Market Overview - US stock index futures are all up, with Dow futures rising by 0.56%, S&P 500 futures up by 0.76%, and Nasdaq futures increasing by 0.99% [1] - European indices show mixed results, with Germany's DAX up by 0.02%, UK's FTSE 100 down by 0.38%, France's CAC40 up by 2.30%, and the Euro Stoxx 50 up by 1.28% [2][3] - WTI crude oil prices increased by 0.73% to $59.13 per barrel, while Brent crude rose by 0.51% to $62.71 per barrel [3][4] Federal Reserve Insights - Federal Reserve Chairman Jerome Powell hinted at a potential 25 basis point rate cut later this month, despite the government shutdown affecting economic assessments [5] - Powell emphasized ongoing risks in the labor market, noting a slowdown in hiring that could worsen [5] Commodity Market Reactions - Following Powell's dovish remarks, copper prices rebounded, with industry insiders predicting prices could reach $12,000 per ton [5] Economic Data Concerns - The ongoing government shutdown raises concerns about the accuracy of the upcoming October Consumer Price Index (CPI) data, as the Labor Statistics Bureau has been unable to collect new price information since the shutdown began [6] - Morgan Stanley's David Kelly warned that the US is "slowly heading towards bankruptcy," with national debt exceeding $37.8 trillion and interest payments surpassing $1.2 trillion [6] Company Earnings Reports - Morgan Stanley reported Q3 net revenue of $18.22 billion, an 18% year-over-year increase, exceeding expectations [7] - Abbott's Q3 revenue was approximately $11.37 billion, slightly below analyst expectations due to weak performance in its diagnostics and nutrition segments [7] - Dollar Tree projected a 12-15% annual growth in earnings per share over the next three years, with a near 20% growth expected in FY2026 [8] - Bank of America reported Q3 earnings exceeding expectations, driven by a resurgence in merger and acquisition activity, with net interest income also surpassing forecasts [9] - ASML's Q3 orders exceeded expectations, driven by strong demand in the AI infrastructure sector, with orders reaching €5.4 billion (approximately $6.3 billion) [9] - Apple's Q3 shipments in China grew by 0.6% year-over-year, reaching 10.8 million units, despite a declining overall smartphone market [10] - Eli Lilly's oral weight-loss drug orforglipron showed promising results in clinical trials, with plans to apply for market approval next year [11]

Core Insights - Abbott Laboratories reported adjusted earnings of $1.30 per share on $11.37 billion in third-quarter sales, slightly missing sales expectations of $11.39 billion [1][2] - The company reaffirmed its sales guidance for 7.5% to 8% organic sales growth for the year, excluding the impact of Covid tests, and narrowed its earnings outlook to a range of $5.12 to $5.18 per share [2] Financial Performance - In the same quarter last year, Abbott earned $1.21 per share on $10.64 billion in sales, indicating a year-over-year earnings increase of approximately 7.4% and sales growth of about 6.9% [2] - Analysts projected an average earnings per share of $5.15 and total sales of $44.69 billion for the year [2] Stock Market Reaction - In premarket trading, Abbott's stock fell nearly 3% to $128.94, breaking out of a cup-with-handle base with a buy point at $134.71 [3] - The stock is currently below the 5% chase zone and facing resistance at its 50-day moving average [3]

Core Insights - Abbott missed analysts' estimates for third-quarter revenue, reporting total revenue of $11.37 billion, slightly below the expected $11.40 billion, leading to a 3% drop in shares premarket [1][2]. Revenue Breakdown - Diagnostics segment sales fell 6.6% to $2.25 billion, missing the estimate of $2.29 billion, primarily due to a decline in COVID-19 testing demand [3]. - Medical devices segment sales increased 14.8% to $5.45 billion, driven by strong demand for continuous glucose monitors and heart devices [3]. External Factors - The halt of foreign aid has disrupted the supply chain for medical products and diagnostic tests in low-income countries, impacting Abbott's operations [2]. - Abbott is facing pricing pressure from China's procurement program, which purchases medical devices in bulk at significant discounts [2]. Profitability - On an adjusted basis, Abbott reported a third-quarter profit per share of $1.30, aligning with analysts' expectations [4]. - The company revised its annual adjusted profit forecast to a range of $5.12 to $5.18 per share, slightly down from the previous range of $5.10 to $5.20 [4].

