Abbott Reports First-Quarter 2024 Results and Raises Midpoint of Full-Year Guidance Ranges

    --  Sales of $10.0 billion driven by strong underlying base business
        performance
    --  Reported sales increased 2.2 percent, which includes the impact from the
        anticipated decline in COVID-19 testing-related sales versus prior year
    --  Organic sales growth for underlying base business of 10.8 percent, which
        represents the fifth consecutive quarter of double-digit growth(1)

ABBOTT PARK, Ill., April 17, 2024 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2024.

    --  First-quarter GAAP diluted EPS of $0.70 and adjusted diluted EPS of
        $0.98, which excludes specified items.
    --  Abbott narrowed its full-year 2024 EPS guidance range. Abbott projects
        full-year diluted EPS on a GAAP basis of $3.25 to $3.40 and projects
        adjusted diluted EPS of $4.55 to $4.70, which represents an increase at
        the midpoint of the range.
    --  Abbott narrowed its full-year 2024 organic sales growth guidance range,
        excluding COVID-19 testing-related sales, to 8.5% to 10.0%, which
        represents an increase at the midpoint of the range(2).
    --  In January, Abbott launched the Protality(TM) brand, a new high-protein
        nutrition shake to support the growing number of adults interested in
        pursuing weight loss while maintaining muscle mass.
    --  In February, Insulet's Omnipod(®) 5 Automated Insulin Delivery System
        received CE Mark approval to be offered as an integrated solution with
        Abbott's FreeStyle Libre(®) 2 Plus sensor for treating diabetes.
    --  In March, Abbott completed enrollment in the company's Volt CE Mark
        clinical study, which is designed to evaluate the Volt(TM) Pulsed Field
        Ablation (PFA) System for treating patients with heart rhythm disorders
        such as atrial fibrillation (AFib). Enrollment in the company's VOLT-AF
        IDE clinical study was initiated in April.
    --  In April, Abbott announced U.S. Food and Drug Administration (FDA)
        approval of TriClip(TM), a first-of-its-kind, minimally invasive
        treatment option for patients with tricuspid regurgitation, or a leaky
        tricuspid heart valve.
    --  In April, Abbott announced FDA approval of the i-STAT(®) TBI test,
        which helps assess a suspected traumatic brain injury (TBI) or
        concussion in just 15 minutes. This new test can be performed outside of
        traditional hospital settings, making it more accessible and convenient
        for patients.

"Our first-quarter results reflect a strong start to the year, and we are raising our full-year sales and EPS guidance," said Robert B. Ford, chairman and chief executive officer, Abbott. "This was the fifth consecutive quarter that we delivered double-digit organic sales growth in our underlying base business, which included particularly strong results in Medical Devices and Established Pharmaceuticals."

FIRST-QUARTER BUSINESS OVERVIEW

Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI), is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

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 Company




       
              
                First Quarter 2024 Results (1Q24)



    ---


       
              Sales 1Q24 ($ in millions)                     Total Company Nutrition  Diagnostics                 Established    Medical
                                                                                                                                       Devices
                                                                                                         Pharmaceuticals



       U.S.                                                              3,846        878           931                                    2,034



       International                                                     6,118      1,190         1,283                        1,226        2,419



       Total reported                                                    9,964      2,068         2,214                        1,226        4,453





       
              % Change vs. 1Q23



       U.S.                                                              (2.1)       8.1        (30.3)                
            n/a        14.4



       International                                                       5.2        3.0         (5.1)                         3.1         14.0



       
              Total reported                                           2.2        5.1        (17.6)                         3.1         14.2



       Impact of foreign exchange                                        (2.9)     (2.6)        (2.1)                      (10.6)       (1.2)



       Impact of CSI acquisition                                           0.4                                                             1.1



       
              Organic                                                  4.7        7.7        (15.5)                        13.7         14.3



       Impact of COVID-19 testing sales                                  (6.1)                 (20.9)



       
              Organic (excluding COVID-19 tests)                      10.8        7.7           5.4                         13.7         14.3





           U.S.                                                           10.0        8.1           7.0                 
            n/a        12.1



           International                                                  11.3        7.4           4.4                         13.7         16.1

    Error occurred while generating ASCII Content for table

Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.



