Abbott has reported total worldwide sales of $10.37bn for the second quarter (Q2) of 2024, as against $9.97bn in Q2 last year, up 4% on a reported basis and 7.4% on an organic basis.
However, the company’s net earnings saw a slight decline of 5.3% to $1.30bn in Q2 2024, down from $1.37bn in the previous year’s quarter.
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Abbott’s worldwide medical devices segment reported a significant increase of 10.2% on a reported basis and 12.1% on an organic basis, with robust growth in both the US and international markets.
The company’s diagnostics division experienced a downturn in Covid-19 testing-related sales, which fell to $102m in Q2 2024 from $263m in the same quarter of the previous year.
Excluding these sales, Abbot’s global diagnostics sales increased by 1.8% on a reported basis and 5.9% on an organic basis.
The core laboratory diagnostics segment, in particular, saw a 3% reported increase and an 8.8% organic increase, driven by the strong adoption of Abbott’s Alinity family of diagnostics systems.
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By GlobalDataThis surge was attributed to double-digit growth in diabetes care, electrophysiology, and structural heart, with newly launched products, including TriClip, Navitor, and AVEIR.
Looking ahead, Abbott has raised its full-year 2024 earnings per share (EPS) guidance range, projecting a GAAP [generally accepted accounting principles] basis EPS of $3.30 to $3.40 and an adjusted EPS of $4.61 to $4.71.
Additionally, the company has refined its full-year 2024 organic sales growth guidance, excluding Covid-19 testing-related sales, to a range of 9.5% to 10%.
Abbott chairman and CEO Robert Ford said: “We achieved another quarter of strong growth in our underlying base business.
“We have a lot of positive momentum heading into the second half of the year and are raising our full-year guidance.”
Last month, the US Food and Drug Administration approved Abbott’s Lingo and Libre Rio over-the-counter continuous glucose monitoring systems.
