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目錄

美國
證券交易委員會
華盛頓特區20549
表格 10-Q
（標記一）
x根據1934年證券交易法第13或15(d)節的季度報告
截至季度結束日期的財務報告2024年9月30日
或者
o根據1934年證券交易法第13或15(d)節的轉型報告書
關於從              到 過渡期
委員會文件號。 1-2189
雅培
一個 伊利諾伊 公司
美國國稅局僱主識別號
36-0698440
100 Abbott Park Road
Abbott Park, 伊利諾伊州 60064-6400
電話：(224) 667-6100
根據法案第12(b)條註冊的證券：
每種類別的證券交易標誌名稱爲每個註冊的交易所:
普通股, 無面值ABT
請使用moomoo賬號登錄查看New York Stock Exchange
芝加哥證券交易所
請用複選標記表示以下內容：（l）在之前的12個月內是否已按1934年證券交易法第13或15（d）節的規定提交了所有要提交的報告（或針對註冊人必須提交此類報告的較短時間段），以及（2）是否過去90天內一直受到這些報告要求的約束。 是 x否o
請勾選表示註冊人是否在過去12個月（或較短時間內）已提交每個根據規則405條款和229.405條的交互式數據文件。是 x否o
請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速存取器 x
加速審核員 o
非加速存取器o
小型報告公司o
新興成長公司 o
如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 o
請勾選以下選項以指示註冊人是否爲外殼公司(根據交易所法規則12b-2定義)。是o否x
截至 2024年9月30日雅培實驗室擁有普通股股份，沒有面值。 1,734,455,213 普通股份沒有面值。

目錄

雅培
目錄
2
目錄



雅培及其附屬公司
簡明合併收入表
(未經審計)
(除每股數據外，金額以百萬美元爲單位；股數以千爲單位)
截至三個月結束九個月結束
9月30日9月30日
2024202320242023
淨銷售額$10,635 $10,143 $30,976 $29,868 
該公司是美國加利福尼亞州中區聯邦地區法院開設的一起由Colibri Heart Valve LLC (Colibri)提起的專利訴訟的被告。Colibri聲稱該公司的Evolut系列經導管主動脈瓣置換器侵犯了一項專利。Colibri聲稱的專利已過期。2023年2月8日，陪審團對該公司作出了約合美元的判決。2023年7月，該公司向美國聯邦巡迴上訴法院提起了上訴。該公司目前認爲可能不會造成損失，因此未確認與此事相關的費用。4,698 4,605 13,764 13,419 
無形資產攤銷470 496 1,413 1,485 
研發713 672 2,095 2,041 
銷售、一般及行政費用2,895 2,723 8,790 8,225 
2021年第二季度總營業成本和費用爲25.943億元人民幣（4.018億美元），同比增長335.1%，比2020年同期的5.963億元人民幣增長。2021年第二季度總股份-based 賠償費用爲16.606億元人民幣（2.572億美元），而2020年同期爲2400萬元人民幣。8,776 8,496 26,062 25,170 
營業利潤1,859 1,647 4,914 4,698 
利息支出142 166 423 478 
利息（收入）(91)(97)(253)(296)
淨外匯（收益）損失(11)(10)(17)17 
其他（收入）支出，淨額(121)(83)(222)(370)
稅前收益1,940 1,671 4,983 4,869 
匯率期貨294 235 810 740 
淨收益$1,646 $1,436 $4,173 $4,129 
每股基本盈利$0.94 $0.82 $2.39 $2.36 
每股稀釋盈利$0.94 $0.82 $2.38 $2.35 
基本每股收益所用的平均普通股份1,739,466 1,738,700 1,740,869 1,740,255 
稀釋性普通股期權8,131 9,589 8,565 9,819 
平均普通股份加上稀釋性普通股期權1,747,597 1,748,289 1,749,434 1,750,074 
未具稀釋效果的在外流通普通股期權6,905 7,334 6,892 5,474 
簡明綜合財務報表附註是本報表的一部分。
3
目錄

雅培及其附屬公司
綜合收益表簡明合併財務報表
(未經審計)
（單位：百萬美元）
三個月之內結束九個月結束
9月30日9月30日
2024202320242023
淨收益$1,646 $1,436 $4,173 $4,129 
外幣兌換利潤（損失）調整497 (480)75 (393)
淨責任發生額（損失）及責任減值準備和具體調整減值準備及稅項攤銷淨額— 和 $1 在2024年和$(1) and $(4) in 2023
14 (9)25 (13)
衍生工具指定爲現金流量套期交易的淨收益（損失），稅後爲$(63) and $(6在2024年和$30和$24) in 2023
(180)80 (65)(23)
其他綜合收益（損失）331 (409)35 (429)
綜合收益$1,977 $1,027 $4,208 $3,700 
2020年9月30日
2024		12月31日
2023
淨公允價值變動損益中其他綜合收益的補充累計信息，扣除稅後
累積外幣翻譯損益調整$(6,429)$(6,504)
淨精算虧損及往期服務費用和抵消，以及信貸(1,351)(1,376)
作爲現金流量套期工具指定的衍生工具累積收益（損失）(24)41 
累計其他綜合收益(虧損)$(7,804)$(7,839)
簡明綜合財務報表附註是本報表的一部分。
4
目錄

雅培及其附屬公司
簡明合併資產負債表
(未經審計)
（單位：百萬美元）
2020年9月30日
2024		12月31日
2023
資產
流動資產：
現金及現金等價物$7,558 $6,896 
短期投資230 383 
應收賬款減少津貼$456的。444在2023年被Men's Journal評爲美國排名第一的健身房連鎖店
7,051 6,565 
存貨：
成品4,173 3,946 
在製品877 807 
材料1,763 1,817 
總存貨6,813 6,570 
預付費支出和其他應收款2,150 2,256 
流動資產合計23,802 22,670 
投資912 799 
成本覈算的房地產設備22,857 21,933 
減：累計折舊與攤銷12,236 11,779 
淨固定資產和設備10,621 10,154 
無形資產，減去攤銷7,352 8,815 
商譽23,658 23,679 
遞延所得稅及其他資產8,011 7,097 
$74,356 $73,214 
234,020
流動負債:
應付賬款$4,034 $4,295 
工資、薪金和佣金1,618 1,597 
其他應計負債5,427 5,422 
分紅派息應付款956 955 
應付所得稅713 492 
開多次數2,154 1,080 
總流動負債14,902 13,841 
長期債務12,825 13,599 
離職後責任、遞延所得稅和其他長期負債6,601 6,947 
承諾和事後約定
股東投資：
優先股， 之一 美元面值 授權 — 1,000,000股，無已發行股數
— — 
普通股，無面值 授權 - 2,400,000,000股票
於規定的資本額髮行 - 股份：2024： 1,991,051,414; 2023: 1,987,883,852
25,020 24,869 
公司持有的普通股，以成本計量 - 股份：2024： 256,595,476; 2023: 253,807,494
(16,476)(15,981)
利潤用於業務39,056 37,554 
累計其他綜合收益(虧損)(7,804)(7,839)
總的Abbott股東投資39,796 38,603 
子公司的非控股權益232 224 
thirty years40,028 38,827 
$74,356 $73,214 
附註是這份簡明綜合基本報表的重要組成部分。
5
目錄