       
                
                  Nutrition




       
                
                  First Quarter 2024 Results (1Q24)

    ---



                     Sales  1Q24 ($ in millions)                      Total Pediatric  Adult



       U.S.                                                            878        514     364



       International                                                 1,190        495     695



       Total reported                                                2,068      1,009   1,059





       
                % Change vs. 1Q23



       U.S.                                                            8.1       12.0     3.0



       International                                                   3.0        6.4     0.8


                     Total reported                                     5.1        9.2     1.5



       Impact of foreign exchange                                    (2.6)     (1.3)  (3.8)



       
                Organic                                            7.7       10.5     5.3





           U.S.                                                        8.1       12.0     3.0



           International                                               7.4        8.9     6.4

Worldwide Nutrition sales increased 5.1 percent on a reported basis and 7.7 percent on an organic basis in the first quarter.

In Pediatric Nutrition, global sales increased 9.2 percent on a reported basis and 10.5 percent on an organic basis. In the U.S., sales growth of 12.0 percent was primarily driven by market share gains in the infant formula business. International sales increased 6.4 percent on a reported basis and 8.9 percent on an organic basis, which was led by strong growth in Canada and several countries in Asia Pacific and Latin America.

In Adult Nutrition, global sales increased 1.5 percent on a reported basis and 5.3 percent on an organic basis, which was led by growth of Ensure(®), Abbott's market-leading complete and balanced nutrition brand.



       
                
                  Diagnostics

    ---




       
                
                  First Quarter 2024 Results (1Q24)

    ---




       
                Sales  1Q24 ($ in millions)                       Total Core Laboratory  Molecular   Point of
                                                                                                             Care                  Rapid
                                                                                                                      Diagnostics



       U.S.                                                             931              310          42          98                    481



       International                                                  1,283              895          87          41                    260



       Total reported                                                 2,214            1,205         129         139                    741





       
                % Change vs. 1Q23



       U.S.                                                          (30.3)             7.3      (10.6)        5.6                 (46.9)



       International                                                  (5.1)             0.2      (12.5)      (0.6)                (18.3)



       
                Total reported                                   (17.6)             2.0      (11.9)        3.7                 (39.5)



       Impact of foreign exchange                                     (2.1)           (3.9)      (0.2)        0.1                  (0.8)



       
                Organic                                          (15.5)             5.9      (11.7)        3.6                 (38.7)



       Impact of COVID-19 testing sales                              (20.9)           (0.3)     (10.9)                           (44.3)



       
                Organic (excluding COVID-19 tests)                  5.4              6.2       (0.8)        3.6                    5.6





           U.S.                                                         7.0              7.7         6.2         5.6                    6.9



           International                                                4.4              5.7       (3.6)      (0.8)                   3.5

As expected, Diagnostics sales growth in the first quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales(3). Worldwide COVID-19 testing sales were $204 million in the first quarter of 2024 compared to $730 million in the first quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 2.7 percent on a reported basis and 5.4 percent on an organic basis.

Excluding COVID-19 testing-related sales, global Core Laboratory Diagnostics sales increased 2.2 percent on a reported basis and 6.2 percent on an organic basis, led by continued strong adoption of Abbott's Alinity(®) family of diagnostics systems and testing portfolios.



       
                
                  Established Pharmaceuticals

    ---




       
                
                  First Quarter 2024 Results (1Q24)

    ---



                     Sales  1Q24 ($ in
                      millions)                                        Total         Key Emerging  Other
                                                                             Markets



       U.S.                                                               -



       International                                                  1,226                   928     298



       Total reported                                                 1,226                   928     298




                     % Change vs. 1Q23



       U.S.                                                             n/a                  n/a    n/a



       International                                                    3.1                   1.7     7.6


                     Total reported                                      3.1                   1.7     7.6


        Impact of foreign
         exchange                                                     (10.6)               (13.7)  (0.6)


                     Organic                                            13.7                  15.4     8.2





           U.S.                                                         n/a                  n/a    n/a


            International                                               13.7                  15.4     8.2

Established Pharmaceuticals sales increased 3.1 percent on a reported basis and 13.7 percent on an organic basis in the first 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 1.7 percent on a reported basis and 15.4 percent on an organic basis, led by growth in several geographies and therapeutic areas, including respiratory, women's health, and central nervous system/pain management.



