[10-Q] ABBOTT LABORATORIES Quarterly Earnings Report
Filing Impact
Filing Sentiment
Form Type
10-Q
Abbott Laboratories filed its Q3 2025 report with steady profit and higher sales. Net sales were $11,369 million, up from $10,635 million a year ago, while diluted EPS held at $0.94. Year‑to‑date, sales reached $32,869 million and diluted EPS rose to $2.70 from $2.38. Operating earnings improved to $2,057 million, supported by Medical Devices growth (notably Diabetes Care and Electrophysiology) and stronger Established Pharmaceuticals, partly offset by lower COVID‑19 testing revenue.
Cash from operations was $6,251 million for the first nine months, funding $1,503 million of long‑term debt repayments and $3,086 million in dividends, with purchases of common shares of $591 million. The company recorded 2025 restructuring charges of $197 million and $25 million of asset impairments to streamline diagnostics and devices. Remaining performance obligations were $6.0 billion in Diagnostics and $436 million in Medical Devices. As of September 30, 2025, common shares outstanding were 1,738,871,947.
Abbott Laboratories ha presentato il rapporto del Q3 2025 con utile stabile e vendite più elevate. Le vendite nette sono state di 11.369 milioni di dollari, in rialzo rispetto ai 10.635 milioni di dollari dell’anno precedente, mentre l’EPS diluito si è mantenuto a 0,94 dollari. Da inizio anno, le vendite hanno raggiunto 32.869 milioni di dollari e l’EPS diluito è salito a 2,70 dagli 2,38. L’utile operativo è migliorato a 2.057 milioni di dollari, supportato dalla crescita dei Dispositivi Medici (in particolare Diabetes Care ed Electrophysiology) e da una maggiore performance dei Farmaci Stabiliti, in parte controbilanciato da una minore redditività dei test COVID-19.
Il flusso di cassa operativo è stato di 6.251 milioni di dollari nei primi nove mesi, finanziando 1.503 milioni di dollari di rimborsi del debito a lungo termine e 3.086 milioni di dollari in dividendi, con riacquisti di azioni ordinarie per 591 milioni. L’azienda ha registrato oneri di ristrutturazione 2025 per 197 milioni di dollari e 25 milioni di svalutazioni di asset per razionalizzare diagnostica e dispositivi. Gli impegni residui per prestazioni erano 6,0 miliardi di dollari in Diagnostica e 436 milioni in Dispositivi Medici. Al 30 settembre 2025, le azioni ordinarie in circolazione ammontavano a 1.738.871.947.
Abbott Laboratories presentó su informe del tercer trimestre de 2025 con ganancias estables y ventas más altas. Las ventas netas fueron de 11.369 millones de dólares, frente a 10.635 millones de dólares hace un año, mientras el BPA diluido se mantuvo en 0,94. Año hasta la fecha, las ventas alcanzaron 32.869 millones de dólares y el BPA diluido subió a 2,70 desde 2,38. Las ganancias operativas mejoraron a 2.057 millones de dólares, impulsadas por el crecimiento de Dispositivos Médicos (especialmente Cuidado de la Diabetes y Electrofisiología) y un mayor desempeño de los Fármacos Establecidos, en parte compensado por menores ingresos por pruebas de COVID-19.
El flujo de caja operativo fue de 6.251 millones de dólares durante los primeros nueve meses, financiando 1.503 millones de dólares en pagos de deuda a largo plazo y 3.086 millones en dividendos, con recompras de acciones comunes por 591 millones. La compañía registró cargos de reestructuración de 2025 por 197 millones y 25 millones de deterioros de activos para optimizar diagnóstico y dispositivos. Las obligaciones de desempeño restantes eran de 6,0 mil millones en Diagnóstico y 436 millones en Dispositivos Médicos. Al 30 de septiembre de 2025, las acciones comunes en circulación eran 1.738.871.947.
앱슨 랩스가 2025년 3분기 보고서를 제출했고, 이익은 안정적이고 매출은 증가했습니다. 순매출은 11369백만 달러로 전년 동기의 10635백만 달러에서 증가했으며 희석 EPS는 0.94달러로 유지되었습니다. 연도 누적 매출은 32869백만 달러에 달했고 희석 EPS는 2.70으로 2.38에서 상승했습니다. 영업이익은 2057백만 달러로 개선되었으며, 주로 의료기기(특히 당뇨관리 및 전기생리학) 성장과 확립된 의약품의 강한 성과로 뒷받침되었으며 COVID-19 검사 매출 감소로 부분 보완되었습니다.
영업활동으로 인한 현금은 상반기에 6251백만 달러로, 1503백만 달러의 장기부채 상환과 3086백만 달러의 배당금을 지원했으며 보통주 매입은 591백만 달러였습니다. 2025년 구조조정 비용은 197백만 달러, 자산손상은 25백만 달러로 진단 및 기기 부문을 간소화했습니다. 남은 수행 의무는 진단에서 60억 달러, 의료기기에서 436백만 달러였습니다. 2025년 9월 30일 기준으로 발행 보통주는 17억3787만1947주였습니다.
Abbott Laboratories a déposé son rapport du T3 2025 avec un bénéfice stable et des ventes plus élevées. Les ventes nettes se sont élevées à 11 369 millions de dollars, contre 10 635 millions l’an dernier, tandis que l’EPS dilué est resté à 0,94 dollar. Sur l’année en cours, les ventes ont atteint 32 869 millions de dollars et l’EPS dilué a augmenté pour atteindre 2,70 contre 2,38. Le résultat opérationnel s’est amélioré à 2 057 millions de dollars, soutenu par la croissance des Dispositifs Médicaux (notamment Diabetes Care et Electrophysiology) et une performance plus forte des Médicaments Établis, partiellement compensée par des revenus de tests COVID-19 plus faibles.
Le flux de trésorerie opérationnel s’est établi à 6 251 millions de dollars pour les neuf premiers mois, finançant 1 503 millions de dollars de remboursements de dette à long terme et 3 086 millions de dollars de dividendes, avec des rachats d’actions ordinaires pour 591 millions. L’entreprise a enregistré des charges de restructuration 2025 de 197 millions et 25 millions de dépréciations d’actifs pour rationaliser le diagnostic et les dispositifs. Les engagements restants en matière de performances s’élevaient à 6,0 milliards de dollars en Diagnostics et 436 millions en Dispositifs Médicaux. Au 30 septembre 2025, le nombre d’actions ordinaires en circulation était de 1 738 871 947.
Abbott Laboratories legte seinen Bericht für das dritte Quartal 2025 mit stabilem Gewinn und höheren Umsätzen vor. Die Nettoverkäufe betrugen 11.369 Mio. USD, gegenüber 10.635 Mio. USD im Vorjahr, während der dilutive EPS bei 0,94 USD blieb. Jahresbasiert erreichten die Umsätze 32.869 Mio. USD, und der dilutive EPS stieg von 2,38 auf 2,70. Das operative Ergebnis verbesserte sich auf 2.057 Mio. USD, gestützt durch das Wachstum bei Medical Devices (insbesondere Diabetes Care und Electrophysiology) und eine stärkere Position bei Established Pharmaceuticals, teils kompensiert durch geringere COVID-19-Testerlöse.
Der operative Cashflow betrug in den ersten neun Monaten 6.251 Mio. USD, finanziert durch 1.503 Mio. USD an Tilgungen der Langfristverschuldung und 3.086 Mio. USD an Dividenden, mit Aktienrückkäufen von 591 Mio. USD. Das Unternehmen verzeichnete Restrukturierungslasten von 197 Mio. USD im Jahr 2025 und Asset-Impairments von 25 Mio. USD zur Straffung von Diagnostik und Geräten. Verbleibende Leistungs-Verpflichtungen betrugen 6,0 Mrd. USD in Diagnostics und 436 Mio. USD in Medical Devices. Am 30. September 2025 belief sich der ausstehende Bestand an Stammaktien auf 1.738.871.947.
أبوت لابوراتوريز قدمت تقريرها للربع الثالث من عام 2025 مع ربح مستقر ومبيعات أعلى. بلغت المبيعات الصافية 11,369 مليون دولار، مقارنة بـ 10,635 مليون دولار قبل عام، بينما ظل الربح المخفض للسهم الموزع عند 0.94 دولار. حتى تاريخ هذا العام، بلغت المبيعات 32,869 مليون دولار وارتفع الربح المخفض للسهم إلى 2.70 من 2.38. تحسن الربح التشغيلي إلى 2,057 مليون دولار، مدعومًا بنمو أجهزة طبية (وخاصة رعاية السكري والكهروميكانيات) وأداء أقوى للأدوية الثابتة، جزئيًا مع تعويض أقل من إيرادات فحوصات COVID-19.
كان التدفق النقدي من الأنشطة التشغيلية 6,251 مليون دولار للأشهر التسعة الأولى، ممولًا سداد دين طويل الأجل بمقدار 1,503 مليون دولار وتوزيعات قدرها 3,086 مليون دولار، مع إعادة شراء أسهم عادية بقيمة 591 مليون دولار. سجلت الشركة تكاليف إعادة هيكلة لعام 2025 قدرها 197 مليون دولار و25 مليون دولار من اختلال قيمة الأصول لإعادة تنظيم قسمي التشخيص والأجهزة. والتزامات الأداء المتبقية كانت 6.0 مليار دولار في قسم التشخيص و436 مليون دولار في الأجهزة الطبية. وحتى 30 سبتمبر 2025، كان عدد الأسهم العادية المصدرة 1,738,871,947 سهمًا.
Positive
- None.
Negative
- None.
Insights
Solid revenue growth; flat quarterly EPS; strong cash generation.
Abbott delivered Q3 revenue of
Year‑to‑date diluted EPS rose to
Management recorded
Clean balance sheet progress; hedging and tax items notable.
