Late-Breaking Data from Landmark COAPT Trial Show Long-Term Benefits of Abbott's MitraClip Device

New five-year data presented at American College of Cardiology Scientific Sessions (ACC.23) and simultaneously published in The New England Journal of Medicine reinforce the long-term safety and effectiveness of MitraClip for treating secondary mitral regurgitation (MR)
Results show minimally invasive mitral valve repair in advanced heart failure patients reduces hospitalizations and deaths and provides durable reduction in the severity of MR
Historically, advanced heart failure patients battling secondary MR (a leaky mitral valve caused by problems affecting other areas of the heart) have been challenging to treat as a result of limited therapy options

Abbott (NYSE: ABT) today announced late-breaking data for MitraClip™, the leading therapy to treat leaky valves in people with mitral regurgitation (MR), that demonstrate long-term benefits of the device in patients battling heart failure. The five-year results from the landmark COAPT™ trial show MitraClip is safe and effective and can cut the rate of hospitalizations while improving survival for heart failure patients with severe secondary (or functional) MR, a condition which has historically been extremely challenging to treat.

The results were presented at the American College of Cardiology's 72 ^nd Annual Scientific Session together with World Congress of Cardiology (ACC.23/WCC) held in New Orleans ( March 4-6, 2023 ). These data were simultaneously published in The New England Journal of Medicine .

Five-Year Results From the COAPT Trial
In the COAPT trial, symptomatic heart failure patients with severe secondary MR (a condition in which a leaky valve caused by problems affecting other areas of the heart allows blood to flow back through the mitral valve) were randomized to receive treatment with MitraClip plus guideline-directed medical therapy or guideline-directed medical therapy alone. The primary results of the COAPT trial through two years found MitraClip to be superior to guideline-directed medical therapy in patients with significant secondary MR.

Now, after five years of patient follow-up, data from the COAPT trial demonstrated even more substantial benefits for patients, including that MitraClip:

Significantly reduced the risk of annualized hospitalizations by nearly half (33% per year vs. 57% in the control group)
Reduced the risk of death by almost 30% (57% vs. 67% in the control group)
Achieved durable MR reduction, with 95% of patients experiencing reduced MR from moderate-to-severe or severe (grade ≥ 3+ on a four-point scale) to mild or moderate (grade ≤ 2+)

"Secondary mitral regurgitation is difficult to diagnose and manage, and is often associated with a poor prognosis," said Gregg W. Stone , M.D., director of academic affairs for the Mount Sinai Health System and professor of medicine (cardiology) and population health science and policy at the Icahn Mount Sinai, who served as co-principal investigator of the COAPT trial. "These five-year COAPT results further confirm that MitraClip is safe and effective at treating secondary MR in advanced heart failure patients, durably reducing hospitalizations and helping patients live longer."

While primary MR is due to problems with the mitral valve itself, people with heart failure may develop secondary MR when the left chamber of the heart becomes enlarged, preventing the mitral leaflets from closing and allowing blood to flow backwards through the heart. Significant secondary MR can lead to reduced quality of life, recurrent hospitalizations and decreased survival. Prior to MitraClip, most heart failure patients with clinically significant secondary MR were treated with medication only. However, based on the strength of the primary results of the COAPT trial, in 2019 the FDA approved an expanded indication for MitraClip to treat secondary MR.

"With nearly two decades of clinical experience in transcatheter mitral repair, Abbott's MitraClip has paved the way for innovation in helping people with mitral regurgitation, providing an alternative to surgery for patients who often need treatment to survive," said Michael Dale , senior vice president of Abbott's structural heart business. "These results reinforce that MitraClip plays a critical role in not only improving the symptoms of people with this serious heart condition, but also getting them back to living their fullest lives."

Patients in the COAPT trial received the first-generation MitraClip, the world's first transcatheter edge-to-edge repair (TEER) device. Since the introduction of MitraClip, there have been advances in the device, with the fourth generation of the technology currently on the market, which can reduce MR further. More than 150,000 patients have been treated with MitraClip globally.

For U.S. important safety information on MitraClip, visit https://abbo.tt/MitraClipG4ISI .

