Summary by Moomoo AI
Abbott reported Q3 2024 sales of $10.6 billion, up 4.9% year-over-year, with organic sales growth of 8.2% excluding COVID-19 testing. Medical Devices led growth with 13.3% organic increase, driven by strong performance in Diabetes Care, Structural Heart, and Electrophysiology. The company posted GAAP EPS of $0.94 and adjusted EPS of $1.21.The company raised its full-year 2024 adjusted EPS guidance to $4.64-$4.70, reflecting continued momentum across its diversified portfolio. Abbott's board authorized a new $7 billion share repurchase program in October. Notable developments include a partnership with Medtronic for CGM integration and the U.S. launch of Lingo, Abbott's first over-the-counter continuous glucose monitoring system.Regional performance showed U.S. sales growing 10.1% to $4.2 billion, while international sales increased 1.7% to $6.4 billion. The company maintained its full-year 2024 organic sales growth guidance of 9.5-10.0%, excluding COVID-19 testing sales, which declined to $265 million in Q3 compared to $305 million last year.
