Abbott Reports Fourth-Quarter and Full-Year 2024 Results; Issues 2025 Financial Outlook

— Fourth-quarter sales of $11.0 billion; full-year 2024 sales of $42.0 billion

— Fourth-quarter reported sales increased 7.2 percent; organic sales growth for the underlying base business increased 10.1 percent1

— Full-year 2024 reported sales increased 4.6 percent; organic sales growth for the underlying base business increased 9.6 percent2

— Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%

Abbott (NYSE: ABT) today announced financial results for the fourth quarter ended Dec. 31, 2024.

— Fourth-quarter sales increased 7.2 percent on a reported basis, 8.8 percent on an organic basis, and 10.1 percent on an organic basis, excluding COVID-19 testing-related sales.

— Fourth-quarter GAAP diluted EPS of $5.27 and adjusted diluted EPS of $1.34, which excludes specified items (see table titled “Non-GAAP Reconciliation of Financial Information”).

— Full-year 2024 sales of $42.0 billion increased 4.6 percent on a reported basis, 7.1 percent on an organic basis, and 9.6 percent on an organic basis, excluding COVID-19 testing-related sales.

— Full-year 2024 gross margin as a percent of sales improved 60 basis points on a GAAP basis compared to 2023 and improved 70 basis points on an adjusted basis.

— Full-year 2024 GAAP diluted EPS of $7.64 and adjusted diluted EPS of $4.67, which excludes specified items (see table titled “Non-GAAP Reconciliation of Financial Information”).

— For the full-year 2024, Abbott achieved the upper end of the initial guidance ranges the company provided in January 2024 for both organic sales growth and adjusted earnings per share.

— During 2024, Abbott announced more than 15 new growth opportunities coming from the company's highly productive R&D pipeline. These include a combination of new product approvals and new treatment indications.

— Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.

— Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales, which reflects an increase of 150 basis points at the midpoint compared to 2024.

— Abbott projects full-year 2025 adjusted diluted EPS of $5.05 to $5.25, which reflects double-digit growth at the midpoint.

“We finished the year with very strong momentum. Sales growth and earnings per share growth in the fourth quarter were the highest of the year,” said Robert B. Ford, chairman and chief executive officer, Abbott. “We continued our track record for delivering on our commitments by achieving the upper end of our initial guidance ranges for 2024 and are well-positioned to deliver another year of strong growth in 2025.”

FOURTH-QUARTER BUSINESS OVERVIEW Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange and the impact of discontinuing the ZonePerfect® product line in the Nutrition business, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance in 2024, as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

Note: 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.

Fourth Quarter 2024 Results (4Q24)Sales 4Q24 ($ in millions) Total Company Nutrition Diagnostics Established Medical Devices PharmaceuticalsU.S. 4,341 928 1,055 – 2,353International 6,633 1,201 1,465 1,268 2,699Total reported 10,974 2,129 2,520 1,268 5,052% Change vs. 4Q23U.S. 10.0 8.0 3.5 n/a 14.0International 5.4 2.0 (3.4) 3.8 13.5Total reported 7.2 4.5 (0.6) 3.8 13.7Impact of foreign exchange (1.4) (1.7) (1.6) (4.7) (0.3)Impact of business exit* (0.2) (0.9) – – -Organic 8.8 7.1 1.0 8.5 14.0Impact of COVID-19 testing sales (3) (1.3) – (5.1) – -Organic (excluding COVID-19 tests) 10.1 7.1 6.1 8.5 14.0U.S. 13.5 10.0 15.9 n/a 14.0International 8.1 4.9 0.8 8.5 14.0Full-Year 2024 Results (12M24)Sales 12M24 ($ in millions) Total Company Nutrition Diagnostics Established Medical Devices PharmaceuticalsU.S. 16,323 3,689 3,830 – 8,788International 25,627 4,724 5,511 5,194 10,198Total reported 41,950 8,413 9,341 5,194 18,986% Change vs. 12M23U.S. 5.6 8.1 (11.5) n/a 14.2International 3.9 (0.4) (2.6) 2.5 11.0Total reported 4.6 3.2 (6.5) 2.5 12.4Impact of foreign exchange (2.6) (2.7) (2.6) (6.7) (1.3)Impact of business exit and acquisition* 0.1 (0.5) – – 0.3Organic 7.1 6.4 (3.9) 9.2 13.4Impact of COVID-19 testing sales (3) (2.5) – (9.1) – -Organic (excluding COVID-19 tests) 9.6 6.4 5.2 9.2 13.4U.S. 10.9 9.2 6.3 n/a 13.5International 8.8 4.4 4.5 9.2 13.3

Refer to table titled “Non-GAAP Revenue Reconciliation” for a reconciliation of adjusted historical revenue to reported revenue.

