Abbott Park, Illinois – Abbott Laboratories The American healthcare company (NYSE:) reported second-quarter earnings that beat Wall Street expectations and raised its full-year adjusted earnings guidance, signaling confidence in its diversified healthcare portfolio.
The company reported adjusted earnings per share of $1.14, beating analysts’ estimates of $1.11. Revenue for the quarter was $10.38 billion, closely in line with the consensus estimate of $10.37 billion.
The healthcare giant also raised its full-year 2024 earnings per share forecast to a range of $4.61 to $4.71, from its previous forecast, which now stands slightly above the midpoint of analysts’ consensus of $4.63. The updated guidance reflects strong underlying business performance, excluding specific items such as intangible amortization, restructuring and cost-cutting initiatives, which are expected to account for $1.31 per share.
“We delivered another quarter of strong growth in our core business,” said Robert Ford (NYSE:ABBOTT), chairman and chief executive officer. “We have a lot of positive momentum in the second half of the year and are raising our full-year outlook.”
The company’s second-quarter performance was boosted by 9.3% organic sales growth in its core businesses, led by a significant double-digit increase in the medical devices segment. This growth comes despite the continued phase-out of COVID-19 testing sales, which declined as the pandemic moved into a pandemic phase.
For the third quarter of 2024, Abbott expects adjusted diluted earnings per share to be in the range of $1.18 to $1.22, excluding specified items, which is also in line with analyst expectations.
Abbott’s strong fiscal quarter results and optimistic outlook reflect its success in navigating a challenging healthcare landscape, with strategic product launches and a focus on innovation. The company’s recent FDA approvals, including the Esprit™ BTK System and two new continuous glucose monitoring systems, Lingo™ and Libre Rio™, highlight its commitment to addressing unmet medical needs.
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