The company repaid
Taxes on earnings include approximately
Abbott Laboratories ha presentato il rapporto del Q3 2025 con utile stabile e vendite più elevate. Le vendite nette sono state di 11.369 milioni di dollari, in rialzo rispetto ai 10.635 milioni di dollari dell’anno precedente, mentre l’EPS diluito si è mantenuto a 0,94 dollari. Da inizio anno, le vendite hanno raggiunto 32.869 milioni di dollari e l’EPS diluito è salito a 2,70 dagli 2,38. L’utile operativo è migliorato a 2.057 milioni di dollari, supportato dalla crescita dei Dispositivi Medici (in particolare Diabetes Care ed Electrophysiology) e da una maggiore performance dei Farmaci Stabiliti, in parte controbilanciato da una minore redditività dei test COVID-19.
Il flusso di cassa operativo è stato di 6.251 milioni di dollari nei primi nove mesi, finanziando 1.503 milioni di dollari di rimborsi del debito a lungo termine e 3.086 milioni di dollari in dividendi, con riacquisti di azioni ordinarie per 591 milioni. L’azienda ha registrato oneri di ristrutturazione 2025 per 197 milioni di dollari e 25 milioni di svalutazioni di asset per razionalizzare diagnostica e dispositivi. Gli impegni residui per prestazioni erano 6,0 miliardi di dollari in Diagnostica e 436 milioni in Dispositivi Medici. Al 30 settembre 2025, le azioni ordinarie in circolazione ammontavano a 1.738.871.947.
Abbott Laboratories presentó su informe del tercer trimestre de 2025 con ganancias estables y ventas más altas. Las ventas netas fueron de 11.369 millones de dólares, frente a 10.635 millones de dólares hace un año, mientras el BPA diluido se mantuvo en 0,94. Año hasta la fecha, las ventas alcanzaron 32.869 millones de dólares y el BPA diluido subió a 2,70 desde 2,38. Las ganancias operativas mejoraron a 2.057 millones de dólares, impulsadas por el crecimiento de Dispositivos Médicos (especialmente Cuidado de la Diabetes y Electrofisiología) y un mayor desempeño de los Fármacos Establecidos, en parte compensado por menores ingresos por pruebas de COVID-19.
El flujo de caja operativo fue de 6.251 millones de dólares durante los primeros nueve meses, financiando 1.503 millones de dólares en pagos de deuda a largo plazo y 3.086 millones en dividendos, con recompras de acciones comunes por 591 millones. La compañía registró cargos de reestructuración de 2025 por 197 millones y 25 millones de deterioros de activos para optimizar diagnóstico y dispositivos. Las obligaciones de desempeño restantes eran de 6,0 mil millones en Diagnóstico y 436 millones en Dispositivos Médicos. Al 30 de septiembre de 2025, las acciones comunes en circulación eran 1.738.871.947.
앱슨 랩스가 2025년 3분기 보고서를 제출했고, 이익은 안정적이고 매출은 증가했습니다. 순매출은 11369백만 달러로 전년 동기의 10635백만 달러에서 증가했으며 희석 EPS는 0.94달러로 유지되었습니다. 연도 누적 매출은 32869백만 달러에 달했고 희석 EPS는 2.70으로 2.38에서 상승했습니다. 영업이익은 2057백만 달러로 개선되었으며, 주로 의료기기(특히 당뇨관리 및 전기생리학) 성장과 확립된 의약품의 강한 성과로 뒷받침되었으며 COVID-19 검사 매출 감소로 부분 보완되었습니다.
영업활동으로 인한 현금은 상반기에 6251백만 달러로, 1503백만 달러의 장기부채 상환과 3086백만 달러의 배당금을 지원했으며 보통주 매입은 591백만 달러였습니다. 2025년 구조조정 비용은 197백만 달러, 자산손상은 25백만 달러로 진단 및 기기 부문을 간소화했습니다. 남은 수행 의무는 진단에서 60억 달러, 의료기기에서 436백만 달러였습니다. 2025년 9월 30일 기준으로 발행 보통주는 17억3787만1947주였습니다.
Abbott Laboratories a déposé son rapport du T3 2025 avec un bénéfice stable et des ventes plus élevées. Les ventes nettes se sont élevées à 11 369 millions de dollars, contre 10 635 millions l’an dernier, tandis que l’EPS dilué est resté à 0,94 dollar. Sur l’année en cours, les ventes ont atteint 32 869 millions de dollars et l’EPS dilué a augmenté pour atteindre 2,70 contre 2,38. Le résultat opérationnel s’est amélioré à 2 057 millions de dollars, soutenu par la croissance des Dispositifs Médicaux (notamment Diabetes Care et Electrophysiology) et une performance plus forte des Médicaments Établis, partiellement compensée par des revenus de tests COVID-19 plus faibles.
Le flux de trésorerie opérationnel s’est établi à 6 251 millions de dollars pour les neuf premiers mois, finançant 1 503 millions de dollars de remboursements de dette à long terme et 3 086 millions de dollars de dividendes, avec des rachats d’actions ordinaires pour 591 millions. L’entreprise a enregistré des charges de restructuration 2025 de 197 millions et 25 millions de dépréciations d’actifs pour rationaliser le diagnostic et les dispositifs. Les engagements restants en matière de performances s’élevaient à 6,0 milliards de dollars en Diagnostics et 436 millions en Dispositifs Médicaux. Au 30 septembre 2025, le nombre d’actions ordinaires en circulation était de 1 738 871 947.
Abbott Laboratories legte seinen Bericht für das dritte Quartal 2025 mit stabilem Gewinn und höheren Umsätzen vor. Die Nettoverkäufe betrugen 11.369 Mio. USD, gegenüber 10.635 Mio. USD im Vorjahr, während der dilutive EPS bei 0,94 USD blieb. Jahresbasiert erreichten die Umsätze 32.869 Mio. USD, und der dilutive EPS stieg von 2,38 auf 2,70. Das operative Ergebnis verbesserte sich auf 2.057 Mio. USD, gestützt durch das Wachstum bei Medical Devices (insbesondere Diabetes Care und Electrophysiology) und eine stärkere Position bei Established Pharmaceuticals, teils kompensiert durch geringere COVID-19-Testerlöse.
Der operative Cashflow betrug in den ersten neun Monaten 6.251 Mio. USD, finanziert durch 1.503 Mio. USD an Tilgungen der Langfristverschuldung und 3.086 Mio. USD an Dividenden, mit Aktienrückkäufen von 591 Mio. USD. Das Unternehmen verzeichnete Restrukturierungslasten von 197 Mio. USD im Jahr 2025 und Asset-Impairments von 25 Mio. USD zur Straffung von Diagnostik und Geräten. Verbleibende Leistungs-Verpflichtungen betrugen 6,0 Mrd. USD in Diagnostics und 436 Mio. USD in Medical Devices. Am 30. September 2025 belief sich der ausstehende Bestand an Stammaktien auf 1.738.871.947.
أبوت لابوراتوريز قدمت تقريرها للربع الثالث من عام 2025 مع ربح مستقر ومبيعات أعلى. بلغت المبيعات الصافية 11,369 مليون دولار، مقارنة بـ 10,635 مليون دولار قبل عام، بينما ظل الربح المخفض للسهم الموزع عند 0.94 دولار. حتى تاريخ هذا العام، بلغت المبيعات 32,869 مليون دولار وارتفع الربح المخفض للسهم إلى 2.70 من 2.38. تحسن الربح التشغيلي إلى 2,057 مليون دولار، مدعومًا بنمو أجهزة طبية (وخاصة رعاية السكري والكهروميكانيات) وأداء أقوى للأدوية الثابتة، جزئيًا مع تعويض أقل من إيرادات فحوصات COVID-19.
كان التدفق النقدي من الأنشطة التشغيلية 6,251 مليون دولار للأشهر التسعة الأولى، ممولًا سداد دين طويل الأجل بمقدار 1,503 مليون دولار وتوزيعات قدرها 3,086 مليون دولار، مع إعادة شراء أسهم عادية بقيمة 591 مليون دولار. سجلت الشركة تكاليف إعادة هيكلة لعام 2025 قدرها 197 مليون دولار و25 مليون دولار من اختلال قيمة الأصول لإعادة تنظيم قسمي التشخيص والأجهزة. والتزامات الأداء المتبقية كانت 6.0 مليار دولار في قسم التشخيص و436 مليون دولار في الأجهزة الطبية. وحتى 30 سبتمبر 2025، كان عدد الأسهم العادية المصدرة 1,738,871,947 سهمًا.
雅培实验室提交了2025年第三季度报告，利润稳定，销售额更高。 净销售额为11369亿美元，较一年前的10635亿美元增长，同时摊薄每股收益为0.94美元。年初至今，销售额达到32869亿美元，摊薄后每股收益从2.38上升至2.70。经营利润提升至2057亿美元，受医疗设备（尤其是糖尿病护理与电生理学）增长和 Established Pharmaceuticals 的表现增强所支撑，COVID-19检测收入下降在一定程度上构成抵消。
前三个季度运营现金流为62.51亿美元，用于偿还长期债务15.03亿美元，支付股息30.86亿美元，普通股回购金额为5.91亿美元。公司记录了2025年的重组费用为1.97亿美元，资产减值为2500万美元，以精简诊断和设备业务。尚未履行的绩效义务在诊断领域为60亿美元，在医疗设备领域为4.36亿美元。截至2025年9月30日，流通在外的普通股股数为17,388,719,47股。
Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
| QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the quarterly period ended September 30, 2025
OR
| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||||
For the transition period from to
Commission File No. 1-2189
An | I.R.S. Employer Identification No. | ||||
Telephone: (224 ) 667-6100
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered | ||||||
NYSE Texas | ||||||||
Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Accelerated Filer o | |||||
Non-Accelerated Filer o | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of September 30, 2025, Abbott Laboratories had 1,738,871,947 common shares without par value outstanding.
