Abbott Laboratories Surpasses Q3 Earnings Expectations, Raises Profit Forecast

Strong sales in medical devices drive Abbott's performance, prompting an upward revision of its annual profit guidance.

Abbott Laboratories reported third-quarter sales of $10.64 billion, a 4.9% increase year-over-year, exceeding the expected $10.55 billion.
The company's adjusted diluted earnings per share reached $1.21, slightly above the consensus estimate of $1.20.
Medical Devices sales saw significant growth, increasing by 11.7% to $4.74 billion, with notable gains in Diabetes Care and Structural Heart segments.
Abbott adjusted its full-year 2024 profit forecast to a range of $4.64 to $4.70 per share, reflecting confidence in continued strong performance.
Despite declines in COVID-19 testing sales, Abbott's global Diagnostics sales managed a slight organic increase of 3.3%.