Q3 2024 Abbott Laboratories Earnings Call Transcript
Key Points
- Abbott Laboratories (ABT) reported strong organic sales growth of over 8%, excluding COVID testing sales.
- The company achieved double-digit growth in its US pediatric and adult nutrition segments, driven by market share gains.
- Sales in the diabetes care segment grew by 21%, with continuous glucose monitors exceeding $1.6 billion in sales.
- Abbott Laboratories (ABT) entered into a global partnership with Medtronic to connect its FreeStyle Libre CGM sensor with automated insulin delivery systems.
- The company launched several new products and achieved key advancements in its R&D pipeline, including the US launch of the Lingo glucose monitoring sensor.
- Nutrition and diagnostics segments came in below expectations, impacting overall performance.
- The international pediatric nutrition business experienced softness due to commercial execution issues.
- Core laboratory diagnostics sales were affected by the VBP implementation in China, impacting growth.
- Foreign exchange had an unfavorable impact of 2.5% on third-quarter sales.
- The company faced temporary supply challenges with Libre 3, affecting its full market potential.
Good day, and thank you for standing by. Welcome to Abbott's third-quarter 2024 earnings conference call. (Operator Instructions) This call is being recorded by Abbott. With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.
I would now like to introduce Mr. Mike Comilla, Vice President, Investor Relations.
Good morning, and thank you for joining us. With me today are Robert Ford, Chairman and Chief Executive Officer; and Phil Boudreau, Executive Vice President, Finance and Chief Financial Officer. Robert and Phil will provide opening remarks. Following their comments, we'll take your questions.
Before we get started, some statements made today may be forward-looking for purposes of the Private Securities Litigation Reform Act of 1995, including the expected
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