Summary by Moomoo AI
Abbott reported Q2 2024 sales of $10.4 billion, with organic sales growth of 9.3% in the underlying base business excluding COVID-19 testing. Medical Devices led growth with 12.1% organic increase, driven by strong performance in Diabetes Care where FreeStyle Libre sales reached $1.6 billion, up 20.4% organically. The company delivered adjusted EPS of $1.14, exceeding expectations.Abbott strengthened its portfolio with multiple regulatory approvals, including FDA approval of Esprit BTK system for peripheral artery disease and CE Mark for AVEIR dual chamber leadless pacemaker. The company also received FDA clearance for two new over-the-counter continuous glucose monitoring systems - Lingo and Libre Rio.Based on strong performance, Abbott raised its full-year 2024 adjusted EPS guidance to $4.61-$4.71 and narrowed organic sales growth guidance excluding COVID-19 testing to 9.5-10.0%. The company maintained its strong dividend track record with its 402nd consecutive quarterly dividend, marking 52 years of consecutive dividend increases.
