© Reuters.
Abbott Laboratories (NYSE:) has announced its fourth quarter 2023 earnings, showcasing strong performance and a promising outlook for 2024. Despite the challenges posed by the COVID-19 pandemic, the company has achieved double-digit sales and earnings growth. Abbott’s diverse portfolio, including its branded generics pharmaceutical and nutrition businesses, has shown resilience. The company’s multi-billion dollar COVID testing business has significantly contributed to its financial success. Abbott anticipates an 8% to 10% sales growth in 2024, excluding COVID testing sales, and expects adjusted earnings per share to be between $4.50 and $4.70.
Key Takeaways
- Abbott’s Q4 organic sales grew by 11%, with a slight negative impact from foreign exchange.
- Adjusted gross margin, R&D, and SG&A expenses were well managed, contributing to profitability.
- The company has provided…
