Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 3.8% excluding COVID testing sales, with adjusted earnings per share (EPS) of $1.50 reflecting a growth of 12% compared to the prior year [18] - Adjusted gross margin was 57.1% of sales, an increase of 20 basis points year-over-year, while adjusted operating margin rose to 25.8%, reflecting an increase of 150 basis points [18] - The company forecasts adjusted EPS for 2026 to be in the range of $5.55-$5.80, indicating a 10% growth at the midpoint [19] Business Line Data and Key Metrics Changes - Nutrition sales declined in Q4, impacted by market share loss and increased manufacturing costs, with a focus on reigniting volume growth through price and promotion initiatives [9][10] - Diagnostics sales decreased by 3.5% due to a decline in COVID testing, while Core Lab Diagnostics grew by 3.5%, achieving accelerating growth [11] - EPD (Established Pharmaceuticals Division) saw a 7% increase in sales, with double-digit growth in India and several Latin American and Middle Eastern countries [12] - Medical devices sales grew by 10.5%, driven by a 12% increase in continuous glucose monitors and strong performance in electrophysiology and structural heart segments [12][14] Market Data and Key Metrics Changes - The U.S. pediatric nutrition business faced challenges due to market share loss and increased price sensitivity among consumers [9][10] - Core Lab Diagnostics growth was 7% excluding China, reflecting durable demand globally [11] - EPD's growth was well-balanced across markets, with significant contributions from emerging markets [12] Company Strategy and Development Direction - The company aims to transition back to a more balanced growth profile, focusing on volume growth alongside price increases [10] - The acquisition of Exact Sciences is expected to enhance Abbott's position in the cancer diagnostics market, adding a high-growth business to its portfolio [8] - The company plans to launch at least eight new products in the nutrition segment over the next 12 months to support growth [10] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the challenges in the nutrition business but expressed confidence in the ability to reignite volume growth and return to positive growth in the second half of 2026 [27] - The company expects continued momentum in most business segments, with a focus on innovation and operational excellence driving growth [8][29] - Management highlighted the importance of addressing price sensitivity and the need for a sustainable growth strategy in the nutrition segment [25][27] Other Important Information - The company anticipates a favorable impact from foreign exchange on full-year reported sales, estimated at around 1% [19] - The adjusted tax rate is forecasted to be in the range of 15%-16% for the year [19] Q&A Session Summary Question: Concerns about revenue growth guidance - Management acknowledged a slight reduction in top-line guidance primarily due to challenges in the nutrition business but maintained EPS guidance in line with consensus [23][24] Question: Insights on the EP product portfolio - Management emphasized the successful launch of the Vault PFA catheter and the strategic positioning of Abbott's EP portfolio, expecting to grow in line with market trends [34][39] Question: Guidance considerations and risk adjustments - Management explained that the guidance reflects a mix of stable growth in core segments and anticipated recovery in diagnostics, with a focus on maintaining high single-digit growth [42][45] Question: Continuous glucose monitor (CGM) growth expectations - Management projected continued strong growth in CGM sales, driven by market expansion opportunities and new product launches [50][56] Question: Capital allocation and M&A strategy - Management indicated a focus on integrating Exact Sciences post-acquisition, with potential for smaller tuck-in acquisitions in the future [69][70]

