Early Access

10-QPeriod: Q1 FY2022

ABBOTT LABORATORIES Quarterly Report for Q1 Ended Mar 31, 2022

Filed May 3, 2022For Securities:ABT

Summary

Abbott Laboratories reported strong first-quarter 2022 results, driven by significant growth in its Diagnostics segment, largely attributed to COVID-19 testing solutions. Total net sales increased by 13.8% to $11.9 billion, with an impressive 17.5% increase when excluding foreign exchange impacts. The company saw robust growth in its Medical Devices and Established Pharmaceutical Products segments, while the Nutritional Products segment experienced a decline primarily due to a voluntary recall of infant formula products and associated production stoppage in the U.S. Despite challenges, including the infant formula recall and unfavorable foreign exchange rates, Abbott demonstrated strong operational execution. Diluted earnings per share rose to $1.37 from $1.00 in the prior year period. The company's robust cash flow from operations and solid balance sheet provide a stable financial foundation for future investments and shareholder returns.

Financial Highlights

50 data points
Beta

Revenue

$11.89B

0.6% Gross Margin

Net Income

$2.45B

0.2% Net Margin

EPS (Diluted)

$1.37

Total Assets

$74.01B

Cash & Equivalents

$7.67B

Free Cash Flow

$1.74B

Financial Statements
Beta
Revenue$11.89B
Cost of Revenue$4.99B
Gross Profit$6.91B
R&D Expenses$697.00M
SG&A Expenses$2.79B
Operating Expenses$8.98B
Operating Income$2.91B
Interest Expense$131.00M
Net Income$2.45B
EPS (Basic)$1.38
EPS (Diluted)$1.37
Shares Outstanding (Basic)1.76B
Shares Outstanding (Diluted)1.77B

Key Highlights

  • 1Total net sales reached $11.9 billion, an increase of 13.8% (17.5% excluding foreign exchange) compared to the prior year.
  • 2The Diagnostics segment saw substantial growth, with sales increasing by 31.7% (35.1% excluding foreign exchange), largely driven by COVID-19 testing products.
  • 3Medical Devices and Established Pharmaceutical Products segments also exhibited strong growth, with sales up 7.4% and 7.1% (11.5% and 13.4% excluding foreign exchange), respectively.
  • 4Diluted earnings per share (EPS) increased to $1.37 from $1.00 in the first quarter of 2021.
  • 5The company repurchased approximately $2.1 billion of its common shares in Q1 2022, demonstrating a commitment to shareholder returns.
  • 6A voluntary recall of certain infant formula products in the U.S. and a subsequent production stoppage negatively impacted the Nutritional Products segment, causing a 7.0% decline in sales.
  • 7Despite some headwinds, Abbott maintained a strong gross profit margin of 53.8% in the first quarter of 2022.

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