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Abbott Q3 Earnings: Strength, Resiliency, Momentum
Abbott raises its full-year guidance thanks to strong growth driven by its diverse portfolio and COVID-19 tests.
Abbott significantly beat consensus expectations in the third quarter with impressive growth delivered by the company’s diversified portfolio of life-changing products and its innovations in COVID-19 testing technologies.
This growth translated to worldwide sales for the quarter of $8.9 billion, which increased 10.6% on an organic basis excluding the impact of foreign exchange (9.6% reported). Abbott also achieved double-digit adjusted earnings growth of 16.7%, which excludes specified items, versus the prior year.1
Sales were driven by Diagnostics — including massive demand for the company’s COVID-19 tests — and continued strong growth in Diabetes Care and Nutrition. This quarter also saw improvements in Abbott’s Cardiovascular and Neuromodulation businesses.
Given this momentum, Abbott is raising its full-year 2020 guidance for adjusted diluted EPS from continuing operations to at least $3.55.2
Abbott’s performance was fueled by growth across most of its key businesses.
For full financials and reconciliation of non-GAAP measures, you can read our press release. For further information, take a look at some additional materials below:
Abbott President and CEO Robert Ford shared his views on the strength of our diversified business model:
Learn more about our contributions to fighting COVID-19.
Download a summary of Abbott's earnings highlights here.
*For important safety information on the FreeStyle Libre portfolio, please click here.
References
1Third-quarter 2020 diluted EPS from continuing operations on a GAAP basis reflects 30.2 percent growth. 2Abbott projects full-year 2020 diluted earnings per share from continuing operations under GAAP of at least $2.35. Abbott forecasts specified items for the full-year 2020 of $1.20 primarily related to intangible amortization, acquisition-related expenses, restructuring and cost reduction initiatives and other net expenses.