The company narrowed its guidance for the second time this year. ...

Abbott cut the top end of its 2025 earnings guidance by 2 cents a share, just as the Trump administration launched an investigation into the medical device sector https://t.co/R5qPn9BmKV ...

Abbott Laboratories backed its full-year outlook after posting higher sales in the third quarter, boosted by sales of its nutrition shakes and drinks for adults ...

(Reuters) -Abbott's quarterly revenue fell short of analysts' expectations on Wednesday, as weakness in its diagnostics and nutritional businesses failed to offset strong demand for its medical devices. Shares of the company dropped nearly 3% premarket following the results. Abbott's total revenue of $11.37 billion, slightly missed analysts' average estimate of $11.40 billion, according to data compiled by LSEG. Sales in its diagnostics segment fell 6.6% to $2.25 billion, missing the estimate of $2.29 b ...

Core Insights - Abbott reported higher quarterly revenue, attributed to strong demand for its medical devices, particularly continuous glucose monitors and heart devices [1] Group 1: Financial Performance - The increase in revenue was driven by robust sales in the medical devices segment [1] Group 2: Product Demand - Continuous glucose monitors and heart devices were highlighted as key contributors to the revenue growth [1]

[News Release & Highlights](index=1&type=section&id=News%20Release) [CEO Statement](index=1&type=section&id=CEO%20Statement) Robert B. Ford, Chairman and CEO, highlighted consistent, high-quality performance in Q3 2025, attributing it to a differentiated product pipeline that positions Abbott for durable long-term value to shareholders - Robert B. Ford, chairman and chief executive officer, Abbott, stated: 'Our third-quarter results demonstrate our ability to deliver **consistent, high-quality performance**. Our differentiated product pipeline continues to power our performance and positions Abbott to deliver **durable long-term value** to our shareholders'[2](index=2&type=chunk) [Key Financial Highlights (3Q25 & YTD)](index=1&type=section&id=Key%20Financial%20Highlights) Abbott reported strong financial results for Q3 2025, with significant sales growth and adjusted diluted EPS, alongside positive year-to-date performance, demonstrating consistent execution Key Financial Highlights (3Q25 & YTD) | Metric | 3Q25 Reported | 3Q25 Organic (excl. COVID-19) | YTD Reported | YTD Organic (excl. COVID-19) | | :----- | :------------ | :---------------------------- | :----------- | :--------------------------- | | Sales Growth | 6.9% | 7.5% | 6.1% | 7.7% | | GAAP Diluted EPS | $0.94 | N/A | N/A | N/A | | Adjusted Diluted EPS | $1.30 | N/A | N/A | N/A | | Reported Operating Margin | 18.1% | N/A | N/A | N/A | | Adjusted Operating Margin | 23.0% (40 bps increase) | N/A | N/A | N/A | [Recent Product & Regulatory Milestones](index=1&type=section&id=Recent%20Product%20%26%20Regulatory%20Milestones) Abbott achieved key regulatory approvals and received supportive treatment guidelines for its innovative medical devices, enhancing its market position in cardiovascular health - Regulatory approval in Japan for TriClip®, a first-of-its-kind, minimally invasive treatment option for patients with tricuspid regurgitation[2](index=2&type=chunk) - CE Mark received for an expanded indication for the Navitor® transcatheter aortic valve implantation (TAVI) system to treat symptomatic, severe aortic stenosis patients at low or intermediate risk for open-heart surgery[2](index=2&type=chunk) - New treatment guidelines issued at the European Society of Cardiology (ESC) Congress provide additional support for the use of MitraClip® and TriClip® in treating valvular