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Form 10-K - Annual report [Section 13 and 15(d), not S-K Item 405]

Abbott Laboratories

Abbott Laboratories: COVID-19 Impact on Financial Performance
Current Analysis:
Abbott Laboratories has had a successful few years, despite the COVID-19 pandemic. Despite the pandemic, Abbott has managed to increase total sales since 2020 due to the introduction of new products across various businesses, as well as higher sales of existing products. Sales in emerging markets increased 5.6 percent in 2022 and 19.6 percent in 2021, excluding the impact of foreign exchange. In the US, Abbott’s sales increased 8.8 percent in 2022 and 3.5 percent in 2021, excluding the impact of foreign exchange. Abbott’s COVID-19 testing-related sales totaled approximately $8.4 billion in 2022, $7.7 billion in 2021, and $3.9 billion in 2020.

Forward-Looking Analysis:
Abbott is continually monitoring the effects of the pandemic on its operations and is taking aggressive steps to limit exposure to COVID-19 and enhance the safety of facilities for its employees. On January 30, 2023, the U.S. government announced that it plans to end the COVID-19 public health emergency on May 11, 2023. Abbott is evaluating the potential impacts of the end of the public health emergency, and it will continue to monitor further regulatory actions from relevant U.S. government agencies and assess potential impacts on pandemic-related government policies and product authorizations. Abbott expects the COVID-19 pandemic to shift to an endemic state in 2023, which would likely result in significantly lower demand for COVID-19 tests. Despite the uncertainly of the pandemic, Abbott has been able to maintain a successful financial performance and is well-positioned for future growth.

Announcement: ABT 10-K Annual Report