate Abbott Laboratories's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Abbott Laboratories.

Continue

Assess how Abbott Laboratories's management team is paid from their Annual Proxy

Abbott Laboratories's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter Sentiment:

All

Positive

Negative

Filter Category:

All

Revenue

Financial

Other

Filter Subcategory:

All

Product

Geography

Dividend

Expense

Earnings

Cash Flow

Other

Inside Abbott Laboratories's 10-Q Quarterly Report:

Revenue - Product Highlight
Abbott's net sales were unfavorably impacted by changes in foreign exchange rates in the third quarter as the relatively stronger U.S. dollar decreased total international sales by 10.0 percent and total sales by 6.0 percent.

Revenue - Product Highlight
Abbott's net sales were unfavorably impacted by changes in foreign exchange rates in the first nine months as the relatively stronger U.S. dollar decreased total international sales by 7.4 percent and total sales by 4.7 percent.
Revenue - Geography Highlight
23 Table of Contents Excluding the unfavorable effect of foreign exchange, sales in the Key Emerging Markets for Established Pharmaceutical Products increased 12.2 percent in the first nine months of 2022, led by double-digit growth in several countries, including India and China, and therapeutic areas, including gastroenterology, central nervous system/pain management, and respiratory products.
Revenue - Geography Highlight
The future extent to which inflation, supply chain disruptions, and unfavorable foreign exchange rates will have a material effect on Abbott's operating results is uncertain.
Financial - Dividend Highlight
In each of the first three quarters of 2022, Abbott declared a quarterly dividend of $0.47 per share on its common shares, which represents an increase of 4.4 percent over the $0.45 per share dividend declared in each of the first three quarters of 2021.
Financial - Expense
SG&A expenses were virtually unchanged...Read more
Revenue - Product
Growth in Diabetes Care sales...Read more
Revenue - Geography
Excluding the effect of foreign...Read more
Revenue - Product
During the first nine months...Read more
Revenue - Product
In Rapid Diagnostics, sales increased...Read more
Revenue - Product
The 23.1 percent increase in...Read more
Other - Other
In February 2022, Abbott received...Read more
Financial - Expense
Interest Expense, net Interest expense,...Read more
Revenue - Product
FreeStyle Libre sales totaled $3.1...Read more
Revenue - Geography
Growth in Structural Heart during...Read more
Revenue - Product
These increases reflect higher sales...Read more
Revenue - Product
International Adult Nutritional sales, excluding...Read more
Revenue - Product
Excluding the impacts of COVID-19...Read more
Revenue - Product
Excluding the impacts of COVID-19...Read more
Revenue - Product
In Core Laboratory Diagnostics, sales...Read more
Revenue - Product
In the first nine months...Read more
Revenue - Product
Excluding the impact of COVID-19...Read more
Financial - Expense
Research and development (R&D) expenses...Read more
Revenue - Geography
In Electrophysiology, the 8.2 percent...Read more
Revenue - Product
In the first nine months...Read more
Revenue - Product
In the first nine months...Read more
Financial - Earnings
Taxes on Earnings Taxes on...Read more
Revenue - Product
International Pediatric Nutritional sales, excluding...Read more
Financial - Cash Flow
In the Condensed Consolidated Statement...Read more
Revenue - Geography
The increase in the first...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Abbott Laboratories provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: ABT
CIK: 1800
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-22-027550
Submitted to the SEC: Tue Nov 01 2022 4:06:19 PM EST
Accepted by the SEC: Tue Nov 01 2022
Period: Friday, September 30, 2022
Industry: Pharmaceutical Preparations

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/abt/0001628280-22-027550.htm

Abbott Laboratories (ABT) SEC Filing 10-Q Quarterly Report for the period ending Friday, September 30, 2022

SEC Filings

ABT Valuations

ABT Annual Reports

ABT Quarterly Reports

ABT Corporate News