heart disease[2](index=2&type=chunk) [Third-Quarter Business Overview](index=2&type=section&id=THIRD-QUARTER%20BUSINESS%20OVERVIEW) [Overall Sales Performance (3Q25 & 9M25)](index=2&type=section&id=Overall%20Sales%20Performance) Abbott's overall sales demonstrated solid growth in Q3 and year-to-date 2025, particularly when excluding the declining impact of COVID-19 testing sales, with organic growth being a key metric for performance assessment - Management measures sales growth rates on an organic basis, excluding foreign exchange impact and the discontinuation of the ZonePerfect® product line, to understand core underlying business performance[3](index=3&type=chunk) Total Company Sales (3Q25 vs 3Q24) | Metric | Total Company | Nutrition | Diagnostics | Established Pharmaceuticals | Medical Devices | | :----- | :------------ | :-------- | :---------- | :------------------------ | :-------------- | | Total reported sales ($M) | 11,369 | 2,153 | 2,253 | 1,511 | 5,448 | | Total reported % Change | 6.9% | 4.2% | (6.6)% | 7.5% | 14.8% | | Organic % Change | 5.5% | 4.0% | (7.8)% | 7.1% | 12.5% | | Organic (excl. COVID-19 tests) % Change | 7.5% | 4.0% | 0.4% | 7.1% | 12.5% | Total Company Sales (9M25 vs 9M24) | Metric | Total Company | Nutrition | Diagnostics | Established Pharmaceuticals | Medical Devices | | :----- | :------------ | :-------- | :---------- | :------------------------ | :-------------- | | Total reported sales ($M) | 32,869 | 6,511 | 6,480 | 4,154 | 15,712 | | Total reported % Change | 6.1% | 3.6% | (5.0)% | 5.8% | 12.8% | | Organic % Change | 6.4% | 4.7% | (4.8)% | 7.5% | 12.4% | | Organic (excl. COVID-19 tests) % Change | 7.7% | 4.7% | 0.6% | 7.5% | 12.4% | [Nutrition Segment Performance](index=3&type=section&id=Nutrition) The Nutrition segment achieved reported sales growth of 4.2% and organic growth of 4.0% in Q3 2025, primarily driven by strong performance in Adult Nutrition, particularly from Ensure® and Glucerna® brands Nutrition Sales (3Q25 vs 3Q24) | Sales 3Q25 ($ in millions) | Total | Pediatric | Adult | | :------------------------ | :---- | :-------- | :---- | | U.S. | 888 | 520 | 368 | | International | 1,265 | 457 | 808 | | Total reported | 2,153 | 977 | 1,176 | | % Change vs. 3Q24 | | | | | U.S. | (6.5) | (8.4) | (3.8) | | International | 13.3 | 17.9 | 10.9 | | Total reported | 4.2 | 2.3 | 5.8 | | Impact of foreign exchange | 0.2 | (0.1) | 0.4 | | Organic | 4.0 | 2.4 | 5.4 | - Growth in the quarter was led by Adult Nutrition, with sales increasing **5.8 percent reported** and **5.4 percent organic**, driven by strong growth of Ensure® and Glucerna®[9](index=9&type=chunk) Nutrition Sales (9M25 vs 9M24) | Sales 9M25 ($ in millions) | Total | Pediatric | Adult | | :------------------------ | :---- | :-------- | :---- | | U.S. | 2,800 | 1,695 | 1,105 | | International | 3,711 | 1,377 | 2,334 | | Total reported | 6,511 | 3,072 | 3,439 | | % Change vs. 9M24 | | | | | U.S. | 1.4 | 3.0 | (0.9) | | International | 5.3 | — | 8.8 | | Total reported | 3.6 | 1.6 | 5.5 | | Impact of foreign exchange | (0.9) | (0.9) | (0.9) | | Impact of business exit* | (0.2) | — | (0.4) | | Organic | 4.7 | 2.5 | 6.8 | [Diagnostics Segment Performance](index=4&type=section&id=Diagnostics) Global Diagnostics sales decreased in Q3 2025 on a reported and organic basis, primarily due to a significant decline in COVID-19 testing-related sales. Excluding COVID-19 tests, organic sales showed slight growth, with Core Laboratory Diagnostics experiencing growth despite challenging market conditions in China Diagnostics Sales (3Q25 vs 3Q24) | Sales 3Q25 ($ in millions) | Total | Core Laboratory | Molecular | Point of Care | Rapid Diagnostics | | :------------------------ | :---- | :-------------- | :-------- | :------------ | :---------------- | | U.S. | 886 | 366 | 36 | 111 | 373 | | International | 1,367 | 998 | 95 | 47 | 227 | | Total reported | 2,253 | 1,364 | 131 | 158 | 600 | | % Change vs. 3Q24 | | | | | | | U.S. | (14.1) | 10.4 | (1.5) | 7.9 | (33.5) | | International | (1.0) | 1.6 | 4.3 | 8.9 | (14.2) | | Total reported | (6.6) | 3.8 | 2.6 | 8.2 | (27.3) | | Impact of foreign exchange | 1.2 | 1.6 | 1.8 | 0.4 | 0.4 | | Organic | (7.8) | 2.2 | 0.8 | 7.8 | (27.7) | | Organic (excluding COVID-19 tests) | 0.4 | N/A | N/A | N/A | N/A | - COVID-19 testing-related sales were **$69 million** in Q3 2025, a significant decrease from **$265 million** in Q3 2024[10](index=10&type=chunk) - Core Laboratory Diagnostics sales increased **3.8 percent reported** and **2.2 percent organic**, despite challenging market conditions in China, including volume-based procurement programs[11](index=11&type=chunk) [Established Pharmaceuticals Segment Performance](index=5&type=section&id=Established%20Pharmaceuticals) Established Pharmaceuticals sales increased 7.5% on a reported basis and 7.1% organically in Q3 2025, primarily driven by double-digit organic growth in Key Emerging Markets across Asia, Latin America, and the Middle East Established Pharmaceuticals Sales (3Q25 vs 3Q24) | Sales 3Q25 ($ in millions) | Total | Key Emerging Markets | Other | | :------------------------ | :---- | :------------------- | :---- | | International | 1,511 | 1,097 | 414 | | Total reported | 1,511 | 1,097 | 414 | | % Change vs. 3Q24 | | | | | International | 7.5 | 10.3 | 0.6 | | Total reported | 7.5 | 10.3 | 0.6 | | Impact of foreign exchange | 0.4 | (0.8) | 3.1 | | Organic | 7.1 | 11.1 | (2.5) | - Sales in Key Emerging Markets increased **10.3 percent reported** and **11.1 percent organic**, driven by double-digit growth in several countries across Asia, Latin America, and the Middle East[14](index=14&type=chunk) Established Pharmaceuticals Sales (9M25 vs 9M24) | Sales 9M25 ($ in millions) | Total | Key Emerging Markets | Other | | :------------------------ | :---- | :------------------- | :---- | | International | 4,154 | 3,121 | 1,033 | | Total reported | 4,154 | 3,121 | 1,033 | | % Change vs. 9M24 | | | | | International | 5.8 | 7.3 | 1.7 | | Total reported | 5.8 | 7.3 | 1.7 | | Impact of foreign exchange | (1.7) | (2.4) | 0.5 | | Organic | 7.5 | 9.7 | 1.2 | [Medical Devices Segment Performance](index=6&type=section&id=Medical%20Devices) The Medical Devices segment delivered strong performance in Q3 2025, with reported sales increasing 14.8% and organic sales growing 12.5%, driven by double-digit growth across several key areas including Diabetes Care, Electrophysiology, Rhythm Management, Heart Failure, and Structural Heart Medical Devices Sales (3Q25 vs 3Q24) | Sales 3Q25 ($ in millions) | Total | Rhythm Management | Electrophysiology | Heart Failure | Vascular | Structural Heart | Neuromodulation | Diabetes Care | | :------------------------ | :---- | :---------------- | :---------------- | :------------ | :------- | :--------------- | :-------------- | :------------ | | U.S. | 2,521 | 350 | 322 | 280 | 280 | 297 | 196 | 796 | | International | 2,927 | 336 | 383 | 86 | 465 | 338 | 58 | 1,261 | | Total reported | 5,448 | 686 | 705 | 366 | 745 | 635 | 254 | 2,057 | | % Change vs. 3Q24 | | | | | | | | | | U.S. | 13.8 | 21.1 | 13.2 | 10.7 | 8.5 | 10.1 | 3.3 | 18.4 | | International | 15.6 | 9.3 | 17.6 | 22.6 | 5.5 | 16.9 | 24.9 | 19.9 | | Total reported | 14.8 | 15.0 | 15.6 | 13.3 | 6.6 | 13.6 | 7.6 | 19.3 | | Impact of foreign exchange | 2.3 | 2.0 | 1.9 | 1.2 | 1.9 | 2.3 | 0.8 | 3.1 | | Organic | 12.5 | 13.0 | 13.7 | 12.1 | 4.7 | 11.3 | 6.8 | 16.2 | - Sales growth in Q3 was led by **double-digit