Abbott Reports 42.9% Growth in Adjusted Diluted EPS for Q3 and Receives FDA Approvals for Multiple Medical Devices

October 21, 2021, SHANGHAI — Abbott, a global leader in healthcare, announced its third-quarter 2021 financial results. The report shows that Abbott’s global sales for the third quarter reached $10.9 billion, a 22.4% increase year-over-year. Adjusted diluted earnings per share were $1.40, up 42.9% year-over-year. According to the company’s forecast, full-year adjusted diluted earnings per share will reach $5.00 to $5.10, representing a 38.4% year-over-year increase. In the third quarter of this year, sales of Abbott’s COVID-19 testing products continued to maintain strong momentum.

Meanwhile, Abbott has further expanded its medical device product line, with multiple products receiving approval from the U.S. Food and Drug Administration (FDA), including the Amplatzer Amulet left atrial appendage occluder, the Portico and FlexNav transcatheter aortic valve replacement systems, and the Amplatzer Talisman PFO occluder, among others. Additionally, Abbott acquired Walk Vascular, which will further expand its vascular-related product portfolio.

By business segment, Abbott's diagnostics business reported global sales exceeding $3.91 billion in the third quarter of this year, up 46.8% year-over-year. This rapid growth momentum reflects strong market demand for Abbott's COVID-19 testing products. Of this, global sales of COVID-19 testing products reached $1.9 billion, with sales from the BinaxNOW, Panbio, and ID NOW platforms totaling $1.6 billion. Excluding COVID-19 testing products, global sales for routine diagnostics grew by an estimated 12.5%.

Global sales for Abbott’s medical device business reached $3.63 billion, representing a 13.1% increase year-over-year. Compared to the third quarter of 2019, prior to the pandemic, sales in this segment still grew by 16.1%, with double-digit growth achieved across its cardiac electrophysiology, heart failure, structural heart disease, and diabetes-related businesses. Notably, several of Abbott’s medical devices received U.S. FDA approval in the third quarter, including: the newly approved Amplatzer Amulet Left Atrial Appendage (LAA) Occluder for the treatment of atrial fibrillation patients at risk of ischemic stroke; the newly approved Portico with FlexNav Transcatheter Aortic Valve Replacement (TAVR) system for the treatment of patients with symptomatic severe aortic stenosis who are at high risk for cardiac surgery; and the newly approved Amplatzer Talisman Patent Foramen Ovale (PFO) Occluder for the treatment of patients with a patent foramen ovale at risk of recurrent ischemic stroke.

Global sales for Abbott Nutrition reached approximately $2.11 billion, representing a year-on-year increase of about 9%. Notably, Ensure, which provides complete and balanced nutrition, and Glucerna, specially formulated for individuals with diabetes, achieved outstanding sales performance, driving a 9.3% year-on-year growth in global adult nutrition sales. Additionally, Abbott has officially become the Health Science and Nutrition Partner of Real Madrid Football Club and a Global Partner of the Real Madrid Foundation. Throughout this three-year partnership, the collaboration will support children in need across 80 countries worldwide with education, sports, and social welfare initiatives, while also providing product innovation, R&D, and nutritional support for Real Madrid's men's and women's first teams and youth football teams.

Global sales for Abbott’s pharmaceuticals business were approximately $1.27 billion, up 15.3% year-over-year. Emerging markets, including China, India, Brazil, and Russia, along with several other newly developed markets, are expected to serve as long-term growth drivers for Abbott’s pharmaceutical sales. In the third quarter, pharmaceutical sales in these markets grew by 17.9% year-over-year.

Abbott Laboratories President and Chief Executive Officer Robert B. Ford said: “In the third quarter of this year, global sales across the company’s four business segments once again achieved strong growth. Recently, we have also launched numerous new products in several large and fast-growing markets. We are deeply pleased and proud of this continuous progress.”