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 115,000 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.

View original content: https://www.prnewswire.com/news-releases/late-breaking-data-from-landmark-coapt-trial-show-long-term-benefits-of-abbotts-mitraclip-device-301762821.html

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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.

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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.

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Avisa Diagnostics Begins Trading on the Canadian Securities Exchange

Public Listing offers Access to CAD 52 Million from Share Subscription and Drawdown Agreement, Sufficient Funding to Complete Development and Launch Avisa BreathTest™
Pivotal Trials Planned in Post-COVID-19 Long Haulers and Ventilator-Associated Pneumonia

Avisa Diagnostics Inc. (Avisa) is pleased to announce that the Company has begun trading on the Canadian Securites Exchange (CSE:AVBT) through the previously announced merger completion with Fogchain Corp. Avisa has developed the Avisa BreathTest™ (ABT), an ultra-rapid, point-of-care biomarker breath test for the detection and monitoring of bacterial load in Post-COVID-19 “long haulers,” who can develop acute respiratory disease, and ventilator-associated pneumonia (VAP), an indication with high morbidity and mortality.

The public listing enables Avisa to draw down over the period of three years CAD 52 million (~USD 41 million) from a share subscription and drawdown agreement put in place in 2020 with GEM GLOBAL YIELD LLC SCS (GEM), a $3.4 billion alternative investment group with offices in Paris, New York, and Los Angeles.

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Avisa Diagnostics Begins Trading on the Canadian Securities Exchange

Public Listing offers Access to CAD 52 Million from Share Subscription and Drawdown Agreement, Sufficient Funding to Complete Development and Launch Avisa BreathTest™
Pivotal Trials Planned in Post-COVID-19 Long Haulers and Ventilator-Associated Pneumonia

Avisa Diagnostics Inc. (Avisa) is pleased to announce that the Company has begun trading on the Canadian Securites Exchange (CSE:AVBT) through the previously announced merger completion with Fogchain Corp. Avisa has developed the Avisa BreathTest™ (ABT), an ultra-rapid, point-of-care biomarker breath test for the detection and monitoring of bacterial load in Post-COVID-19 "long haulers," who can develop acute respiratory disease, and ventilator-associated pneumonia (VAP), an indication with high morbidity and mortality.

The public listing enables Avisa to draw down over the period of three years CAD 52 million (~USD 41 million) from a share subscription and drawdown agreement put in place in 2020 with GEM GLOBAL YIELD LLC SCS (GEM), a $3.4 billion alternative investment group with offices in Paris, New York, and Los Angeles.

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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:

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Medtronic Recognized for Disability Inclusion in U.S., U.K.

For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities

For the seventh consecutive year in the U.S., and for the first time in the U.K., Medtronic is recognized as a "Best Place to Work for Disability Inclusion" by Disability:IN and the American Association of People with Disabilities (AAPD). This honor is the result of Medtronic earning a top score of 100 on the 2024 Disability Equality Index®, which is the world's most comprehensive benchmarking tool for measuring disability workplace inclusion

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Thermo Fisher Scientific to Help Advance Myeloid Cancer Clinical Research and Treatment Utilizing Next Generation Sequencing Technology

myeloMATCH Precision Medicine Clinical Trial Leverages Next-Day Genomic Testing to Quickly Match Patients with Appropriate Trials Across North America

To help accelerate research into new treatments for Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS), Thermo Fisher Scientific Inc. (NYSE: TMO), the world leader in serving science, is partnering with the National Cancer Institute (NCI) part of the National Institutes of Health on the myeloMATCH (Molecular Analysis for Therapy Choice) precision medicine umbrella trial. By testing patients' bone marrow and blood for certain genetic biomarkers using Thermo Fisher's next-generation sequencing (NGS) technology, clinical sites can more quickly match patients with an appropriate clinical trial that tests a treatment designed to target specific mutations present in the samples.