*Quarter to date Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business in March 2024. Full-year Dec. 31, 2024, reflects the impact of discontinuing the ZonePerfect product line in the Nutrition business in March 2024 and the acquisition of CSI on April 27, 2023. Organic sales growth excludes the impact of the acquired business from January through April 2024.NutritionFourth Quarter 2024 Results (4Q24)Sales 4Q24 ($ in millions) Total Pediatric AdultU.S. 928 562 366International 1,201 438 763Total reported 2,129 1,000 1,129% Change vs. 4Q23U.S. 8.0 11.3 3.2International 2.0 (8.9) 9.5Total reported 4.5 1.5 7.4Impact of foreign exchange (1.7) (1.0) (2.3)Impact of business exit* (0.9) – (1.7)Organic 7.1 2.5 11.4U.S. 10.0 11.3 8.1International 4.9 (6.7) 13.0

Worldwide Nutrition sales increased 4.5 percent on a reported basis and increased 7.1 percent on an organic basis in the fourth quarter.

In Pediatric Nutrition, global sales increased 1.5 percent on a reported basis and 2.5 percent on an organic basis. Sales in the U.S. reflect continued market share gains in the infant formula business.

In Adult Nutrition, global sales increased 7.4 percent on a reported basis and 11.4 percent on an organic basis, which was led by strong growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading brand of products designed to meet the nutritional requirements for people with diabetes.

Full-Year 2024 Results (12M24)Sales 12M24 ($ in millions) Total Pediatric AdultU.S. 3,689 2,208 1,481International 4,724 1,815 2,909Total reported 8,413 4,023 4,390% Change vs. 12M23U.S. 8.1 11.7 3.2International (0.4) (7.3) 4.5Total reported 3.2 2.2 4.0Impact of foreign exchange (2.7) (1.5) (4.0)Impact of business exit* (0.5) – (0.9)Organic 6.4 3.7 8.9U.S. 9.2 11.7 5.8International 4.4 (4.3) 10.5*Reflects the impact of discontinuing the ZonePerfect® product line. This action was initiated in March 2024.DiagnosticsFourth Quarter 2024 Results (4Q24)Sales 4Q24 ($ in millions) Total Core Laboratory Molecular Point of Care Rapid DiagnosticsU.S. 1,055 363 38 100 554International 1,465 1,024 99 47 295Total reported 2,520 1,387 137 147 849% Change vs. 4Q23U.S. 3.5 11.6 (13.9) (6.1) 2.1International (3.4) (1.9) (9.1) 11.0 (7.9)Total reported (0.6) 1.3 (10.5) (1.3) (1.6)Impact of foreign exchange (1.6) (2.5) (0.3) 0.1 (0.6)Organic 1.0 3.8 (10.2) (1.4) (1.0)Impact of COVID-19 testing sales (3) (5.1) (0.2) (2.8) – (17.4)Organic (excluding COVID-19 tests) 6.1 4.0 (7.4) (1.4) 16.4U.S. 15.9 11.9 (7.2) (6.1) 30.0International 0.8 1.5 (7.5) 10.7 (0.6)

As expected, Diagnostics sales growth in the fourth quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales3. Worldwide COVID-19 testing sales were $176 million in the fourth quarter of 2024 compared to $288 million in the fourth quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 4.3 percent on a reported basis and increased 6.1 percent on an organic basis.

Excluding COVID-19 testing-related sales, growth in Rapid Diagnostics was driven by strong demand for Abbott's portfolio of respiratory disease tests used to diagnose influenza, strep throat, and respiratory syncytial virus (RSV).