Table of Contents
Abbott Laboratories
Table of Contents
Part I - Financial Information | |||||
| Page | |||||
Item 1. Financial Statements and Supplementary Data | |||||
Condensed Consolidated Statement of Earnings | 3 | ||||
Condensed Consolidated Statement of Comprehensive Income | 4 | ||||
Condensed Consolidated Balance Sheet | 5 | ||||
Condensed Consolidated Statement of Shareholders’ Investment | 6 | ||||
Condensed Consolidated Statement of Cash Flows | 8 | ||||
Notes to the Condensed Consolidated Financial Statements | 9 | ||||
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations | 25 | ||||
Item 4. Controls and Procedures | 31 | ||||
Part II - Other Information | 31 | ||||
Item 1. Legal Proceedings | 31 | ||||
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds | 32 | ||||
Item 6. Exhibits | 33 | ||||
Signature | 34 | ||||
2
Table of Contents
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited)
(dollars in millions except per share data; shares in thousands)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net sales | $ | $ | $ | $ | |||||||||||||||||||
| Cost of products sold, excluding amortization of intangible assets | |||||||||||||||||||||||
| Amortization of intangible assets | |||||||||||||||||||||||
| Research and development | |||||||||||||||||||||||
| Selling, general and administrative | |||||||||||||||||||||||
| Total operating cost and expenses | |||||||||||||||||||||||
| Operating earnings | |||||||||||||||||||||||
| Interest expense | |||||||||||||||||||||||
| Interest (income) | ( | ( | ( | ( | |||||||||||||||||||
| Net foreign exchange (gain) loss | ( | ( | ( | ( | |||||||||||||||||||
| Other (income) expense, net | ( | ( | ( | ( | |||||||||||||||||||
| Earnings before taxes | |||||||||||||||||||||||
| Taxes on earnings | |||||||||||||||||||||||
| Net Earnings | $ | $ | $ | $ | |||||||||||||||||||
| Basic Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
| Diluted Earnings Per Common Share | $ | $ | $ | $ | |||||||||||||||||||
| Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share | |||||||||||||||||||||||
| Dilutive Common Stock Options | |||||||||||||||||||||||
| Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | |||||||||||||||||||||||
| Outstanding Common Stock Options Having No Dilutive Effect | |||||||||||||||||||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(dollars in millions)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
| September 30 | September 30 | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Net Earnings | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation gain (loss) adjustments, net of taxes of $( | ( | ||||||||||||||||||||||
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $ | ( | ||||||||||||||||||||||
Net gains (losses) for derivative instruments designated as cash flow hedges, net of taxes of $ | ( | ( | ( | ||||||||||||||||||||
| Other comprehensive income (loss) | ( | ||||||||||||||||||||||
| Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
| September 30, 2025 | December 31, 2024 | ||||||||||
| Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax: | |||||||||||
| Cumulative foreign currency translation (loss) adjustments | $ | ( | $ | ( | |||||||
| Net actuarial (losses) and prior service (costs) and credits | ( | ( | |||||||||
| Cumulative gains (losses) on derivative instruments designated as cash flow hedges | ( | ||||||||||
| Accumulated other comprehensive income (loss) | $ | ( | $ | ( | |||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Table of Contents
Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
| September 30, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current Assets: | |||||||||||
| Cash and cash equivalents | $ | $ | |||||||||
| Short-term investments | |||||||||||
Trade receivables, less allowances of $ | |||||||||||
| Inventories: | |||||||||||
| Finished products | |||||||||||
| Work in process | |||||||||||
| Materials | |||||||||||
| Total inventories | |||||||||||
| Prepaid expenses and other receivables | |||||||||||
| Total Current Assets | |||||||||||
| Investments | |||||||||||
| Property and equipment, at cost | |||||||||||
| Less: accumulated depreciation and amortization | |||||||||||
| Net property and equipment | |||||||||||
| Intangible assets, net of amortization | |||||||||||
| Goodwill | |||||||||||
| Deferred income taxes and other assets | |||||||||||
| $ | $ | ||||||||||
| Liabilities and Shareholders’ Investment | |||||||||||
| Current Liabilities: | |||||||||||
| Trade accounts payable | $ | $ | |||||||||
| Salaries, wages and commissions | |||||||||||
| Other accrued liabilities | |||||||||||
| Dividends payable | |||||||||||
| Income taxes payable | |||||||||||
| Current portion of long-term debt | |||||||||||
| Total Current Liabilities | |||||||||||
| Long-term debt | |||||||||||
| Post-employment obligations, deferred income taxes and other long-term liabilities | |||||||||||
| Commitments and Contingencies | |||||||||||
| Shareholders’ Investment: | |||||||||||
Preferred shares, | |||||||||||
Common shares, without par value Authorized — Issued at stated capital amount — Shares: 2025: | |||||||||||
Common shares held in treasury, at cost — Shares: 2025: | ( | ( | |||||||||
| Earnings employed in the business | |||||||||||
| Accumulated other comprehensive income (loss) | ( | ( | |||||||||
| Total Abbott Shareholders’ Investment | |||||||||||
Noncontrolling interests | |||||||||||
| Total Shareholders’ Investment | |||||||||||
| $ | $ | ||||||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Table of Contents
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
| Three Months Ended September 30 | |||||||||||
| 2025 | 2024 | ||||||||||
| Common Shares: | |||||||||||
| Balance at June 30 | |||||||||||
Shares: 2025: | $ | $ | |||||||||
| Issued under incentive stock programs | |||||||||||
Shares: 2025: | |||||||||||
| Share-based compensation | |||||||||||
| Issuance of restricted stock awards | ( | ( | |||||||||
| Balance at September 30 | |||||||||||
Shares: 2025: | $ | $ | |||||||||
| Common Shares Held in Treasury: | |||||||||||
| Balance at June 30 | |||||||||||
Shares: 2025: | $ | ( | $ | ( | |||||||
| Issued under incentive stock programs | |||||||||||
Shares: 2025: | |||||||||||
| Purchased | |||||||||||
Shares: 2025: | ( | ( | |||||||||
| Balance at September 30 | |||||||||||
Shares: 2025: | $ | ( | $ | ( | |||||||
| Earnings Employed in the Business: | |||||||||||
| Balance at June 30 | $ | $ | |||||||||
| Net earnings | |||||||||||
Cash dividends declared on common shares (per share — 2025: $ | ( | ( | |||||||||
| Effect of common and treasury share transactions | |||||||||||
| Balance at September 30 | $ | $ | |||||||||
| Accumulated Other Comprehensive Income (Loss): | |||||||||||
| Balance at June 30 | $ | ( | $ | ( | |||||||
| Other comprehensive income (loss) | ( | ||||||||||
| Balance at September 30 | $ | ( | $ | ( | |||||||
| Noncontrolling Interests in Subsidiaries: | |||||||||||
| Balance at June 30 | $ | $ | |||||||||
| Noncontrolling interests’ share of income, net of distributions and share repurchases | ( | ||||||||||
| Balance at September 30 | $ | $ | |||||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
| Nine Months Ended September 30 | |||||||||||
| 2025 | 2024 | ||||||||||
| Common Shares: | |||||||||||
| Balance at January 1 | |||||||||||
Shares: 2025: | $ | $ | |||||||||
| Issued under incentive stock programs | |||||||||||
Shares: 2025: | |||||||||||
| Share-based compensation | |||||||||||
| Issuance of restricted stock awards | ( | ( | |||||||||
| Balance at September 30 | |||||||||||
Shares: 2025: | $ | $ | |||||||||
| Common Shares Held in Treasury: | |||||||||||
| Balance at January 1 | |||||||||||
Shares: 2025: | $ | ( | $ | ( | |||||||
| Issued under incentive stock programs | |||||||||||
Shares: 2025: | |||||||||||
| Purchased | |||||||||||
Shares: 2025: | ( | ( | |||||||||
| Balance at September 30 | |||||||||||
Shares: 2025: | $ | ( | $ | ( | |||||||
| Earnings Employed in the Business: | |||||||||||
| Balance at January 1 | $ | $ | |||||||||
| Net earnings | |||||||||||
Cash dividends declared on common shares (per share — 2025: $ | ( | ( | |||||||||
| Effect of common and treasury share transactions | |||||||||||
| Balance at September 30 | $ | $ | |||||||||
| Accumulated Other Comprehensive Income (Loss): | |||||||||||
| Balance at January 1 | $ | ( | $ | ( | |||||||
| Other comprehensive income (loss) | |||||||||||
| Balance at September 30 | $ | ( | $ | ( | |||||||
| Noncontrolling Interests in Subsidiaries: | |||||||||||
| Balance at January 1 | $ | $ | |||||||||
| Noncontrolling interests’ share of income, net of distributions and share repurchases | |||||||||||
| Balance at September 30 | $ | $ | |||||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions)
| Nine Months Ended September 30 | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash Flow From (Used in) Operating Activities: | |||||||||||
| Net earnings | $ | $ | |||||||||
| Adjustments to reconcile net earnings to net cash from operating activities — | |||||||||||
| Depreciation | |||||||||||
| Amortization of intangible assets | |||||||||||
| Share-based compensation | |||||||||||
| Trade receivables | ( | ( | |||||||||
| Inventories | ( | ( | |||||||||
| Other, net | ( | ( | |||||||||
| Net Cash From Operating Activities | |||||||||||
| Cash Flow From (Used in) Investing Activities: | |||||||||||
| Acquisitions of property and equipment | ( | ( | |||||||||
| Acquisitions of businesses and technologies, net of cash acquired | ( | ||||||||||
| Proceeds from business dispositions | |||||||||||
| Sales (purchases) of other investment securities, net | |||||||||||
| Other | |||||||||||
| Net Cash From (Used in) Investing Activities | ( | ( | |||||||||
| Cash Flow From (Used in) Financing Activities: | |||||||||||
| Net borrowings (repayments) of short-term debt and other | ( | ( | |||||||||
| Proceeds from issuance of long-term debt | |||||||||||
| Repayments of long-term debt | ( | ( | |||||||||
| Purchases of common shares | ( | ( | |||||||||
| Proceeds from stock options exercised | |||||||||||
| Dividends paid | ( | ( | |||||||||
| Other | ( | ||||||||||
| Net Cash From (Used in) Financing Activities | ( | ( | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | ( | ||||||||||
| Net Increase (Decrease) in Cash and Cash Equivalents | ( | ||||||||||
| Cash and Cash Equivalents, Beginning of Year | |||||||||||
| Cash and Cash Equivalents, End of Period | $ | $ | |||||||||
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 1 — Basis of Presentation
The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2024. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.