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Knight Announces Normal Course Issuer Bid

Knight Therapeutics Inc. (TSX:GUD) (" Knight " or the " Company "), a leading pan-American (ex-US) specialty pharmaceutical company, announced today acceptance by the Toronto Stock Exchange (the "TSX") of the Company's Notice of Intention to Make a Normal Course Issuer Bid ("NCIB"). Pursuant to the NCIB, the Company proposes to purchase, from time to time over the next 12 months, if considered advisable, up to 5,312,846 common shares of the Company, being approximately 10% of its public float of 53,128,463 common shares, as of June 30, 2024. As of June 30, 2024, there were a total of 101,327,297 common shares issued and outstanding. Purchases may commence on July 15, 2024 and will conclude on the earlier of the date on which purchases under the bid have been completed and July 14, 2025. The Company may purchase up to a daily maximum of 16,855 common shares (being 25% of the average daily trading volume of 67,421 common shares, for the last six calendar months). The common shares may be purchased for cancellation through the facilities of the TSX or through alternative Canadian trading systems at times and in numbers to be determined by the Company. The Company had previously sought and obtained approval from the TSX to purchase up to 5,999,524 common shares under an NCIB and the Company has, in the twelve months preceding this announcement, purchased such 5,999,524 common shares through the facilities of the TSX and alternative Canadian trading systems at a weighted average price per share of $4.87.

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Condensed Consolidated Statements of Income (unaudited)
	Three months ended
	June 29,			% of		July 1,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	10,541				$	10,687
Costs and operating expenses:
Cost of revenues (a)		6,106		57.9	%		6,323		59.2	%
Selling, general and administrative expenses (b)		1,687		16.0	%		1,673		15.7	%
Amortization of acquisition-related intangible assets		513		4.9	%		585		5.4	%
Research and development expenses		339		3.2	%		345		3.2	%
Restructuring and other costs (c)		77		0.7	%		183		1.7	%
Total costs and operating expenses		8,722		82.7	%		9,109		85.2	%
Operating income		1,820		17.3	%		1,578		14.8	%
Interest income		295					178
Interest expense		(354	)				(326	)
Other income/(expense) (d)		5					—
Income before income taxes		1,765					1,430
Provision for income taxes (e)		(128	)				(52	)
Equity in earnings/(losses) of unconsolidated entities		(84	)				(16	)
Net income		1,553					1,362
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest		6					1
Net income attributable to Thermo Fisher Scientific Inc.	$	1,548		14.7	%	$	1,361		12.7	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	4.05				$	3.53
Diluted	$	4.04				$	3.51
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	1,820		17.3	%	$	1,578		14.8	%
Cost of revenues adjustments (a)		1		0.0	%		18		0.2	%
Selling, general and administrative expenses adjustments (b)		(64	)	-0.6	%		6		0.1	%
Restructuring and other costs (c)		77		0.7	%		183		1.7	%
Amortization of acquisition-related intangible assets		513		4.9	%		585		5.4	%
Adjusted operating income (non-GAAP measure)	$	2,347		22.3	%	$	2,370		22.2	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	1,548				$	1,361
Cost of revenues adjustments (a)		1					18
Selling, general and administrative expenses adjustments (b)		(64	)				6
Restructuring and other costs (c)		77					183
Amortization of acquisition-related intangible assets		513					585
Other income/expense adjustments (d)		—					(1	)
Provision for income taxes adjustments (e)		(102	)				(171	)
Equity in earnings/losses of unconsolidated entities		84					16
Noncontrolling interests adjustments (f)		(1	)				—
Adjusted net income (non-GAAP measure)	$	2,057				$	1,997

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	4.04				$	3.51
Cost of revenues adjustments (a)		0.00					0.05
Selling, general and administrative expenses adjustments (b)		(0.17	)				0.01
Restructuring and other costs (c)		0.20					0.47
Amortization of acquisition-related intangible assets		1.34					1.51
Other income/expense adjustments (d)		0.00					0.00
Provision for income taxes adjustments (e)		(0.26	)				(0.44	)
Equity in earnings/losses of unconsolidated entities		0.22					0.04
Noncontrolling interests adjustments (f)		0.00					0.00
Adjusted EPS (non-GAAP measure)	$	5.37				$	5.15

