Abbott Reports Third-Quarter 2022 Results and Raises Full-Year EPS Guidance

Worldwide sales of $10.4 billion in the third quarter
Raises full-year earnings-per-share guidance
Continues to strengthen portfolio with new product approvals and launches

Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 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 EPS ¹ 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 accuracy ³ in the world's smallest and thinnest ³ 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."

THIRD-QUARTER BUSINESS OVERVIEW
Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange.

Total Company
($ in millions)

				% Change vs. 3Q21
	Sales 3Q22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total *	4,094	6,316	10,410	(6.3)	(3.7)	(4.7)	(6.3)	6.3	1.3
Nutrition	686	1,109	1,795	(25.3)	(6.8)	(14.9)	(25.3)	1.2	(10.3)
Diagnostics	1,741	1,930	3,671	(10.6)	(1.8)	(6.2)	(10.6)	9.2	(0.6)
Established Pharmaceuticals	—	1,326	1,326	n/a	4.9	4.9	n/a	12.2	12.2
Medical Devices	1,664	1,951	3,615	11.3	(8.7)	(0.5)	11.3	3.1	6.4


				% Change vs. 9M21
	Sales 9M22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total *	13,923	19,639	33,562	18.1	(0.9)	6.2	18.1	6.5	10.9
Nutrition	2,124	3,518	5,642	(19.2)	(2.9)	(9.8)	(19.2)	2.8	(6.4)
Diagnostics	6,951	6,328	13,279	46.6	(1.6)	18.9	46.6	5.8	23.1
Established Pharmaceuticals	—	3,696	3,696	n/a	5.2	5.2	n/a	11.6	11.6
Medical Devices	4,840	6,097	10,937	10.4	(2.2)	3.0	10.4	6.9	8.4

* Total Abbott sales include Other Sales of approximately $3 million in 3Q22 and approximately $8 million in 9M22.

n/a = Not Applicable.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

Total sales in the third quarter were negatively impacted by year-over-year declines in COVID-19 testing-related sales and a manufacturing stoppage initiated in February of certain infant formula products manufactured at Abbott's Sturgis, Michigan , facility. Excluding COVID-19 testing-related sales ⁴ and the U.S. sales associated with the manufacturing stoppage ⁵ in the current and prior years, total worldwide sales decreased 0.6 percent on a reported basis and increased 6.0 percent on an organic basis in the third quarter.

Nutrition
($ in millions)

				% Change vs. 3Q21
	Sales 3Q22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	686	1,109	1,795	(25.3)	(6.8)	(14.9)	(25.3)	1.2	(10.3)
Pediatric	357	470	827	(39.1)	(8.6)	(24.8)	(39.1)	(2.6)	(22.0)
Adult	329	639	968	(1.1)	(5.4)	(4.0)	(1.1)	4.1	2.4


				% Change vs. 9M21
	Sales 9M22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	2,124	3,518	5,642	(19.2)	(2.9)	(9.8)	(19.2)	2.8	(6.4)
Pediatric	1,108	1,491	2,599	(31.7)	(8.9)	(20.2)	(31.7)	(4.6)	(18.1)
Adult	1,016	2,027	3,043	1.0	2.0	1.7	1.0	9.0	6.3

Worldwide Nutrition sales decreased 14.9 percent on a reported basis and 10.3 percent on an organic basis in the third quarter. Total worldwide Nutrition and Pediatric Nutrition sales were negatively impacted by a manufacturing stoppage initiated in February of certain infant formula products manufactured at Abbott's Sturgis, Michigan , facility. Abbott resumed production at the facility during the third quarter. International Pediatric sales were negatively impacted by challenging market conditions in China .

In Adult Nutrition, global sales decreased 4.0 percent on a reported basis and increased 2.4 percent on an organic basis, led by Ensure ^® , Abbott's market-leading complete and balanced nutrition brand.

Diagnostics
($ in millions)

				% Change vs. 3Q21
	Sales 3Q22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	1,741	1,930	3,671	(10.6)	(1.8)	(6.2)	(10.6)	9.2	(0.6)
Core Laboratory	281	938	1,219	(3.2)	(6.3)	(5.6)	(3.2)	3.7	2.2
Molecular	65	118	183	(60.1)	(35.4)	(47.0)	(60.1)	(30.3)	(44.3)
Point of Care	92	35	127	(7.3)	(0.6)	(5.6)	(7.3)	5.3	(4.0)
Rapid Diagnostics	1,303	839	2,142	(6.6)	12.5	0.1	(6.6)	26.5	4.9


				% Change vs. 9M21
	Sales 9M22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	6,951	6,328	13,279	46.6	(1.6)	18.9	46.6	5.8	23.1
Core Laboratory	836	2,788	3,624	(1.1)	(5.0)	(4.1)	(1.1)	2.4	1.6
Molecular	308	507	815	(28.5)	(22.1)	(24.7)	(28.5)	(17.5)	(21.9)
Point of Care	284	110	394	(1.7)	(1.4)	(1.6)	(1.7)	3.1	(0.4)
Rapid Diagnostics	5,523	2,923	8,446	73.8	7.0	42.9	73.8	15.1	46.7