雅培及其子公司
綜合股東投資變動表
(未經查核)
(以百萬為單位，股份和每股數據除外)
截至9月30日的三個月
20242023
普通股份：
6月30日的餘額
份額：2024： 1,990,029,292; 2023: 1,987,181,491
$24,858 $24,612 
根據激勵股票計劃發布  
份額：2024： 1,022,122; 2023: 123,663
48 6 
基於股份的報酬117 116 
發行受限制股票獎(3)(7)
截至9月30日的餘額  
股份：2024年： 1,991,051,414; 2023: 1,987,305,154
$25,020 $24,727 
公司所持有的庫藏股份：
6月30日的餘額
股份：2024年： 250,131,563; 2023: 251,823,511
$(15,759)$(15,722)
根據激勵股票計劃發行的股份  
股份：2024年： 545,287; 2023: 579,159
35 36 
每股購買價格（a）  
股份：2024年： 7,009,200; 2023: 2,266
(752)— 
9月30日結餘  
股份：2024年： 256,595,476; 2023: 251,246,618
$(16,476)$(15,686)
業務使用的收益：
6月30日的餘額$38,354 $36,355 
淨收益1,646 1,436 
普通股股息宣布（每股 - 2024年：$0.55; 2023: $0.51)
(958)(889)
普通股和庫藏股交易的影響14 18 
9月30日結餘$39,056 $36,920 
累積其他綜合收益（損失）：
6月30日的餘額$(8,135)$(8,071)
其他全面收益（損失）331 (409)
9月30日結餘$(7,804)$(8,480)
子公司非控制權益：
6月30日的餘額$242 $230 
非控制權益在收入、業務組合、扣除分派和回購股份後的份額(10)(17)
九月三十日結存$232 $213 
簡明綜合財務報表附註是本報表的一部分。
6
目錄

雅培及其附屬公司
股東投資控件彙總表
(未經審計)
(以百萬爲單位，除股票和每股數據外)
截至9月30日的前9個月
20242023
普通股：
1月1日結餘
股份：2024年： 1,987,883,852; 2023: 1,986,519,278
$24,869 $24,709 
根據激勵股票計劃發行
股份：2024年： 3,167,562; 2023: 785,876
148 36 
股權酬金563 531 
發行受限制股獎勵(560)(549)
截至9月30日的餘額
股份：2024年： 1,991,051,414; 2023: 1,987,305,154
$25,020 $24,727 
公司持有的普通股：
1月1日結餘
股份：2024年： 253,807,494; 2023: 248,724,257
$(15,981)$(15,229)
根據激勵性股票計劃發行的股票
股份：2024年： 4,410,852; 2023: 4,669,629
279 288 
已購買
份額：2024年： 7,198,834; 2023: 7,191,990
(774)(745)
截至9月30日的餘額
份額：2024年： 256,595,476; 2023: 251,246,618
$(16,476)$(15,686)
業務中使用的收入：
1月1日結餘$37,554 $35,257 
淨收益4,173 4,129 
普通股股息宣佈（每股—2024年：$1.65; 2023: $1.53)
(2,879)(2,668)
普通股和庫存股交易影響208 202 
截至9月30日的餘額$39,056 $36,920 
累積其他綜合收益（虧損）:
1月1日結餘$(7,839)$(8,051)
其他綜合收益（損失）35 (429)
截至9月30日的餘額$(7,804)$(8,480)
子公司中的非控制權益:
1月1日結餘$224 $219 
非控股權益在收入、業務組合、分紅派息和股份回購的份額中淨值。8 (6)
截至9月30日的餘額$232 $213 
簡明合併財務報表的附註是本報表的組成部分。
7
目錄

雅培及其附屬公司
現金流量表簡明合併
(未經審計)
（單位：百萬美元）
截至9月30日的前9個月
20242023
經營活動現金流量(使用)：
淨收益$4,173 $4,129 
調整以將淨收益調解爲經營活動現金淨流量 —
折舊費用998 945 
無形資產攤銷1,413 1,485 
股權酬金562 530 
交易應收款(533)(424)
存貨(293)(527)
其他，淨額(630)(1,915)
經營活動產生的淨現金流量5,690 4,223 
投資活動產生的現金流量（使用）：
物業和設備的收購(1,487)(1,447)
收購企業和技術，淨現金收購— (877)
業務處置所得1 40 
其他投資證券的出售（購買），淨額9 (45)
其他5 20 
投資活動產生的淨現金流量(1,472)(2,309)
融資活動產生的現金流量
短期債務和其他方面的淨借款（還款）(126)(90)
長期債務發行所得222 1 
長期負債還款(20)(1,447)
購買的普通股(980)(968)
來自行權期權的收益239 133 
分紅派息(2,878)(2,668)
籌資活動中的淨現金流量(3,543)(5,039)
匯率變動對現金及現金等價物的影響(13)(48)
現金及現金等價物淨增(減)662 (3,173)
期初現金及現金等價物餘額6,896 9,882 
期末現金及現金等價物餘額$7,558 $6,709 
簡明綜合財務報表附註是本報表的一部分。
8
目錄
雅培及其附屬公司
簡明合併財務報表附註
2024年9月30日
(未經審計)

注1 — 報告基礎

附註的未經審計的、簡明的合併財務報表已根據證券交易委員會的規則和法規編制，因此不包括通常包括在審計財務報表中的所有信息和附註披露。但是，在管理層的意見中，已進行了所有調整（僅包括正常調整），以公平地呈現經營結果、財務狀況和現金流量。建議您閱讀這些報表，並結合2023年12月31日止的Abbott年度報告中包含的財務報表。簡明合併財務報表包括母公司和子公司的帳戶，經消除了公司間交易。


注2 — 新會計準則

所需的所得稅披露改進：2023年12月FASB發佈了ASU 2023-09《所得稅（主題740）：所得稅披露的改進（ASU 2023-09）》，擴大了所需的所得稅披露。本準則將於2024年12月15日後的財年開始實施，並允許提前採用。應當以前瞻性方式應用修改，但允許回溯式應用。公司目前正在評估此規定對其披露的影響。

2023年11月，財務會計準則委員會（FASB）發佈了會計準則更新（ASU）2023-07，要求在年度和中期披露重要的細分費用和其他細分項目。 ASU 2023-07於2023年12月15日後開始的財年起生效，並在2024年12月15日後開始的財年內的中期應用，要求對財務報表中提出的所有以前的期間進行追溯運用。我們目前正在評估新標準的影響。 分部報告（主題 280）：報告服務部門（主題 280）變更披露方式，通過升級對意義重大的分部費用的披露來改進分部報告披露要求。該準則適用於 2023 年 12 月 15 日之後的財年和 2024 年 12 月 15 日之後的財年間隔期。該準則必須適用於財務報表中呈現的所有期間的追溯。該公司目前正在評估該標準對合並財務報表的影響。，擴展了所需板塊披露的廣度和頻率。必須追溯地應用指導原則於基本報表中呈現的所有期間。該標準將於2024年全年報告以及2025年第一季度起的中期期間生效。Abbott目前正在評估這一新標準對其合併財務報表的影響。

