abt-20230331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023


o			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

ABBOTT LABORATORIES


An Illinois Corporation			I.R.S. Employer Identification No.
			36-0698440

100 Abbott Park Road

Abbott Park, Illinois 60064-6400

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
Common Shares, Without Par Value	ABT	New York Stock Exchange Chicago Stock Exchange, Inc.

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.


Large Accelerated Filer x			Accelerated Filer o

Non-Accelerated Filer o			Smaller reporting company o

			Emerging growth company 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 March 31, 2023, Abbott Laboratories had 1,738,946,799 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			7
Notes to the Condensed Consolidated Financial Statements			8

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations			20

Item 4. Controls and Procedures			25

Part II - Other Information			25

Item 1. Legal Proceedings			25

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			25

Item 6. Exhibits			26

Signature			27

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
	March 31
	2023		2022
Net sales	$	9,747	$	11,895

Cost of products sold, excluding amortization of intangible assets	4,331		4,987
Amortization of intangible assets	491		512
Research and development	654		697
Selling, general and administrative	2,762		2,787
Total operating cost and expenses	8,238		8,983

Operating earnings	1,509		2,912

Interest expense	153		131
Interest (income)	(101)		(14)
Net foreign exchange (gain) loss	6		(3)
Other (income) expense, net	(111)		(78)
Earnings before taxes	1,562		2,876
Taxes on earnings	244		429
Net Earnings	$	1,318	$	2,447

Basic Earnings Per Common Share	$	0.75	$	1.38

Diluted Earnings Per Common Share	$	0.75	$	1.37

Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share	1,741,738		1,761,911
Dilutive Common Stock Options	9,977		12,631
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options	1,751,715		1,774,542

Outstanding Common Stock Options Having No Dilutive Effect	7,332		2,655

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Statement of Comprehensive Income

(Unaudited)

(dollars in millions)


	Three Months Ended
	March 31
	2023		2022
Net Earnings	$	1,318	$	2,447
Foreign currency translation gain (loss) adjustments	139		(106)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $— in 2023 and $13 in 2022	2		62
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $(58) in 2023 and $(15) in 2022	(129)		(56)
Other comprehensive income (loss)	12		(100)
Comprehensive Income	$	1,330	$	2,347


	March 31, 2023		December 31, 2022
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments	$	(6,594)	$	(6,733)
Net actuarial (losses) and prior service (costs) and credits	(1,491)		(1,493)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges	46		175
Accumulated Other Comprehensive Income (Loss)	$	(8,039)	$	(8,051)

The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.

Table of Contents

Abbott Laboratories and Subsidiaries

Condensed Consolidated Balance Sheet

(Unaudited)

(dollars in millions)


	March 31, 2023		December 31, 2022
Assets
Current Assets:
Cash and cash equivalents	$	9,161	$

SEC Form 10-Q filed by Abbott Laboratories