       
                
                  Medical Devices

    ---




       
                
                  First Quarter 2024 Results (1Q24)

    ---



                     Sales 1Q24 ($ in millions)                       Total            Rhythm  Electro-                 Heart    Vascular           Structural                 Neuro-            Diabetes
                                                                            Management           physiology     Failure                       Heart                 modulation              Care



       U.S.                                                          2,034                271              269              237          254                   233                     181                  589



       International                                                 2,419                291              318               68          435                   282                      45                  980



       Total reported                                                4,453                562              587              305          689                   515                     226                1,569





       
                % Change vs. 1Q23



       U.S.                                                           14.4                4.5             13.1              8.7         16.4                  10.8                    16.8                 22.8



       International                                                  14.0                9.0             18.9              7.7          9.1                  12.5                     9.8                 17.6



       
                Total reported                                    14.2                6.8             16.2              8.5         11.7                  11.7                    15.3                 19.5



       Impact of foreign exchange                                    (1.2)             (0.7)           (2.2)             0.1        (1.0)                (1.3)                  (2.1)               (1.2)



       Impact of CSI                                                   1.1                                                            6.9



       
                Organic                                           14.3                7.5             18.4              8.4          5.8                  13.0                    17.4                 20.7





           U.S.                                                       12.1                4.5             13.1              8.7        (1.8)                 10.8                    16.8                 22.8



           International                                              16.1               10.3             23.0              7.1          9.9                  14.8                    19.6                 19.6

Worldwide Medical Devices sales increased 14.2 percent on a reported basis and 14.3 percent on an organic basis in the first quarter, including double-digit growth in both the U.S. and internationally.

Sales growth was led by double-digit growth in Diabetes Care, Electrophysiology, Neuromodulation, and Structural Heart. Several recently launched products and new indications contributed to the strong performance, including Amplatzer(®) Amulet(®), Navitor(®), TriClip(®), and AVEIR(®).

In Electrophysiology, internationally, sales grew 18.9 percent on a reported and 23.0 percent on an organic basis, which included organic sales growth of 20.4 percent in Europe.

In Diabetes Care, FreeStyle Libre sales were $1.5 billion, which represents sales growth of 22.4 percent on a reported basis and 23.3 percent on an organic basis.

ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.25 to $3.40. Abbott forecasts specified items for the full-year 2024 of $1.30 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.55 to $4.70 for the full-year 2024.

Abbott projects second-quarter 2024 diluted earnings per share under GAAP of $0.69 to $0.73. Abbott forecasts specified items for the second-quarter 2024 of $0.39 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $1.08 to $1.12 for the second quarter 2024.

ABBOTT DECLARES 401(ST )CONSECUTIVE QUARTERLY DIVIDEND
On February 16, 2024, the board of directors of Abbott declared the company's quarterly dividend of $0.55 per share. Abbott's cash dividend is payable May 15, 2024, to shareholders of record at the close of business on April 15, 2024.

Abbott has increased its dividend payout for 52 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 114,000 colleagues serve people in more than 160 countries.

Connect with us at www.abbott.com and on LinkedIn, Facebook, Instagram, X and YouTube.

Abbott will live-webcast its first-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, 2023, 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   In the first quarter of 2024, total worldwide sales were $9.964 billion and COVID-19 testing-related sales were $204 million. In the first quarter of 2023, total worldwide sales were
           $9.747 billion and COVID-19 testing-related sales were $730 million.





     2   Abbott has not provided the related GAAP financial measure for organic sales growth, excluding COVID-19 testing-related sales, on a forward-looking basis because the company is
           unable to predict with reasonable certainty the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact
           reported sales growth. In addition, as the COVID-19 pandemic has shifted to an endemic state, the company has determined that it is unable to predict with reasonable certainty future
           COVID-19 test sales due to the unpredictability of demand for COVID-19 tests.





     3 
     Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below:


                                           Sales  1Q24                  COVID Tests Sales
                                                                                       1Q24


      ($ in millions)                 U.S.       Int'l  Total   U.S.                     Int'l     Total


                   Total Diagnostics   931        1,283   2,214     153                         51       204


      Core Laboratory                  310          895   1,205       1                          2         3



     Molecular                         42           87     129       3                          1         4


      Rapid Diagnostics                481          260     741     149                         48       197




                                           Sales 1Q23                   COVID Tests Sales
                                                                                       1Q23


      ($ in millions)                 U.S.       Int'l  Total   U.S.                     Int'l     Total


                   Total Diagnostics 1,335        1,353   2,688     608                        122       730


      Core Laboratory                  289          893   1,182       2                          4         6



     Molecular                         47          100     147      10                         10        20


      Rapid Diagnostics                906          319   1,225     596                        108       704


                                                                    
         Abbott Laboratories and Subsidiaries

                                                                 
        Condensed Consolidated Statement of Earnings

                                                                  
        First Quarter Ended March 31, 2024 and 2023

                                                                    
         (in millions, except per share data)

                                                                            
              (unaudited)