2023年12月，FASB發佈了ASU 2023-09，所得稅（主題740）：改進所得稅披露。該標準要求上市的業務實體在每年披露稅率調節表的特定類別，併爲滿足數量門限的調節項目提供其他信息（如果這些調節項目的影響相當於或大於將稅前收入（或損失）與適用的法定所得稅率相乘所得金額的5%）。它還要求所有實體每年披露按聯邦、州和外國稅種分解的所支付的所得稅（扣除退款），以及按所支付的所得稅（扣除退款）在個別司法管轄區分解的金額，當所支付的所得稅（扣除退款）相當於或大於所支付的總所得稅（扣除退款）的5%時。最後，該標準取消了要求所有實體披露未識別稅務負債餘額在未來12個月內合理可能變動範圍的性質和估計，或聲明無法估算範圍的要求。該標準對公司自2026年1月1日開始的年度適用。可以提前採納該標準。該標準應以前瞻性基礎應用。允許追溯適用。公司目前正在評估該標準可能對其財務報表產生的影響。要求企業每年披露與公司所得稅率調節和本期已支付所得稅有關的附加信息。建議前瞻性應用該指引，並有選擇地以回顧方式應用該標準。該標準將於2025年全年報告對Abbott生效。Abbott目前正在評估這項新標準對其合併基本報表的影響。

9
目錄
雅培及其附屬公司
簡明合併財務報表附註
2024年9月30日
(未經審計)
附註3 — 營業收入

雅培的收入主要來自銷售一系列醫療保健產品，根據短期應收款安排。雅培有 四個 四個報告部門：成熟藥品產品、診斷產品、營養產品和醫療設備。

以下表格詳細列出銷售類別：

2024年9月30日止三個月2023年9月30日止三個月
（單位百萬）美國交易法案交易所國際總費用美國交易法案交易所國際總費用
已建立的藥品產品 —
主要的新興市場$— $994 $994 $— $987 $987 
其他— 412 412 — 381 381 
總費用— 1,406 1,406 — 1,368 1,368 
營養產品 —    
嬰兒營養產品568 387 955 506 495 1,001 
成人營養產品382 729 1,111 354 718 1,072 
總費用950 1,116 2,066 860 1,213 2,073 
診斷產品 —     
核心實驗室332 982 1,314 317 997 1,314 
分子診斷37 91 128 38 95 133 
護理點103 43 146 97 43 140 
快速診斷560 264 824 561 301 862 
總費用1,032 1,380 2,412 1,013 1,436 2,449 
醫療設備 —    
節律管理288 309 597 271 292 563 
心電生理學285 325 610 246 298 544 
心力衰竭252 70 322 217 67 284 
血管國際部門258 441 699 251 421 672 
結構性心臟問題270 288 558 223 264 487 
神經調節190 46 236 188 39 227 
糖尿病護理 673 1,052 1,725 544 928 1,472 
總費用2,216 2,531 4,747 1,940 2,309 4,249 
其他4 — 4 4 — 4 
總費用$4,202 $6,433 $10,635 $3,817 $6,326 $10,143 


10
Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 3 — Revenue (Continued)
Nine Months Ended September 30, 2024Nine Months Ended September 30, 2023
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $2,910 $2,910 $— $2,889 $2,889 
Other— 1,016 1,016 — 955 955 
Total— 3,926 3,926 — 3,844 3,844 
Nutritional Products —    
Pediatric Nutritionals1,646 1,377 3,023 1,472 1,477 2,949 
Adult Nutritionals1,115 2,146 3,261 1,081 2,086 3,167 
Total2,761 3,523 6,284 2,553 3,563 6,116 
Diagnostic Products —
Core Laboratory969 2,879 3,848 917 2,872 3,789 
Molecular112 272 384 128 293 421 
Point of Care308 133 441 289 127 416 
Rapid Diagnostics1,386 762 2,148 1,975 853 2,828 
Total2,775 4,046 6,821 3,309 4,145 7,454 
Medical Devices —
Rhythm Management851 915 1,766 800 873 1,673 
Electrophysiology841 983 1,824 729 873 1,602 
Heart Failure733 215 948 661 199 860 
Vascular787 1,325 2,112 733 1,271 2,004 
Structural Heart761 876 1,637 652 794 1,446 
Neuromodulation563 142 705 528 122 650 
Diabetes Care1,899 3,043 4,942 1,528 2,681 4,209 
Total6,435 7,499 13,934 5,631 6,813 12,444 
Other11 — 11 10 — 10 
Total$11,982 $18,994 $30,976 $11,503 $18,365 $29,868 

Products sold by the Diagnostics segment include various types of diagnostic tests to detect the COVID-19 coronavirus. In the third quarter of 2024 and 2023, COVID-19 testing-related sales totaled $265 million and $305 million, respectively. In the first nine months of 2024 and 2023, Abbott’s COVID-19 testing-related sales totaled $571 million and $1.3 billion, respectively.

Remaining Performance Obligations

As of September 30, 2024, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $5.3 billion in the Diagnostics segment and approximately $466 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 55 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.

11
Table of Contents
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 3 — Revenue (Continued)
These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

Other Contract Assets and Liabilities

Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and the end of the period, as well as the changes in the balance, were not significant.

Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices reportable segment when payment is received upfront for various multi-period extended service arrangements.

Changes in the contract liabilities during the period are as follows:

(in millions)
Contract Liabilities:
Balance at December 31, 2023$545 
Unearned revenue from cash received during the period356 
Revenue recognized related to contract liability balance(329)
Balance at September 30, 2024$572 

Note 4 — Supplemental Financial Information

Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended September 30, 2024 and 2023 were $1.640 billion and $1.431 billion, respectively, and for the nine months ended September 30, 2024 and 2023 were $4.156 billion and $4.113 billion, respectively.

In the second quarter of 2024, Abbott sold a non-core business related to its Established Pharmaceutical Products segment. Abbott recorded a loss of approximately $143 million on the sale in Other (income) expense, net in its Condensed Consolidated Statement of Earnings. Net assets which primarily related to inventory and net property and equipment and had a carrying value of $28 million were included in the sale. The loss on the sale also included $116 million of cumulative foreign currency translation adjustment previously recorded in Accumulated other comprehensive income (loss).

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first nine months of 2024 includes $298 million of pension contributions and the payment of cash taxes of approximately $1.181 billion. The first nine months of 2023 included $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)


Note 4 — Supplemental Financial Information (Continued)
The following summarizes the activity for the first nine months of 2024 related to the allowance for doubtful accounts as of September 30, 2024:

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2023$241 
Provisions/charges to income53 
Amounts charged off and other deductions(33)
Balance at September 30, 2024$261 

The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.

The components of long-term investments as of September 30, 2024 and December 31, 2023 are as follows:

(in millions)September 30,
2024		December 31,
2023
Long-term Investments:
Equity securities$574 $555 
Other338 244 
Total$912 $799 

The increase in Abbott’s long-term investments as of September 30, 2024 versus the balance as of December 31, 2023 primarily relates to additional investments and earnings from equity method investments, partially offset by the impairment of certain securities.

Abbott’s equity securities as of September 30, 2024 include $323 million of investments in mutual funds that are held in a rabbi trust. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of September 30, 2024 with a carrying value of $170 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $70 million that do not have a readily determinable fair value.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)
Note 5 — Changes In Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:

Three Months Ended September 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments		Net Actuarial (Losses) and
Prior Service (Costs) and
Credits		Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges
(in millions)202420232024202320242023
Balance at June 30$(6,926)$(6,646)$(1,365)$(1,497)$156 $72 
Other comprehensive income (loss) before reclassifications497 (497)14 (9)(148)96 
Amounts reclassified from accumulated other comprehensive income— 17 — — (32)(16)
Net current period comprehensive income (loss)497 (480)14 (9)(180)80 
Balance at September 30$(6,429)$(7,126)$(1,351)$(1,506)$(24)$152 


Nine Months Ended September 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments		Net Actuarial (Losses) and
Prior Service (Costs) and
Credits		Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges
(in millions)20242023202420232024 2023
Balance at January 1$(6,504)$(6,733)$(1,376)$(1,493)$41 $175 
Other comprehensive income (loss) before reclassifications(41)(410)19 (6)(3)134 
Amounts reclassified from accumulated other comprehensive income 116 17 6 (7)(62)(157)
Net current period comprehensive income (loss)75 (393)25 (13)(65)(23)
Balance at September 30$(6,429)$(7,126)$(1,351)$(1,506)$(24)$152 
Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 13 — Post-Employment Benefits for additional details.


