Abbott Laboratories (ABT) Q4 2023 earnings summary

Executive summary

• Q4 sales were $10.241B, up 1.5% reported; FY2023 sales were $40.109B, down 8.1% reported as COVID-19 testing sales declined.

• Organic sales growth excluding COVID-19 testing was 11.0% in Q4 and 11.6% for FY2023.

Financial highlights

• Q4 operating earnings were $1.780B, up 36.5%; net earnings were $1.594B, up 54.2%, and adjusted net earnings were $2.094B.

• Q4 diluted EPS was $0.91 GAAP and $1.19 adjusted, versus $0.59 and $1.03, respectively, a year earlier.

• FY operating earnings were $6.478B, down 22.5%; net earnings were $5.723B, down 17.5%, and adjusted net earnings were $7.802B.

• FY diluted EPS was $3.26 GAAP and $4.44 adjusted, versus $3.91 and $5.34, respectively, a year earlier.

Outlook and guidance

• FY2024 organic sales growth guidance, excluding COVID-19 testing-related sales, is 8.0%–10.0%.

• FY2024 diluted EPS guidance is $3.20–$3.40 GAAP and $4.50–$4.70 adjusted.

• Forecast specified items total $1.30 per share, primarily intangible amortization, acquisition costs, restructuring and cost-reduction initiatives, and other net expenses.