Abbott Labs (NYSE: ABT) has reported its financial outcomes for the first quarter ended March 31, 2024. The company’s sales reached $10.0 billion, showcasing a notable start to the year.
This performance is attributed to the solid base business, with organic sales growth for the underlying base business marking a 10.8 percent increase. This represents the fifth consecutive quarter of double-digit growth, underscoring the company’s resilience and adaptability in navigating the challenges posed by the anticipated decline in COVID-19 testing-related sales compared to the previous year.
Abbott’s first-quarter results reflect a robust performance across its various segments. Notably, the Medical Devices and Established Pharmaceuticals segments delivered powerful results.
The company achieved a 14.2 percent reported growth in the Medical Devices segment, bolstered by double-digit increases in the U.S. and international markets. This growth was driven by several recently launched products and new indications, including Amplatzer Amulet, Navitor, TriClip, and AVEIR, contributing to the segment’s strong performance.
The Established Pharmaceuticals segment also saw a commendable performance with a 3.1 percent increase in reported sales and a 13.7 percent increase on an organic basis, led by growth in key emerging markets.
Abbott Labs Reports Stronger than Expected Performance in Q1 with $0.98 Adj. EPS
Comparing Abbott’s current performance against expectations, the company has notably exceeded the anticipated earnings per share (EPS) and revenue figures for the quarter. Analysts had projected an EPS of $0.95 and revenue of $9.89 billion.
However, Abbott reported an adjusted diluted EPS of $0.98, surpassing the expectations by three cents. Similarly, the company’s revenue of $10.0 billion exceeded the forecast, indicating a stronger-than-expected financial performance.
Abbott Labs Narrows Full Year 2024 Organic Sales Growth Guidance Range
Looking ahead, Abbott has raised its full-year 2024 guidance, reflecting confidence in its continued growth trajectory. The company now projects a full-year diluted EPS on a GAAP basis of $3.25 to $3.40 and an adjusted diluted EPS of $4.55 to $4.70, representing an increase at the midpoint of the range. Additionally,
Abbott has narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 8.5% to 10.0%. These projections underscore Abbott’s optimistic outlook and its ability to navigate the evolving healthcare landscape effectively. Furthermore, the company’s recent product launches and FDA approvals, such as the TriClip minimally invasive treatment option and the i-STAT TBI test, are expected to contribute to its growth and reinforce its market position.
Disclaimer: The author does not hold or have a position in any securities discussed in the article.
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