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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 6 — Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which furthers Abbott's efforts to develop connected solutions for making diabetes management more personal and precise. The purchase price, the final allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's condensed consolidated financial statements.

On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI) for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

The final allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets totaling $305 million; a non-deductible in-process research and development asset of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of $369 million; net deferred tax assets of $46 million and other net assets of $116 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Revenues and earnings of CSI included in Abbott's condensed consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings.

Note 7 — Goodwill and Intangible Assets

The total amount of goodwill reported was $23.7 billion at September 30, 2024 and at December 31, 2023. The amount of goodwill related to reportable segments at September 30, 2024 was $2.7 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.6 billion for the Diagnostic Products segment, and $17.1 billion for the Medical Devices segment. Foreign currency translation adjustments increased goodwill by approximately $18 million in the first nine months of 2024. Goodwill decreased $39 million due to the finalization of purchase accounting for business acquisitions. There were no reductions of goodwill relating to impairments in the first nine months of 2024.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.7 billion as of September 30, 2024 and December 31, 2023. Accumulated amortization was $21.1 billion and $19.7 billion as of September 30, 2024 and December 31, 2023, respectively. In the first nine months of 2024, intangible assets decreased $9 million due to foreign currency translation and $51 million due to impairment charges recorded on the Cost of products sold line of the Condensed Consolidated Statement of Earnings, primarily related to the Medical Devices reportable segment. Abbott’s estimated annual amortization expense for intangible assets is approximately $1.9 billion in 2024, $1.7 billion in 2025, $1.6 billion in 2026, $1.3 billion in 2027 and $0.7 billion in 2028.

Indefinite-lived intangible assets, which relate to in-process research and development (IPR&D) acquired in a business combination, were approximately $798 million as of September 30, 2024 and $787 million as of December 31, 2023. IPR&D increased $35 million due to the finalization of purchase accounting related to a business acquisition. This increase was partially offset by $25 million of charges recorded on the Research and development line of the Condensed Consolidated Statement of Earnings for the impairment of an indefinite-lived intangible asset related to the Medical Devices reportable segment.


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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 8 — Restructuring Plans

In 2024, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic, medical devices and nutritional businesses, including the discontinuation of its ZonePerfect® product line. In the nine months ended September 30, 2024, Abbott recorded employee related severance and other charges of $60 million, of which $39 million was recorded in Cost of products sold, $2 million was recorded in Research and development, and $19 million was recorded in Selling, general and administrative expenses. Payments related to these actions totaled $25 million in the first nine months of 2024 and the remaining liabilities totaled $35 million at September 30, 2024. In addition, Abbott recognized asset impairment charges of $22 million related to these restructuring plans.

In 2023 and 2022, Abbott management approved plans to restructure or streamline various operations in order to reduce costs in its medical devices, diagnostic, nutritional and established pharmaceutical businesses. The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2024:

(in millions)Total
Accrued balance at December 31, 2023$137 
Payments and other adjustments(82)
Accrued balance at September 30, 2024$55 

Note 9 — Incentive Stock Programs

In the first nine months of 2024, Abbott granted 1,683,097 stock options, 404,597 restricted stock awards and 5,308,735 restricted stock units under its incentive stock program. At September 30, 2024, approximately 61 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at September 30, 2024 is as follows:

OutstandingExercisable
Number of shares 27,024,268 23,137,620 
Weighted average remaining life (years)
4.74.1
Weighted average exercise price $80.25 $74.71 
Aggregate intrinsic value (in millions)
$952 $941 

The total unrecognized share-based compensation cost at September 30, 2024 amounted to approximately $567 million, which is expected to be recognized over the next three years.

Note 10 — Debt and Lines of Credit

On June 26, 2024, Abbott modified its existing, yen-denominated 5-year term loan scheduled to mature in November 2024. The amended terms include a net increase in principal debt from ¥59.8 billion to ¥92.0 billion, with a new maturity date in June 2029. The modified, 5-year term loan bears interest at the Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread, and the interest rate is reset quarterly. The net proceeds equated to approximately $201 million.

Abbott has readily available financial resources, including unused lines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to $5 billion on an unsecured basis. On January 29, 2024, Abbott terminated its 2020 Five Year Credit Agreement (2020 Agreement) and entered into a new Five Year Credit Agreement (Revolving Credit Agreement). There were no outstanding borrowings under the 2020 Agreement at the time of its termination. Any borrowings under the Revolving Credit Agreement will mature and be payable on January 29, 2029 and will bear interest, at Abbott’s option, based on either a base rate or Secured Overnight Financing Rate (SOFR), plus an applicable margin based on Abbott’s credit ratings.
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Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 10 — Debt and Lines of Credit (Continued)
On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition.

Note 11 — Financial Instruments, Derivatives and Fair Value Measures

Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates, primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.1 billion at September 30, 2024 and $7.3 billion at December 31, 2023, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of September 30, 2024 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At September 30, 2024 and December 31, 2023, Abbott held the gross notional amounts of $13.8 billion of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of $646 million and $419 million as of September 30, 2024 and December 31, 2023, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt is due to the net incremental borrowing of $201 million discussed in Note 10 — Debt and Lines of Credit, as well as changes in foreign exchange rates, recorded in Accumulated other comprehensive income (loss), net of tax.

Abbott is a party to interest rate hedge contracts with a notional amount totaling approximately $2.2 billion at September 30, 2024 and December 31, 2023 to manage its exposure to changes in the fair value of fixed-rate debt. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2024 and December 31, 2023:

Fair Value - AssetsFair Value - Liabilities
(in millions)September 30,
2024		December 31, 2023Balance Sheet CaptionSeptember 30,
2024		December 31, 2023Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current$— $— Deferred income taxes and other assets$54 $95 Post-employment obligations, deferred income taxes and other long-term liabilities
Current— — Prepaid expenses and other receivables13 — Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments32 88 Prepaid expenses and other receivables166 134 Other accrued liabilities
Others not designated as hedges69 81 Prepaid expenses and other receivables96 97 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a646 419 Long-term debt
$101 $169 $975 $745 

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and nine months ended September 30, 2024 and 2023.

Gain (loss) Recognized in Other
Comprehensive Income (loss)		Income (expense) and Gain (loss)
Reclassified into Income
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024202320242023Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$(199)$125 $39 $152 $42 $22 $85 $211 Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary(73)12 (26)45 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a24 (18)28 (15)Interest expense

Losses of $89 million and gains of $60 million were recognized in the three months ended September 30, 2024 and 2023, respectively, related to foreign currency forward exchange contracts not designated as a hedge. A gain of $46 million and a loss of $4 million were recognized in the nine months ended September 30, 2024 and 2023, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

The carrying values and fair values of certain financial instruments as of September 30, 2024 and December 31, 2023 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.