Diagnostics sales in the third quarter were negatively impacted by year-over-year declines in COVID-19 testing-related sales. Global COVID-19 testing-related sales were $1.7 billion in the third quarter of 2022 compared to $1.9 billion in the third quarter of last year. ⁶ Excluding COVID-19 testing-related sales, worldwide Diagnostics sales declined 0.2 percent on a reported basis and increased 6.1 percent on an organic basis in the third quarter. ⁴

Established Pharmaceuticals
($ in millions)

				% Change vs. 3Q21
	Sales 3Q22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	—	1,326	1,326	n/a	4.9	4.9	n/a	12.2	12.2
Key Emerging Markets	—	993	993	n/a	6.2	6.2	n/a	13.0	13.0
Other	—	333	333	n/a	1.1	1.1	n/a	9.9	9.9


				% Change vs. 9M21
	Sales 9M22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	—	3,696	3,696	n/a	5.2	5.2	n/a	11.6	11.6
Key Emerging Markets	—	2,826	2,826	n/a	5.8	5.8	n/a	12.2	12.2
Other	—	870	870	n/a	3.2	3.2	n/a	9.5	9.5

Established Pharmaceuticals sales increased 4.9 percent on a reported basis and 12.2 percent on an organic basis in the third 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 6.2 percent on a reported basis and 13.0 percent on an organic basis, led by strong growth in several geographies including India , China , Brazil and Vietnam and several therapeutic areas, including cardiometabolic, gastroenterology and central nervous system/pain management.

Other sales increased 1.1 percent on a reported basis and 9.9 percent on an organic basis in the quarter.

Medical Devices
($ in millions)

				% Change vs. 3Q21
	Sales 3Q22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	1,664	1,951	3,615	11.3	(8.7)	(0.5)	11.3	3.1	6.4
Rhythm Management	263	270	533	(1.0)	(11.6)	(6.7)	(1.0)	(0.7)	(0.8)
Electrophysiology	225	244	469	17.3	(17.1)	(3.5)	17.3	(4.9)	3.8
Heart Failure	177	51	228	4.2	(13.3)	(0.3)	4.2	(3.1)	2.3
Vascular	213	393	606	(2.9)	(7.6)	(6.0)	(2.9)	2.2	0.4
Structural Heart	207	213	420	16.7	(0.7)	7.2	16.7	13.7	15.1
Neuromodulation	156	36	192	4.7	(11.1)	1.3	4.7	1.9	4.1
Diabetes Care	423	744	1,167	31.3	(6.8)	4.1	31.3	5.5	12.9


				% Change vs. 9M21
	Sales 9M22			Reported			Organic
	U.S.	Int'l	Total	U.S.	Int'l	Total	U.S.	Int'l	Total
Total	4,840	6,097	10,937	10.4	(2.2)	3.0	10.4	6.9	8.4
Rhythm Management	775	830	1,605	(0.2)	(5.8)	(3.2)	(0.2)	2.6	1.3
Electrophysiology	667	773	1,440	15.1	(6.2)	2.6	15.1	3.4	8.2
Heart Failure	523	167	690	8.3	—	6.2	8.3	9.2	8.6
Vascular	650	1,228	1,878	(5.0)	(5.0)	(5.0)	(5.0)	2.5	(0.1)
Structural Heart	604	667	1,271	12.4	2.0	6.7	12.4	13.1	12.8
Neuromodulation	456	112	568	(0.8)	(9.7)	(2.7)	(0.8)	—	(0.6)
Diabetes Care	1,165	2,320	3,485	34.7	1.2	10.4	34.7	10.9	17.4

Worldwide Medical Devices sales decreased 0.5 percent on a reported basis and increased 6.4 percent on an organic basis in the third quarter. Sales growth in the U.S. was led by strong double-digit growth in Electrophysiology, Structural Heart and Diabetes Care. Internationally, sales growth was negatively impacted by intermittent COVID-19 lockdown restrictions in China as well as supply constraints in certain areas, most notably Electrophysiology.

In Diabetes Care, FreeStyle Libre sales were approximately $1.0 billion in the quarter, including U.S. growth of more than 40 percent. International FreeStyle Libre sales were negatively impacted by supply constraints of Abbott's first-generation FreeStyle Libre system in certain emerging markets.

ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott is raising its projected full-year 2022 diluted earnings per share under GAAP to $3.75 to $3.81 . Abbott forecasts specified items for the full-year 2022 of $1.42 per share primarily related to intangible amortization, costs related to a voluntary recall, asset impairments, expenses associated with acquisitions, restructurings and cost reduction initiatives and other net expenses. Excluding specified items, Abbott is raising its projected adjusted diluted earnings per share to $5.17 to $5.23 for the full-year 2022.

ABBOTT DECLARES 395 ^TH CONSECUTIVE QUARTERLY DIVIDEND
On Sept. 15, 2022 , the board of directors of Abbott declared the company's quarterly dividend of $0.47 per share. Abbott's cash dividend is payable Nov. 15, 2022 , to shareholders of record at the close of business on Oct. 14, 2022 .

Abbott has increased its dividend payout for 50 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 113,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com , on LinkedIn at www.linkedin.com/company/abbott-/ , on Facebook at www.facebook.com/Abbott and on Twitter @AbbottNews .

Abbott will live-webcast its third-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 Dec. 31, 2021 , 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.

