Abbott Laboratories : 2Q 2022 Press Release

News Release

Abbott Reports Second-Quarter 2022 Results and Raises Full-Year EPS Guidance

• Sales growth of 10.1 percent; organic sales growth of 14.3 percent
• GAAP diluted EPS growth of 72.7 percent; adjusted diluted EPS growth of 22.2 percent
• Global COVID-19testing-related sales of $2.3 billion in the second quarter
• Continues to strengthen portfolio with new product approvals

ABBOTT PARK, Ill., July 20, 2022 - Abbott today announced financial results for the second quarter ended June 30, 2022.

• Second-quartersales of $11.3 billion increased 10.1 percent on a reported basis and 14.3 percent on an organic basis, which excludes the impact of foreign exchange.
• GAAP diluted EPS1 was $1.14 in the second quarter. Excluding specified items, adjusted diluted EPS was $1.43, which reflects growth of 22.2 percent compared to the prior year.
• Global COVID-19testing-related sales were $2.3 billion in the second quarter.
• Abbott is raising its full-year 2022 EPS guidance. Abbott projects full-year diluted EPS on a GAAP basis of at least $3.50 and projected adjusted diluted EPS of at least $4.90.
• 2022 guidance includes projected COVID-19testing-related sales of $6.1 billion, which includes sales of $5.6 billion through June 2022 and projected sales of $500 million over the next few months.
• In April, Abbott announced U.S. Food and Drug Administration (FDA) approval of its Aveir™ single- chamber (VR) leadless pacemaker for the treatment of patients with slow heart rhythms. Aveir VR is the world's only leadless pacemaker with a unique mapping capability to assess correct positioning prior to placement and was specifically designed to be expandable and retrievable when therapy needs evolve or the device needs to be replaced.
• In May, Abbott announced U.S. FDA clearance of its FreeStyle Libre® 3 system, which automatically delivers up-to-the-minute glucose readings and unsurpassed 14-day accuracy2 in the world's smallest and thinnest3 wearable sensor.
• In June, Abbott announced breakthrough device designation from the U.S. FDA for its first-of-its-kindglucose-ketone biowearable sensor development program, which will enable people with diabetes to continuously monitor glucose and ketones in one sensor, helping those at risk for developing a life-threatening complication called diabetic ketoacidosis.

"We achieved another quarter of strong growth and are raising our full-year EPS guidance," said Robert B. Ford, chairman and chief executive officer, Abbott. "Our new product pipeline has remained highly productive, and our diversified business has continued to be resilient in a challenging macro environment."

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SECOND-QUARTER BUSINESS OVERVIEW

Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange.

Following are sales by business segment and commentary for the second quarter 2022:

Total Company($ in millions)

											% Change vs. 2Q21
		Sales 2Q22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total *	4,892		6,365		11,257		36.6		(4.2)		10.1		36.6		2.3		14.3
Nutrition	761	1,192		1,953	(12.9)	(3.5)	(7.4)	(12.9)	1.5	(4.5)
Diagnostics	2,469	1,853		4,322	113.8	(11.4)	33.1	113.8	(5.6)	36.9
Established Pharmaceuticals	--	1,223		1,223		n/a	3.7	3.7		n/a	9.2	9.2
Medical Devices	1,660	2,097		3,757	7.9	(1.5)	2.5	7.9	7.1	7.5
* Total Q2 2022 Abbott sales include Other Sales of approximately $2 million.
											% Change vs. 1H21
		Sales 1H22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total *	9,829		13,323		23,152		32.5		0.5		12.0		32.5		6.7		15.9
Nutrition	1,438	2,409		3,847	(15.9)	(1.1)	(7.2)	(15.9)	3.6	(4.4)
Diagnostics	5,210	4,398		9,608	86.4	(1.5)	32.3	86.4	4.3	35.9
Established Pharmaceuticals	--	2,370		2,370		n/a	5.3	5.3		n/a	11.2	11.2
Medical Devices	3,176	4,146		7,322	9.9	1.2	4.8	9.9	9.0	9.4

• Total 1H 2022 Abbott sales include Other Sales of approximately $5 million. n/a = Not Applicable.

Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

Second-quarter 2022 worldwide sales of $11.3 billion increased 10.1 percent on a reported basis and 14.3 percent on an organic basis.