September 30, 2024December 31, 2023
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term Investment Securities:
Equity securities$574 $574 $555 $555 
Other338 338 244 244 
Total Long-term Debt(14,979)(15,154)(14,679)(14,769)
Foreign Currency Forward Exchange Contracts:   
Receivable position101 101 169 169 
(Payable) position(262)(262)(231)(231)
Interest Rate Hedge Contracts:    
(Payable) position(67)(67)(95)(95)

The fair value of the debt was determined based on significant other observable inputs, including current interest rates.

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Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 11 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:

Basis of Fair Value Measurement
(in millions)Outstanding
Balances		Quoted
Prices in
Active
Markets		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs
September 30, 2024:
Equity securities$334 $334 $— $— 
Foreign currency forward exchange contracts101 — 101 — 
Total Assets$435 $334 $101 $— 
Fair value of hedged long-term debt$2,098 $— $2,098 $— 
Interest rate swap derivative financial instruments67 — 67 — 
Foreign currency forward exchange contracts262 — 262 — 
Contingent consideration related to business combinations59 — — 59 
Total Liabilities$2,486 $— $2,427 $59 
December 31, 2023:
Equity securities$326 $326 $— $— 
Foreign currency forward exchange contracts169 — 169 — 
Total Assets$495 $326 $169 $— 
Fair value of hedged long-term debt$2,052 $— $2,052 $— 
Interest rate swap derivative financial instruments95 — 95 — 
Foreign currency forward exchange contracts231 — 231 — 
Contingent consideration related to business combinations112 — — 112 
Total Liabilities$2,490 $— $2,378 $112 

The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value. The decrease in the amount of contingent consideration from December 31, 2023 reflects a payment of $40 million and a $13 million change in the fair value of the remaining contingent consideration.

The maximum amount for certain contingent consideration is not determinable as it is based on a percent of certain sales. Excluding such contingent consideration, the maximum amount that may be due under the other contingent consideration arrangements was estimated at September 30, 2024 to be approximately $115 million, which is dependent upon attaining certain sales thresholds or upon the occurrence of certain events, such as regulatory approvals.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 12 — Litigation and Environmental Matters

Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.

Abbott has been named as a defendant in a number of lawsuits alleging that its preterm infant formula and human milk fortifier products that contain cow’s milk cause an intestinal disease known as necrotizing enterocolitis (NEC) and inadequately warn about the risk of NEC. These lawsuits claim that certain preterm infants suffered injury or death as a result of contracting NEC. Abbott denies the allegations in these lawsuits. In July 2024, a jury in a Missouri state court awarded a plaintiff $495 million in a trial against Abbott. Abbott stands by its products and the information it provided about them, and it plans to appeal the jury's verdict. Abbott does not believe that it is probable that a material loss will be incurred related to these lawsuits and therefore, no reserves have been recorded for these lawsuits. Given the uncertainty as to the possible outcome in each of these lawsuits, Abbott is unable to reasonably estimate a range of possible loss related to these lawsuits.

Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $30 million to $40 million. The recorded accrual balance at September 30, 2024 for these proceedings and exposures was approximately $35 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations, except for the cases discussed in the second paragraph of this note, the resolution of which could be material to Abbott's financial position, cash flows or results of operations.

Note 13 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net costs recognized for the three and nine months ended September 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans are as follows:

Defined Benefit PlansMedical and Dental Plans
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024202320242023
Service cost - benefits earned during the period$61 $56 $182 $174 $9 $10 $29 $29 
Interest cost on projected benefit obligations118 114 352 342 13 15 40 45 
Expected return on plan assets(263)(244)(788)(729)(6)(6)(18)(18)
Curtailment gain— — — (14)— — — — 
Net amortization of:
Actuarial loss, net6 2 18 8 — (1)(1)(2)
Prior service cost (credit)— 1 1 1 (3)(3)(10)(10)
Net cost (credit)$(78)$(71)$(235)$(218)$13 $15 $40 $44 
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Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 13 — Post-Employment Benefits (Continued)
Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first nine months of 2024 and 2023, $298 million and $302 million, respectively, were contributed to defined benefit plans. In the first nine months of 2024 and 2023, $28 million was contributed, in each year, to the post-employment medical and dental plans.

Note 14 — Taxes on Earnings

Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2024 and 2023, taxes on earnings include approximately $44 million and $11 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2024 and 2023, taxes on earnings also include approximately $35 million and $59 million, respectively, of tax expense as the result of the resolution of various tax positions related to prior years.

Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $75 million to $1.33 billion, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott intends to file a petition with the U.S. Tax Court contesting the SNOD.

Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

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Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 14 — Taxes on Earnings (continued)
The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. A subset of the rules became effective January 1, 2024, and the remaining rules become effective January 1, 2025 or later. Abbott continues to analyze the Pillar 2 model rules. The full implementation of the model rules may have a material impact on Abbott’s condensed consolidated financial statements in the future.

Note 15 — Segment Information

Abbott’s principal business is the discovery, development, manufacture and sale of a broad line of health care products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, health care facilities, laboratories, physicians’ offices and government agencies throughout the world.

Abbott’s reportable segments are as follows:

Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.

Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.

Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics businesses are aggregated and reported as the Diagnostic Products segment.

Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products. For segment reporting purposes, the Cardiac Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation and Diabetes Care divisions are aggregated and reported as the Medical Devices segment.

Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. Intersegment transfers of inventory are recorded at standard cost and are not a measure of segment operating earnings. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets.

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Notes to the Condensed Consolidated Financial Statements
September 30, 2024
(Unaudited)

Note 15 — Segment Information (Continued)
The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.

 Net Sales to External CustomersOperating Earnings
Three Months Ended September 30,Nine Months Ended September 30,Three Months Ended September 30,Nine Months Ended September 30,
(in millions)20242023202420232024 2023 2024 2023
Established Pharmaceutical Products$1,406 $1,368 $3,926 $3,844 $380 $345 $962 $952 
Nutritional Products2,066 2,073 6,284 6,116 312 284 1,062 972 
Diagnostic Products2,412 2,449 6,821 7,454 558 632 1,462 1,720 
Medical Devices4,747 4,249 13,934 12,444 1,513 1,342 4,380 3,805 
Total Reportable Segments10,631 10,139 30,965 29,858 2,763 2,603 7,866 7,449 
Other 4 4 11 10 
Net sales$10,635 $10,143 $30,976 $29,868 
Corporate functions and benefit plan costs(140)(50)(286)(198)
Net interest expense (51)(69)(170)(182)
Share-based compensation (a) (117)(117)(562)(530)
Amortization of intangible assets(470)(496)(1,413)(1,485)
Other, net (b)(45)(200)(452)(185)
Earnings before taxes$1,940 $1,671 $4,983 $4,869 
______________________________________
(a)
Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
(b)
Other, net for the three and nine months ended September 30, 2024 and 2023 includes charges related to restructurings, the impairment of IPR&D and intangible assets and various investments and integration costs related to business combinations. Other, net for the nine months ended September 30, 2024 includes a loss on the divestiture of a non-core business. Other, net for the three months and nine months ended September 30, 2023 includes costs associated with the acquisition of CSI. Other, net for the nine months ended September 30, 2023 includes income arising from fair value changes in contingent consideration related to previous business combinations.
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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review — Results of Operations

Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott’s products under a contract most impact which products are sold; price controls, competition and rebates most impact the net selling prices of products; and foreign currency translation impacts the measurement of net sales and costs. Abbott’s primary products are medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals.