¹	All reported amounts relate to continuing operations only as there are no discontinued operations in the periods presented.
²	Data on file, Abbott Diabetes Care. Comparison based on publicly available information.
³	Among patient-applied sensors. Data on file, Abbott Diabetes Care.
⁴	In the third quarter of 2022, COVID-19 testing-related sales were $1.671 billion. In the third quarter of 2021, total worldwide sales were $10.928 billion and total Diagnostic sales were $3.912 billion, both of which included COVID-19 testing-related sales of $1.908 billion.
⁵	U.S. sales of certain infant formula products were $102 million in the third quarter of 2022 and $332 million in the third quarter of 2021.
⁶	In the third quarter of 2022, Core Laboratory, Molecular Diagnostics, and Rapid Diagnostics COVID-19 testing-related sales were $11 million, $54 million, and $1.606 billion, respectively. Core Laboratory, Molecular Diagnostics, and Rapid Diagnostics COVID-19 testing-related sales in the third quarter of 2021 were $47 million, $218 million and $1.643 billion, respectively.

Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings Third Quarter Ended September 30, 2022 and 2021 (in millions, except per share data) (unaudited)


	3Q22	3Q21	% Change
Net Sales	$10,410	$10,928	(4.7)

Cost of products sold, excluding amortization expense	4,629	4,423	4.7
Amortization of intangible assets	498	520	(4.1)
Research and development	782	672	16.2
Selling, general, and administrative	2,731	2,767	(1.3)
Total Operating Cost and Expenses	8,640	8,382	3.1

Operating Earnings	1,770	2,546	(30.5)

Interest expense, net	86	123	(29.3)
Net foreign exchange (gain) loss	19	4	n/m
Other (income) expense, net	(93)	(74)	25.4
Earnings before taxes	1,758	2,493	(29.5)
Taxes on earnings	323	393	(17.7)

Net Earnings	$1,435	$2,100	(31.7)

Net Earnings Excluding Specified Items, as described below	$2,036	$2,518	(19.2)	1)

Diluted Earnings per Common Share	$0.81	$1.17	(30.8)

Diluted Earnings per Common Share, excluding Specified Items, as described below	$1.15	$1.40	(17.9)	1)

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,764	1,789



NOTES:
See tables titled "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes below.

1)	2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $601 million, or $0.34 per share, for intangible amortization, charges related to the impairment of R&D intangible assets, expenses associated with acquisitions, restructuring and cost reduction initiatives and other net expenses.

	2021 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $418 million, or $0.23 per share, for intangible amortization and other expenses primarily associated with restructuring actions and acquisitions, partially offset by a change in estimate to the restructuring actions recognized in the second quarter related to Abbott's manufacturing network for COVID-19 diagnostic tests to reflect current and projected demand.

Abbott Laboratories and Subsidiaries Condensed Consolidated Statement of Earnings Nine Months Ended September 30, 2022 and 2021 (in millions, except per share data) (unaudited)

	9M22	9M21	% Change
Net Sales	$33,562	$31,607	6.2

Cost of products sold, excluding amortization expense	14,549	13,771	5.6
Amortization of intangible assets	1,517	1,533	(1.0)
Research and development	2,163	1,980	9.2
Selling, general, and administrative	8,275	8,276	—
Total Operating Cost and Expenses	26,504	25,560	3.7

Operating Earnings	7,058	6,047	16.7

Interest expense, net	309	370	(16.3)
Net foreign exchange (gain) loss	16	7	n/m
Other (income) expense, net	(253)	(214)	18.3
Earnings before taxes	6,986	5,884	18.7
Taxes on earnings	1,086	802	35.5	1)

Net Earnings	$5,900	$5,082	16.1

Net Earnings Excluding Specified Items, as described below	$7,655	$7,001	9.3	2)

Diluted Earnings per Common Share	$3.32	$2.83	17.3

Diluted Earnings per Common Share, excluding Specified Items, as described below	$4.31	$3.89	10.8	2)

Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,768	1,791



NOTES:
See tables titled "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes below.


1)	2022 Taxes on Earnings includes the recognition of approximately $20 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $36 million in excess tax benefits associated with share-based compensation.

	2021 Taxes on Earnings includes the recognition of approximately $97 million in excess tax benefits associated with share-based compensation.

2)	2022 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $1.755 billion, or $0.99 per share, for intangible amortization, charges related to a voluntary recall and the impairment of R&D intangible assets, acquisition-related costs and other net expenses.

	2021 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $1.919 billion, or $1.06 per share, for intangible amortization and other net expenses primarily associated with restructuring actions, certain litigation and acquisitions.

Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information Third Quarter Ended September 30, 2022 and 2021 (in millions, except per share data) (unaudited)

	3Q22
	As Reported (GAAP)	Specified Items	As Adjusted	% to Sales

Intangible Amortization	$ 498	$ (498)	$ —
Gross Margin	5,283	540	5,823	55.9 %
R&D	782	(146)	636	6.1 %
SG&A	2,731	(39)	2,692	25.9 %
Other (income) expense, net	(93)	(4)	(97)
Earnings before taxes	1,758	729	2,487
Taxes on Earnings	323	128	451
Net Earnings	1,435	601	2,036
Diluted Earnings per Share	$ 0.81	$ 0.34	$ 1.15

Specified items reflect intangible amortization expense of $498 million and other net expenses of $231 million associated with the impairment of R&D intangible assets, costs associated with acquisitions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items.

