Abbott Laboratories reported a net sales increase of 4.6% for the fiscal year ending December 31, 2024, reaching $41.95 billion, compared to $40.11 billion in 2023. The company's net earnings significantly rose to $13.4 billion, or $7.67 per share, from $5.7 billion, or $3.28 per share, in the previous year. This growth in profitability was attributed to strong performances across its Medical Devices, Established Pharmaceuticals, and Nutritional Products segments, despite a continued decline in COVID-19 testing-related sales, which fell to $747 million from $1.6 billion in 2023.
Abbott's operational performance showed notable improvements, with the Medical Devices segment achieving a 13.7% increase in sales, driven by strong demand for its continuous glucose monitoring systems, which generated $6.4 billion in sales. The Established Pharmaceutical Products segment also saw a 9.2% increase in sales, primarily in emerging markets, while the Nutritional Products segment reported a 3.7% increase, aided by market share recovery in the U.S. infant formula business following a recall in 2022. The company’s operating margin improved slightly to 16.3% in 2024 from 16.2% in 2023.
Strategically, Abbott completed two significant acquisitions in 2023: Bigfoot Biomedical, aimed at enhancing diabetes management solutions, and Cardiovascular Systems, which added complementary technologies to its vascular device offerings. These acquisitions are expected to bolster Abbott's product portfolio and market position in the healthcare sector. The company also continued to invest in research and development, with expenses totaling $2.8 billion in 2024, reflecting a commitment to innovation across its product lines.
Abbott's workforce remained stable, employing approximately 114,000 individuals as of December 31, 2024, with 69% based outside the U.S. The company reported a strong focus on diversity, with women representing 46% of its global workforce. Looking ahead, Abbott plans to maintain its growth trajectory by investing in product development and expanding its market presence, particularly in diagnostics and medical devices, while navigating the challenges posed by regulatory changes and competitive pressures in the healthcare industry.
About ABBOTT LABORATORIES
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