Abbott Reports Strong Third-Quarter 2023 Results and Increases Full-Year EPS Guidance Range

Abbot Press Release October 18

Table of Content

        • Introduction
        • Sales by Segment
        • Impact of COVID-19 Testing Sales
        • Guidance Range
        • Conclusion


Abbott, the world’s largest healthcare firm, has released its financial results from the 3rd quarter of 2023. The company is with a positive performance. The company’s revenue of $10.1 billion was fueled by organic sales growth of 13.8 per cent, which does not include COVID-19-related sales.

Sales by Segment

Abbott’s Nutrition segment reported sales of $2.1 billion, which included an organic increase of 18.1 per cent. The Diagnostics segment recorded revenues in the range of $2.4 billion, reflecting an organic growth rate of 10.1 per cent. The Established Pharmaceuticals segment reported sales of $1.3 billion, which reflects an organic increase of 11.1 per cent. The Medical Devices segment reported sales of $4.2 billion, an organic growth rate of 14.7 per cent.

Table 1: Abbott’s Sales by Segment (in millions)

Segment 3Q23 Sales Organic Growth
Nutrition 2,103 18.1%
Diagnostics 2,449 10.1%
Established Pharmaceuticals 1,368 11.1%
Medical Devices 4,249 14.7%
Total 10,143 13.8%

Impact of COVID-19 Testing Sales

Abbott’s sales were adversely affected by the drop in sales related to COVID-19 testing, which decreased by 20.5 per cent compared to the previous year. However, the organic growth without COVID-19 testing-related sales of 11.8 per cent.

Table 2: Impact of COVID-19 Testing Sales (in millions)

Segment 3Q23 Sales Impact of COVID-19 Testing Sales
Total 10,143 (20.5)%

Guidance Range

Abbott has reduced its full-year 2023 EPS projections to $3.14 from $3.18 and expects adjusted diluted earnings in the range of $4.42 to $4.46, which is an increase near the midpoint of the range. Abbott continues to forecast the full-year growth of its organic sales in 2023 with COVID-19 testing-related sales, which are expected to be in the low dozens of a per cent.


Abbott’s third-quarter earnings show the firm’s solid base business performance, an organic increase of 13.8 per cent and double-digit growth in all four primary business units. Abbott’s range of guidance for the full year 2023 has been trimmed to reflect Abbott’s confidence that it will continue to perform.


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