The following tables detail sales by reportable segment for the three and nine months ended September 30. Percent changes are versus the prior year and are based on unrounded numbers.
Net Sales to External Customers
(in millions)Three Months Ended
September 30, 2024		Three Months Ended
September 30, 2023		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$1,406 $1,368 2.7 %(4.3)%7.0 %
Nutritional Products2,066 2,073 (0.3)(3.1)2.8 
Diagnostic Products2,412 2,449 (1.5)(2.9)1.4 
Medical Devices4,747 4,249 11.7 (1.6)13.3 
Total Reportable Segments10,631 10,139 4.9 (2.5)7.4 
Other4 4 n/mn/mn/m
Net Sales$10,635 $10,143 4.9 (2.5)7.4 
Total U.S.$4,202 $3,817 10.1 — 10.1 
Total International$6,433 $6,326 1.7 (4.1)5.8 

Net Sales to External Customers
(in millions)Nine Months Ended
September 30, 2024		Nine Months Ended
September 30, 2023		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$3,926 $3,844 2.1 %(7.3)%9.4 %
Nutritional Products6,284 6,116 2.7 (3.1)5.8 
Diagnostic Products6,821 7,454 (8.5)(2.9)(5.6)
Medical Devices13,934 12,444 12.0 (1.6)13.6 
Total Reportable Segments30,965 29,858 3.7 (3.0)6.7 
Other11 10 n/mn/mn/m
Net Sales$30,976 $29,868 3.7 (3.0)6.7 
Total U.S.$11,982 $11,503 4.2 — 4.2 
Total International$18,994 $18,365 3.4 (4.9)8.3 
____________________________________
Notes: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.
n/m = Percent change is not meaningful
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The 7.4 percent increase in total net sales during the third quarter of 2024, excluding the impact of foreign exchange, primarily reflected higher sales in the Medical Devices and Established Pharmaceutical Products segments, partially offset by a decrease in demand for Abbott’s rapid diagnostic tests to detect COVID-19. Abbott’s COVID-19 testing-related sales totaled $265 million during the third quarter of 2024 and $305 million during the third quarter of 2023. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 5.4 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 8.0 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the third quarter as the relatively stronger U.S. dollar decreased total international sales by 4.1 percent and total sales by 2.5 percent.

The 6.7 percent increase in total net sales during the first nine months of 2024, excluding the impact of foreign exchange, reflected sales growth in the Medical Devices, Nutritional Products, and Established Pharmaceutical Products segments, partially offset by a decrease in demand for Abbott’s rapid diagnostic tests to detect COVID-19. Abbott’s COVID-19 testing-related sales totaled $571 million during the first nine months of 2024 and $1.3 billion during the first nine months of 2023. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 6.4 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 9.5 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the first nine months as the relatively stronger U.S. dollar decreased total international sales by 4.9 percent and total sales by 3.0 percent.

The table below provides detail by sales category for the nine months ended September 30. Percent changes are versus the prior year and are based on unrounded numbers.

(in millions)September 30, 2024September 30, 2023Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products —
Key Emerging Markets$2,910 $2,889 0.7 %(9.0)%9.7 %
Other Emerging Markets1,016 955 6.4 (2.2)8.6 
Nutritional Products —
International Pediatric Nutritionals1,377 1,477 (6.8)(3.2)(3.6)
U.S. Pediatric Nutritionals1,646 1,472 11.8 — 11.8 
International Adult Nutritionals2,146 2,086 2.8 (6.9)9.7 
U.S. Adult Nutritionals1,115 1,081 3.2 — 3.2 
Diagnostic Products —
Core Laboratory3,848 3,789 1.5 (4.8)6.3 
Molecular384 421 (8.7)(0.8)(7.9)
Point of Care441 416 6.0 (0.1)6.1 
Rapid Diagnostics2,148 2,828 (24.0)(1.1)(22.9)
Medical Devices —
Rhythm Management1,766 1,673 5.6 (1.2)6.8 
Electrophysiology1,824 1,602 13.8 (2.6)16.4 
Heart Failure948 860 10.4 (0.1)10.5 
Vascular2,112 2,004 5.4 (1.3)6.7 
Structural Heart1,637 1,446 13.2 (1.9)15.1 
Neuromodulation705 650 8.4 (1.5)9.9 
Diabetes Care4,942 4,209 17.4 (1.9)19.3 
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Excluding the unfavorable effect of foreign exchange, sales in Key Emerging Markets for Established Pharmaceutical Products increased 9.7 percent in the first nine months of 2024, led by higher revenue in several countries and across several therapeutic areas, including respiratory, gastroenterology, cardiometabolic and central nervous system/pain management. Other Emerging Markets, excluding the effect of foreign exchange, increased by 8.6 percent in the first nine months of 2024.

Excluding the impact of foreign exchange, total Nutritional Products sales in the first nine months of 2024 increased 5.8 percent. In U.S. Pediatric Nutritionals, the 11.8 percent increase in sales in the first nine months of 2024 reflects infant formula market share gains and the continued favorable impact of 2023 price increases, partially offset by a decrease in PediaSure® and Pedialyte® product sales. Excluding the effect of foreign exchange, the 3.6 percent decrease in International Pediatric Nutritionals sales in the first nine months of 2024 reflects a decrease in sales in the Asia Pacific and Latin America regions, partially offset by increased sales in Canada and the Europe/Middle East regions.

In the first nine months of 2024, U.S. and International Adult Nutritionals sales, excluding the effect of foreign exchange, increased 3.2 percent and 9.7 percent, respectively, due to growth of Ensure® and Glucerna® product sales. U.S. Adult Nutritionals sales were partially offset by the discontinuation of the ZonePerfect® product line.

The 5.6 percent decrease in Diagnostic Products sales in the first nine months of 2024, excluding the impact of foreign exchange, was primarily driven by lower demand for COVID-19 tests. In Rapid Diagnostics, sales decreased 22.9 percent in the first nine months of 2024, excluding the effect of foreign exchange, due to lower demand for COVID-19 tests. In the first nine months of 2024 and 2023, Rapid Diagnostics COVID-19 testing-related sales were $553 million and $1.2 billion, respectively. In the first nine months of 2024, Rapid Diagnostics sales increased 0.8 percent, excluding COVID-19 testing-related sales, and increased 2.1 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

In Core Laboratory Diagnostics, sales increased 6.3 percent in the first nine months of 2024, excluding the effect of foreign exchange, due to the continued deployment of Abbott's Alinity® testing platform and higher volume of routine diagnostic testing performed in hospitals and other laboratories, partially offset by lower sales in China. In the first nine months of 2024 and 2023, Core Laboratory Diagnostics COVID-19 testing-related sales were $8 million and $16 million, respectively. In the first nine months of 2024, Core Laboratory Diagnostics sales increased 1.8 percent, excluding COVID-19 testing-related sales, and increased 6.5 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

The 7.9 percent decrease in Molecular Diagnostics sales in the first nine months of 2024, excluding the effect of foreign exchange, was primarily driven by lower demand for laboratory-based molecular tests for COVID-19. In the first nine months of 2024 and 2023, Molecular Diagnostics COVID-19 testing-related sales were $10 million and $36 million, respectively. In the first nine months of 2024, Molecular Diagnostics sales decreased 2.5 percent, excluding COVID-19 testing-related sales, and decreased 1.6 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

Excluding the effect of foreign exchange, total Medical Devices sales increased 13.6 percent in the first nine months of 2024, led by double-digit growth in Diabetes Care, Electrophysiology, Structural Heart and Heart Failure. Higher Diabetes Care sales were driven by continued growth in Abbott's continuous glucose monitoring (CGM) systems. CGM systems sales totaled $4.7 billion in the first nine months of 2024, which reflected a 21.4 percent increase, excluding the effect of foreign exchange, over the first nine months of 2023 when CGM sales totaled $3.9 billion.