Note 2 — New Accounting Standards
Recently Adopted Accounting Standards
In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands the breadth and frequency of required segment disclosures. The guidance is required to be applied retrospectively to all periods presented in the financial statements. Abbott adopted the standard on January 1, 2024. The new standard did not have an impact on Abbott's consolidated financial statements, but required additional disclosures, retrospectively applied to all periods presented in Note 14 — Segment Information.
Recent Accounting Standards Not Yet Adopted
In November 2024, the FASB issued ASU 2024-03, Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement expense categories. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for Abbott for full year 2027 reporting. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires an entity to disclose annually additional information related to the company's income tax rate reconciliation and income taxes paid during the period. The guidance should be applied prospectively with the option to apply the standard retrospectively. The standard becomes effective for Abbott for full year 2025 reporting. Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 3 — Revenue
Abbott’s revenues are derived primarily from the sale of a broad line of healthcare products under short-term receivable arrangements. Abbott has four reportable segments: Established Pharmaceutical Products, Nutritional Products, Diagnostic Products, and Medical Devices.
The following tables provide detail by sales category:
| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||
| (in millions) | U.S. | Int’l | Total | U.S. | Int’l | Total | ||||||||||||||||||||||||||||||||
| Established Pharmaceutical Products — | ||||||||||||||||||||||||||||||||||||||
| Key Emerging Markets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Nutritional Products — | ||||||||||||||||||||||||||||||||||||||
| Pediatric Nutritionals | ||||||||||||||||||||||||||||||||||||||
| Adult Nutritionals | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Diagnostic Products — | ||||||||||||||||||||||||||||||||||||||
| Core Laboratory | ||||||||||||||||||||||||||||||||||||||
| Molecular | ||||||||||||||||||||||||||||||||||||||
| Point of Care | ||||||||||||||||||||||||||||||||||||||
| Rapid Diagnostics | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Medical Devices — | ||||||||||||||||||||||||||||||||||||||
| Rhythm Management | ||||||||||||||||||||||||||||||||||||||
| Electrophysiology | ||||||||||||||||||||||||||||||||||||||
| Heart Failure | ||||||||||||||||||||||||||||||||||||||
| Vascular | ||||||||||||||||||||||||||||||||||||||
| Structural Heart | ||||||||||||||||||||||||||||||||||||||
| Neuromodulation | ||||||||||||||||||||||||||||||||||||||
| Diabetes Care | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 3 — Revenue (Continued)
| Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | |||||||||||||||||||||||||||||||||||||
| (in millions) | U.S. | Int’l | Total | U.S. | Int’l | Total | ||||||||||||||||||||||||||||||||
| Established Pharmaceutical Products — | ||||||||||||||||||||||||||||||||||||||
| Key Emerging Markets | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Nutritional Products — | ||||||||||||||||||||||||||||||||||||||
| Pediatric Nutritionals | ||||||||||||||||||||||||||||||||||||||
| Adult Nutritionals | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Diagnostic Products — | ||||||||||||||||||||||||||||||||||||||
| Core Laboratory | ||||||||||||||||||||||||||||||||||||||
| Molecular | ||||||||||||||||||||||||||||||||||||||
| Point of Care | ||||||||||||||||||||||||||||||||||||||
| Rapid Diagnostics | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Medical Devices — | ||||||||||||||||||||||||||||||||||||||
| Rhythm Management | ||||||||||||||||||||||||||||||||||||||
| Electrophysiology | ||||||||||||||||||||||||||||||||||||||
| Heart Failure | ||||||||||||||||||||||||||||||||||||||
| Vascular | ||||||||||||||||||||||||||||||||||||||
| Structural Heart | ||||||||||||||||||||||||||||||||||||||
| Neuromodulation | ||||||||||||||||||||||||||||||||||||||
| Diabetes Care | ||||||||||||||||||||||||||||||||||||||
| Total | ||||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Products sold by the Diagnostics segment include various types of diagnostic tests to detect the COVID-19 coronavirus. In the third quarter of 2025 and 2024, COVID-19 testing-related sales totaled $69 million and $265 million, respectively. In the first nine months of 2025 and 2024, Abbott’s COVID-19 testing-related sales totaled $208 million and $571 million, respectively.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 3 — Revenue (Continued)
Remaining Performance Obligations
As of September 30, 2025, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was $6.0 billion in the Diagnostic Products segment and $436 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 54 percent of these remaining performance obligations over the next 24 months, approximately 17 percent over the subsequent 12 months and the remainder thereafter.
These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in FASB Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.
Other Contract Assets and Liabilities
Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and the end of the period, as well as the changes in the balance, were not significant.
Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices segment when payment is received upfront for various multi-period extended service arrangements.
Changes in the contract liabilities during the period are as follows:
| (in millions) | ||||||||
| Contract Liabilities: | ||||||||
| Balance at December 31, 2024 | $ | |||||||
| Unearned revenue from cash received during the period | ||||||||
| Revenue recognized related to contract liability balance | ( | |||||||
| Balance at September 30, 2025 | $ | |||||||
Note 4 — Supplemental Financial Information
Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended September 30, 2025, and 2024, were $1.6 4.7 billion and $4.2 billion, respectively.
In the second quarter of 2024, Abbott sold a non-core business related to its Established Pharmaceutical Products segment. Abbott recorded a loss of $143 million on the sale in Other (income) expense, net in its Condensed Consolidated Statement of Earnings. Net assets, which primarily related to inventory and net property and equipment and had a carrying value of $28 million, were included in the sale. The loss on the sale also included $116 million of cumulative foreign currency translation adjustment previously recorded in Accumulated other comprehensive income (loss), net of tax.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 4 — Supplemental Financial Information (Continued)
Other, net in Net Cash From Operating Activities in the Condensed Consolidated Statement of Cash Flows for the first nine months of 2025 includes $256 million of pension contributions and the payment of cash taxes of $1.5 billion. The first nine months of 2024 included $298 million of pension contributions and the payment of cash taxes of $1.2 billion.
The following summarizes the activity for the first nine months of 2025 related to the allowance for doubtful accounts as of September 30, 2025:
| (in millions) | ||||||||
| Allowance for Doubtful Accounts: | ||||||||
| Balance at December 31, 2024 | $ | |||||||
| Provisions/charges to income | ||||||||
| Amounts charged off and other deductions | ( | |||||||
| Balance at September 30, 2025 | $ | |||||||
The Allowance for Doubtful Accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.
The components of long-term investments are as follows:
| (in millions) | September 30, 2025 | December 31, 2024 | ||||||||||||
| Long-term Investments: | ||||||||||||||
| Equity securities | $ | $ | ||||||||||||
| Other | ||||||||||||||
| Total | $ | $ | ||||||||||||
The increase in Abbott’s Long-term Investments as of September 30, 2025, versus the balance as of December 31, 2024, primarily relates to additional investments and earnings from equity method investments, partially offset by the impairment of certain securities.
Abbott’s equity securities as of September 30, 2025, include $325 million of investments in mutual funds that are held in a rabbi trust. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.
Abbott also holds certain investments as of September 30, 2025, with a carrying value of $163 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of $118 million that do not have a readily determinable fair value.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 5 — Changes In Accumulated Other Comprehensive Income (Loss)
The changes in Accumulated other comprehensive income (loss), net of tax, are as follows:
| Three Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||
| Cumulative Foreign Currency Translation (Loss) Adjustments | Net Actuarial (Losses) and Prior Service (Costs) and Credits | Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Balance at June 30 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | |||||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | ( | |||||||||||||||||||||||||||||||||||||
| Net current period comprehensive income (loss) | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Balance at September 30 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
| Nine Months Ended September 30 | ||||||||||||||||||||||||||||||||||||||
| Cumulative Foreign Currency Translation (Loss) Adjustments | Net Actuarial (Losses) and Prior Service (Costs) and Credits | Cumulative Gains (Losses) on Derivative Instruments Designated as Cash Flow Hedges | ||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||
| Balance at January 1 | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||
| Other comprehensive income (loss) before reclassifications | ( | ( | ( | |||||||||||||||||||||||||||||||||||
| Amounts reclassified from accumulated other comprehensive income | ( | ( | ||||||||||||||||||||||||||||||||||||
| Net current period comprehensive income (loss) | ( | ( | ||||||||||||||||||||||||||||||||||||
| Balance at September 30 | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | ||||||||||||||||||||||||||
The reclassification of $116 million out of Accumulated other comprehensive income (loss) in the nine months ended September 30, 2024, is included in the loss related to the sale of a non-core business included in Other (income) expense, net. Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 12 — Post-Employment Benefits for additional details.
