Abbott Reports Fourth-Quarter and Full-Year 2022 Results; Issues 2023 Financial Outlook

• Fourth-quarter sales of $10.1 billion; full-year 2022 sales of $43.7 billion
• Full-year 2022 sales growth of 1.3 percent; organic sales growth of 6.4 percent
• Full-year 2022 GAAP diluted EPS of $3.91; adjusted diluted EPS of $5.34
• Continues to strengthen portfolio with steady cadence of new product approvals

ABBOTT PARK, Ill., Jan. 25, 2023 /PRNewswire/ -- Abbott ABT today announced financial results for the fourth quarter ended Dec. 31, 2022.

• Fourth-quarter sales of $10.1 billion, which were negatively impacted by an expected year-over-year decline in COVID-19 testing-related sales, decreased 12.0 percent on a reported basis and 6.1 percent on an organic basis, which excludes the impact of foreign exchange.
• Excluding COVID-19 testing-related sales1, fourth-quarter sales decreased 1.4 percent on a reported basis and increased 5.4 percent on an organic basis.
• Excluding COVID-19 testing-related sales2 and U.S. infant formula sales that were impacted by manufacturing disruptions3, full-year 2022 sales increased 1.9 percent on a reported basis and 7.4 percent on an organic basis.
• GAAP diluted EPS was $0.59 in the fourth quarter. Excluding specified items, adjusted diluted EPS was $1.03.
• Abbott issues full-year 2023 guidance for diluted EPS from continuing operations on a GAAP basis of $3.05 to $3.25 and full-year adjusted EPS from continuing operations of $4.30 to $4.50.
• Abbott projects full-year 2023 organic sales growth, excluding COVID-19 testing-related sales, of high-single digits4 and COVID-19 testing-related sales of around $2.0 billion.
• In October, Abbott's market-leading FreeStyle Libre continuous glucose monitoring system was named the "Best Medical Technology" of the last 50 years by the Galien Foundation.
• In December, Abbott announced U.S. Food and Drug Administration (FDA) approval of its Eternaspinal cord stimulation system the smallest implantable, rechargeable system currently available for the treatment of chronic pain.5
• In January, Abbott announced U.S. FDA approval of its minimally invasive Navitortranscatheter aortic valve implantation (TAVI) system for people with severe aortic stenosis who are at high risk for surgery.

"We significantly exceeded the EPS guidance we provided at the beginning of last year despite challenging global business conditions," said Robert B. Ford, chairman and chief executive officer, Abbott. "Our R&D pipeline continues to be highly productive with several recent and upcoming new product launches that position us well going forward."