In January 2024, Abbott announced that Tandem Diabetes Care, Inc.'s t:slim X2™ insulin pump is the first automated insulin delivery system in the U.S. to integrate with Abbott's FreeStyle Libre® 2 Plus sensor for treating diabetes. In February, Insulet's Omnipod® 5 Automated Insulin Delivery System received CE Mark approval to be offered as an integrated solution with Abbott's FreeStyle Libre 2 Plus sensor. In June, Abbott announced U.S. Food and Drug Administration (FDA) clearance for two new over-the-counter CGM systems, Lingo™ and Libre Rio™, which are based on Abbott's FreeStyle Libre CGM technology. In August, Abbott announced a global partnership with Medtronic to collaborate on connecting Abbott's CGM system with Medtronic's insulin delivery devices. In September, Abbott announced the U.S. launch of Lingo.

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During the first nine months of 2024, procedure volumes continued to increase across the cardiovascular and neuromodulation businesses. In Electrophysiology, the 16.4 percent increase in sales, excluding the effect of foreign exchange, primarily reflects higher procedure volumes and increased demand for catheters and cardiac mapping products. In Structural Heart, the 15.1 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth of the Navitor®, MitraClip®, TriClip® and Amplatzer® Amulet® products. In Heart Failure, the 10.5 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in chronic and acute pump products.

In Neuromodulation, the 9.9 percent increase in sales, excluding the effect of foreign exchange, was driven by the Eterna™ rechargeable spinal cord stimulation system for the treatment of chronic pain. In Vascular, the 6.7 percent increase in sales, excluding the impact of foreign exchange, was primarily due to the acquisition of Cardiovascular Systems, Inc. (CSI) in April 2023 and growth in other endovascular sales.

In April 2024, Abbott announced FDA approval of the Esprit™ below-the-knee (BTK) system, which is designed to keep arteries open in people living with peripheral artery disease and deliver a drug to support vessel healing prior to completely dissolving. In April, Abbott also announced FDA approval of TriClip, which provides a minimally invasive treatment option for patients with tricuspid regurgitation, or a leaky tricuspid heart valve. In June, Abbott obtained CE Mark for its AVEIR® dual chamber (DR) leadless pacemaker system, which is the world's first dual chamber leadless pacemaker system that treats people with abnormal or slow heart rhythms.

The gross profit margin percentage was 51.4 percent for the third quarter of 2024 compared to 49.7 percent for the third quarter of 2023 and 51.0 percent for the first nine months of 2024 compared to 50.1 percent for the first nine months of 2023. The increase in the quarter and the first nine months of 2024 reflects the favorable impacts of higher pricing in various businesses and gross margin improvement initiatives, partially offset by the unfavorable effect of foreign exchange.

Research and development (R&D) expenses increased $41 million to $713 million, or 6.1 percent, in the third quarter of 2024 and increased $54 million to $2.1 billion, or 2.6 percent, in the first nine months of 2024 compared to the prior year. The increase in R&D expense in the third quarter of 2024 was primarily driven by higher spending on various projects. The increase in R&D expense in the first nine months of 2024 was primarily driven by higher spending on various projects, partially offset by lower 2024 charges for the impairment of in-process R&D (IPR&D) assets acquired in previous business combinations.

Selling, general and administrative expenses increased $172 million, or 6.3 percent, in the third quarter of 2024, and increased $565 million, or 6.9 percent, in the first nine months of 2024 compared to the prior year. Higher selling and marketing spending to drive growth across various businesses was partially offset by the favorable impact of foreign exchange.

Restructuring Plans

In 2024, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic, medical devices and nutritional businesses, including the discontinuation of its ZonePerfect® product line. In the nine months ended September 30, 2024, Abbott recorded employee related severance and other charges of $60 million, of which $39 million was recorded in Cost of products sold, $2 million was recorded in Research and development, and $19 million was recorded in Selling, general and administrative expenses. Payments related to these actions totaled $25 million in the first nine months of 2024 and the remaining liabilities totaled $35 million at September 30, 2024. In addition, Abbott recognized asset impairment charges of $22 million related to these restructuring plans.

Other (Income) Expense, net

Other income, net increased from $83 million of income in the third quarter of 2023 to $121 million of income in the third quarter of 2024 and decreased from $370 million of income in the first nine months of 2023 to $222 million of income in the first nine months of 2024. The increase in the third quarter primarily reflects lower impairment charges related to certain investments and income associated with the non-service cost components of net pension and post-retirement medical benefit costs. The decrease in the first nine months of 2024 reflects the recognition of a $143 million loss on the sale of a non-core business related to the Established Pharmaceutical Products segment, as well as the 2023 impact of favorable changes in the fair value of contingent consideration liabilities that did not repeat in 2024. The decrease in the first nine months of 2024 was partially offset by an increase in income associated with the non-service cost components of net pension and post-retirement medical benefit costs.

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Interest Expense, net

Interest expense, net decreased $18 million to $51 million in the third quarter of 2024 and decreased $12 million to $170 million in the first nine months of 2024. In the third quarter of 2024 and in the first nine months of 2024, interest expense decreased due to the repayment of approximately $2.25 billion of long-term debt in September and November of 2023. In the first nine months of 2024, the decrease in interest expense was partially offset by a reduction in interest income due to lower average cash and short-term investment balances versus the prior year, thereby resulting in unfavorable interest income and an increase in Interest expense, net.

Taxes on Earnings

Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2024 and 2023, taxes on earnings include approximately $44 million and $11 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2024 and 2023, taxes on earnings also include approximately $35 million and $59 million, respectively, of tax expense as the result of the resolution of various tax positions related to prior years.

Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $75 million to $1.33 billion, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.

In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.

In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott intends to file a petition with the U.S. Tax Court contesting the SNOD.

Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process and/or through litigation as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.

The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. A subset of the rules became effective January 1, 2024, and the remaining rules become effective January 1, 2025 or later. Abbott continues to analyze the Pillar 2 model rules. The full implementation of the model rules may have a material impact on Abbott’s condensed consolidated financial statements in the future.

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Liquidity and Capital Resources

The increase in cash and cash equivalents from $6.9 billion at December 31, 2023 to $7.6 billion at September 30, 2024 primarily reflects the cash generated from operations and an increase in Abbott's yen-denominated loan, partially offset by the payment of dividends and capital expenditures in the first nine months of 2024. Working capital was $8.9 billion at September 30, 2024 and $8.8 billion at December 31, 2023. The increase in working capital in 2024 primarily reflects an increase in cash and cash equivalents, accounts receivable, and inventory, partially offset by an increase in the current portion of long-term debt and income taxes payable.

In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first nine months of 2024 totaled approximately $5.7 billion, an increase of $1.5 billion from the prior year, primarily due to higher segment operating earnings, as well as improved working capital management. In the first nine months of 2024, Net cash from operating activities includes $298 million of pension contributions and the payment of cash taxes of approximately $1.181 billion. Net cash from operating activities in 2023 includes $302 million of pension contributions and the payment of cash taxes of approximately $1.180 billion.