                                                                                                                     1Q24  1Q23  % Change



     Net Sales                                                                                                    $9,964 $9,747        2.2





     Cost of products sold, excluding amortization expense                                                         4,463  4,331        3.0



     Amortization of intangible assets                                                                               472    491      (3.9)



     Research and development                                                                                        684    654        4.5



     Selling, general, and administrative                                                                          2,959  2,762        7.1



     Total Operating Cost and Expenses                                                                             8,578  8,238        4.1





     Operating Earnings                                                                                            1,386  1,509      (8.1)





     Interest expense, net                                                                                            61     52       18.4



     Net foreign exchange (gain) loss                                                                                  -     6     (92.2)



     Other (income) expense, net                                                                                   (111) (111)     (0.4)



     Earnings before taxes                                                                                         1,436  1,562      (8.1)



     Taxes on earnings                                                                                               211    244     (13.7) 1)





     Net Earnings                                                                                                 $1,225 $1,318      (7.0)





     Net Earnings excluding Specified Items, as described below                                                   $1,729 $1,815      (4.7) 2)





     Diluted Earnings per Common Share                                                                             $0.70  $0.75      (6.7)





     Diluted Earnings per Common Share,                                                                            $0.98  $1.03      (4.9) 2)


     excluding Specified Items, as described below





     Average Number of Common Shares Outstanding                                                                   1,750  1,752


     Plus Dilutive Common Stock Options



     NOTES:



     See table tilted "Non-GAAP Reconciliation of Financial Information" for an explanation of certain non-GAAP financial information.



     n/m = Percent change is not meaningful.



     See footnotes on the following section.




                                                                                                                                     1) 2024 Taxes on Earnings includes the recognition of approximately $10 million of net tax expense as a result of the resolution of various tax positions related to prior years.




                                                                                                                                        2023 Taxes on Earnings includes the recognition of approximately $22 million of net tax expense as a result of the resolution of various tax positions related to prior years.




                                                                                                                                     2) 2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $504 million, or $0.28 per share, for intangible amortization,
                                                                                                                                         charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.




                                                                                                                                        2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $497 million, or $0.28 per share, for intangible amortization,
                                                                                                                                         charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.


                                      
           Abbott Laboratories and Subsidiaries

                                  
         Non-GAAP Reconciliation of Financial Information

                                    
          First Quarter Ended March 31, 2024 and 2023

                                      
           (in millions, except per share data)

                                                
              (unaudited)




                                                                                            
      
           1Q24


                                                                                      As            Specified           As
                                                                                              Items
                                                                                   Reported                          Adjusted
                                                                         (GAAP)





     Intangible Amortization                                                          $472             $(472) 
     
     $             -



     Gross Margin                                                                    5,029                518                5,547



     R&D                                                                               684               (21)                 663



     SG&A                                                                            2,959               (34)               2,925



     Other (income) expense, net                                                     (111)              (26)               (137)



     Earnings before taxes                                                           1,436                599                2,035



     Taxes on Earnings                                                                 211                 95                  306



     Net Earnings                                                                    1,225                504                1,729



     Diluted Earnings per Share                                                      $0.70              $0.28                $0.98

Specified items reflect intangible amortization expense of $472 million and other net expenses of $127 million associated with restructuring actions, costs associated with acquisitions, investment impairment charges and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.


                                                 
     
            1Q23


                                           As            Specified           As
                                                   Items
                                        Reported                          Adjusted
                                 (GAAP)





     Intangible Amortization               $491             $(491) 
     
     $             -



     Gross Margin                         4,925                520                5,445



     R&D                                    654               (26)                 628



     SG&A                                 2,762                (2)               2,760



     Earnings before taxes                1,562                548                2,110



     Taxes on Earnings                      244                 51                  295



     Net Earnings                         1,318                497                1,815



     Diluted Earnings per Share           $0.75              $0.28                $1.03

Specified items reflect intangible amortization expense of $491 million and other net expenses of $57 million associated with restructuring actions, costs associated with acquisitions and other net expenses. See table titled "Details of Specified Items" for additional details regarding specified items.