	3Q21
	As Reported (GAAP)	Specified Items	As Adjusted	% to Sales

Intangible Amortization	$ 520	$ (520)	$ —
Gross Margin	5,985	445	6,430	58.8 %
R&D	672	(21)	651	6.0 %
SG&A	2,767	(30)	2,737	25.0 %
Other (income) expense, net	(74)	7	(67)
Earnings before taxes	2,493	489	2,982
Taxes on Earnings	393	71	464
Net Earnings	2,100	418	2,518
Diluted Earnings per Share	$ 1.17	$ 0.23	$ 1.40

Specified items reflect intangible amortization expense of $520 million and net pretax income of $31 million, primarily associated with a change in estimate to the restructuring actions recognized in the second quarter of 2021, partially offset by costs associated with acquisitions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items.

Abbott Laboratories and Subsidiaries Non-GAAP Reconciliation of Financial Information Nine Months Ended September 30, 2022 and 2021 (in millions, except per share data) (unaudited)

	9M22
	As Reported (GAAP)	Specified Items	As Adjusted	% to Sales

Intangible Amortization	$ 1,517	$ (1,517)	$ —
Gross Margin	17,496	1,739	19,235	57.3 %
R&D	2,163	(211)	1,952	5.8 %
SG&A	8,275	(92)	8,183	24.4 %
Other (income) expense, net	(253)	(31)	(284)
Earnings before taxes	6,986	2,073	9,059
Taxes on Earnings	1,086	318	1,404
Net Earnings	5,900	1,755	7,655
Diluted Earnings per Share	$ 3.32	$ 0.99	$ 4.31

Specified items reflect intangible amortization expense of $1.517 billion and other net expenses of $556 million that includes charges for the impairment of R&D intangible assets, costs associated with a product recall, acquisition-related costs, and other net expenses. See tables titled "Details of Specified Items" for additional details regarding specified items.

	9M21
	As Reported (GAAP)	Specified Items	As Adjusted	% to Sales

Intangible Amortization	$ 1,533	$ (1,533)	$ —
Gross Margin	16,303	2,042	18,345	58.0 %
R&D	1,980	(67)	1,913	6.1 %
SG&A	8,276	(274)	8,002	25.3 %
Other (income) expense, net	(214)	30	(184)
Earnings before taxes	5,884	2,353	8,237
Taxes on Earnings	802	434	1,236
Net Earnings	5,082	1,919	7,001
Diluted Earnings per Share	$ 2.83	$ 1.06	$ 3.89

Specified items reflect intangible amortization expense of $1.533 billion and other net expenses of $820 million, primarily associated with restructuring actions, certain litigation, acquisitions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items.

A reconciliation of the third-quarter tax rates for 2022 and 2021 is shown below:

	3Q22
($ in millions)	Pre-Tax Income	Taxes on Earnings	Tax Rate
As reported (GAAP)	$ 1,758	$ 323	18.4 %
Specified items	729	128
Excluding specified items	$ 2,487	$ 451	18.1 %
	3Q21
($ in millions)	Pre-Tax Income	Taxes on Earnings	Tax Rate
As reported (GAAP)	$ 2,493	$ 393	15.7 %
Specified items	489	71
Excluding specified items	$ 2,982	$ 464	15.5 %



A reconciliation of the year-to-date tax rates for 2022 and 2021 is shown below:

	9M22
($ in millions)	Pre-Tax Income	Taxes on Earnings	Tax Rate
As reported (GAAP)	$ 6,986	$ 1,086	15.6 %	1)
Specified items	2,073	318
Excluding specified items	$ 9,059	$ 1,404	15.5 %
	9M21
($ in millions)	Pre-Tax Income	Taxes on Earnings	Tax Rate
As reported (GAAP)	$ 5,884	$ 802	13.6 %	2)
Specified items	2,353	434
Excluding specified items	$ 8,237	$ 1,236	15.0 %


1)	2022 Taxes on Earnings includes the recognition of approximately $20 million of net tax expense as a result of the resolution of various tax positions related to prior years and approximately $36 million in excess tax benefits associated with share-based compensation.

2)	2021 Tax expense on Earnings from Continuing Operations includes the recognition of approximately $97 million in excess tax benefits associated with share-based compensation.

Abbott Laboratories and Subsidiaries Details of Specified Items Third Quarter Ended September 30, 2022 (in millions, except per share data) (unaudited)

	Acquisition or Divestiture- related (a)	Restructuring and Cost Reduction Initiatives (b)	Intangible Amortization	Other (c)	Total Specifieds
Gross Margin	$ 15	$ 11	$ 498	$ 16	$ 540
R&D	(3)	(3)	—	(140)	(146)
SG&A	(13)	(5)	—	(21)	(39)
Other (income) expense, net	(4)	—	—	—	(4)
Earnings before taxes	$ 35	$ 19	$ 498	$ 177	729
Taxes on Earnings (d)					128
Net Earnings					$ 601
Diluted Earnings per Share					$ 0.34



The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information."

a)	Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

b)	Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives.

c)	Other includes charges related to an impairment of R&D intangible assets acquired in a business combination, incremental costs to comply with the European Union's Medical Device (MDR) and In Vitro Diagnostics Medical Device (IVDR) Regulations for previously approved products and costs related to certain litigation.

d)	Reflects the net tax benefit associated with the specified items.

