Abbott Boosts Annual Forecast Amid Medical Device Sales Surge

Abbott Laboratories has reported a 4.0 percent sales growth for the second quarter of 2024, with organic sales growth reaching 9.3 percent. This growth was largely driven by double-digit increases in the Medical Devices segment, including notable performance in cardiac and diabetes care devices. Sales of diabetes care products increased by 18% to $1.6 billion, while medical device sales rose by 10.2% to $4.73 billion. The company also announced 10 new growth opportunities within its R&D pipeline, which include new product approvals and treatment indications.

In addition to its robust sales performance, Abbott has raised its annual profit forecast. The company now anticipates full-year adjusted earnings per share (EPS) of $4.61 to $4.71, an increase from the prior forecast range of $4.55 to $4.70. The second-quarter adjusted earnings were reported at $1.14 per share, surpassing analysts' expectations of $1.10 per share. Despite the positive financial outlook and earnings beat, Abbott's stock saw a slight decline of 0.1% in premarket trading. The company’s full-year outlook remains steady at the midpoint of the revised guidance range.