Abbott Laboratories Reports Strong Q3 Results

Abbott Laboratories reported a strong third quarter for 2024, with total revenue increasing by 4.9% to $10.64 billion, surpassing analyst expectations. Adjusted earnings per share (EPS) of $1.21 exceeded estimates, reflecting a 6.1% annual increase. The Medical Devices segment led growth with an impressive 11.7% rise in sales, particularly driven by Diabetes Care products, including continuous glucose monitors, which saw a 19.1% increase. Despite challenges in the Diagnostics segment due to declining COVID-19 testing sales, the company maintained a positive outlook, projecting full-year organic sales growth of 9.5% to 10%. Abbott's diversified business model continues to demonstrate resilience in the face of market fluctuations, bolstering investor confidence. The company is also navigating legal challenges related to its infant formula products but has seen a 10% stock price increase since July.