Abbott Laboratories and Subsidiaries Details of Specified Items Third Quarter Ended September 30, 2021 (in millions, except per share data) (unaudited)

	Acquisition or Divestiture- related (a)	Restructuring and Cost Reduction Initiatives (b)	Intangible Amortization	Other (c)	Total Specifieds
Gross Margin	$ 16	$ (96)	$ 520	$ 5	$ 445
R&D	(4)	—	—	(17)	(21)
SG&A	(12)	(23)	—	5	(30)
Other (income) expense, net	6	—	—	1	7
Earnings before taxes	$ 26	$ (73)	$ 520	$ 16	489
Taxes on Earnings (d)					71
Net Earnings					$ 418
Diluted Earnings per Share					$ 0.23



The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information."

a)	Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

b)	Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. The Gross Margin amount includes a credit associated with a change in estimate to the charges taken in the second quarter of 2021 for a restructuring plan related to Abbott's manufacturing network for COVID-19 diagnostic tests to reflect current and projected demand.

c)	Other includes incremental costs to comply with the European Union's MDR and IVDR Regulations for previously approved products.

d)	Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation.

Abbott Laboratories and Subsidiaries Details of Specified Items Nine Months Ended September 30, 2022 (in millions, except per share data) (unaudited)

	Acquisition or Divestiture- related (a)	Restructuring and Cost Reduction Initiatives (b)	Intangible Amortization	Other (c)	Total Specifieds
Gross Margin	$ 56	$ (1)	$ 1,517	$ 167	$ 1,739
R&D	(10)	(4)	—	(197)	(211)
SG&A	(31)	(5)	—	(56)	(92)
Other (income) expense, net	(15)	—	—	(16)	(31)
Earnings before taxes	$ 112	$ 8	$ 1,517	$ 436	2,073
Taxes on Earnings (d)					318
Net Earnings					$ 1,755
Diluted Earnings per Share					$ 0.99



The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information."

a)	Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

b)	Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. The Gross Margin amount includes a credit associated with the charges taken in the second quarter of 2021 for a restructuring plan related to Abbott's manufacturing network for COVID-19 diagnostic tests.

c)	Other primarily relates to the net costs related to a voluntary recall within the Nutrition segment, charges associated with the impairment of R&D intangible assets acquired in a business combination, incremental costs to comply with the European Union's MDR and IVDR Regulations for previously approved products and costs related to certain litigation.

d)	Reflects the net tax benefit associated with the specified items, excess tax benefits associated with share-based compensation and net tax expense as a result of the resolution of various tax positions related to prior years.

Abbott Laboratories and Subsidiaries Details of Specified Items Nine Months Ended September 30, 2021 (in millions, except per share data) (unaudited)

	Acquisition or Divestiture- related (a)	Restructuring and Cost Reduction Initiatives (b)	Intangible Amortization	Other (c)	Total Specifieds
Gross Margin	$ 56	$ 433	$ 1,533	$ 20	$ 2,042
R&D	(9)	1	—	(59)	(67)
SG&A	(43)	(22)	—	(209)	(274)
Other (income) expense, net	3	1	—	26	30
Earnings before taxes	$ 105	$ 453	$ 1,533	$ 262	2,353
Taxes on Earnings (d)					434
Net Earnings					$ 1,919
Diluted Earnings per Share					$ 1.06



The table above provides additional details regarding the specified items described on tables titled "Non-GAAP Reconciliation of Financial Information."

a)	Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating the acquired businesses and include expenditures for the integration of systems, processes and business activities.

b)	Restructuring and cost reduction initiative expenses include severance, outplacement, and other direct costs associated with specific restructuring plans and cost reduction initiatives. Restructuring and cost reduction plans consist of distinct initiatives to streamline operations including the consolidation and rationalization of business activities and facilities, workforce reductions, the transfer of product lines between manufacturing facilities, and the transfer of other business activities between sites. The Gross Margin amount includes charges associated with a restructuring plan to align Abbott's manufacturing network for COVID-19 diagnostic tests with changes during the year in current and projected testing demand.

c)	Other primarily relates to the costs related to certain litigation, the acquisition of a research and development asset, the impairments of an equity investment and an intangible asset, and the gain on the disposition of an equity method investment.

d)	Reflects the net tax benefit associated with the specified items and excess tax benefits associated with share-based compensation.

View original content: https://www.prnewswire.com/news-releases/abbott-reports-third-quarter-2022-results-and-raises-full-year-eps-guidance-301653429.html

SOURCE Abbott

News Provided by PR Newswire via QuoteMedia

abbott laboratories medical device investing Medical Device Investing

ABT

Abbott Announces New Partnerships and Programs to Advance its Diversity in Clinical Trials Initiative

New efforts focus on research infrastructure, continued training of diverse clinical research personnel and improved diversity within Abbott's own clinical trials
Abbott's Diversity in Clinical Trials initiative aligns with the company's continued focus for greater health equity, expanded access, affordability and removing barriers to life-saving technology and innovation
The new programs build on a successful first year of the multi-million-dollar corporate initiative

Abbott (NYSE: ABT) today announced a series of new programs within its multi-million-dollar initiative to increase diversity in clinical trials and improve care among under-represented populations. The new additions to Abbott's Diversity in Clinical Trials initiative build on the partnerships, scholarships, and the focus on diversified participants in the company's own clinical trials during the initiative's first year.