Financial Data and Key Metrics Changes - In Q4 2025, sales increased by 3.8% excluding COVID testing sales, with adjusted earnings per share (EPS) of $1.50 reflecting a growth of 12% compared to the prior year [18] - Adjusted gross margin was 57.1% of sales, an increase of 20 basis points year-over-year, while adjusted operating margin rose by 150 basis points to 25.8% [18] - The company forecasts adjusted EPS for 2026 to be in the range of $5.55-$5.80, indicating a 10% growth at the midpoint [19] Business Line Data and Key Metrics Changes - Nutrition sales declined in Q4, impacted by market share loss and increased manufacturing costs, with a focus on reigniting volume growth through price and promotion initiatives [9][10] - Diagnostics sales decreased by 3.5% due to a decline in COVID testing, but Core Lab Diagnostics grew by 3.5%, with a full-year growth of 7% excluding China [11] - EPD (Established Pharmaceuticals Division) saw a 7% sales increase, with double-digit growth in India and several Latin American and Middle Eastern countries [12] - Medical devices sales grew by 10.5%, driven by a 12% increase in continuous glucose monitors (CGM) and strong performance in electrophysiology and structural heart segments [12][14] Market Data and Key Metrics Changes - The U.S. pediatric nutrition business faced challenges due to a loss of a large WIC contract, leading to a need for volume growth strategies [9] - Core Lab Diagnostics experienced durable demand globally, with growth in markets outside of China [11] - EPD's growth was well-balanced across markets, with significant contributions from emerging markets [12] Company Strategy and Development Direction - The company aims to transition back to a volume-driven growth model in nutrition, with plans to launch at least eight new products in the next 12 months [10] - The acquisition of Exact Sciences is expected to enhance Abbott's position in the cancer diagnostics market, adding a high-growth business to its portfolio [8] - The company is focused on innovation and operational excellence to drive growth in 2026, with a forecast of 7% organic sales growth [8] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the nutrition segment due to price sensitivity among consumers and the need for a sustainable growth model [9][10] - The outlook for 2026 includes expectations of accelerating growth in diagnostics and continued strong performance in cardiovascular and diabetes products [29] - Management expressed confidence in the ability to navigate short-term challenges in nutrition and return to growth in the second half of the year [27] Other Important Information - The company is committed to maintaining a growing dividend and has a strong balance sheet to support future investments [70] - Management emphasized the importance of integrating Exact Sciences post-acquisition and the potential for tuck-in acquisitions in the future [70] Q&A Session Summary Question: Concerns about revenue growth guidance - Management acknowledged a slight reduction in top-line guidance primarily due to challenges in the nutrition business but maintained EPS guidance in line with consensus [23][24] Question: Insights on the electrophysiology (EP) portfolio - Management highlighted the successful launch of Volt and TactiFlex Duo products, positioning Abbott favorably in the EP market with a comprehensive portfolio [34][39] Question: Guidance considerations and risk adjustments - Management discussed the balance of sustaining growth in core segments while addressing short-term challenges in nutrition, with expectations for mid-single-digit growth in diagnostics [42][45] Question: Continuous glucose monitor (CGM) market outlook - Management expressed optimism about CGM growth, projecting continued market expansion and penetration opportunities across various patient groups [52][56] Question: Capital allocation and Exact Sciences acquisition - Management confirmed focus on integrating Exact Sciences and maintaining a strong capital allocation strategy, with no immediate changes to dilution expectations [70][72]