Note 6 — Goodwill and Intangible Assets
The total amount of goodwill reported was $24.0 billion at September 30, 2025, and $23.1 billion at December 31, 2024. The amount of goodwill related to reportable segments at September 30, 2025, was $2.7 billion for the Established Pharmaceutical Products segment, $285 million for the Nutritional Products segment, $3.6 billion for the Diagnostic Products segment, and $17.4 billion for the Medical Devices segment. Foreign currency translation adjustments increased goodwill by $815 million in the first nine months of 2025. There were no reductions of goodwill relating to impairments in the first nine months of 2025.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 6 — Goodwill and Intangible Assets (Continued)
The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.5 billion as of September 30, 2025, and $27.1 billion as of December 31, 2024. Accumulated amortization was $22.8 billion and $21.3 billion as of September 30, 2025, and December 31, 2024, respectively. In the first nine months of 2025, intangible assets, net of amortization, increased $76 million due to foreign currency translation. Abbott’s estimated annual amortization expense for intangible assets is approximately $1.7 billion in 2025, $1.5 billion in 2026, $1.2 billion in 2027, $0.7 billion in 2028 and $0.6 billion in 2029.
Note 7 — Restructuring Plans
In 2025, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic and medical devices businesses. In the nine months ended September 30, 2025, Abbott recorded employee related severance and other charges of $197 million, of which $100 million was recorded in Cost of products sold, $38 million was recorded in Research and development, and $59 million was recorded in Selling, general, and administrative. Payments related to these actions totaled $57 million in the first nine months of 2025 and the remaining liabilities totaled $140 million at September 30, 2025. In addition, in the first nine months of 2025, Abbott recognized asset impairment charges of $25 million related to these restructuring plans.
In 2024 and 2023, Abbott management approved plans to restructure or streamline various operations in order to reduce costs in its medical devices, diagnostic, nutritional, and established pharmaceutical businesses, including the discontinuation of its ZonePerfect® product line in 2024. In addition, Abbott recognized asset impairment charges of $22 The following summarizes the activity related to these restructuring actions and the status of the related accruals as of September 30, 2025:
| (in millions) | Total | |||||||
| Accrued balance at December 31, 2024 | $ | |||||||
| Payments and other adjustments | ( | |||||||
| Accrued balance at September 30, 2025 | $ | |||||||
Note 8 — Incentive Stock Programs
In the first nine months of 2025, Abbott granted 1,482,667 stock options, 364,498 restricted stock awards, and 4,397,394 restricted stock units under its incentive stock program. At September 30, 2025, 51 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at September 30, 2025, is as follows:
| Outstanding | Exercisable | |||||||||||||
| Number of shares | ||||||||||||||
Weighted average remaining life (years) | ||||||||||||||
| Weighted average exercise price | $ | $ | ||||||||||||
Aggregate intrinsic value (in millions) | $ | $ | ||||||||||||
The total unrecognized share-based compensation cost at September 30, 2025, amounted to $577 million, which is expected to be recognized over the next three years .
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 9 — Debt and Lines of Credit
Note 10 — Financial Instruments, Derivatives and Fair Value Measures
Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates, primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $7.2 billion at September 30, 2025, and $7.0 billion at December 31, 2024, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of September 30, 2025, will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months .
Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At September 30, 2025, and December 31, 2024, Abbott held the gross notional amounts of $12.7 billion and $16.2 billion, respectively, of such foreign currency forward exchange contracts.
Abbott has designated a yen-denominated, 5 619 million and $583 million as of September 30, 2025, and December 31, 2024, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.
Abbott is a party to interest rate hedge contracts with a notional amount totaling $1.2 billion at September 30, 2025, and $2.2 billion at December 31, 2024, to manage its exposure to changes in the fair value of fixed-rate debt. The decrease from December 31, 2024, was due to the maturity of $1.0 billion of interest rate hedge contracts in conjunction with long-term debt, both of which matured in March 2025. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative and non-derivative financial instruments as of September 30, 2025, and December 31, 2024:
| Fair Value - Assets | Fair Value - Liabilities | |||||||||||||||||||||||||||||||||||||
| (in millions) | September 30, 2025 | December 31, 2024 | Balance Sheet Caption | September 30, 2025 | December 31, 2024 | Balance Sheet Caption | ||||||||||||||||||||||||||||||||
| Interest rate swaps designated as fair value hedges: | ||||||||||||||||||||||||||||||||||||||
| Non-current | $ | $ | Deferred income taxes and other assets | $ | $ | Post-employment obligations, deferred income taxes and other long-term liabilities | ||||||||||||||||||||||||||||||||
| Current | Prepaid expenses and other receivables | Other accrued liabilities | ||||||||||||||||||||||||||||||||||||
| Foreign currency forward exchange contracts: | ||||||||||||||||||||||||||||||||||||||
| Hedging instruments | Prepaid expenses and other receivables | Other accrued liabilities | ||||||||||||||||||||||||||||||||||||
| Others not designated as hedges | Prepaid expenses and other receivables | Other accrued liabilities | ||||||||||||||||||||||||||||||||||||
| Debt designated as a hedge of net investment in a foreign subsidiary | — | — | n/a | Long-term debt | ||||||||||||||||||||||||||||||||||
| $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income.
Gain (loss) Recognized in Other Comprehensive Income (loss) | Income (expense) and Gain (loss) Reclassified into Income | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | Income Statement Caption | |||||||||||||||||||||||||||||||||||||||||||||||
| Foreign currency forward exchange contracts designated as cash flow hedges | $ | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | Cost of products sold | ||||||||||||||||||||||||||||||||||||||||||||
| Debt designated as a hedge of net investment in a foreign subsidiary | ( | ( | ( | — | — | — | — | n/a | ||||||||||||||||||||||||||||||||||||||||||||||||
| Interest rate swaps designated as fair value hedges | n/a | n/a | n/a | n/a | Interest expense | |||||||||||||||||||||||||||||||||||||||||||||||||||
Gains of $9 million and losses of $89 million were recognized in the three months ended September 30, 2025, and 2024, respectively, related to foreign currency forward exchange contracts not designated as a hedge. Gains of $44 million and $46 million were recognized in the nine months ended September 30, 2025, and 2024, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.
The carrying values and fair values of certain financial instruments as of September 30, 2025, and December 31, 2024, are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.
| September 30, 2025 | December 31, 2024 | |||||||||||||||||||||||||
| (in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value | ||||||||||||||||||||||
| Long-term Investment Securities: | ||||||||||||||||||||||||||
| Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total Long-term Debt | ( | ( | ( | ( | ||||||||||||||||||||||
| Foreign Currency Forward Exchange Contracts: | ||||||||||||||||||||||||||
| Receivable position | ||||||||||||||||||||||||||
| (Payable) position | ( | ( | ( | ( | ||||||||||||||||||||||
| Interest Rate Hedge Contracts: | ||||||||||||||||||||||||||
| Receivable position | ||||||||||||||||||||||||||
| (Payable) position | ( | ( | ( | ( | ||||||||||||||||||||||
The fair value of the debt was determined based on significant other observable inputs, including current interest rates.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 10 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:
| Basis of Fair Value Measurement | ||||||||||||||||||||||||||
| (in millions) | Outstanding Balances | Quoted Prices in Active Markets | Significant Other Observable Inputs | Significant Unobservable Inputs | ||||||||||||||||||||||
| September 30, 2025: | ||||||||||||||||||||||||||
| Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
| Foreign currency forward exchange contracts | ||||||||||||||||||||||||||
| Total Assets | $ | $ | $ | $ | ||||||||||||||||||||||
| Fair value of hedged long-term debt | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest rate swap derivative financial instruments | ||||||||||||||||||||||||||
| Foreign currency forward exchange contracts | ||||||||||||||||||||||||||
| Contingent consideration related to business combinations | ||||||||||||||||||||||||||
| Total Liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
| December 31, 2024: | ||||||||||||||||||||||||||
| Equity securities | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest rate swap derivative financial instruments | ||||||||||||||||||||||||||
| Foreign currency forward exchange contracts | ||||||||||||||||||||||||||
| Total Assets | $ | $ | $ | $ | ||||||||||||||||||||||
| Fair value of hedged long-term debt | $ | $ | $ | $ | ||||||||||||||||||||||
| Interest rate swap derivative financial instruments | ||||||||||||||||||||||||||
| Foreign currency forward exchange contracts | ||||||||||||||||||||||||||
| Contingent consideration related to business combinations | ||||||||||||||||||||||||||
| Total Liabilities | $ | $ | $ | $ | ||||||||||||||||||||||
The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value. The decrease in the amount of contingent consideration from December 31, 2024, reflects a contingent consideration payment related to a previous business combination.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 11 — Litigation and Environmental Matters
Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.
Abbott has been named as a defendant in a number of lawsuits alleging that its preterm infant formula and human milk fortifier products that contain cow’s milk ingredients cause an intestinal disease known as necrotizing enterocolitis (NEC) and inadequately warn about the risk of NEC. These lawsuits claim that certain preterm infants suffered injury or death as a result of contracting NEC. Two cases have gone to trial. In a Missouri state case, a jury awarded a plaintiff $495 million in damages. In a second Missouri state court case, a jury found in Abbott’s favor, and the judge later ordered a new trial in that matter. The two Missouri cases are on appeal. In the first three federal Multidistrict Litigation (MDL) “bellwether” cases, the U.S. District Court for the Northern District of Illinois granted summary judgment in favor of Abbott. The plaintiff in the first case has filed an appeal. Abbott stands by its products and the information it provided about them. Abbott does not believe that it is probable that a material loss will be incurred related to these lawsuits and therefore, no reserves have been recorded. Given the uncertainty as to the possible outcome in each of these lawsuits, Abbott is unable to reasonably estimate a range of possible loss related to these lawsuits.
Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $5 million to $15 million. The recorded accrual balance at September 30, 2025, for these proceedings and exposures was approximately $10 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations, except for the cases discussed in the second paragraph of this note, the resolution of which could be material to Abbott's financial position, cash flows or results of operations.