The latest programs include the launch of a new initiative with the Norton Healthcare Foundation to build and implement new models of sustainable clinical research alongside the Institute for Health Equity, a Part of Norton Healthcare in Louisville, Ky. ; a new training program for clinical research coordinators in partnership with Barnett International; and a newly-created Diversity in Research Office at Abbott focused on ensuring diverse representation in clinical trials.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Avisa Diagnostics Appoints Dr. Richard Murray as Chief Medical Officer

Avisa Diagnostics Inc. (CSE:AVBT) (Avisa), a clinical-stage medical device company developing an ultra-rapid, point-of-care biomarker breath test for the detection and monitoring of virulent bacterial lung infections, is pleased to announce that the Company has hired Richard K. Murray, M.D., to the newly created position of Chief Medical Officer (CMO).

Dr. Murray has over 25 years of industry experience. He worked at Merck & Co. for many years in positions of increasing responsibility, in a variety of business, medical and scientific areas. His most recent position was Vice President and Deputy Chief Patient Officer. Dr. Murray was also a Fellow at the Advanced Leadership Initiative at Harvard University. He has managed all areas of medical affairs, including outcomes research, medical information, professional and academic affairs, field-based medical physicians, and investigator-initiated trials globally. Prior to his industry career, he was a practicing physician in cardiovascular-pulmonary medicine and an asthma researcher at the Hospital of the University of Pennsylvania. Dr. Murray has an M.D. from Howard University and an M.A. in Chemistry and A.B. in Psychology from Clark University. Dr. Murray currently is Board Chair of the Asthma and Allergy Foundation of America.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Aehr Test Systems Receives Orders of Over $2.3 million

Aehr Test Systems (NASDAQ:AEHR) has over 2,500 systems installed over the world that test optical and memory integrated circuits, semiconductors and reliability qualification equipment announced that it received over $2.3 million in orders for test and burn-in services. These orders came from a major manufacturer where Aehr’s services would be implemented for automotive products.

As quoted in the press release:

Keep reading...Show less

Cyclacel Reports Fourth Quarter And 2016 Financial Results

Cyclacel Pharmaceuticals (NASDAQ:CYCC) posted its financial results for the fourth quarter and full year 2016.
As quoted in the press release:

The Company’s net loss applicable to common shareholders for the three months and year ended December 31, 2016 was $2.9 million and $12.0 million, respectively. As of December 31, 2016, cash and cash equivalents totaled $16.5 million.

Keep reading...Show less

Enanta Pharmaceuticals Announces AbbVie’s Investigational Regimen of Glecaprevir/Pibrentasvir Shows High SVR Rates