Full-Year 2024 Results (12M24)Sales 12M24 ($ in millions) Total Core Laboratory Molecular Point of Care Rapid DiagnosticsU.S. 3,830 1,332 150 408 1,940International 5,511 3,903 371 180 1,057Total reported 9,341 5,235 521 588 2,997% Change vs. 12M23U.S. (11.5) 7.2 (12.7) 3.1 (23.0)International (2.6) (0.3) (7.7) 6.4 (9.8)Total reported (6.5) 1.5 (9.2) 4.1 (18.8)Impact of foreign exchange (2.6) (4.1) (0.7) – (1.0)Organic (3.9) 5.6 (8.5) 4.1 (17.8)Impact of COVID-19 testing sales (3) (9.1) (0.2) (5.3) – (23.8)Organic (excluding COVID-19 tests) 5.2 5.8 (3.2) 4.1 6.0U.S. 6.3 7.5 (4.3) 3.1 7.4International 4.5 5.3 (2.8) 6.5 3.8Established PharmaceuticalsFourth Quarter 2024 Results (4Q24)Sales 4Q24 ($ in millions) Total Key Emerging Other MarketsU.S. – – -International 1,268 948 320Total reported 1,268 948 320% Change vs. 4Q23U.S. n/a n/a n/aInternational 3.8 3.3 5.2Total reported 3.8 3.3 5.2Impact of foreign exchange (4.7) (5.5) (2.6)Organic 8.5 8.8 7.8U.S. n/a n/a n/aInternational 8.5 8.8 7.8

Established Pharmaceuticals sales increased 3.8 percent on a reported basis and 8.5 percent on an organic basis in the fourth quarter.

Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 3.3 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including gastroenterology, women's health, and central nervous system/pain management.

Full-Year 2024 Results (12M24)Sales 12M24 ($ in millions) Total Key Emerging Other MarketsU.S. – – -International 5,194 3,858 1,336Total reported 5,194 3,858 1,336% Change vs. 12M23U.S. n/a n/a n/aInternational 2.5 1.3 6.1Total reported 2.5 1.3 6.1Impact of foreign exchange (6.7) (8.2) (2.3)Organic 9.2 9.5 8.4U.S. n/a n/a n/aInternational 9.2 9.5 8.4Medical DevicesFourth Quarter 2024 Results (4Q24)Sales 4Q24 ($ in millions) Total Rhythm Electro- Heart Vascular Structural Neuro- Diabetes Management physiology Failure Heart modulation CareU.S. 2,353 303 300 253 269 290 204 734International 2,699 321 343 78 456 319 53 1,129Total reported 5,052 624 643 331 725 609 257 1,863% Change vs. 4Q23U.S. 14.0 6.0 7.7 11.5 9.7 25.7 4.2 22.0International 13.5 8.2 8.8 5.0 5.7 19.5 23.9 18.8Total reported 13.7 7.1 8.3 9.9 7.1 22.4 7.7 20.1Impact of foreign exchange (0.3) (0.1) (0.5) 0.3 0.3 (0.2) (0.7) (0.5)Organic 14.0 7.2 8.8 9.6 6.8 22.6 8.4 20.6U.S. 14.0 6.0 7.7 11.5 9.7 25.7 4.2 22.0International 14.0 8.4 9.8 4.1 5.2 20.0 27.8 19.7

Worldwide Medical Devices sales increased 13.7 percent on a reported basis and 14.0 percent on an organic basis in the fourth quarter, including double-digit growth in both the U.S. and internationally.

Several products contributed to the strong performance, including FreeStyle Libre®, Navitor®, TriClip®, Amplatzer® Amulet®, and AVEIR®.

In Diabetes Care, sales of continuous glucose monitors were $1.8 billion and grew 22.7 percent on a reported basis and 22.8 percent on an organic basis.

For the full-year 2024, Medical Devices sales were $19 billion and increased more than $2 billion compared to the previous year.

Full-Year 2024 Results (12M24)Sales 12M24 ($ in millions) Total Rhythm Electro- Heart Vascular Structural Neuro- Diabetes Management physiology Failure Heart modulation CareU.S. 8,788 1,154 1,141 986 1,056 1,051 767 2,633International 10,198 1,236 1,326 293 1,781 1,195 195 4,172Total reported 18,986 2,390 2,467 1,279 2,837 2,246 962 6,805% Change vs. 12M23U.S. 14.2 6.3 13.2 11.1 8.0 19.0 5.9 23.6International 11.0 5.7 11.6 7.3 4.6 12.6 18.4 14.9Total reported 12.4 6.0 12.3 10.2 5.8 15.5 8.2 18.1Impact of foreign exchange (1.3) (0.9) (2.1) (0.1) (0.9) (1.5) (1.3) (1.6)Impact of acquisition* 0.3 – – – 2.1 – – -Organic 13.4 6.9 14.4 10.3 4.6 17.0 9.5 19.7U.S. 13.5 6.3 13.2 11.1 2.5 19.0 5.9 23.6International 13.3 7.5 15.4 7.6 5.8 15.3 25.5 17.3*Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.

