Abbott (NYSE: ABT), a global healthcare giant, has this week announced its financial results for the first quarter of 2024. The company reported a 4.7% year-on-year (YOY) increase in global sales on an organic basis, reaching USD 10.0 billion. Excluding the impact of reduced demand for SARS-CoV-2 tests, the growth was more pronounced at 10.8%. This decline in testing demand led to a 15.5% YOY decrease in the diagnostics business, which recorded sales of USD 2.2 billion. However, this was compensated by robust growth in established pharmaceuticals, medical devices, and nutrition, which expanded by 13.7%, 14.3%, and 7.7% to USD 1.2 billion, USD 4.5 billion, and USD 2.1 billion, respectively.
Geographically, Abbott’s performance in the United States was notable, with sales increasing by 10.0% YOY to USD 3.8 billion. Meanwhile, international markets saw an even more significant surge, with sales jumping 11.3% to USD 6.1 billion.
Looking ahead, Abbott anticipates full-year 2024 organic sales to grow between 8.5% to 10.0%, excluding the impact of SARS-CoV-2 testing-related sales. – Flcube.com