Enanta Pharmaceuticals, Inc., (NASDAQ:ENTA), a research and development-focused biotechnology company dedicated to creating small molecule drugs for viral infections and liver diseases, today announced 98 percent (n=102/104) of chronic hepatitis C virus (HCV) infected patients with severe chronic kidney disease (CKD) achieved sustained virologic response following 12 weeks of treatment (SVR₁₂) with AbbVie’s investigational, pan-genotypic regimen of glecaprevir (ABT-493)/pibrentasvir (ABT-530) (G/P) in the primary intent-to-treat (ITT) analysis. In a modified intent-to-treat (mITT) analysis, SVR₁₂was achieved in 100 percent (n=102/102) of severe CKD patients. The mITT analysis excludes patients who did not achieve SVR for reasons other than virologic failure. These new data from the Phase 3 EXPEDITION-4 study, evaluating patients with chronic HCV infection across all major genotypes (GT1-6) and severe CKD, will be presented as a late-breaker today at The Liver Meeting®, the Annual Meeting of the American Association for the Study of Liver Diseases (AASLD) in Boston.
The EXPEDITION-4 results are the latest to be released from
registrational studies in AbbVie’s G/P clinical development program,
designed to investigate a faster path to virologic cure* for all major
HCV genotypes (GT1-6) and with the goal of addressing areas of continued
unmet need.
Glecaprevir (GLE), an NS3/4A protease inhibitor, is Enanta’s second
protease inhibitor being developed through its collaboration with
AbbVie. G/P is a once-daily regimen that combines two distinct antiviral
agents. G/P is a fixed-dose combination of glecaprevir (300mg) and
pibrentasvir (120mg), an NS5A inhibitor, dosed once-daily as three oral
tablets.
HCV is common among people with severe CKD, reaching prevalence of up to
80 percent in some regions of the world.¹ In the U.S., it is
estimated that over 500,000 people have both chronic HCV and CKD².
Some chronic HCV infected patients with severe CKD, particularly those
with GT2 and GT3 HCV infection, currently don’t have access to
direct-acting antivirals (DAAs). The development of new, safe and
effective regimens to treat HCV in these patients remains a critical
unmet medical need.³
The EXPEDITION-4 study enrolled 104 patients with severe chronic kidney
disease, including 85 patients (82 percent) who were receiving dialysis
at enrollment and 20 patients (19 percent) who had compensated
cirrhosis. The study also included those who were not cured with
previous treatment with sofosbuvir (SOF) plus ribavirin (RBV) or with
interferon (IFN) plus RBV, with or without SOF (44 patients, 42 percent).
The majority of treatment related adverse events (AEs) were mild or
moderate. The most commonly reported AEs included pruritus, fatigue and
nausea. Of the 24 percent of patients who experienced serious AEs, none
were considered related to G/P. Four AEs (4 percent) led to the
discontinuation of G/P and one patient died after achieving SVR₄
due to a serious AE (intracerebral hemorrhage) considered not-related to
G/P.
*Patients who achieve a sustained virologic response at 12 weeks post
treatment (SVR₁₂) are considered cured of
hepatitis C
About the EXPEDITION-4 Study
EXPEDITION-4 is a single-arm,
open-label, Phase 3 study evaluating the safety and efficacy of 12 weeks
of G/P in patients with GT1-6 chronic HCV infection and chronic kidney
disease, including those on dialysis. The primary endpoint is SVR₁₂.
Patients in the study had severe or end stage kidney disease (stage 4
and 5 CKD), with an eGFR < 30 mL/min/1.73 m2 required at screening.
Prior treatment in the study is defined as treatment with interferon
(IFN)/pegIFN ± RBV, or sofosbuvir (SOF) + RBV ± pegIFN therapy.
Additional information on the clinical trials for G/P is available at www.clinicaltrials.gov/.
About Enanta
Enanta Pharmaceuticals is a research and
development-focused biotechnology company that uses its robust
chemistry-driven approach and drug discovery capabilities to create
small molecule drugs for viral infections and liver diseases. Enanta’s
research and development efforts are currently focused on four disease
targets: Hepatitis C Virus (HCV), Hepatitis B Virus (HBV), Non-alcoholic
Steatohepatitis (NASH) and Respiratory Syncytial Virus (RSV).
Enanta has discovered novel protease inhibitors that are members of the
direct-acting-antiviral (DAA) inhibitor classes designed for use against
the hepatitis C virus (HCV). These protease inhibitors, developed
through Enanta’s collaboration with AbbVie, include paritaprevir, which
is contained in AbbVie’s marketed DAA regimens for HCV, and glecaprevir
(ABT-493), Enanta’s second protease inhibitor product, which AbbVie has
developed in Phase 3 studies in a fixed-dose combination (G/P) with
pibrentasvir (ABT-530), AbbVie’s second NS5A inhibitor, and is preparing
for regulatory approval filings in the U.S., Europe and Japan.
Enanta has also discovered EDP-305, an FXR agonist product candidate for
NASH, currently in Phase 1 clinical development, as well as a
cyclophilin inhibitor, EDP-494, a novel host-targeting mechanism for
HCV, which is also in Phase 1 clinical development. In addition, Enanta
has early lead candidates for HBV and RSV in preclinical development.
Please visit www.enanta.com
for more information on Enanta’s programs and pipeline.
Forward Looking Statements Disclaimer
This press release contains forward-looking statements, including
statements with respect to the prospects for AbbVie’s investigational
HCV treatment regimen containing glecaprevir (ABT-493). Statements that
are not historical facts are based on management’s current expectations,
estimates, forecasts and projections about Enanta’s business and the
industry in which it operates and management’s beliefs and assumptions.
The statements contained in this release are not guarantees of future
performance and involve certain risks, uncertainties and assumptions,
which are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed in such forward-looking
statements. Important factors and risks that may affect actual results
include: the efforts of AbbVie (our collaborator developing glecaprevir)
to develop its glecaprevir/pibrentasvir(G/P) combination and
successfully obtain regulatory approval and commercialize it; the
regulatory and marketing efforts of others with respect to competitive
treatment regimens for HCV; regulatory and reimbursement actions
affecting G/P, any competitive regimen, or both; the need to obtain and
maintain patent protection for glecaprevir and avoid potential
infringement of the intellectual property rights of others; and other
risk factors described or referred to in “Risk Factors” in Enanta’s most
recent Form 10-K for the fiscal year ended September 30, 2015 and other
periodic reports filed more recently with the Securities and Exchange
Commission. Enanta cautions investors not to place undue reliance on the
forward-looking statements contained in this release. These statements
speak only as of the date of this release, and Enanta undertakes no
obligation to update or revise these statements, except as may be
required by law.
________________________________________________
¹ Fabrizi F, Poordad FF, Martin P. Hepatitis C infection in
the patient with end stage renal disease. Hepatology. 2002;36(1):3-10.
² IMS Health, July 2016. Parsippany, NJ; Medivo, July 2016.
New York, NY (Estimate based on IMS Health Dx Medical Claims
12/2013-4/2016; IMS Health Life Link Patient Level Data 12/2013-4/2016;
Medivo Lab Data 12/2013-4/2016).
³ American Association for the Study of Liver Diseases.
Recommendations for Testing, Managing, and Treating Hepatitis C,
February 24, 2016, https://www.hcvguidelines.org/full-report/monitoring-patients-who-are-starting-hepatitis-c-treatment-are-treatment-or-have.
Accessed March 15, 2016.