ABBOTT'S GUIDANCE Abbott projects full-year 2025 organic sales growth to be in the range of 7.5% to 8.5%.

Abbott projects full-year 2025 adjusted operating margin to be 23.5% to 24.0% of sales.

Abbott projects full-year 2025 adjusted diluted earnings per share of $5.05 to $5.25 and first-quarter 2025 adjusted diluted earnings per share of $1.05 to $1.09.

Abbott has not provided the related GAAP financial measures on a forward-looking basis for these forward-looking non-GAAP financial measures because the company is unable to predict with reasonable certainty and without unreasonable effort the timing and impact of certain items such as restructuring and cost reduction initiatives, charges for intangible asset impairments, acquisition-related expenses, and foreign exchange, which could significantly impact Abbott's results in accordance with GAAP.

ABBOTT DECLARES 404thCONSECUTIVE QUARTERLY DIVIDEND On Dec. 13, 2024, the board of directors of Abbott declared the company's quarterly dividend of $0.59 per share. Abbott's cash dividend is payable Feb. 14, 2025, to shareholders of record at the close of business on Jan. 15, 2025.

Abbott has increased its dividend payout for 53 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.

About Abbott: Abbott is a global healthcare leader that helps people live more fully at all stages of life. Our portfolio of life-changing technologies spans the spectrum of healthcare, with leading businesses and products in diagnostics, medical devices, nutritionals and branded generic medicines. Our 114,000 colleagues serve people in more than 160 countries.

Connect with us atwww.abbott.comand onLinkedIn, Facebook, Instagram, X and YouTube.

Abbott will live-webcast its fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8:30 a.m. Central time today. An archived edition of the webcast will be available later in the day.

Private Securities Litigation Reform Act of 1995 – A Caution Concerning Forward-Looking Statements

Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements 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 Dec. 31, 2023, 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.

