Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
Total Company
Diagnostics
Established
Pharmaceuticals
Medical Devices
% Change vs. 12M22
Total reported
Impact of foreign exchange
Impact of CSI acquisition
Impact of business exit
Impact of COVID-19 testing sales (4)
Organic (excluding COVID-19 tests)
Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.
Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
% Change vs. 4Q22
Total reported
Impact of foreign exchange
Impact of business exit
Worldwide Nutrition sales increased 12.2 percent on a reported basis and 13.9 percent on an organic basis in the fourth quarter. Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.
In Pediatric Nutrition, global sales increased 11.8 percent on a reported basis and 14.5 percent on an organic basis. International sales increased 12.3 percent on a reported basis and 17.9 percent on an organic basis, which was led by strong growth in Canada and several countries in Latin America . In the U.S., sales growth of 11.4 percent was primarily driven by market share recovery in the infant formula business following a voluntary recall of certain products last year.
In Adult Nutrition, global sales increased 12.5 percent on a reported basis and 13.4 percent on an organic basis, which was led by strong global growth of Ensure ® , Abbott's market-leading complete and balanced nutrition brand.
Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
% Change vs. 12M22
Total reported
Impact of foreign exchange
Impact of business exit
Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
Core Laboratory
Point of Care
Rapid
Diagnostics *
% Change vs. 4Q22
Total reported
Impact of foreign exchange
Impact of COVID-19 testing sales (4)
Organic (excluding COVID-19 tests)
As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales 4 . Worldwide COVID-19 testing sales were $288 million in the fourth quarter of 2023 compared to $1.069 billion in the fourth quarter of the prior year.
Excluding COVID-19 testing-related sales, global Diagnostics sales increased 1.7 percent on a reported basis and 2.2 percent on an organic basis.
Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
Core Laboratory
Point of Care
Rapid
Diagnostics *
% Change vs. 12M22
Total reported
Impact of foreign exchange
Impact of COVID-19 testing sales (4)
Organic (excluding COVID-19 tests)
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.
Established Pharmaceuticals
Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
Key Emerging
Markets
% Change vs. 4Q22
Total reported
Impact of foreign exchange
Established Pharmaceuticals sales increased 0.5 percent on a reported basis and 8.8 percent on an organic basis in the fourth quarter.
Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 0.5 percent on a reported basis and increased 11.4 percent on an organic basis, led by growth in several geographies and therapeutic areas, including cardiometabolic, gastroenterology, respiratory, and central nervous system/pain management.
Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
Key Emerging
Markets
% Change vs. 12M22
Total reported
Impact of foreign exchange
Medical Devices
Fourth Quarter 2023 Results (4Q23)
Sales 4Q23 ($ in millions)
Rhythm
Management
Heart
Failure *
Structural
Heart
Neuro-
modulation
Diabetes
Care
% Change vs. 4Q22
Total reported
Impact of foreign exchange
Impact of CSI acquisition
Worldwide Medical Devices sales increased 17.5 percent on a reported basis and 15.4 percent on an organic basis in the fourth quarter. Sales growth was led by double-digit organic growth in Diabetes Care, Neuromodulation, Structural Heart, Electrophysiology, Heart Failure, and Rhythm Management. Several recently launched products and new indications contributed to the strong performance, including Amplatzer ® , Amulet ® , Navitor ® , TriClip ® , and AVEIR ® .
In Electrophysiology, internationally, sales grew more than 25.0 percent on a reported and organic basis, which included sales growth of more than 20.0 percent in Europe .
In Diabetes Care, FreeStyle Libre sales were $1.4 billion , which represents sales growth of 25.5 percent on a reported basis and 23.8 percent on an organic basis.
Full-Year 2023 Results (12M23)
Sales 12M23 ($ in millions)
Rhythm
Management
Heart
Failure *
Structural
Heart
Neuro-
modulation
Diabetes
Care
% Change vs. 12M22
Total reported
Impact of foreign exchange
Impact of CSI acquisition
*The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $28 million of sales in the fourth quarter of 2022 and $115 million in the full-year 2022 were moved from Rapid Diagnostics to Heart Failure.
ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.20 to $3.40 . Abbott forecasts specified items for the full-year 2024 of $1.30 per share primarily related to intangible amortization, costs associated with acquisitions, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.50 to $4.70 for the full-year 2024.
ABBOTT DECLARES 400 TH CONSECUTIVE QUARTERLY DIVIDEND
On Dec. 15, 2023 , the board of directors of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is payable Feb. 15, 2024 , to shareholders of record at the close of business on Jan. 12, 2024 .
Abbott has increased its dividend payout for 52 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.
About Abbott:
Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.
Abbott will live-webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later in the day.
— Private Securities Litigation Reform Act of 1995 —
A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2022 , and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million. In the fourth quarter of 2022, total worldwide sales were $10.091 billion and COVID-19 testing-related sales were $1.069 billion.
Abbott has not provided the related GAAP financial measure for organic sales growth, excluding COVID-19 testing-related sales, on a forward-looking basis because the company is unable to predict with reasonable certainty the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth. In addition, as the COVID-19 pandemic has shifted to an endemic state, the company has determined that it is unable to predict with reasonable certainty future COVID-19 test sales due to the unpredictability of demand for Covid-19 tests.
t:slimX2™ is a trademark of Tandem Diabetes Care, Inc.
Diagnostic sales and COVID-19 testing-related sales in 2023 and 2022 are summarized below:
COVID Tests Sales 4Q23