Abbott slips as results, guidance barely meet consensus
Abbott (ABT) reported fourth-quarter results that met average analyst estimates. Shares fell 2% in response to the released figures.
Adjusted earnings per share (EPS) of $1.19 and revenue of $10.24 billion were in line with the market consensus.
«The strength and diversity of the Abbott portfolio drove our success in 2023,» said Robert B. Ford, chairman and chief executive officer, Abbott. «We're entering 2024 with a lot of positive momentum, and with our highly productive pipeline, we're well-positioned for growth in 2024 and beyond.»
Nutrition sales were $2.04 billion, showing a robust 12% year-over-year growth, meeting the estimated $2.04 billion. Established pharmaceuticals sales were $1.22 billion, a 0.5% increase YoY, but below the estimated $1.32 billion.
Diagnostics sales were $2.53 billion, reflecting a 23% annual decline, in line with the consensus. In contrast, medical devices sales were $4.44 billion, topping the estimated $4.32 billion.
Diabetes care sales reached $1.55 billion, were up 22% YoY and surpassing the estimated $1.52 billion.
Organic sales, excluding COVID-19 testing-related items, were up 11%, the company said.
Abbott projects full-year 2024 organic sales growth, excluding COVID-19 testing-related sales, to be in the range of 8-10%. The company’s FY EPS forecast stands in the range of $4.50-4.70, which compares to the consensus of $4.73.
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