Worldwide sales, excluding COVID-19testing-related sales, decreased 0.3 percent on a reported basis and increased 4.1 percent on an organic basis in the quarter.4 Worldwide sales were negatively impacted by a voluntary recall and manufacturing shutdown initiated in February of certain infant formula products manufactured at one of Abbott's U.S. plants. Excluding COVID-19testing-related sales and the U.S. sales associated with the recalled products in the current and prior years, total worldwide sales increased 1.6 percent on a reported basis and 6.2 percent on an organic basis in the second quarter. 5

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Nutrition

($ in millions)

											% Change vs. 2Q21
		Sales 2Q22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total	761		1,192		1,953		(12.9)		(3.5)		(7.4)		(12.9)		1.5		(4.5)
Pediatric	413	512		925	(21.6)	(9.5)	(15.3)	(21.6)	(5.8)	(13.4)
Adult	348	680		1,028	0.5	1.6	1.2	0.5	7.6	5.2
											% Change vs. 1H21
		Sales 1H22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total	1,438		2,409		3,847		(15.9)		(1.1)		(7.2)		(15.9)		3.6		(4.4)
Pediatric	751	1,021		1,772	(27.5)	(9.1)	(17.9)	(27.5)	(5.6)	(16.1)
Adult	687	1,388		2,075	2.1	5.8	4.6	2.1	11.5	8.3

Worldwide Nutrition sales decreased 7.4 percent on a reported basis and 4.5 percent on an organic basis in the second quarter. Total worldwide Nutrition and Pediatric Nutrition sales were negatively impacted by a voluntary recall and manufacturing shutdown initiated in February of certain infant formula products manufactured at one of Abbott's U.S. plants. On July 1, Abbott restarted partial production at the facility. Excluding the U.S. sales associated with these products in the current and prior years, total worldwide Nutrition sales increased 0.5 percent on a reported basis and 3.8 percent on an organic basis in the second quarter.6

In Adult Nutrition, Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading diabetes nutrition brand, led to global sales growth of 1.2 percent on a reported basis and 5.2 percent on an organic basis.

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Diagnostics($ in millions)

											% Change vs. 2Q21
		Sales 2Q22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total	2,469		1,853		4,322		113.8		(11.4)		33.1		113.8		(5.6)		36.9
Core Laboratory	287	934		1,221	1.3	(8.6)	(6.5)	1.3	(2.0)	(1.3)
Molecular	71	141		212	(23.7)	(28.4)	(26.9)	(23.7)	(24.4)	(24.2)
Point of Care	101	38		139	3.2	(3.7)	1.2	3.2	0.3	2.4
Rapid Diagnostics	2,010	740		2,750	195.4	(11.2)	81.7	195.4	(5.8)	84.6
											% Change vs. 1H21
		Sales 1H22					Reported						Organic
	U.S.		Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total	5,210		4,398		9,608		86.4		(1.5)		32.3		86.4		4.3		35.9
Core Laboratory	555	1,850		2,405	0.1	(4.3)	(3.4)	0.1	1.7	1.3
Molecular	243	389		632	(9.4)	(16.9)	(14.2)	(9.4)	(12.4)	(11.3)
Point of Care	192	75		267	1.2	(1.7)	0.4	1.2	2.0	1.4
Rapid Diagnostics	4,220	2,084		6,304	136.6	4.9	67.2	136.6	10.9	70.4

Worldwide Diagnostics sales increased 33.1 percent on a reported basis and 36.9 percent on an organic basis in the second quarter. Global COVID-19testing-related sales were $2.3 billion in the quarter, led by sales of testing products in Rapid Diagnostics.

Sales in Core Laboratory and Molecular Diagnostics were impacted by year-over-year declines in COVID-19testing-related sales in these businesses. Excluding COVID-19testing-related sales, Core Laboratory Diagnostics sales decreased 3.1 percent on a reported basis and increased 2.3 percent on an organic basis and Molecular Diagnostics sales increased 17.9 percent on a reported basis and 22.3 percent on an organic basis in the second quarter.7

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Established Pharmaceuticals($ in millions)

												% Change vs. 2Q21
			Sales 2Q22					Reported						Organic
	U.S.			Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total		--		1,223		1,223		n/a		3.7		3.7		n/a		9.2		9.2
Key Emerging Markets	--	931		931		n/a	1.8	1.8		n/a	7.1	7.1
Other	--	292		292		n/a	10.3	10.3		n/a	16.7	16.7
												% Change vs. 1H21
			Sales 1H22					Reported						Organic
	U.S.			Int'l		Total		U.S.		Int'l		Total		U.S.		Int'l		Total
Total		--		2,370		2,370		n/a		5.3		5.3		n/a		11.2		11.2
Key Emerging Markets	--	1,833		1,833		n/a	5.6	5.6		n/a	11.8	11.8
Other	--	537		537		n/a	4.5	4.5		n/a	9.2	9.2

Established Pharmaceuticals sales increased 3.7 percent on a reported basis and 9.2 percent on an organic basis in the second quarter.

Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 1.8 percent on a reported basis and 7.1 percent on an organic basis, led by double-digit growth on a reported and organic basis in several geographies and therapeutic areas, including cardiometabolic, respiratory and central nervous system/pain management.

Other sales increased 10.3 percent on a reported basis and 16.7 percent on an organic basis in the quarter.

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