Abbott's financials

Main article: Abbott Laboratories

2021: Sales growth 24.5%, to $43.075 billion

Abbott Laboratories ended 2021 with sales of $43.08 billion, a 24.5% increase in revenue for 2020.

At the end of 2021, Abbott Laboratories sales in the United States reached $16.64 billion, in other regions - $26.43 billion. The food division registered a turnover of $8.29, of which $3.56 billion falls on the United States and $4.74 billion to other regions. In the category of diagnostic solutions, sales reached $15.64 billion in 2021, of which $7.13 falls on the United States, and $8.51 billion - on the rest of the regions. The medical device sector recorded a turnover of $14.37 billion, of which $5.92 billion fell on the United States, and $8.44 billion - on the rest of the regions. In the category of pharmaceuticals in 2021, the turnover amounted to $4.72 billion.

Abbott 2021 sales up 24.5% thanks to diagnostic tools

In the Adult Nutrition segment, the leading balanced nutrition and diabetes nutrition brands Acsure and Glucerna, respectively, delivered strong performance. Global baby food sales mostly saw growth due to active Pedialyte sales.

Global sales of diagnostic tools have grown due to sales of COVID-19 testing solutions, including BinaxNOW, Panbio and ID NOW.

The largest categories in the assortment of medical equipment of the company are solutions for diabetes patients: in 2021, they brought the American manufacturer $4.33 billion. The American market accounted for $1.21 billion, the rest of the regions - $3.11 billion.

In 2020, Abbott's sales of neuromodulation technologies turned out to be $781 million. Sales of equipment to solve problems with heart failure in 2021 amounted to $889 million. Abbott's turnover in the subcategory of electrophysiology amounted to $1.9 billion.^[1]

2020: Global Cardiovascular Treatment and Diagnosis Equipment Market Share - 14.6%

Abbot's market share of cardiovascular treatment and diagnosis equipment was 14.6% (Evaluate data). Read more here.

2019: Revenue growth 4.3% to $31.9 billion

Abbott finished 2019 with revenue of $31.9 billion, up 4.3% from a year earlier. The company's sales of medical devices grew the most - by 7.6% to $12.24 billion.

In the American market, Abbott sold $5.37 billion in medical equipment in 2019, which is 7.2% higher than a year ago. Outside the United States, the vendor earned $6.87 billion on these products, which is 8% higher than a year ago.

Abbott finished with $31.9 billion in revenue, up 4.3% from a year earlier

The largest segment in Abbott's medical equipment division in 2019 was cardiovascular devices. Here, the company's total revenue amounted to $2.85 billion, which is 2.7% less than a year earlier.

The second largest segment is diabetic solutions. In 2019, they brought Abbott $2.52 billion, which is 30.6% more than the previous year. Here, the rise was largely due to the high demand for the FreeStyle Libre blood glucose monitoring system. Its sales in 2019 were equal to $534 million, which is 58.5% more than in 2018.

Sales of neuromodulation technologies decreased by 3.8% to $831 million. Sales of equipment to solve problems with heart failure in 2019 amounted to $769, an increase of 19.1% compared to 2018.

In the category of products for treatment in structural heart damage, Abbott's revenues increased by 12.9% and reached $1.4 billion in 2018. This growth in the company was associated with strong sales of the MitraClip mitral valve endovascular reconstruction system. Its implementation jumped by 27.1%.

In 2019, Abbott's net income was $3.69 billion, 55.7% higher than the previous year's profit. This influx was due to the tax benefit that the company received after the acquisitions.

2018: Revenue growth 11.6% to $30.58 billion

In 2018, Abbott raised $30.58 billion, an 11.6% increase compared to 2017. Sales were the highest in 7 years. The company's sales of medical equipment increased by 10.1% and reached $11.37 billion.

Most of the business in the field of medical technology is focused on products for neuromodulation and treatment of cardiovascular diseases: here Abbott's revenues at the end of 2018 amounted to a total of $9.44 billion, an increase of 5.9% compared to the previous year.

Financial performance

Such products in Abbott are divided into several categories, among which are solutions for the treatment of atrial fibrillation and heart rhythm management. On such technologies, the American manufacturer earned $2.09 billion in 2018, which is 0.6% less than a year ago.

Abbott's annual revenues in the electrophysiological technology segment reached $1.67 billion, up 20.8%. Annual revenues from vascular equipment increased by 1.3% to $2.93 billion, from neuromodulation devices - by 6.8% to $864 million.

Sales of heart failure devices in 2018 were $646 and increased by 0.4% compared to 2017. In the treatment product category for structural heart damage, Abbott's revenues rose 14.4%, reaching $1.24 billion in 2018.

Abbott revenue change for 2004 to 2017

Another segment of the medical device market that Abbott operates on is technology to treat and control diabetes. Here the company raised $1.93 billion in 2018, exceeding the result of a year ago by 36.7%.