Financial Data and Key Metrics Changes - In Q4 2025, Abbott reported a 3.8% increase in sales when excluding COVID testing sales, with adjusted earnings per share (EPS) of $1.50 reflecting a 12% growth compared to the prior year [19] - The adjusted gross margin was 57.1% of sales, an increase of 20 basis points year-over-year, while adjusted operating margin rose to 25.8%, reflecting a 150 basis point increase [19] - For 2026, Abbott forecasts adjusted EPS in the range of $5.55-$5.80, indicating a 10% growth at the midpoint, and organic sales growth expected to be between 6.5%-7.5% [20] Business Line Data and Key Metrics Changes - Nutrition sales declined in Q4 due to market share loss and increased manufacturing costs, with a focus on reigniting volume growth through price and promotion initiatives [9][10] - Diagnostics sales decreased by 3.5% due to a decline in COVID testing, while Core Lab Diagnostics grew by 3.5%, and point-of-care diagnostics saw a 7% increase driven by a new troponin test [12] - The Established Pharmaceutical Division (EPD) experienced a 7% sales increase, with double-digit growth in India and several Latin American and Middle Eastern countries [13] - Medical devices sales grew by 10.5%, with continuous glucose monitors (CGM) sales increasing by 12% in Q4 and 17% for the year, exceeding $7.5 billion [13][14] Market Data and Key Metrics Changes - The U.S. pediatric nutrition business faced challenges due to a loss of a large WIC contract, impacting overall sales [10] - Core Lab Diagnostics growth was 7% excluding China, reflecting durable demand globally [12] - EPD's growth was well-balanced across markets, with significant contributions from high-demand therapies in emerging markets [13] Company Strategy and Development Direction - Abbott's acquisition of Exact Sciences aims to enhance its position in the cancer diagnostics market, adding a high-growth business to its portfolio [8] - The company is focusing on innovation and operational excellence, with a forecast for 2026 driven by new product launches and strategic execution [8] - Abbott plans to transition its nutrition business back to a volume-driven growth model, emphasizing innovation and product development [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the nutrition segment due to price sensitivity among consumers and rising manufacturing costs, indicating a need for strategic changes [10][26] - The outlook for 2026 is optimistic, with expectations of accelerating growth driven by a strong product pipeline and the integration of Exact Sciences [30][47] - Management expressed confidence in the ability to navigate short-term challenges in nutrition and return to positive growth in the second half of the year [28][29] Other Important Information - Abbott's investment strategy in medical devices focuses on sustaining strong performance in high-growth segments while also investing in foundational segments [15][16] - The company is committed to maintaining a growing dividend and has a strong balance sheet to support future investments [70] Q&A Session Summary Question: Concerns about revenue growth guidance - Management acknowledged a slight reduction in top-line guidance primarily due to challenges in the nutrition business but maintained EPS guidance in line with consensus [24][25] Question: Insights on the EP product portfolio - Management highlighted the successful launch of the Vault catheter and the strategic positioning of Abbott's EP portfolio, expecting to grow in line with market trends [39] Question: Outlook for diagnostics in China - Management indicated that while growth in China is expected to be stable, the U.S. and other international markets are performing well, with an overall mid-single-digit growth outlook for diagnostics [84] Question: Future of CGM growth - Management expressed optimism about CGM growth, projecting continued market expansion and penetration opportunities across various patient segments [54][58] Question: Capital allocation and M&A strategy - Management emphasized the focus on integrating Exact Sciences post-acquisition while remaining open to smaller tuck-in acquisitions [70][71]

Core Insights - Abbott Laboratories reported fourth-quarter 2025 sales of $11.46 billion, slightly below the consensus estimate of $11.80 billion, with a sales increase of 4.4% on a reported basis and 3% on an organic basis [2][10] - The company provided a first-quarter 2026 earnings outlook of $1.12-$1.18 per share, lower than the consensus of $1.20, and projected fiscal 2026 adjusted earnings of $5.55-$5.80 per share compared to Wall Street's expectation of $5.67 [10] Earnings Snapshot - Adjusted earnings for the quarter were reported at $1.50, aligning with Wall Street estimates [2] - Medical Devices segment sales increased by 12.3% on a reported basis and 10.4% on an organic basis, totaling $5.68 billion [3] Segment Performance - Sales growth in Medical Devices was driven by double-digit growth in electrophysiology, heart failure, diabetes care, and rhythm management [4] - Diabetes Care sales of continuous glucose monitors reached $2.0 billion, growing 15% [5] - Global Diagnostics sales decreased by 2.5% to $2.46 billion, with COVID-19 testing-related sales at $89 million, down from $176 million a year ago [6] - Worldwide Nutrition sales fell by 8.9% to $1.94 billion, attributed to lower sales volumes and strategic pricing actions [7] - Established Pharmaceuticals sales increased by 9% to $1.38 billion [7] Strategic Developments - In December 2025, the FDA approved Abbott's Volt PFA System for treating atrial fibrillation [5] - Abbott announced a $21 billion acquisition of Exact Sciences Corp, marking a significant deal in the healthcare sector [8] Guidance - The company anticipates organic sales growth of 6.5% to 7.5% for 2026 [10] Stock Performance - Abbott Laboratories shares fell by 7.37% to $111.63, reaching a new 52-week low [11]