At September 30, 2024, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating.

On June 26, 2024, Abbott modified its existing, yen-denominated 5-year term loan scheduled to mature in November 2024. The amended terms include a net increase in principal debt from ¥59.8 billion to ¥92.0 billion, with a new maturity date in June 2029. The modified, 5-year term loan bears interest at the Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread, and the interest rate is reset quarterly. The net proceeds equated to approximately $201 million. The ¥92.0 billion loan is designated as a hedge of Abbott’s net investment in certain foreign subsidiaries.

Abbott has readily available financial resources, including unused lines of credit that support commercial paper borrowing arrangements and provide Abbott with the ability to borrow up to $5 billion on an unsecured basis. On January 29, 2024, Abbott terminated its 2020 Five Year Credit Agreement (2020 Agreement) and entered into a new Five Year Credit Agreement (Revolving Credit Agreement). There were no outstanding borrowings under the 2020 Agreement at the time of its termination. Any borrowings under the Revolving Credit Agreement will mature and be payable on January 29, 2029 and will bear interest, at Abbott’s option, based on either a base rate or Secured Overnight Financing Rate (SOFR), plus an applicable margin based on Abbott’s credit ratings.

On September 27, 2023, Abbott repaid the €1.14 billion outstanding principal amount of its 0.875% Notes upon maturity. The repayment equated to approximately $1.2 billion. In September 2023, Abbott repaid approximately $197 million of debt assumed as part of a recent business acquisition.

In the third quarter of 2024, Abbott repurchased approximately 7 million of its common shares for $750 million. As of September 30, 2024, $659 million remains available for repurchase under the 2021 share repurchase program. On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan is in addition to the unused portion of the 2021 Plan.

In each of the first three quarters of 2024, Abbott declared a quarterly dividend of $0.55 per share on its common shares, which represents an increase of 7.8 percent over the $0.51 per share dividend declared in each of the first three quarters of 2023.


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Business Acquisitions

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which furthers Abbott's efforts to develop connected solutions for making diabetes management more personal and precise. The purchase price, the final allocation of acquired assets and liabilities, and the revenue and net income contributed by Bigfoot since the date of acquisition are not material to Abbott's condensed consolidated financial statements.

On April 27, 2023, Abbott completed the acquisition of CSI for $20 per common share, which equated to a purchase price of $851 million. The transaction was funded with cash on hand and accounted for as a business combination. CSI's atherectomy system, which is used in treating peripheral and coronary artery disease, adds complementary technologies to Abbott's portfolio of vascular device offerings.

The final allocation of the purchase price of the CSI acquisition resulted in the recording of two non-deductible developed technology intangible assets totaling $305 million; a non-deductible in-process research and development asset of $15 million, which will be accounted for as an indefinite-lived intangible asset until regulatory approval or discontinuation; non-deductible goodwill of $369 million; net deferred tax assets of $46 million and other net assets of $116 million. The goodwill is identifiable to the Medical Devices reportable segment and is attributable to expected synergies from combining operations, as well as intangible assets that do not qualify for separate recognition. Revenues and earnings of CSI included in Abbott's condensed consolidated financial statements since the acquisition date are not material to Abbott's consolidated revenue and earnings.

Legislative Issues

Abbott’s primary markets are highly competitive and subject to substantial government regulations throughout the world. Abbott expects debate to continue over the availability, method of delivery, and payment for health care products and services. It is not possible to predict the extent to which Abbott or the health care industry in general might be adversely affected by these factors in the future. A more complete discussion of these factors is contained in Item 1, Business, and Item 1A, Risk Factors, in the 2023 Annual Report on Form 10-K.

Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Abbott cautions that any forward-looking statements made by Abbott are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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PART I. FINANCIAL INFORMATION

Item 4.     Controls and Procedures

(a)Evaluation of disclosure controls and procedures. The Chief Executive Officer, Robert B. Ford, and Chief Financial Officer, Philip P. Boudreau, evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes in internal control over financial reporting. During the quarter ended September 30, 2024, there were no changes in Abbott’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, Abbott’s internal control over financial reporting.

PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

Abbott is involved in various claims, legal proceedings and investigations as described in our Annual Report on Form 10-K for the year ended December 31, 2023 and our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024, including those described below (as of September 30, 2024, except where noted below). While it is not feasible to predict the outcome of such pending claims, proceedings, and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on Abbott's financial position, cash flows, or results of operations, except for the lawsuits discussed below, the resolution of which could be material to cash flows or results of operations.

In its 2023 Annual Report on Form 10-K, Abbott reported that multiple civil lawsuits have been filed against Abbott relating to its manufacturing of certain powder infant formula products. Six shareholder derivative lawsuits against certain of Abbott’s current and former directors and officers are pending in a consolidated proceeding, In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation, in the U.S. District Court for the Northern District of Illinois. The consolidated lawsuit seeks monetary damages from the defendants to Abbott. In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation includes: Thomas P. DiNapoli, Controller of the State of New York, as Administrative Head of the New York State and Local Retirement System, and as Trustee of the New York State Common Retirement Fund, and International Brotherhood of Teamsters Local No. 710 Pension Fund and Southeastern Pennsylvania Transportation Authority, both filed in June 2023; David Hamilton filed in April 2023; Matthew Steele filed in February 2023; Ilene Lippman filed in January 2023; and Leon Martin filed in October 2022. In August 2024, the court granted in part and denied in part the defendants’ motion to dismiss, allowing the securities and breach of fiduciary duty claims to move forward. In September 2024, Abbott’s board of directors established an independent and disinterested special litigation committee to investigate and evaluate the asserted claims.


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Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

(c)Issuer Purchases of Equity Securities

Period(a) Total
Number of
Shares (or
Units)
Purchased		(b) Average
Price Paid per
Share (or
Unit)		(c) Total Number
of Shares (or
Units) Purchased
as Part of
Publicly
Announced Plans
or Programs		(d) Maximum
Number (or
Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
July 1, 2024 - July 31, 20243,600,000 
(1)
$104.680 3,600,000 $1,032,244,524 
(2)
August 1, 2024 - August 31, 20243,406,363 
(1)
$109.545 3,406,363 659,092,986 
(2)
September 1, 2024 - September 30, 2024— 
(1)
— — 659,092,986 
(2)
Total7,006,363 
(1)
$107.046 7,006,363 $659,092,986 
(2)
______________________________________
1.These shares do not include the shares surrendered to Abbott to satisfy tax withholding obligations in connection with the vesting of restricted stock or restricted stock units.
2.On December 10, 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to time (the "2021 Plan"). On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan is in addition to the unused portion of the 2021 Plan.
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Item 6.     Exhibits
Exhibit No.Exhibit
31.1
31.2
Exhibits 32.1 and 32.2 are furnished herewith and should not be deemed to be “filed” under the Securities Exchange Act of 1934.
32.1
32.2
101The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter and nine months ended September 30, 2024, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Earnings; (ii) Condensed Consolidated Statement of Comprehensive Income; (iii) Condensed Consolidated Balance Sheet; (iv) Condensed Consolidated Statement of Shareholders’ Investment; (v) Condensed Consolidated Statement of Cash Flows; and (vi) Notes to the Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ABBOTT LABORATORIES
By:/s/ PHILIP P. BOUDREAU
Philip P. Boudreau
Executive Vice President, Finance
and Chief Financial Officer
Date: October 31, 2024
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