Bausch Health Responds to Rumors of a Potential Sale of Bausch + Lomb

Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) (the "Company" or "Bausch Health"), a global, diversified pharmaceutical company enriching lives through a relentless drive to deliver better health outcomes, issued the following statement in response to a request from the Canadian Investment Regulatory Organization (CIRO

"As previously disclosed, the Company believes that completing the full separation of its subsidiary, Bausch + Lomb Corporation (NYSE/TSX: BLCO) ("Bausch + Lomb"), makes strategic sense. The Bausch Health Board of Directors authorized management and management of its subsidiary, Bausch + Lomb, to explore a potential sale, which is one of several options being considered to complete the separation. That process is ongoing. No decision has been reached to proceed with any particular transaction, and there can be no assurance that it will result in a transaction.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Medtronic announces cash dividend for third quarter of fiscal year 2025

The board of directors of Medtronic plc (NYSE: MDT) on Thursday, December 5, 2024, approved the company's cash dividend for the third quarter of fiscal year 2025 of $0 .70 per ordinary share. This quarterly declaration is consistent with the dividend increase announcement made by the company in May 2024. Medtronic is a constituent of the S&P 500 Dividend Aristocrats index, having increased its annual dividend payment for the past 47 consecutive years. The dividend is payable on January 10, 2025 to shareholders of record at the close of business on December 27, 2024 .

About Medtronic
Bold thinking. Bolder actions. We are Medtronic . Medtronic plc , headquartered in Galway , Ireland , is the leading global healthcare technology company that boldly attacks the most challenging health problems facing humanity by searching out and finding solutions. Our Mission — to alleviate pain, restore health, and extend life — unites a global team of 95,000+ passionate people across more than 150 countries. Our technologies and therapies treat 70 health conditions and include cardiac devices, surgical robotics, insulin pumps, surgical tools, patient monitoring systems, and more. Powered by our diverse knowledge, insatiable curiosity, and desire to help all those who need it, we deliver innovative technologies that transform the lives of two people every second, every hour, every day. Expect more from us as we empower insight-driven care, experiences that put people first, and better outcomes for our world. In everything we do, we are engineering the extraordinary. For more information on Medtronic , visit www.Medtronic.com and follow Medtronic on LinkedIn .

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less

Bausch Health and Salix in Collaboration with Health Organizations Recognize the Second Annual Opioid-Induced Constipation Awareness Day

Bausch Health Companies Inc. (NYSE:BHC)(TSX:BHC) and its gastroenterology (GI) business, Salix Pharmaceuticals ("Salix"), alongside the U.S. Pain Foundation (USPF), the International Foundation for Gastrointestinal Disorders (IFFGD), and the American Chronic Pain Association (ACPA) have united to recognize today, Thursday, December 5, as the second annual Opioid-Induced Constipation (OIC) Awareness Day. This important day is dedicated to bringing awareness to a commonly-overlooked side effect of opioids. By raising awareness and fostering open conversations, OIC Awareness Day seeks to reduce the stigma surrounding this condition and offer support to the many patients impacted by OIC

"As an organization dedicated to supporting individuals living with pain conditions, we're proud to participate in this year's OIC Awareness Day," said Kathy Sapp, CEO of ACPA. "By increasing awareness and improving communication between healthcare providers, patients, and caregivers, we can make a meaningful difference for those affected by this commonly occurring condition."

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less

Global Medical Service Robotics Market Project to Exceed $20 Billion in 2024 with Additional Growth Expected

FN Media Group News Commentary - Innovations in robotics technology, including artificial intelligence machine learning, and sensor technology, are enhancing the capabilities of medical robots. These advancements enable more precise surgical procedures, improved rehabilitation processes, and efficient hospital logistics, thus attracting more healthcare facilities to adopt robotic solutions. The market is characterized by a moderate level of merger and acquisition (M&A) activity by the leading players. This is due to several factors, including the desire to expand the business to cater to the growing demand for medical service robots. A report from Grand View Research said that the global medical service robots market size was estimated at USD 20.59 billion in 2024 and is projected to grow at a CAGR of 16.5% from 2025 to 2030. It said: "The growth can be attributed to the introduction of technologically advanced robotic equipment in the healthcare sector and the rise in per capita healthcare spending. Continuous advancements in technology, such as robotic catheter control systems (CCS), data recorders, data analytics, remote navigation, motion sensors, 3D-Imaging, and HD surgical microscopic cameras, are projected to drive industry growth. Furthermore, the introduction of swarm robotics is opening new opportunities for industry. It is a new approach to coordinating multi-robotic systems through swarm intelligence." Active Tech Companies in the markets today include Jeffs' Brands Ltd (NASDAQ: JFBR), Serve Robotics Inc. (NASDAQ: SERV), Symbotic Inc. (NASDAQ: SYM), Microbot Medical Inc. (NASDAQ: MBOT), Medtronic plc (NYSE: MDT).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Contacts:
Erika Winkels	Ryan Weispfenning
Public Relations	Investor Relations
+1-763-526-8478	+1-763-505-4626

Investor Contact:		Media Contact:
Garen Sarafian		Katie Savastano
ir@bauschhealth.com		corporate.communications@bauschhealth.com
877-281-6642 (toll-free)		(908) 569-3692

Abbott Reports Third-Quarter 2022 Results and Raises Full-Year EPS Guidance

Investor Insight

Overview

Company Highlights

Products and Solutions

CONNEQT

Board of Directors and Management

Craig Cooper – Chief Executive Officer and Executive Director

Niall Cairns - Executive Chairman

King Nelson – Non-executive Director

Charlie Taylor – Non-executive Director

Sanjeev Bhavnani – Chief Clinical Officer

Catherine Liao – Chief Strategy Officer

Mark Gorelick – Chief Product Officer

Latest News

Latest Press Releases

Related News

TOP STOCKS