Note 12 — Post-Employment Benefits
Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net costs recognized for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans are as follows:
| Defined Benefit Plans | Medical and Dental Plans | |||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||
| Service cost - benefits earned during the period | $ | $ | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||
| Interest cost on projected benefit obligations | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Expected return on plan assets | ( | ( | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
| Net amortization of: | ||||||||||||||||||||||||||||||||||||||||||||||||||
| Actuarial loss, net | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
| Prior service cost (credit) | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||
| Net cost (credit) | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 12 — Post-Employment Benefits (Continued)
Abbott funds its domestic defined benefit plans according to U.S. Internal Revenue Service (IRS) funding limitations. International pension plans are funded according to similar regulations. In the first nine months of 2025 and 2024, $256 million and $298 million, respectively, were contributed to defined benefit plans. In the first nine months of 2025 and 2024, $75 million and $28 million were contributed, respectively, to the post-employment medical and dental plans.
Note 13 — Taxes on Earnings
Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2025 and 2024, taxes on earnings include $91 million and $44 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2025, taxes on earnings includes approximately $460 million of tax expense related to a deferred tax asset that was recognized as a significant non-cash tax benefit in a prior year. In the first nine months of 2025 and 2024, taxes on earnings also included approximately $90 million of net tax benefit and $35 million of net tax expense, respectively, as the result of the resolution of various tax positions related to prior years.
In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the IRS for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.
In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.
In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2024.
Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process, and/or through litigation, as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.
The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. The enactment of current Pillar 2 model rules did not and is not projected to have a material impact to Abbott's consolidated financial statements. Abbott continues to monitor the Pillar 1 and Pillar 2 developments.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 14 — Segment Information
Abbott’s principal business is the discovery, development, manufacture, and sale of a broad line of healthcare products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, healthcare facilities, laboratories, physicians’ offices, and government agencies throughout the world.
Abbott’s reportable segments are as follows:
Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.
Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.
Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories, and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics, and Point of Care Diagnostics businesses are aggregated and reported as the Diagnostic Products segment.
Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation, and diabetes care products. For segment reporting purposes, the Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation, and Diabetes Care businesses are aggregated and reported as the Medical Devices segment.
Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. The chief operating decision maker (CODM) at Abbott is the Chief Executive Officer (CEO). The CODM primarily considers sales and operating margin to assess the performance of segments and to allocate resources, where segment operating margin profitability includes cost of products sold and operating expenses. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 14 — Segment Information (Continued)
The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.
| Net Sales to External Customers | Cost of Products Sold | Research and Development | Selling, General and Administrative | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | Three Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Established Pharmaceuticals | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Nutritionals | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diagnostics | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Medical Devices | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate functions and plan benefit costs | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest expense | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation (a) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of Intangible assets | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings before Taxes | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Sales to External Customers | Cost of Products Sold | Research and Development | Selling, General and Administrative | Operating Earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| Established Pharmaceuticals | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Nutritionals | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Diagnostics | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Medical Devices | ( | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total | $ | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net sales | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Corporate functions and plan benefit costs | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Net interest expense | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based compensation (a) | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Amortization of Intangible assets | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings before Taxes | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
______________________________________
| (a) | Approximately | ||||
| (b) | Other, net for the three and nine months ended September 30, 2025 and 2024, includes charges related to restructurings. For the nine months ended September 30, 2025, Other, net includes a fair value adjustment to a contingent consideration. Other, net for the three and nine months ended September 30, 2024, includes charges related to impairment of IPR&D and costs related to business integration. Other, net for the nine months ended September 30, 2024, includes a loss on the divestiture of a non-core business. | ||||
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Notes to the Condensed Consolidated Financial Statements
September 30, 2025
(Unaudited)
Note 14 — Segment Information (Continued)
| Depreciation | Additions to Property and Equipment | |||||||||||||||||||||||||
| Three Months Ended September 30, | Three Months Ended September 30, | |||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Established Pharmaceuticals | $ | $ | $ | $ | ||||||||||||||||||||||
| Nutritionals | ||||||||||||||||||||||||||
| Diagnostics | ||||||||||||||||||||||||||
| Medical Devices | ||||||||||||||||||||||||||
| Total Reportable Segments | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Depreciation | Additions to Property and Equipment | |||||||||||||||||||||||||
| Nine Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||
| (in millions) | 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||||
| Established Pharmaceuticals | $ | $ | $ | $ | ||||||||||||||||||||||
| Nutritionals | ||||||||||||||||||||||||||
| Diagnostics | ||||||||||||||||||||||||||
| Medical Devices | ||||||||||||||||||||||||||
| Total Reportable Segments | ||||||||||||||||||||||||||
| Other | ||||||||||||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||||||||||||
| Total Assets | ||||||||||||||
| (in millions) | As of September 30, 2025 | As of December 31, 2024 | ||||||||||||
| Established Pharmaceuticals | $ | $ | ||||||||||||
| Nutritionals | ||||||||||||||
| Diagnostics | ||||||||||||||
| Medical Devices | ||||||||||||||
| Total Reportable Segment Assets | $ | $ | ||||||||||||
| Cash and investments | ||||||||||||||
| Goodwill and intangible assets | ||||||||||||||
| All other (c) | ||||||||||||||
| Total Assets | $ | $ | ||||||||||||
| (c) | As of September 30, 2025, and December 31, 2024, all other includes the long-term assets associated with the defined benefit plans and certain deferred tax assets. | ||||
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Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Financial Review — Results of Operations
Abbott’s revenues are derived primarily from the sale of a broad line of healthcare products under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott’s products under a contract most impact which products are sold; price controls, competition, and rebates most impact the net selling prices of products; and foreign currency translation impacts the measurement of net sales and costs. Abbott’s primary products are medical devices, diagnostic testing products, nutritional products, and branded generic pharmaceuticals.
The following tables detail sales by reportable segment for the three and nine months ended September 30. Percent changes are versus the prior year and are based on unrounded numbers.
| Net Sales to External Customers | ||||||||||||||||||||||||||||||||
| (in millions) | Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | Total Change | Impact of Foreign Exchange | Total Change Excl. Foreign Exchange | |||||||||||||||||||||||||||
| Established Pharmaceutical Products | $ | 1,511 | $ | 1,406 | 7.5 | % | 0.4 | % | 7.1 | % | ||||||||||||||||||||||
| Nutritional Products | 2,153 | 2,066 | 4.2 | 0.2 | 4.0 | |||||||||||||||||||||||||||
| Diagnostic Products | 2,253 | 2,412 | (6.6) | 1.2 | (7.8) | |||||||||||||||||||||||||||
| Medical Devices | 5,448 | 4,747 | 14.8 | 2.3 | 12.5 | |||||||||||||||||||||||||||
| Total Reportable Segments | 11,365 | 10,631 | 6.9 | 1.4 | 5.5 | |||||||||||||||||||||||||||
| Other | 4 | 4 | n/m | n/m | n/m | |||||||||||||||||||||||||||
| Net Sales | $ | 11,369 | $ | 10,635 | 6.9 | 1.4 | 5.5 | |||||||||||||||||||||||||
| Total U.S. | $ | 4,299 | $ | 4,202 | 2.3 | — | 2.3 | |||||||||||||||||||||||||
| Total International | $ | 7,070 | $ | 6,433 | 9.9 | 2.3 | 7.6 | |||||||||||||||||||||||||
| Net Sales to External Customers | ||||||||||||||||||||||||||||||||
| (in millions) | Nine Months Ended September 30, 2025 | Nine Months Ended September 30, 2024 | Total Change | Impact of Foreign Exchange | Total Change Excl. Foreign Exchange | |||||||||||||||||||||||||||
| Established Pharmaceutical Products | $ | 4,154 | $ | 3,926 | 5.8 | % | (1.7) | % | 7.5 | % | ||||||||||||||||||||||
| Nutritional Products | 6,511 | 6,284 | 3.6 | (0.9) | 4.5 | |||||||||||||||||||||||||||
| Diagnostic Products | 6,480 | 6,821 | (5.0) | (0.2) | (4.8) | |||||||||||||||||||||||||||
| Medical Devices | 15,712 | 13,934 | 12.8 | 0.4 | 12.4 | |||||||||||||||||||||||||||
| Total Reportable Segments | 32,857 | 30,965 | 6.1 | (0.3) | 6.4 | |||||||||||||||||||||||||||
| Other | 12 | 11 | n/m | n/m | n/m | |||||||||||||||||||||||||||
| Net Sales | $ | 32,869 | $ | 30,976 | 6.1 | (0.3) | 6.4 | |||||||||||||||||||||||||
| Total U.S. | $ | 12,743 | $ | 11,982 | 6.4 | — | 6.4 | |||||||||||||||||||||||||
| Total International | $ | 20,126 | $ | 18,994 | 6.0 | (0.4) | 6.4 | |||||||||||||||||||||||||
___________________________________
| Notes: | 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. | ||||
| n/m = Percent change is not meaningful | |||||
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The 5.5 percent increase in total net sales during the third quarter of 2025, excluding the impact of foreign exchange, primarily reflected higher product sales in the Medical Devices and Established Pharmaceutical Products segments. Diagnostic Products sales continued to be impacted by the decline in COVID-19 testing-related sales and challenging market conditions in China, including the impact of volume-based procurement programs. COVID-19 testing-related sales were $69 million in the third quarter of 2025 compared to $265 million in the third quarter of 2024. Abbott’s net sales were favorably impacted by changes in foreign exchange rates in the third quarter as the relatively weaker U.S. dollar increased total international sales by 2.3 percent and total sales by 1.4 percent.
The 6.4 percent increase in total net sales during the first nine months of 2025, excluding the impact of foreign exchange, reflected sales growth in the Medical Devices and Established Pharmaceutical Products segments, fueled by sales of recently launched products, as well as higher sales of existing products. Diagnostic Products sales growth continued to be impacted by the decline in COVID-19 testing-related sales and challenging market conditions in China, including the impact of volume-based procurement programs. COVID-19 testing-related sales totaled $208 million during the first nine months of 2025 and $571 million during the first nine months of 2024. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the first nine months as the relatively stronger U.S. dollar at the beginning of the year decreased total international sales by 0.4 percent and total sales by 0.3 percent.
