Abbott said COVID-19 testing-related sales in 2024 totaled $747 million, continuing to decline from $1.6 billion in 2023 and $8.4 billion in 2022. The company said Medical Devices, Established Pharmaceutical and Nutritional businesses drove 2024 sales growth.

1. 01

   Abbott said COVID-19 testing-related sales in 2024 totaled $747 million, continuing to decline from $1.6 billion in 2023 and $8.4 billion in 2022. The company said Medical Devices, Established Pharmaceutical and Nutritional businesses drove 2024 sales growth.

2. 02

   Abbott said Medical Devices segment sales increased 13.7% in 2024, excluding the impact of foreign exchange. Continuous glucose monitoring (CGM) systems sales totaled $6.4 billion in 2024, representing a 21.8% increase, excluding the effect of foreign exchange, over 2023 when CGM sales totaled $5.3 billion.

3. 03

   Abbott said taxes on earnings in Q4 2024 included $7.5 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions. The company released the full valuation allowance on the related deferred tax assets and recorded the offset to tax expense.

4. 04

   Abbott said net cash provided by operating activities in 2024 was $8.6 billion, an increase from $7.3 billion in 2023. Dividends paid in 2024 totaled $3.8 billion, and the company repurchased approximately 10.2 million shares for $1.1 billion under an authorization approved in 2021.

Key figures

Fiscal year ended December 31, 2024

Revenue

$42.0B

Operating income

$6.8B

Net income

$13.4B

EPS

$7.64

Operating cash flow

$8.6B

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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