Abbott(ABT)2025-01-22 12:13Sales Performance - Fourth-quarter sales of 42.0 billion, with reported sales increasing 4.6% and organic sales growth of 9.6% excluding COVID-19 testing-related sales[3] - Worldwide Nutrition sales increased 4.5% on a reported basis and 7.1% on an organic basis in the fourth quarter[9] - Global Diagnostics sales increased 4.3% on a reported basis and 6.1% on an organic basis excluding COVID-19 testing-related sales[12] - Established Pharmaceuticals sales increased 3.8% on a reported basis and 8.5% on an organic basis in Q4 2024, with international sales reaching 5,194 million, with organic growth of 9.2%[19] - Medical Devices sales increased 13.7% on a reported basis and 14.0% on an organic basis in Q4 2024, reaching 1.8 billion[21] - Full-year 2024 Medical Devices sales were 2 billion compared to the previous year[22] - Total worldwide sales in Q4 2024 were 176 million[33] - Full-year 2024 total worldwide sales were 747 million[33] - Net Sales for 4Q24 increased by 7.2% to 10.241 billion in 4Q23[35] - Total Company revenue for 4Q24 was 4.341 billion, up 10.0% compared to 4Q23[54] - International revenue for 4Q24 was 2.129 billion, up 4.5% compared to 4Q23[54] - Adult Nutrition revenue for 4Q24 was 5.052 billion, up 13.7% compared to 4Q23[54] - Total Company revenue for 12M24 was 18.986 billion, up 12.4% compared to 12M23[54] Earnings and Profitability - Full-year 2024 GAAP diluted EPS of 4.67[3] - Abbott projects full-year 2025 adjusted diluted EPS of 5.25, reflecting double-digit growth at the midpoint[3] - Operating Earnings for 4Q24 rose by 7.4% to 1.780 billion in 4Q23[35] - Net Earnings for 4Q24 surged to 7.497 billion non-cash valuation allowance adjustment[35][37] - Diluted Earnings per Common Share for 4Q24 was 0.91 in 4Q23, largely due to the same valuation allowance adjustment[35][37] - Operating Earnings for 12M24 increased by 5.4% to 6.478 billion in 12M23[39] - Net Earnings for 12M24 jumped to 7.497 billion non-cash valuation allowance adjustment[39][41] - Diluted Earnings per Common Share for 12M24 was 3.26 in 12M23, primarily due to the valuation allowance adjustment[39][41] - Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales, reflecting an increase of 150 basis points at the midpoint compared to 2024[3] Research and Development - Abbott announced more than 15 new growth opportunities from its R&D pipeline in 2024, including new product approvals and treatment indications[3] - R&D expenses for 4Q24 increased by 7.0% to 700 million in 4Q23[35] Expenses and Costs - SG&A expenses for 4Q24 rose by 6.7% to 2.724 billion in 4Q23[35] - Acquisition-related expenses include legal and other costs related to business acquisitions as well as integration costs[68] - Restructuring and cost reduction initiative expenses include severance and outplacement costs[68] - Other expenses include costs to comply with MDR and IVDR regulations and charges for intangible asset impairments[68] - Net tax benefit associated with specified items is reflected[68] COVID-19 Testing Sales - Worldwide COVID-19 testing sales were 288 million in the fourth quarter of the prior year[12] - Total worldwide sales in Q4 2024 were 176 million[33] - Full-year 2024 total worldwide sales were 747 million[33] Dividend and Shareholder Returns - Abbott declared a quarterly dividend of 1 billion in 4Q24 and $14 billion in 12M24[55] Acquisitions and Organic Growth - The acquisition of CSI on April 27, 2023, impacted organic sales growth calculations for January through April 2024[54] - Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%[3] - Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%[24]