Healthcare multinational Abbott Laboratories (NYSE:ABT) battled negative Covid-19-related comparables in the 2023 financial year, causing an 8.1% fall in group-wide revenues to $40.1 billion.
However, organic revenues when excluding the impact of these comparables revealed steady double-digit top-line growth of 11.6%.
Negative Covid-19 comparables caused a 38% year-on-year fall in organic sales in the broader diagnostics segment to $10 billion, with Covid-19 test sales totalling just $1.6 billion compared to $8.4 billion in 2022.
But excluding the impact of negative Covid-19 comparables, diagnostic sales actually increased by 5.8%.
Sales within the nutrition segment surged 9.3% year on year, with the established pharmaceuticals segment increasing by 3.1% when including foreign exchange impacts.
Net earnings of $5.7 billion generated adjusted earnings per share (EPS) of $4.44 ($3.26 on a GAAP basis), squarely hitting the guidance outlined in the third quarter on the head.
"The strength and diversity of the Abbott portfolio drove our success in 2023," said Robert B. Ford, chairman and chief executive officer. "We're entering 2024 with a lot of positive momentum, and with our highly productive pipeline, we're well-positioned for growth in 2024 and beyond."
Abbott issued full-year 2024 guidance for EPS of $3.20 to $3.40, or $4.50 to $4.70 on an adjusted basis.
The company expects full-year 2024 organic sales growth, excluding Covid-19 testing-related sales, to be in the range of 8% to 10%.
Abbott announced its 400th consecutive quarterly dividend of $0.55 per share.