Reconciliation of free cash flow
GAAP net cash provided by operating activities	$	1,960				$	1,540
Purchases of property, plant and equipment		(301	)				(284	)
Proceeds from sale of property, plant and equipment		15					4
Free cash flow (non-GAAP measure)	$	1,674				$	1,260

Business Segment Information	Three months ended
	June 29,			% of		July 1,			% of
(Dollars in millions)	2024			Revenues		2023			Revenues

Revenues
Life Sciences Solutions	$	2,355		22.3	%	$	2,463		23.0	%
Analytical Instruments		1,782		16.9	%		1,749		16.4	%
Specialty Diagnostics		1,117		10.6	%		1,109		10.4	%
Laboratory Products and Biopharma Services		5,758		54.6	%		5,831		54.6	%
Eliminations		(470	)	-4.5	%		(465	)	-4.4	%
Consolidated revenues	$	10,541		100.0	%	$	10,687		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	865		36.7	%	$	817		33.2	%
Analytical Instruments		439		24.6	%		432		24.7	%
Specialty Diagnostics		299		26.7	%		297		26.7	%
Laboratory Products and Biopharma Services		745		12.9	%		824		14.1	%
Subtotal reportable segments		2,347		22.3	%		2,370		22.2	%
Cost of revenues adjustments (a)		(1	)	0.0	%		(18	)	-0.2	%
Selling, general and administrative expenses adjustments (b)		64		0.6	%		(6	)	-0.1	%
Restructuring and other costs (c)		(77	)	-0.7	%		(183	)	-1.7	%
Amortization of acquisition-related intangible assets		(513	)	-4.9	%		(585	)	-5.4	%
Consolidated GAAP operating income	$	1,820		17.3	%	$	1,578		14.8	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines. Adjusted results in 2023 exclude $11 of charges for the sale of inventory revalued at the date of acquisition and $5 of accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes, and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.
Note:
Consolidated depreciation expense is $276 and $270 in 2024 and 2023, respectively.

Organic and Core organic revenue growth		Three months ended
		June 29, 2024
Revenue growth		-1 %
Acquisitions		0 %
Currency translation		-1 %
Organic revenue growth (non-GAAP measure)		-1 %
COVID-19 testing revenue		-1 %
Core organic revenue growth (non-GAAP measure)		0 %

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Statements of Income (unaudited)
	Six months ended
	June 29,			% of		July 1,			% of
(Dollars in millions except per share amounts)	2024			Revenues		2023			Revenues
Revenues	$	20,886				$	21,397
Costs and operating expenses:
Cost of revenues (a)		12,146		58.2	%		12,760		59.6	%
Selling, general and administrative expenses (b)		3,417		16.4	%		3,319		15.5	%
Amortization of acquisition-related intangible assets		1,065		5.1	%		1,191		5.5	%
Research and development expenses		670		3.2	%		691		3.2	%
Restructuring and other costs (c)		106		0.5	%		295		1.4	%
Total costs and operating expenses		17,404		83.3	%		18,256		85.3	%
Operating income		3,483		16.7	%		3,141		14.7	%
Interest income		574					324
Interest expense		(717	)				(626	)
Other income/(expense) (d)		14					(46	)
Income before income taxes		3,354					2,793
Provision for income taxes (e)		(408	)				(98	)
Equity in earnings/(losses) of unconsolidated entities		(61	)				(41	)
Net income		2,885					2,654
Less: net income/(losses) attributable to noncontrolling interests and redeemable noncontrolling interest		9					4
Net income attributable to Thermo Fisher Scientific Inc.	$	2,875		13.8	%	$	2,650		12.4	%

Earnings per share attributable to Thermo Fisher Scientific Inc.:
Basic	$	7.53				$	6.86
Diluted	$	7.50				$	6.83
Weighted average shares:
Basic		382					386
Diluted		383					388

