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HEALTHCARE: Abbott Labs (ABT: Aa3/AA-): 4Q24

HEALTHCARE
USBulletCredit BulletsNorth America

Good numbers but very slightly below consensus

  • 4Q sales $11bn +7.2%; +10.1% organic
  • FY sales $42bn +4.6%; +9.6% organic
  • Guiding for FY25 7.5-8.5% organic sales growth
  • Guiding for Op Margin of 23.5%-24% a 1.5% improvement on 2024
  • Diagnostic sales were impacted by Covid but overall not a problem
  • Worldwide Medical Devices +14% organic growth with glucose monitors up +22.8%
  • Only has 2 EUR bonds 2026 & 27. Has not issued since 2020
  • ABT leverage is very low with ND/E 0.7x.
  • Acquisitions have tended to be small add-ons 1-3bn size.
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Good numbers but very slightly below consensus

  • 4Q sales $11bn +7.2%; +10.1% organic
  • FY sales $42bn +4.6%; +9.6% organic
  • Guiding for FY25 7.5-8.5% organic sales growth
  • Guiding for Op Margin of 23.5%-24% a 1.5% improvement on 2024
  • Diagnostic sales were impacted by Covid but overall not a problem
  • Worldwide Medical Devices +14% organic growth with glucose monitors up +22.8%
  • Only has 2 EUR bonds 2026 & 27. Has not issued since 2020
  • ABT leverage is very low with ND/E 0.7x.
  • Acquisitions have tended to be small add-ons 1-3bn size.