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Abbott Reports Second-Quarter 2021 Results
By: PR Newswire Association LLC. - 22 Jul 2021Back to overview list

ABBOTT PARK, Ill., July 22, 2021 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the second quarter ended June 30, 2021.

  • Second-quarter sales of $10.2 billion increased 39.5 percent on a reported basis and 35.0 percent on an organic basis, which excludes the impact of foreign exchange.
  • Second-quarter GAAP diluted EPS was $0.66 and adjusted diluted EPS, which excludes specified items, was $1.17, reflecting 105.3 percent growth versus the prior year.1
  • Abbott continues to project full-year 2021 diluted EPS from continuing operations on a GAAP basis of $2.75 to $2.95 and full-year adjusted diluted EPS from continuing operations of $4.30 to $4.50, reflecting strong, double-digit growth versus the prior year.
  • Diagnostics sales increased 62.8 percent on a reported basis and 57.2 percent on an organic basis in the second quarter. Global COVID-19 testing-related sales were $1.3 billion in the second quarter.
  • Nutrition sales increased 11.9 percent on a reported basis and 9.5 percent on an organic basis in the second quarter. Sales performance was led by double-digit growth in Adult Nutrition globally.
  • Established Pharmaceuticals sales increased 16.4 percent on a reported basis and 14.5 percent on an organic basis in the second quarter. Sales performance was led by double-digit growth in several countries, including India, China, Russia, and several countries across Latin America.
  • Medical Devices sales increased 51.3 percent on a reported basis and 45.1 percent on an organic basis in the second quarter. Compared to pre-pandemic sales in 2019, Medical Devices sales increased 19.2 percent on a reported basis and 15.6 percent on an organic basis in the second quarter, led by double-digit growth in Electrophysiology, Heart Failure, Structural Heart and Diabetes Care.2

"We're achieving very strong growth across our portfolio," said Robert B. Ford, president and chief executive officer, Abbott. "Perhaps most impressively, excluding COVID testing-related sales, our sales grew more than 11 percent on an organic basis compared to pre-pandemic levels in the second quarter of 2019, which demonstrates the fundamental strength of our performance."

SECOND-QUARTER BUSINESS OVERVIEW

Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business. Organic sales growth excludes the impact of foreign exchange.

Following are sales by business segment and commentary for the second quarter 2021:

Total Company

($ in millions)



















% Change vs. 2Q20







Sales 2Q21



Reported



Organic







 U.S. 



 Int'l 



 Total 



U.S.



Int'l



Total



U.S.



Int'l



Total

Total *





3,581



6,642



10,223



35.8



41.6



39.5



35.8



34.6



35.0

Nutrition





873



1,235



2,108



8.0



14.9



11.9



8.0



10.6



9.5

Diagnostics





1,155



2,092



3,247



34.8



83.9



62.8



34.8



74.0



57.2

Established Pharmaceuticals





--



1,180



1,180



 n/a 



16.4



16.4



 n/a 



14.5



14.5

Medical Devices





1,538



2,128



3,666



59.3



46.0



51.3



59.3



35.6



45.1





* Total Q2 2021 Abbott sales from continuing operations include Other Sales of approximately $22 million.

























% Change vs. 1H20







Sales 1H21



Reported



Organic







 U.S. 



 Int'l 



 Total 



U.S.



Int'l



Total



U.S.



Int'l



Total

Total *





7,419



13,260



20,679



35.0



38.7



37.4



35.0



33.3



33.9

Nutrition





1,709



2,435



4,144



5.5



12.3



9.4



5.5



9.8



8.0

Diagnostics





2,796



4,465



7,261



68.5



106.6



90.0



68.5



97.1



84.7

Established Pharmaceuticals





--



2,250



2,250



 n/a 



9.4



9.4



 n/a 



10.3



10.3

Medical Devices





2,889



4,097



6,986



31.4



29.6



30.3



31.4



20.8



25.2



* Total 1H 2021 Abbott sales from continuing operations include Other Sales of approximately $38 million.



n/a = Not Applicable.



Note: In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

Second-quarter 2021 worldwide sales of $10.2 billion increased 39.5 percent on a reported basis and 35.0 percent on an organic basis.