Reconciliation of adjusted operating income and adjusted operating margin
GAAP operating income	$	3,483		16.7	%	$	3,141		14.7	%
Cost of revenues adjustments (a)		17		0.1	%		59		0.3	%
Selling, general and administrative expenses adjustments (b)		(45	)	-0.2	%		14		0.1	%
Restructuring and other costs (c)		106		0.5	%		295		1.4	%
Amortization of acquisition-related intangible assets		1,065		5.1	%		1,191		5.5	%
Adjusted operating income (non-GAAP measure)	$	4,625		22.1	%	$	4,700		22.0	%

Reconciliation of adjusted net income
GAAP net income attributable to Thermo Fisher Scientific Inc.	$	2,875				$	2,650
Cost of revenues adjustments (a)		17					59
Selling, general and administrative expenses adjustments (b)		(45	)				14
Restructuring and other costs (c)		106					295
Amortization of acquisition-related intangible assets		1,065					1,191
Other income/expense adjustments (d)		(11	)				45
Provision for income taxes adjustments (e)		(51	)				(342	)
Equity in earnings/losses of unconsolidated entities		61					41
Noncontrolling interests adjustments (f)		(1	)				—
Adjusted net income (non-GAAP measure)	$	4,016				$	3,953

Reconciliation of adjusted earnings per share
GAAP diluted EPS attributable to Thermo Fisher Scientific Inc.	$	7.50				$	6.83
Cost of revenues adjustments (a)		0.04					0.15
Selling, general and administrative expenses adjustments (b)		(0.12	)				0.03
Restructuring and other costs (c)		0.28					0.76
Amortization of acquisition-related intangible assets		2.78					3.07
Other income/expense adjustments (d)		(0.03	)				0.11
Provision for income taxes adjustments (e)		(0.13	)				(0.88	)
Equity in earnings/losses of unconsolidated entities		0.16					0.11
Noncontrolling interests adjustments (f)		0.00					0.00
Adjusted EPS (non-GAAP measure)	$	10.47				$	10.18

Reconciliation of adjusted free cash flow
GAAP net cash provided by operating activities	$	3,211				$	2,269
Purchases of property, plant and equipment		(648	)				(742	)
Proceeds from sale of property, plant and equipment		20					10
Free cash flow (non-GAAP measure)	$	2,583				$	1,537

Business Segment Information	Six months ended
	June 29,			% of		July 1,			% of
(Dollars in millions)	2024			Revenues		2023			Revenues

Revenues
Life Sciences Solutions	$	4,640		22.2	%	$	5,075		23.7	%
Analytical Instruments		3,469		16.6	%		3,472		16.2	%
Specialty Diagnostics		2,227		10.7	%		2,217		10.4	%
Laboratory Products and Biopharma Services		11,480		55.0	%		11,594		54.2	%
Eliminations		(930	)	-4.5	%		(961	)	-4.5	%
Consolidated revenues	$	20,886		100.0	%	$	21,397		100.0	%

Segment income and segment income margin
Life Sciences Solutions	$	1,705		36.7	%	$	1,653		32.6	%
Analytical Instruments		838		24.2	%		853		24.6	%
Specialty Diagnostics		593		26.6	%		577		26.0	%
Laboratory Products and Biopharma Services		1,489		13.0	%		1,617		14.0	%
Subtotal reportable segments		4,625		22.1	%		4,700		22.0	%
Cost of revenues adjustments (a)		(17	)	-0.1	%		(59	)	-0.3	%
Selling, general and administrative expenses adjustments (b)		45		0.2	%		(14	)	-0.1	%
Restructuring and other costs (c)		(106	)	-0.5	%		(295	)	-1.4	%
Amortization of acquisition-related intangible assets		(1,065	)	-5.1	%		(1,191	)	-5.5	%
Consolidated GAAP operating income	$	3,483		16.7	%	$	3,141		14.7	%


