Abbott Laboratories reported strong financial performance for the third quarter and the first nine months of 2024, with net sales reaching $10,635 million for Q3, a 4.9% increase from $10,143 million in Q3 2023. For the nine months ended September 30, 2024, net sales totaled $30,976 million, up 3.7% from $29,868 million in the same period last year. The growth was primarily driven by the Medical Devices segment, which saw a significant increase in sales, rising 11.7% to $4,747 million in Q3 and 12.0% to $13,934 million for the nine months.
Operating earnings for Q3 2024 were $1,859 million, compared to $1,647 million in Q3 2023, while for the nine months, operating earnings increased to $4,914 million from $4,698 million. Net earnings for Q3 2024 were $1,646 million, up from $1,436 million in the prior year, and for the nine months, net earnings rose to $4,173 million from $4,129 million. Basic earnings per share for Q3 increased to $0.94 from $0.82, and for the nine months, it rose to $2.39 from $2.36.
Abbott's cash and cash equivalents increased to $7,558 million as of September 30, 2024, from $6,896 million at the end of 2023, reflecting strong cash generation from operations. The company reported net cash from operating activities of $5,690 million for the first nine months, a substantial increase from $4,223 million in the same period of 2023.
In terms of strategic developments, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI) in April 2023 for $851 million, which contributed to the Medical Devices segment's growth. The company also acquired Bigfoot Biomedical, Inc. in September 2023, although its financial impact was not material. Additionally, Abbott implemented restructuring plans that resulted in $60 million in employee-related charges for the nine months ended September 30, 2024.
Abbott's Diagnostic Products segment faced challenges, with sales declining to $2,412 million in Q3 2024 from $2,449 million in Q3 2023, and a total of $6,821 million for the nine months, down from $7,454 million. This decline was attributed to reduced demand for COVID-19 testing, with related sales dropping significantly compared to the previous year.
Overall, Abbott Laboratories demonstrated resilience and growth across several key segments, while also navigating challenges in the diagnostics market and executing strategic acquisitions to enhance its portfolio.
About ABBOTT LABORATORIES
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