Compared to pre-pandemic sales in 2019, worldwide sales increased 12.3 percent on a reported basis and 11.3 percent on an organic basis in the second quarter, excluding COVID-19 testing-related sales.3

Nutrition

($ in millions)



























% Change vs. 2Q20















Sales 2Q21



Reported



Organic















U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total













873



1,235



2,108



8.0



14.9



11.9



8.0



10.6



9.5

Pediatric













528



565



1,093



8.9



4.7



6.7



8.9



0.3



4.4

Adult













345



670



1,015



6.6



25.2



18.2



6.6



21.1



15.6











































































% Change vs. 1H20















Sales 1H21



Reported



Organic















U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total













1,709



2,435



4,144



5.5



12.3



9.4



5.5



9.8



8.0

Pediatric













1,036



1,123



2,159



3.4



1.1



2.2



3.4



(1.4)



0.8

Adult













673



1,312



1,985



8.9



24.2



18.5



8.9



21.6



16.9

Worldwide Nutrition sales increased 11.9 percent on a reported basis and 9.5 percent on an organic basis in the second quarter. Strong performance of Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading diabetes nutrition brand, led to global Adult Nutrition sales growth of 18.2 percent on a reported basis and 15.6 percent on an organic basis.  

Worldwide Pediatric Nutrition sales increased 6.7 percent on a reported basis and 4.4 percent on an organic basis. Strong performance of Abbott's market-leading toddler brands, Pedialyte® and PediaSure®, and continued share growth in infant nutrition led to U.S. Pediatric Nutrition growth of 8.9 percent.

Diagnostics

($ in millions)

















% Change vs. 2Q20





Sales 2Q21



Reported



Organic





U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total



1,155



2,092



3,247



34.8



83.9



62.8



34.8



74.0



57.2

Core Laboratory



283



1,023



1,306



(2.2)



46.6



32.3



(2.2)



38.7



26.7

Molecular



94



196



290



(34.8)



(8.7)



(19.1)



(34.8)



(15.2)



(23.1)

Point of Care



97



40



137



24.2



(1.2)



15.7



24.2



(5.9)



14.1

Rapid Diagnostics



681



833



1,514



97.2



349.4



185.4



97.2



327.1



177.6























































% Change vs. 1H20





Sales 1H21



Reported



Organic





U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total



2,796



4,465



7,261



68.5



106.6



90.0



68.5



97.1



84.7

Core Laboratory



554



1,934



2,488



(0.2)



36.2



25.9



(0.2)



29.8



21.4

Molecular



269



468



737



28.8



61.9



48.0



28.8



52.8



42.7

Point of Care



189



77



266



4.0



3.0



3.7



4.0



(1.4)



2.4

Rapid Diagnostics



1,784



1,986



3,770



150.1



426.3



245.7



150.1



403.7



237.9

Worldwide Diagnostics sales increased 62.8 percent on a reported basis in the second quarter and increased 57.2 percent on an organic basis. Global COVID-19 testing-related sales were $1.3 billion in the second quarter, led by combined sales of $1.0 billion from Abbott's BinaxNOW®, Panbio® and ID NOW® rapid testing platforms. Excluding COVID-19 testing-related sales, worldwide diagnostics sales increased 42.5 percent on a reported basis in the second quarter and 37.2 percent on an organic basis.4 Compared to 2019, sales in Core Laboratory and Molecular Diagnostics, excluding COVID-19 testing-related sales, grew 6.8 percent and 8.3 percent, respectively, on a reported basis in the second quarter and grew 4.2 percent and 6.5 percent, respectively, on an organic basis.5

Established Pharmaceuticals

($ in millions)























% Change vs. 2Q20











Sales 2Q21



Reported



Organic











U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total









--



1,180



1,180



 n/a 



16.4



16.4



 n/a 



14.5



14.5

Key Emerging Markets









--



915



915



 n/a 



19.7



19.7



 n/a 



18.4



18.4

Other









--



265



265



 n/a 



6.5



6.5



 n/a 



2.6



2.6



































































% Change vs. 1H20











Sales 1H21



Reported



Organic











U.S.



Int'l



Total



U.S.



Int'l



Total



U.S.



Int'l



Total

Total









--



2,250



2,250



 n/a 



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