(a) Adjusted results in 2024 and 2023 exclude charges for inventory write-downs associated with large-scale abandonment of product lines and accelerated depreciation on manufacturing assets to be abandoned due to facility consolidations. Adjusted results in 2023 exclude $21 of charges for the sale of inventory revalued at the date of acquisition.
(b) Adjusted results in 2024 and 2023 exclude certain third-party expenses, principally transaction/integration costs related to recent acquisitions, and charges/credits for changes in estimates of contingent acquisition consideration.
(c) Adjusted results in 2024 and 2023 exclude restructuring and other costs consisting principally of severance, impairments of long-lived assets, net charges for pre-acquisition litigation and other matters, and abandoned facility and other expenses of headcount reductions and real estate consolidations. Adjusted results in 2023 also exclude $26 of contract termination costs associated with facility closures.
(d) Adjusted results in 2024 and 2023 exclude net gains/losses on investments.
(e) Adjusted results in 2024 and 2023 exclude incremental tax impacts for the reconciling items between GAAP and adjusted net income, incremental tax impacts as a result of tax rate/law changes and the tax impacts from audit settlements.
(f) Adjusted results exclude the incremental impacts for the reconciling items between GAAP and adjusted net income attributable to noncontrolling interests.

Notes:
Consolidated depreciation expense is $562 and $523 in 2024 and 2023, respectively.
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Condensed Consolidated Balance Sheets (unaudited)

	June 29,		December 31,
(In millions)	2024		2023

Assets
Current assets:
Cash and cash equivalents	$	7,073	$	8,077
Short-term investments		1,750		3
Accounts receivable, net		7,943		8,221
Inventories		5,198		5,088
Other current assets		3,512		3,200
Total current assets		25,476		24,589
Property, plant and equipment, net		9,282		9,448
Acquisition-related intangible assets, net		15,519		16,670
Other assets		4,377		3,999
Goodwill		43,843		44,020
Total assets	$	98,496	$	98,726

Liabilities, redeemable noncontrolling interest and equity
Current liabilities:
Short-term obligations and current maturities of long-term obligations	$	5,121	$	3,609
Other current liabilities		9,651		10,403
Total current liabilities		14,772		14,012
Other long-term liabilities		5,907		6,564
Long-term obligations		30,284		31,308
Redeemable noncontrolling interest		115		118
Total equity		47,419		46,724
Total liabilities, redeemable noncontrolling interest and equity	$	98,496	$	98,726

Condensed Consolidated Statements of Cash Flows (unaudited)

	Six months ended
	June 29,			July 1,
(In millions)	2024			2023

Operating activities
Net income	$	2,885		$	2,654
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,626			1,714
Change in deferred income taxes		(607	)		(328	)
Other non-cash expenses, net		311			480
Changes in assets and liabilities, excluding the effects of acquisitions		(1,003	)		(2,251	)
Net cash provided by operating activities		3,211			2,269

Investing activities
Purchases of property, plant and equipment		(648	)		(742	)
Proceeds from sale of property, plant and equipment		20			10
Proceeds from cross-currency interest rate swap interest settlements		111			35
Acquisitions, net of cash acquired		—			(2,751	)
Purchases of investments		(1,778	)		(188	)
Other investing activities, net		12			51
Net cash used in investing activities		(2,283	)		(3,585	)

Financing activities
Net proceeds from issuance of debt		1,204			—
Repayment of debt		—			(1,000	)
Net proceeds from issuance of commercial paper		—			1,620
Repayment of commercial paper		—			(1,441	)
Purchases of company common stock		(3,000	)		(3,000	)
Dividends paid		(284	)		(252	)
Other financing activities, net		145			24
Net cash used in financing activities		(1,936	)		(4,049	)

Exchange rate effect on cash		7			(19	)
Decrease in cash, cash equivalents and restricted cash		(1,000	)		(5,384	)
Cash, cash equivalents and restricted cash at beginning of period		8,097			8,537
Cash, cash equivalents and restricted cash at end of period	$	7,097		$	3,153

Free cash flow (non-GAAP measure)	$	2,583		$	1,537

Note:
For more information related to non-GAAP financial measures, refer to the section titled "Supplemental Information Regarding Non-GAAP Financial Measures" of this release.

Investor Contact:
Knight Therapeutics Inc.
Samira Sakhia	Arvind Utchanah
President & Chief Executive Officer	Chief Financial Officer
T: 514.484.4483	T. +598.2626.2344
F: 514.481.4116
Email: IR@knighttx.com	Email: IR@knighttx.com
Website: www.knighttx.com	Website: www.knighttx.com

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