The table below provides detail by sales category for the nine months ended September 30. Percent changes are versus the prior year and are based on unrounded numbers.
| (in millions) | September 30, 2025 | September 30, 2024 | Total Change | Impact of Foreign Exchange | Total Change Excl. Foreign Exchange | |||||||||||||||||||||||||||
| Established Pharmaceutical Products — | ||||||||||||||||||||||||||||||||
| Key Emerging Markets | $ | 3,121 | $ | 2,910 | 7.3 | % | (2.4) | % | 9.7 | % | ||||||||||||||||||||||
| Other Emerging Markets | 1,033 | 1,016 | 1.7 | 0.5 | 1.2 | |||||||||||||||||||||||||||
| Nutritional Products — | ||||||||||||||||||||||||||||||||
| International Pediatric Nutritionals | 1,377 | 1,377 | — | (1.8) | 1.8 | |||||||||||||||||||||||||||
| U.S. Pediatric Nutritionals | 1,695 | 1,646 | 3.0 | — | 3.0 | |||||||||||||||||||||||||||
| International Adult Nutritionals | 2,334 | 2,146 | 8.8 | (1.4) | 10.2 | |||||||||||||||||||||||||||
| U.S. Adult Nutritionals | 1,105 | 1,115 | (0.9) | — | (0.9) | |||||||||||||||||||||||||||
| Diagnostic Products — | ||||||||||||||||||||||||||||||||
| Core Laboratory | 3,899 | 3,848 | 1.3 | (0.3) | 1.6 | |||||||||||||||||||||||||||
| Molecular | 376 | 384 | (2.0) | — | (2.0) | |||||||||||||||||||||||||||
| Point of Care | 448 | 441 | 1.7 | (0.1) | 1.8 | |||||||||||||||||||||||||||
| Rapid Diagnostics | 1,757 | 2,148 | (18.2) | (0.2) | (18.0) | |||||||||||||||||||||||||||
| Medical Devices — | ||||||||||||||||||||||||||||||||
| Rhythm Management | 1,944 | 1,766 | 10.1 | 0.4 | 9.7 | |||||||||||||||||||||||||||
| Electrophysiology | 2,034 | 1,824 | 11.5 | 0.2 | 11.3 | |||||||||||||||||||||||||||
| Heart Failure | 1,073 | 948 | 13.2 | 0.3 | 12.9 | |||||||||||||||||||||||||||
| Vascular | 2,212 | 2,112 | 4.7 | 0.1 | 4.6 | |||||||||||||||||||||||||||
| Structural Heart | 1,848 | 1,637 | 12.9 | 0.4 | 12.5 | |||||||||||||||||||||||||||
| Neuromodulation | 736 | 705 | 4.4 | (0.1) | 4.5 | |||||||||||||||||||||||||||
| Diabetes Care | 5,865 | 4,942 | 18.7 | 0.6 | 18.1 | |||||||||||||||||||||||||||
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In the first nine months of 2025, total Established Pharmaceutical Products sales, excluding the impact of foreign exchange, increased 7.5 percent. Excluding the unfavorable effect of foreign exchange, sales in Key Emerging Markets for Established Pharmaceutical Products increased 9.7 percent in the first nine months of 2025, led by higher revenue in several countries and across several therapeutic areas, including cardiometabolic, gastroenterology, and central nervous system/pain management. Other Emerging Markets, excluding the effect of foreign exchange, increased 1.2 percent in the first nine months of 2025.
Excluding the impact of foreign exchange, total Nutritional Products sales in the first nine months of 2025 increased 4.5 percent. In U.S. Pediatric Nutritionals, the 3.0 percent increase in sales in the first nine months of 2025 reflects growth of infant formula and Pedialyte® product sales, partially offset by a decrease in PediaSure® product sales. Excluding the effect of foreign exchange, International Pediatric Nutritionals sales increased 1.8 percent in the first nine months of 2025.
In the first nine months of 2025, U.S. Adult Nutritionals sales decreased 0.9 percent as a result of lower Ensure® product sales and the discontinuation of the ZonePerfect® product line in March 2024. In the first nine months of 2025, International Adult Nutritionals sales, excluding the effect of foreign exchange, increased 10.2 percent due to growth of Ensure and Glucerna® product sales.
In the first nine months of 2025, Diagnostic Products sales decreased 4.8 percent, excluding the impact of foreign exchange, and increased 0.6 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales. In the first nine months of 2025 and 2024, Abbott’s COVID-19 testing-related sales totaled $208 million and $571 million, respectively.
In Core Laboratory, sales increased 1.6 percent in the first nine months of 2025, excluding the effect of foreign exchange, driven by continued growth of Alinity® product sales outside of China, partially offset by lower sales in China due to the impact of challenging market conditions. In Rapid Diagnostics, sales decreased 18.0 percent in the first nine months of 2025, excluding the effect of foreign exchange, primarily due to lower demand for COVID-19 tests.
Excluding the effect of foreign exchange, total Medical Devices sales increased 12.4 percent in the first nine months of 2025, led by double-digit growth in Diabetes Care, Heart Failure, Structural Heart, and Electrophysiology. Higher Diabetes Care sales were driven by continued growth in Abbott's continuous glucose monitoring (CGM) systems. CGM systems sales totaled $5.6 billion and $4.7 billion in the first nine months of 2025 and 2024, respectively. Excluding the effect of foreign exchange, CGM systems sales increased 19.4 percent in the first nine months of 2025.
In Heart Failure, the 12.9 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in chronic and acute pump products and related accessories. In Structural Heart, the 12.5 percent increase in sales, excluding the effect of foreign exchange, primarily reflects growth in TriClip® and Navitor® products. In Electrophysiology, the 11.3 percent increase in sales, excluding the effect of foreign exchange, primarily reflects higher procedure volumes and increased demand for Abbott's portfolio of products designed to diagnose and treat cardiac arrhythmias. In Rhythm Management, the 9.7 percent sales increase in the first nine months of 2025, excluding the impact of foreign exchange, was primarily due to growth in Aveir® leadless pacemakers, partially offset by a decrease in traditional pacemaker and implantable cardioverter defibrillator sales.
In March 2025, Abbott obtained CE Mark for its Volt™ Pulsed Field Ablation (PFA) System to treat patients with atrial fibrillation. In May 2025, Abbott announced U.S. Food and Drug Administration (FDA) approval of the company's Tendyne™ transcatheter mitral valve replacement (TMVR) system to treat people with mitral valve disease. In July 2025, Abbott received regulatory approval in Japan for TriClip, a minimally invasive treatment option for patients with tricuspid regurgitation, or a leaky tricuspid heart valve. In August 2025, Abbott obtained CE Mark for an expanded indication for the company's Navitor® transcatheter aortic valve implantation (TAVI) system to treat people with symptomatic, severe aortic stenosis who are at low or intermediate risk for open-heart surgery.
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The gross profit margin percentage was 51.7 percent for the third quarter of 2025, compared to 51.4 percent for the third quarter of 2024, and 52.4 percent for the first nine months of 2025 compared to 51.0 percent for the first nine months of 2024. The increase in the first nine months of 2025 reflects the favorable impact of gross margin improvement initiatives, partially offset by higher costs, including tariffs, and the unfavorable impact of foreign exchange.
Research and development (R&D) expenses increased $53 million to $766 million, or 7.5 percent, in the third quarter of 2025, and increased $112 million to $2.2 billion, or 5.4 percent, in the first nine months of 2025 compared to the prior year. The increase in R&D expenses in the first nine months of 2025 was primarily driven by higher spending on various projects.
Selling, general, and administrative (SG&A) expenses increased $156 million to $3.1 billion, or 5.4 percent, in the third quarter of 2025, and increased $413 million to $9.2 billion, or 4.7 percent, in the first nine months of 2025 compared to the prior year due to higher selling and marketing spending to drive growth across various businesses.
Restructuring Plans
In 2025, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in its diagnostic and medical devices businesses. In the nine months ended September 30, 2025, Abbott recorded employee related severance and other charges of $197 million, of which $100 million was recorded in Cost of products sold, $38 million was recorded in Research and development, and $59 million was recorded in Selling, general, and administrative. Payments related to these actions totaled $57 million in the first nine months of 2025 and the remaining liabilities totaled $140 million at September 30, 2025. In addition, in the first nine months of 2025, Abbott recognized asset impairment charges of $25 million related to these restructuring plans.
Other (Income) Expense, net
Other (income) expense, net increased from $121 million of income in the third quarter of 2024 to $150 million of income in the third quarter of 2025 and increased from $222 million of income in the first nine months of 2024 to $414 million of income in the first nine months of 2025. The increase in the third quarter of 2025 reflects higher income associated with the non-service cost components of net pension and post-retirement medical benefit costs and lower investment impairments. The increase in the first nine months of 2025 is primarily due to the recognition of a $143 million loss on the sale of a non-core business related to the Established Pharmaceutical Products segment in the second quarter of 2024. The increase in the first nine months of 2025 also reflects lower investment impairments and higher income associated with the non-service cost components of net pension and post-retirement medical benefit costs, partially offset by changes in the fair value of contingent consideration liabilities related to previous business combinations.
Interest Expense, net
Interest expense, net decreased by $7 million to $44 million in the third quarter of 2025 and decreased by $27 million to $143 million in the first nine months of 2025. In the third quarter and the first nine months of 2025, interest expense decreased primarily as a result of the repayment of long-term debt in November 2024 and March 2025.
