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Abbott Laboratories reported robust financial results for the first quarter of 2024, driven by significant sales growth in its underlying base business, excluding COVID-19 testing-related sales. The company reported a total sales figure of $10.0 billion, marking a 2.2% increase from the previous year, which includes the impact from a predicted decline in COVID-19 testing sales.
The standout figure from the report is the 10.8% organic sales growth in its underlying base business, which signals strong demand across its main product lines, continuing a trend of double-digit growth for the fifth consecutive quarter. This growth was led by particularly strong results in the Medical Devices and Established Pharmaceuticals sectors.
Abbott’s earnings per share (EPS) also highlighted positive trends, with first-quarter GAAP diluted EPS at $0.70 and adjusted diluted EPS at $0.98. The company has raised its full-year 2024 EPS guidance to a range of $3.25 to $3.40 on a GAAP basis and $4.55 to $4.70 on an adjusted basis, indicating confidence in sustained financial performance throughout the year.
In addition to financial metrics, Abbott has been active on the product development and regulatory approval front. Highlights include the launch of the Protality brand, a new high-protein nutrition shake, and significant regulatory approvals such as the Insulet’s Omnipod 5 Automated Insulin Delivery System in Europe and several FDA approvals in the U.S. These approvals include the TriClip treatment for tricuspid regurgitation and the i-STAT TBI test for rapid assessment of traumatic brain injuries.
Abbott’s strategic initiatives, such as the completion of enrollment in pivotal studies for its Volt Pulsed Field Ablation System and the ongoing VOLT-AF IDE clinical study, underscore its commitment to expanding its offerings in medical technology. These developments, alongside robust sales growth, position Abbott well for continued success in the competitive healthcare and medical device markets.