The medical diagnostics business provided Abbott with revenue of $7.5 billion at the end of 2018. This is a third more than a year earlier. The company earned $7.23 billion on children's and medical nutrition, which is 11.6% more than in 2017. The volume of the pharmaceutical business amounted to $4.42 billion.^[2]

2017: Medical equipment sales double

In 2017, Abbott's revenue amounted to $27.4 billion, which is 31.3% higher than a year ago. Net profit during this time decreased by almost 66% to $477 million, which the company explained as one-time expenses related to tax reform in the United States.

Abbott's medical device division ended 2017 with revenue of $10.3 billion. This is almost double the sales at the end of 2016.

Abbott doubles sales of medical equipment

The American market brought Abbott about $4.7 billion in revenue from the sale of medical equipment, showing an increase of about 130%. In other countries combined, equipment sales jumped 76.3%, reaching $5.6 billion.

Abbott's largest earnings in the medical equipment market come from devices for intravascular interventions, whose sales in 2017 increased by 14.2% to $2.9 billion.

Second in revenue are products for atrial fibrillation and heart rhythm management. The annual turnover here exceeded $2.1 billion.

The three most profitable areas included hardware solutions for patients with diabetes ($1.4 billion each; + 24% on an annualized basis). It follows from the report that in 2017, sales of Abbott diabetes devices outside the United States increased by a third, while in the American market, the rise was measured only 2.1%. The main driver of the financial growth of the diabetes business in the company is called the FreeStyle Libre continuous glucose monitoring system.

Technologies in the field of electrophysiology provided Abbott with revenue of $1.38 billion in 2017. In the neuromodulation market, revenues amounted to $808 million, in the market for equipment for the treatment of heart failure - $643 million (most of it - $491 million - fell on the United States). Abbott also allocates products for the treatment of structural heart diseases in a separate direction, here revenue in 2017 amounted to almost $1.1 billion.^[3]

2016: Revenue growth of 2% to $20.9 billion and annual profit drop of three times

On January 25, 2017, Abbott released its annual financial statement. The company's profit has tripled.

Abbott finished 2016 with revenue of $20.9 billion, up 2.2% from a year earlier. Net profit decreased from 4.4 to 1.4 billion dollars due to factors such as depreciation of intangible assets ($550 million), an increase in the share capital of the pharmaceutical company Mylan ($947 million), unfavorable currency fluctuations in Venezuela ($480 million) and the acquisition of various assets.

Abbott's earnings were also negatively impacted by a strong dollar and pent-up demand for baby and medical nutrition in China, driven by changes in government food safety requirements, forcing producers to re-register baby formula. In 2016, global sales of Abbott food products, which bring the company almost a third of revenue, decreased by 1.1%, amounting to $6.9 billion.

Abbott logo at the company's India office

The division for the production of medical devices showed a 3.8 percent growth to $5.2 billion, of which the American market accounted for $2 billion, the rest of the countries - $3.2 billion. The most revenues in this business Abbott bring devices for intravascular interventions ($2.8 billion in 2016). The second place is shared by ophthalmological equipment and solutions for patients with diabetes ($1.1 billion each). It follows from the report that in 2016 sales of diabetes devices in the United States decreased by 17.4%.

In 2016, Abbott's revenue in the laboratory diagnostics technology market reached $4.8 billion, an increase of 3.6% on an annualized basis. The pharmaceutical segment increased by 3.7% to $3.9 billion.

At the end of 2017, Abbott predicts adjusted earnings (excluding one-time expenses and costs) in the range from $2.4 to $2.5 per share, and analysts polled by Thomson Reuters expect $2.46 per security of the company.^[4]

2015: Maintaining revenue ($20.4 billion) as profits rise to $4.4 billion

In June 2016, Abbott Laboratories published its annual financial statement. The company's profits almost doubled despite the negative impact of the high exchange rate dollar against other currencies.

In 2015, Abbott's revenue amounted to $20.4 billion, which is almost the same as a year ago. Excluding unfavorable currency fluctuations, sales increased by 9.1%.

Abbott's net profit rose from $2.3 billion in 2014 to $4.4 billion a year later. Operating profit increased by 10.3% to $2.87 billion.

In Abbott's annual revenue structure, a fourth was occupied by medical device sales. Medicines, diagnostic solutions and medical nutrition accounted for 18%, 23% and 34% of the company's revenue, respectively. Half of Abbott's turnover was sales of products directly to consumers.

Abbott year results: 10% drop in revenue in Russia

The largest market for all Abbott products remains American, which accounted for 31% of sales in 2015. The share of Western Europe in the company's revenue reached 12%, the share of China, India and Japan - 9%, 5% and 4%, respectively. The indicator for Russia is about 2.4% (for more information on financial indicators in Russia, see Abbott Russia (Abbott Laboratories)).

In 2015, sales of Abbott medical equipment decreased by 6.5% compared to 2014 and amounted to about $5 billion, of which almost $2.8 billion was taken by a technique for cardiovascular surgery. The sale of devices to help patients with diabetes mellitus decreased by 6.1% to $1.1 billion. Ophthalmic equipment had the same sales volume.

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