Taxes on Earnings
Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first nine months of 2025 and 2024, taxes on earnings include $91 million and $44 million, respectively, in excess tax benefits associated with share-based compensation. In the first nine months of 2025, taxes on earnings includes approximately $460 million of tax expense related to a deferred tax asset that was recognized as a significant non-cash tax benefit in a prior year. In the first nine months of 2025 and 2024, taxes on earnings also included approximately $90 million of net tax benefit and $35 million of net tax expense, respectively, as the result of the resolution of various tax positions related to prior years.
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In September 2023, Abbott received a Statutory Notice of Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) for the 2019 Federal tax year in the amount of $417 million. The primary adjustments proposed in the SNOD relate to the reallocation of income between Abbott’s U.S. entities and its foreign affiliates. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit, in part because certain adjustments contradict methods that were agreed to with the IRS in prior audit periods. The SNOD also contains other proposed adjustments that Abbott believes are erroneous and unsupported. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2023.
In June 2024, Abbott received a SNOD from the IRS for the 2017 and 2018 Federal tax years in the amount of $192 million. The matters proposed in the 2017/2018 SNOD are substantially similar to the income allocation adjustments included in the 2019 SNOD. Abbott filed a petition in September 2024 with the U.S. Tax Court contesting the 2017/2018 SNOD in a manner consistent with its petition for the 2019 SNOD.
In October 2024, Abbott received a SNOD from the IRS for the 2020 Federal tax year assessing an additional $443 million of income tax. The primary adjustments proposed in the SNOD are substantially similar to the income allocation adjustments included in the 2017/2018 and 2019 SNODs. Abbott believes that the income reallocation adjustments proposed in the SNOD are without merit. The SNOD also contains other proposed adjustments and omissions that Abbott believes are erroneous and unsupported. In addition to the tax assessment for the 2020 tax year, the 2020 SNOD also contested a deduction for which an estimated $440 million cash tax benefit would be available in a different taxable year as allowed under applicable U.S. tax law. Abbott filed a petition with the U.S. Tax Court contesting the SNOD in December 2024.
Abbott intends to vigorously defend its filing positions through ongoing discussions with the IRS, the IRS independent appeals process, and/or through litigation, as necessary. Abbott reserves for uncertain tax positions related to unresolved matters with the IRS and other taxing authorities. Abbott continues to believe that its reserves for uncertain tax positions are appropriate.
The Organization for Economic Cooperation & Development (OECD) has proposed a two-pillared plan for a revised international tax system. Pillar 1 proposes to reallocate taxing rights among the jurisdictions in which in-scope multinational corporations operate. Pillar 2 proposes to assess a 15 percent minimum tax on the earnings of in-scope multinational corporations on a country-by-country basis. Numerous countries have enacted legislation to adopt the Pillar 2 model rules. The enactment of current Pillar 2 model rules did not and is not projected to have a material impact to Abbott's consolidated financial statements. Abbott continues to monitor the Pillar 1 and Pillar 2 developments.
Liquidity and Capital Resources
The decrease in cash and cash equivalents from $7.6 billion at December 31, 2024, to $7.5 billion at September 30, 2025, reflects the repayments of debt in September and March 2025 of $500 million and $1.0 billion, respectively, and the payment of dividends and capital expenditures in the first nine months of 2025, partially offset by cash generated from operations. Working capital was $10.3 billion at September 30, 2025, and $9.5 billion at December 31, 2024. The increase in working capital in 2025 primarily reflects increases in trade receivables and inventory.
In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first nine months of 2025 totaled $6.3 billion, an increase of $561 million from the prior year, primarily due to higher segment operating earnings. In the first nine months of 2025, Net cash from operating activities included $256 million of pension contributions and the payment of cash taxes of $1.5 billion. Net cash from operating activities in the first nine months of 2024 included $298 million of pension contributions and the payment of cash taxes of $1.2 billion.
At September 30, 2025, Abbott’s long-term debt rating was AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating.
On September 15, 2025, Abbott repaid the $500 million outstanding principal amount of its 3.875% Notes upon maturity. On March 17, 2025, Abbott repaid the $1.0 billion outstanding principal amount of its 2.95% Notes upon maturity.
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In October 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time. This authorization was in addition to the unused portion of the share repurchase program authorized in December 2021. In the third quarter of 2025, Abbott repurchased 2.4 million of its common shares for $303 million, which fully utilized the $293 million authorization remaining under the December 2021 share repurchase program, and a portion of the October 2024 repurchase program.
In each of the first three quarters of 2025, Abbott declared a quarterly dividend of $0.59 per share on its common shares, which represents an increase of 7.3 percent over the $0.55 per share dividend declared in each of the first three quarters of 2024.
Legislative Issues
Abbott’s primary markets are highly competitive and subject to substantial government regulations throughout the world. Abbott expects debate to continue over the availability, method of delivery, and payment for healthcare products and services. It is not possible to predict the extent to which Abbott or the healthcare industry in general might be adversely affected by these factors in the future. A more complete discussion of these factors is contained in Item 1, Business, and Item 1A, Risk Factors, in our Annual Report on Form 10-K for the year ended December 31, 2024.
Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements
Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Abbott cautions that any forward-looking statements made by Abbott are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological, and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2024, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
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PART I. FINANCIAL INFORMATION
Item 4. Controls and Procedures
(a)Evaluation of disclosure controls and procedures. The Chief Executive Officer, Robert B. Ford, and Chief Financial Officer, Philip P. Boudreau, evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized, and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.
(b)Changes in internal control over financial reporting. During the quarter ended September 30, 2025, there were no changes in Abbott’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, Abbott’s internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
Abbott is involved in various claims, legal proceedings and investigations as described in its Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 10-K”), including those described below (as of September 30, 2025, except where noted below). While it is not feasible to predict the outcome of such pending claims, proceedings, and investigations with certainty, management is of the opinion that their ultimate resolution should not have a material adverse effect on Abbott's financial position, cash flows, or results of operations.
In the 2024 Form 10-K, Abbott reported that it is a defendant in numerous lawsuits alleging that preterm infants developed necrotizing enterocolitis as a result of being administered Abbott’s preterm infant formula products. Abbott further reported in the 2024 10-K that in April 2022, the U.S. Judicial Panel on Multidistrict Litigation ordered all federal court cases consolidated for pretrial purposes in the U.S. District Court for the Northern District of Illinois. The U.S. District Court for the Northern District of Illinois granted summary judgment in favor of Abbott in each of the second and third "bellwether" cases in August and October 2025, respectively.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
(c)Issuer Purchases of Equity Securities
| Period | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
| July 1, 2025 - July 31, 2025 | 2,425,000 | (1) | $ | 124.76 | 2,425,000 | $ | 6,990,672,440 | (2) | |||||||||||||||||||||
| August 1, 2025 - August 31, 2025 | — | (1) | — | — | 6,990,672,440 | (2) | |||||||||||||||||||||||
| September 1, 2025 - September 30, 2025 | — | (1) | — | — | 6,990,672,440 | (2) | |||||||||||||||||||||||
| Total | 2,425,000 | (1) | $ | 124.76 | 2,425,000 | $ | 6,990,672,440 | (2) | |||||||||||||||||||||
1.These shares do not include the shares surrendered to Abbott to satisfy tax withholding obligations in connection with the vesting of restricted stock or restricted stock units.
2.On December 10, 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to time (the "2021 Plan"). On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan"). The 2024 Plan was in addition to the unused portion of the 2021 Plan. The amount available for repurchase under the remaining portion of the 2021 Plan has been fully utilized as part of the share repurchases in the third quarter of 2025.
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Item 6. Exhibits
| Exhibit No. | Exhibit | |||||||
| 31.1 | Certification of Chief Executive Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)). | |||||||
| 31.2 | Certification of Chief Financial Officer Required by Rule 13a-14(a) (17 CFR 240.13a-14(a)). | |||||||
| Exhibits 32.1 and 32.2 are furnished herewith and should not be deemed to be “filed” under the Securities Exchange Act of 1934. | ||||||||
| 32.1 | Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 32.2 | Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | |||||||
| 101 | The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter and nine months ended September 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Earnings; (ii) Condensed Consolidated Statement of Comprehensive Income; (iii) Condensed Consolidated Balance Sheet; (iv) Condensed Consolidated Statement of Shareholders’ Investment; (v) Condensed Consolidated Statement of Cash Flows; and (vi) Notes to the Condensed Consolidated Financial Statements. | |||||||
| 104 | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101). | |||||||
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| ABBOTT LABORATORIES | ||||||||
| By: | /s/ PHILIP P. BOUDREAU | |||||||
| Philip P. Boudreau | ||||||||
| Executive Vice President, Finance and Chief Financial Officer | ||||||||
| Date: October 29, 2025 | ||||||||
34
FAQ
How did Abbott (ABT) perform in Q3 2025?
Net sales were $11,369 million vs. $10,635 million in Q3 2024; diluted EPS was $0.94, unchanged year over year.
What were Abbott’s year-to-date results through Q3 2025?
Sales were $32,869 million vs. $30,976 million, and diluted EPS rose to $2.70 from $2.38.
Which segments drove growth for ABT in Q3 2025?
Medical Devices (Diabetes Care $2,057M; Electrophysiology $705M) and Established Pharmaceuticals ($1,511M) increased; COVID‑19 testing fell to $69M.
What cash flows and capital actions did Abbott report?
Year‑to‑date operating cash flow was $6,251M; long‑term debt repayments were $1,503M; dividends paid were $3,086M; share repurchases were $591M.
Did Abbott record restructuring charges in 2025?
Yes. $197 million in employee‑related and other charges and $25 million in asset impairments to streamline diagnostics and devices.
What are Abbott’s remaining performance obligations?
As of September 30, 2025: $6.0B in Diagnostics and $436M in Medical Devices tied to consumables and service contracts.
How many Abbott shares were outstanding at quarter‑end?
As of September 30, 2025, common shares outstanding were 1,738,871,947.
Abbott Labs
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Oct 15, 2025
[8-K] ABBOTT LABORATORIES Reports Material Event
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Medical Devices
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