A reconciliation of the first-quarter tax rates for 2024 and 2023 is shown below:


                                                     
     
      1Q24



     ($ in millions)                        Pre-Tax        Taxes on  Tax

                                             Income         Earnings  Rate



     
                As reported (GAAP)         $1,436             $211 14.7 % 1)



     Specified items                            599               95



     
                Excluding specified items  $2,035             $306 15.0 %




                                                     
     
     1Q23



     ($ in millions)                        Pre-Tax        Taxes on  Tax

                                             Income         Earnings  Rate



     
                As reported (GAAP)         $1,562             $244 15.6 % 2)



     Specified items                            548               51



     
                Excluding specified items  $2,110             $295 14.0 %



     1) 2024 Taxes on Earnings includes the recognition of approximately $10 million of net tax expense as a result of the resolution of
         various tax positions related to prior years.




     2) 2023 Taxes on Earnings includes the recognition of approximately $22 million of net tax expense as a result of the resolution of
         various tax positions related to prior years.


                                                  
              Abbott Laboratories and Subsidiaries

                                                     
              Non-GAAP Revenue Reconciliation

                                               
              First Quarter Ended March 31, 2024 and 2023

                                                             
              ($ in millions)

                                                               
              (unaudited)




                                         
              1Q24                                                  
          1Q23                                 % Change vs. 1Q23


                                                                                                                                                                                  Non-GAAP


                                  Abbott          Impact of              Adjusted                  Abbott          Impact of
                                                      CSI                                                              CSI        Adjusted    Reported                  Adjusted           Organic
                            Reported       acquisition              Revenue                  Reported       acquisition      Revenue



     Total Company                9,964                (42)                 9,922                    9,747                             9,747          2.2                        1.8                4.7



     U.S.                         3,846                (40)                 3,806                    3,928                             3,928        (2.1)                     (3.1)             (3.1)



     Intl                         6,118                 (2)                 6,116                    5,819                             5,819          5.2                        5.1                9.9





     Total Medical Devices        4,453                (42)                 4,411                    3,900                             3,900         14.2                       13.1               14.3



     U.S.                         2,034                (40)                 1,994                    1,778                             1,778         14.4                       12.1               12.1



     Intl                         2,419                 (2)                 2,417                    2,122                             2,122         14.0                       13.9               16.1





     Vascular                       689                (42)                   647                      617                               617         11.7                        4.8                5.8



     U.S.                           254                (40)                   214                      218                               218         16.4                      (1.8)             (1.8)



     Intl                           435                 (2)                   433                      399                               399          9.1                        8.4                9.9


                                  
        Abbott Laboratories and Subsidiaries

                                     
          Details of Specified Items

                                   
        First Quarter Ended March 31, 2024

                                  
        (in millions, except per share data)

                                         
              (unaudited)




                                             Acquisition
                                                   or                      Restructuring   Intangible    Other (c)       Total

                                             Divestiture-                     and Cost    Amortization                Specifieds

                                             related (a)                     Reduction

                                                                          Initiatives
                                                                                 (b)



     Gross Margin                                     $1                             $42           $472           $3           $518



     R&D                                             (3)                            (2)                      (16)          (21)



     SG&A                                           (14)                            (9)                      (11)          (34)



     Other (income) expense, net                      12                                                      (38)          (26)



     Earnings before taxes                            $6                             $53           $472          $68            599



     Taxes on Earnings (d)                                                                                                 95



     Net Earnings                                                                                                        $504



     Diluted Earnings per Share                                                                                         $0.28




     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 acquired businesses, as well as other costs related to
                                                                                                                                                                  business acquisitions.




      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 various investment impairment charges and incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device
                                                                                                                                                                  Regulations (IVDR) requirements for previously approved products.




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


                                  
        Abbott Laboratories and Subsidiaries

                                     
          Details of Specified Items

                                   
        First Quarter Ended March 31, 2023

                                  
        (in millions, except per share data)

                                         
              (unaudited)




                                             Acquisition
                                                   or                      Restructuring   Intangible    Other (c)       Total

                                             Divestiture-                     and Cost    Amortization                Specifieds

                                             related (a)                     Reduction

                                                                          Initiatives
                                                                                 (b)



     Gross Margin                                     $5                             $21           $491           $3           $520



     R&D                                             (4)                              1                       (23)          (26)



     SG&A                                            (4)                            (4)                         6            (2)



     Other (income) expense, net                     (6)                                                        6



     Earnings before taxes                           $19                             $24           $491          $14            548



     Taxes on Earnings (d)                                                                                                 51



     Net Earnings                                                                                                        $497



     Diluted Earnings per Share                                                                                         $0.28




     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 legal and other costs related to business acquisitions as well as integration costs, which represent incremental costs directly
                                                                                                                                                                  related to integrating acquired businesses.




      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 incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR)
                                                                                                                                                                  requirements for previously approved products.




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

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SOURCE Abbott