Abbott Laboratories' (ABT) total net sales for 2024 reached $41.95 billion, representing a 4.6% increase compared to 2023. This growth was primarily driven by strong performance in the Medical Devices, Established Pharmaceutical Products, and Nutritional Products segments, partially offset by a decline in COVID-19 testing-related sales. Excluding COVID-19 testing-related sales, total net sales increased by 7.0%, and by 9.6% when also excluding foreign exchange impacts.

The Medical Devices segment was a standout performer in 2024, with sales increasing by 12.4% compared to 2023. This growth was driven by double-digit increases in Diabetes Care (up 18.1%), Structural Heart (up 15.5%), and Electrophysiology (up 12.3%). The Diabetes Care business, in particular, saw strong demand for continuous glucose monitoring systems, with sales reaching $6.4 billion in 2024, up from $5.3 billion in 2023.

Abbott's operating earnings for 2024 were $6.83 billion, reflecting an increase from $6.48 billion in 2023. Gross profit margins improved slightly to 50.9% of net sales in 2024, compared to 50.3% in 2023. This improvement was attributed to margin enhancement initiatives, although partially offset by foreign exchange and inflationary pressures.

Net earnings for 2024 surged to $13.4 billion, a significant increase from $5.72 billion in 2023. This was driven by higher operating earnings and a substantial tax benefit, as taxes on earnings reflected a net credit of $6.39 billion in 2024 compared to a tax expense of $941 million in 2023. Basic earnings per share more than doubled to $7.67 in 2024, up from $3.28 in 2023.

The Diagnostics segment experienced a decline in sales, falling 6.5% in 2024 compared to 2023. This was primarily due to a sharp reduction in COVID-19 testing-related sales, which dropped to $747 million in 2024 from $1.6 billion in 2023. Excluding COVID-19 testing-related sales, the Diagnostics segment showed modest growth, particularly in Core Laboratory and Point of Care diagnostics.

Abbott's cash flow from operating activities increased to $8.56 billion in 2024, up from $7.26 billion in 2023. This improvement was supported by higher net earnings and adjustments for non-cash items such as depreciation and amortization. However, cash used in investing activities rose to $2.34 billion, primarily due to acquisitions of property and equipment, while cash used in financing activities totaled $5.40 billion, reflecting share repurchases and dividend payments.

Abbott's Medical Devices segment continued to benefit from innovation and market expansion. Sales in emerging markets, which represent 37% of total company sales, grew by 8.2% in 2024, excluding foreign exchange impacts. The company also highlighted strong growth in its Structural Heart and Electrophysiology businesses, driven by new product launches and increased procedure volumes.

Abbott's dividend payments increased to $3.8 billion in 2024, up from $3.6 billion in 2023, reflecting a 7.7% increase in the dividend rate. The company also announced a further 7.3% increase in its quarterly dividend for 2025, underscoring its commitment to returning value to shareholders.

The company’s gross profit margins improved to 50.9% in 2024, up from 50.3% in 2023. This improvement was driven by margin enhancement initiatives, although partially offset by unfavorable foreign exchange impacts and inflationary pressures. The operating margin also increased slightly to 16.3% in 2024, compared to 16.2% in 2023.

Abbott's international sales accounted for 61% of total net sales in 2024. Sales in emerging markets grew by 8.2%, excluding foreign exchange impacts, driven by strong performance in the Established Pharmaceutical Products and Nutritional Products segments. However, total international sales were negatively impacted by a 4.2% decline due to foreign exchange rate changes.