Core Viewpoint - Abbott's quarterly earnings of $1.5 per share met the Zacks Consensus Estimate, showing an increase from $1.34 per share a year ago, with a slight earnings surprise of +0.20% [1] Financial Performance - Abbott reported revenues of $11.46 billion for the quarter ended December 2025, which was 2.76% below the Zacks Consensus Estimate and an increase from $10.97 billion year-over-year [2] - Over the last four quarters, Abbott has surpassed consensus EPS estimates three times but has only topped revenue estimates once [2] Stock Performance - Abbott shares have declined approximately 3.6% since the beginning of the year, contrasting with the S&P 500's gain of 0.4% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $1.19 on revenues of $11.17 billion, and for the current fiscal year, it is $5.67 on revenues of $48.01 billion [7] - The estimate revisions trend for Abbott was favorable prior to the earnings release, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Medical - Products industry, to which Abbott belongs, is currently ranked in the bottom 37% of over 250 Zacks industries, suggesting potential challenges ahead [8]

2025年全年，公司实现销售额443亿美元，按报告基准增长5.7%。公司连续血糖监测业务第四季度销售 额达到20亿美元，按报告基准增长15.0%。 展望未来，公司预计2026年全年有机销售额增长6.5%至7.5%，调整后每股收益为5.55至5.80美元，中值 增长10%。公司预计将在2026年第二季度完成对Exact Sciences的战略收购，从而进军快速增长的癌症诊 断市场。 智通财经APP获悉，周四，雅培(ABT.US)盘前跌超7%，报112.02美元。消息面上，该公司报告称，2025 年第四季度销售额为114.6亿美元，比预期少了 3.4 亿美元，按报告基准增长4.4%，排除COVID-19检测 的影响后有机增长3.8%。第四季度调整后每股收益(EPS)达到1.50美元，同比增长12%，而2025年全年 调整后每股收益增长10%至5.15美元。公司的医疗器械部门引领增长，增幅达12.3%，主要受益于糖尿 病护理和电生理领域的强劲表现。 ...

2025年全年，公司实现销售额443亿美元，按报告基准增长5.7%。公司连续血糖监测业务第四季度销售 额达到20亿美元，按报告基准增长15.0%。 周四，雅培(ABT.US)盘前跌超7%，报112.02美元。消息面上，该公司报告称，2025年第四季度销售额 为114.6亿美元，比预期少了3.4亿美元，按报告基准增长4.4%，排除COVID-19检测的影响后有机增长 3.8%。第四季度调整后每股收益(EPS)达到1.50美元，同比增长12%，而2025年全年调整后每股收益增 长10%至5.15美元。公司的医疗器械部门引领增长，增幅达12.3%，主要受益于糖尿病护理和电生理领 域的强劲表现。 展望未来，公司预计2026年全年有机销售额增长6.5%至7.5%，调整后每股收益为5.55至5.80美元，中值 增长10%。公司预计将在2026年第二季度完成对Exact Sciences的战略收购，从而进军快速增长的癌症诊 断市场。 ...

Fourth-quarter and full-year 2025 results | Adjusted diluted EPS | | | | --- | --- | --- | | Fourth quarter | $1.501 | ↑12% | | Full year | $5.152 | % ↑10 | | W orldwide sales | Organic* sales growth for underlying base business** | 5 Full-year 2026 guidance | | $11.5B | ↑3.8%3 | 6.5% to 7.5% | | Fourth quarter | | Organic sales growth | | $44.3B | ↑6.7%4 | $5.55 to $5.80 | | Full year | | Adjusted diluted EPS | Key business units | Fourth-quarter sales Expanding in the fast-growing pulsed field ablation (P ...

格隆汇1月22日｜雅培公布2025年第四季度业绩，总营收为114.6亿美元，按报告基准同比增长4.4%，低 于分析师平均预期的118亿美元，主要是因为诊断业务因新冠检测需求急剧下降，且受到特朗普政府冻 结对外援助的影响；调整后每股收益为1.5美元，同比增长12%。展望2026年，雅培预计全年有机销售 额将增长6.5%至7.5%，调整后每股收益将介于5.55至5.8美元之间。 ...

Key TakeawaysThe European Central Bank (ECB) expressed widespread concern regarding financial stability risks and noted a fragile economic recovery in the Euro area during its December 18th monetary policy meeting, despite staff projections strengthening confidence in the medium-term outlook.China and the United States have reportedly signed off on a US spinoff of the popular social media platform TikTok, potentially resolving significant geopolitical and data security concerns.Abbott Laboratories (ABT) ann ...