On Wednesday, Abbott Laboratories (NYSE:ABT) reported fourth-quarter sales of $10.97 billion, up 7.2% year over year, missing the consensus of $11.01 billion.
Organic sales growth for the underlying base business was 8.8%. Organic growth, excluding COVID-19 testing-related sales was 10.1%.
Adjusted diluted earnings per share were $1.34, in line with the analyst estimates and management consensus of $1.31-$1.37, up from $1.19 a year ago.
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“We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year,” said Robert Ford, chairman and chief executive officer.
“We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025.”
Medical Device sales increased 13.7% to $5.05 billion and 14% organically, including double-digit growth in the U.S. and internationally.
Several products contributed, including FreeStyle Libre, Navitor, TriClip, Amplatzer Amulet, and AVEIR.
In Diabetes Care, sales of continuous glucose monitors were $1.8 billion and grew 22.7% on a reported basis and 22.8% organically.
Nutrition sales increased by 4.5% to $2.07 billion (+7.1% organically). In Pediatric Nutrition, global sales increased by 1.5% (+2.5%), reflecting continued market share gains in the infant formula business. Adult nutrition sales increased 7.4% (+11.4%), led by the Ensur and Glucerna brands.
Worldwide COVID-19 testing sales were $176 million in the fourth quarter of 2024 compared to $288 million a year ago. Excluding COVID-19 testing-related sales, global Diagnostics sales increased 4.3% (+6.1%). Excluding COVID-19 testing-related sales, growth in Rapid Diagnostics was driven by strong demand for Abbott’s portfolio of respiratory disease tests.
Guidance: Abbott projects full-year 2025 adjusted EPS of $5.05-$5.25 versus a consensus of $5.16, with organic sales growth of 7.5%- 8.5% and an adjusted operating margin of 23.5%- 24.0%.
Abbott Laboratories expects first quarter 2025 adjusted EPS of $1.05-$1.09 versus consensus of $1.11.
Price Action: ABT stock is up 0.72% at $117.64 at the last check Wednesday.
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