growth** in Diabetes Care, Electrophysiology, Rhythm Management, Heart Failure, and Structural Heart[17](index=17&type=chunk) - Diabetes Care sales of continuous glucose monitors reached **$2.0 billion**, growing **20.5 percent reported** and **17.2 percent organic**[17](index=17&type=chunk) [Abbott's Financial Guidance & Shareholder Information](index=7&type=section&id=ABBOTT%27S%20FINANCIAL%20GUIDANCE) [Full-Year 2025 Financial Guidance](index=7&type=section&id=Full-Year%202025%20Financial%20Guidance) Abbott reaffirmed its full-year 2025 organic sales growth guidance and narrowed its adjusted diluted EPS guidance range, reflecting anticipated double-digit growth - Abbott reaffirms full-year 2025 organic sales growth guidance of **7.5% to 8.0%** (excluding COVID-19 testing-related sales) or **6.0% to 7.0%** (including COVID-19 testing-related sales)[19](index=19&type=chunk) - Abbott reaffirms the midpoint of full-year 2025 adjusted diluted EPS guidance and narrows the range to **$5.12 to $5.18**, reflecting **double-digit growth** at the midpoint[19](index=19&type=chunk) [Dividend Declaration](index=7&type=section&id=ABBOTT%20DECLARES%20407%20CONSECUTIVE%20QUARTERLY%20DIVIDEND) Abbott declared its 407th consecutive quarterly dividend of $0.59 per share, payable in November 2025, underscoring its long-standing commitment to shareholder returns as a Dividend Aristocrat - On Sept. 19, 2025, Abbott's board of directors declared a quarterly dividend of **$0.59 per share**[21](index=21&type=chunk) - The cash dividend is payable Nov. 17, 2025, to shareholders of record on Oct. 15, 2025[21](index=21&type=chunk) - Abbott has increased its dividend payout for **53 consecutive years** and is a member of the S&P 500 Dividend Aristocrats Index[21](index=21&type=chunk) [Company Overview](index=7&type=section&id=About%20Abbott%3A) Abbott is a global healthcare leader providing life-changing technologies across diagnostics, medical devices, nutritionals, and branded generic medicines, serving over 160 countries with 114,000 employees - Abbott is a global healthcare leader with a portfolio of life-changing technologies spanning diagnostics, medical devices, nutritionals, and branded generic medicines[22](index=22&type=chunk) - The company has **114,000 colleagues** serving people in more than **160 countries**[22](index=22&type=chunk) [Financial Statements & Non-GAAP Reconciliations](index=9&type=section&id=Abbott%20Laboratories%20and%20Subsidiaries) [Condensed Consolidated Statement of Earnings](index=9&type=section&id=Condensed%20Consolidated%20Statement%20of%20Earnings) The condensed consolidated statements of earnings for Q3 and 9M 2025 show net sales growth and changes in operating earnings, net earnings, and diluted EPS compared to the prior year, both on a GAAP and adjusted basis Condensed Consolidated Statement of Earnings (3Q25 vs 3Q24) | Metric | 3Q25 ($M) | 3Q24 ($M) | % Change | | :----- | :-------- | :-------- | :------- | | Net Sales | $11,369 | $10,635 | 6.9% | | Operating Earnings | $2,057 | $1,859 | 10.6% | | Net Earnings (GAAP) | $1,644 | $1,646 | (0.1)% | | Net Earnings (excl. Specified Items) | $2,278 | $2,119 | 7.5% | | Diluted EPS (GAAP) | $0.94 | $0.94 | — | | Diluted EPS (excl. Specified Items) | $1.30 | $1.21 | 7.4% | Condensed Consolidated Statement of Earnings (9M25 vs 9M24) | Metric | 9M25 ($M) | 9M24 ($M) | % Change | | :----- | :-------- | :-------- | :------- | | Net Sales | $32,869 | $30,976 | 6.1% | | Operating Earnings | $5,802 | $4,914 | 18.1% | | Net Earnings (GAAP) | $4,748 | $4,173 | 13.8% | | Net Earnings (excl. Specified Items) | $6,410 | $5,851 | 9.6% | | Diluted EPS (GAAP) | $2.70 | $2.38 | 13.4% | | Diluted EPS (excl. Specified Items) | $3.65 | $3.33 | 9.6% | [Non-GAAP Financial Information Reconciliation](index=13&type=section&id=Non-GAAP%20Reconciliation%20of%20Financial%20Information) Abbott provides detailed reconciliations from GAAP to adjusted financial measures for Q3 and 9M 2025 and 2024, primarily adjusting for intangible amortization, restructuring, acquisition-related expenses, and other specified items to present a clearer view of core operational performance Non-GAAP Reconciliation (3Q25) | Metric | As Reported (GAAP) ($M) | Specified Items ($M) | As Adjusted ($M) | | :----- | :---------------------- | :------------------- | :--------------- | | Intangible Amortization | $420 | $(420) | $0 | | Gross Margin | $5,874 | $470 | $6,344 | | R&D | $766 | $(36) | $730 | | SG&A | $3,051 | $(47) | $3,004 | | Other (income) expense, net | $(150) | $5 | $(145) | | Earnings before taxes | $2,180 | $548 | $2,728 | | Taxes on Earnings | $536 | $(86) | $450 | | Net Earnings | $1,644 | $634 | $2,278 | | Diluted Earnings per Share | $0.94 | $0.36 | $1.30 | Non-GAAP Reconciliation (3Q24) | Metric | As Reported (GAAP) ($M) | Specified Items ($M) | As Adjusted ($M) | | :----- | :---------------------- | :------------------- | :--------------- | | Intangible Amortization | $470 | $(470) | $0 | | Gross Margin | $5,467 | $516 | $5,983 | | R&D | $713 | $(19) | $694 | | SG&A | $2,895 | $(5) | $2,890 | | Other (income) expense, net | $(121) | $(12) | $(133) | | Earnings before taxes | $1,940 | $552 | $2,492 | | Taxes on Earnings | $294 | $79 | $373 | | Net Earnings | $1,646 | $473 | $2,119 | | Diluted Earnings per Share | $0.94 | $0.27 | $1.21 | Non-GAAP Reconciliation (9M25) | Metric | As Reported (GAAP) ($M) | Specified Items ($M) | As Adjusted ($M) | | :----- | :---------------------- | :------------------- | :--------------- | | Intangible Amortization | $1,260 | $(1,260) | $0 | | Gross Margin | $17,212 | $1,396 | $18,608 | | R&D | $2,207 | $(83) | $2,124 | | SG&A | $9,203 | $(58) | $9,145 | | Other (income) expense, net | $(414) | $(31) | $(445) | | Earnings before taxes | $6,108 | $1,568 | $7,676 | | Taxes on Earnings | $1,360 | $(94) | $1,266 | | Net Earnings | $4,748 | $1,662 | $6,410 | | Diluted Earnings per Share | $2.70 | $0.95 | $3.65 | [Tax Rate Reconciliation](index=15&type=section&id=Tax%20Rate%20Reconciliation) Abbott reconciled its GAAP tax rates to adjusted tax rates for Q3 and 9M 2025 and 2024, showing the impact of specified items and certain tax adjustments on the effective tax rate Tax Rate Reconciliation (3Q25 vs 3Q24) | Metric | 3Q25 GAAP Tax Rate | 3Q25 Adjusted Tax Rate | 3Q24 GAAP Tax Rate | 3Q24 Adjusted Tax Rate | | :----- | :----------------- | :--------------------- | :----------------- | :--------------------- | | Tax Rate | 24.6% | 16.5% | 15.2% | 15.0% | Tax Rate Reconciliation (9M25 vs 9M24) | Metric | 9M25 GAAP Tax Rate | 9M25 Adjusted Tax Rate | 9M24 GAAP Tax Rate | 9M24 Adjusted Tax Rate | | :----- | :----------------- | :--------------------- | :----------------- | :--------------------- | | Tax Rate | 22.3% | 16.5% | 16.3% | 15.0% | [Non-GAAP Revenue Reconciliation](index=16&type=section&id=Non-GAAP%20Revenue%20Reconciliation) Abbott provided a non-GAAP revenue reconciliation for the nine months ended September 30, 2025 and 2024, detailing the impact of discontinuing the ZonePerfect® product line in the Nutrition business on reported and adjusted revenue figures Non-GAAP Revenue Reconciliation (9M25 vs 9M24) | Metric | 9M25 Abbott Reported ($M) | 9M24 Abbott Reported ($M) | Impact from business exit (a) ($M) | 9M24 Adjusted Revenue ($M) | % Change vs. 9M24 Reported | % Change vs. 9M24 Adjusted | Organic % Change | | :----- | :------------------------ | :------------------------ | :--------------------------------- | :------------------------- | :------------------------- | :------------------------- | :--------------- | | Total Company | 32,869 | 30,976 | (13) | 30,963 | 6.1% | 6.1% | 6.4% | | Total Nutrition | 6,511 | 6,284 | (13) | 6,271 | 3.6% | 3.8% | 4.7% | | Adult Nutrition | 3,439 | 3,261 | (13) | 3,248 | 5.5% | 5.9% | 6.8% | - The business exit impact reflects the discontinuation of the ZonePerfect® product line in the Nutrition business, initiated in March 2024[47](index=47&type=chunk) [Details of Specified Items](index=17&type=section&id=Details%20of%20Specified%20Items) This section provides a detailed breakdown of the specific items that are excluded from GAAP financial measures to arrive at adjusted (non-GAAP) figures for the third quarter and nine months ended September 30, 2025 and 2024. These items primarily include intangible amortization, restructuring and cost reduction initiatives, acquisition/divestiture-related expenses, and other adjustments - For 3Q25, specified items include **$420 million** for intangible amortization and **$128 million** for restructuring, acquisition costs, and other net expenses[38](index=38&type=chunk)[49](index=49&type=chunk) - For 3Q24, specified items include **$470 million** for intangible amortization and **$82 million** for intangible impairment, acquisitions, a divestiture, and other net expenses[39](index=39&type=chunk)[52](index=52&type=chunk) - For 9M25, specified items include **$1.260 billion** for intangible amortization and **$308 million** for restructuring, acquisitions, investment impairment charges, and other net expenses[42](index=42&type=chunk)[55](index=55&type=chunk) - For 9M24, specified items include **$1.413 billion** for intangible amortization and **$487 million** for restructuring, acquisitions, a divestiture, and other net expenses[43](index=43&type=chunk)[58](index=58&type=chunk)

Earnings Overview - The third quarter earnings season has commenced with major Wall Street banks reporting results, with analysts expecting a 7.9% increase in earnings per share for S&P 500 companies, marking the ninth consecutive quarter of positive growth but a slowdown from 12% in Q2 [1][28] - Major financial institutions including JPMorgan Chase, Goldman Sachs, Wells Fargo, Citigroup, and BlackRock are among the first to report their earnings [2][3] Company-Specific Highlights - Morgan Stanley reported a 45% surge in profits, driven by a 44% increase in dealmaking fees to $2.1 billion and a 24% rise in trading fees, totaling $6.28 billion [4][6][7] - Abbott's shares fell 1% after reporting diluted earnings per share of $0.94, below the expected $1.04, with revenue of $11.3 billion aligning with estimates [8][9] - Citigroup's net income rose to $3.8 billion, or $1.86 per diluted share, on revenue of $22.1 billion, reflecting a 9% increase in total revenue [13][14] - Johnson & Johnson announced plans to spin off its orthopedics unit while reporting adjusted earnings per share of $2.80, exceeding estimates of $2.76, and raised its 2025 sales forecast by approximately $300 million [18][19][20] - Domino's Pizza saw a nearly 5% increase in stock after reporting a 5.2% acceleration in US same-store sales, with earnings per share of $4.08 surpassing estimates [15][16] Market Trends - The earnings season is characterized by a boom in dealmaking and trading, significantly benefiting banks like Morgan Stanley and Citigroup [10][13] - ASML reported orders exceeding estimates due to an AI investment boom, although it warned of a significant drop in Chinese demand next year [12] - LVMH experienced a surprising return to sales growth, with shares rising as much as 14%, indicating a potential easing in luxury demand decline [11]