1 In the fourth quarter of 2024, total worldwide sales were $10.974 billion and COVID-19 testing-related sales were $176 million. In the fourth quarter of 2023, total worldwide sales were $10.241 billion and COVID-19 testing-related sales were $288 million.2 In the full-year 2024, total worldwide sales were $41.950 billion and COVID-19 testing related sales were $747 million. In the full-year 2023, total worldwide sales were $40.109 billion and COVID-19 testing sales were $1.586 billion.3 Diagnostic sales and COVID-19 testing-related sales in 2024 and 2023 are summarized below: Sales 4Q24 COVID Tests Sales 4Q24($ in millions) U.S. Int'l Total U.S. Int'l TotalTotal Diagnostics 1,055 1,465 2,520 134 42 176Core Laboratory 363 1,024 1,387 1 1 2Molecular 38 99 137 1 1 2Rapid Diagnostics 554 295 849 132 40 172 Sales 4Q23 COVID Tests Sales 4Q23($ in millions) U.S. Int'l Total U.S. Int'l TotalTotal Diagnostics 1,020 1,514 2,534 224 64 288Core Laboratory 326 1,044 1,370 1 3 4Molecular 44 109 153 5 2 7Rapid Diagnostics 543 319 862 218 59 277 Sales 12M24 COVID Tests Sales 12M24($ in millions) U.S. Int'l Total U.S. Int'l TotalTotal Diagnostics 3,830 5,511 9,341 562 185 747Core Laboratory 1,332 3,903 5,235 4 6 10Molecular 150 371 521 8 4 12Rapid Diagnostics 1,940 1,057 2,997 550 175 725 Sales 12M23 COVID Tests Sales 12M23($ in millions) U.S. Int'l Total U.S. Int'l TotalTotal Diagnostics 4,329 5,659 9,988 1,255 331 1,586Core Laboratory 1,243 3,916 5,159 7 13 20Molecular 172 402 574 24 19 43Rapid Diagnostics 2,518 1,172 3,690 1,224 299 1,523Abbott Laboratories and SubsidiariesCondensed Consolidated Statement of EarningsFourth Quarter Ended December31, 2024 and 2023(in millions, except per share data)(unaudited) 4Q24 4Q23 % ChangeNet Sales $10,974 $10,241 7.2Cost of products sold, excluding amortization expense 4,942 4,556 8.5Amortization of intangible assets 465 481 (3.1)Research and development 749 700 7.0Selling, general, and administrative 2,907 2,724 6.7Total Operating Cost and Expenses 9,063 8,461 7.1Operating Earnings 1,911 1,780 7.4Interest expense, net 45 70 (35.6)Net foreign exchange (gain) loss (10) 24 n/mOther (income) expense, net (154) (109) n/mEarnings before taxes 2,030 1,795 13.1Taxes on earnings (7,199) 201 n/m 1)Net Earnings $9,229 $1,594 n/mNet Earnings excluding Specified Items, as described below $2,349 $2,094 12.2 2)Diluted Earnings per Common Share $5.27 $0.91 n/mDiluted Earnings per Common Share, $1.34 $1.19 12.6 2)excluding Specified Items, as described belowAverage Number of Common Shares Outstanding 1,746 1,748Plus Dilutive Common Stock OptionsNOTES:See table titled “Non-GAAP Reconciliation of Financial Information” for an explanation of certain non-GAAP financial information.n/m = Percent change is not meaningful.See footnotes on the following section.1) 2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.2) 2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $6.880 billion, or $3.93 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and other net expenses. 2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $500 million, or $0.28 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.Abbott Laboratories and SubsidiariesCondensed Consolidated Statement of EarningsTwelve Months Ended December31, 2024 and 2023(in millions, except per share data)(unaudited) 12M24 12M23 % ChangeNet Sales $41,950 $40,109 4.6Cost of products sold, excluding amortization expense 18,706 17,975 4.1Amortization of intangible assets 1,878 1,966 (4.4)Research and development 2,844 2,741 3.8Selling, general, and administrative 11,697 10,949 6.8Total Operating Cost and Expenses 35,125 33,631 4.4Operating Earnings 6,825 6,478 5.4Interest expense, net 215 252 (14.5)Net foreign exchange (gain) loss (27) 41 n/mOther (income) expense, net (376) (479) n/mEarnings before taxes 7,013 6,664 5.2Taxes on earnings (6,389) 941 n/m 1)Net Earnings $13,402 $5,723 n/mNet Earnings excluding Specified Items, as described below $8,200 $7,802 5.1 2)Diluted Earnings per Common Share $7.64 $3.26 n/mDiluted Earnings per Common Share, $4.67 $4.44 5.2 2)excluding Specified Items, as described belowAverage Number of Common Shares Outstanding 1,748 1,749Plus Dilutive Common Stock OptionsNOTES:See table title “Non-GAAP Reconciliation of Financial Information” for an explanation of certain non-GAAP financial information.n/m = Percent change is not meaningful.See footnotes on the following section.1) 2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions. 2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.2) 2024 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax benefits of $5.202 billion, or $2.97 per share, for non-cash valuation allowance adjustments, intangible amortization, charges related to intangible impairments, expenses associated with restructuring actions, acquisitions and a divestiture, and other net expenses. 2023 Net Earnings and Diluted Earnings per Common Share, excluding Specified Items, excludes net after-tax charges of $2.079 billion, or $1.18 per share, for intangible amortization, charges related to restructuring and cost reduction initiatives, expenses associated with acquisitions and other net expenses.Abbott Laboratories and SubsidiariesNon-GAAP Reconciliation of Financial InformationFourth Quarter Ended December31, 2024 and 2023(in millions, except per share data)(unaudited) 4Q24 As Specified As Reported Items Adjusted (GAAP)Intangible Amortization $ 465 $ (465) $ -Gross Margin 5,567 673 6,240R&D 749 (59) 690SG&A 2,907 (21) 2,886Other (income) expense, net (154) 20 (134)Earnings before taxes 2,030 733 2,763Taxes on Earnings (7,199) 7,613 414Net Earnings 9,229 (6,880) 2,349Diluted Earnings per Share $ 5.27 $ (3.93) $ 1.34

Specified items reflect intangible amortization expense of $465 million and other net expenses of $268 million associated with intangible impairments, restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.

4Q23 As Specified As Reported Items Adjusted (GAAP)Intangible Amortization $ 481 $ (481) $ -Gross Margin 5,204 518 5,722R&D 700 (78) 622SG&A 2,724 (35) 2,689Other (income) expense, net (109) (9) (118)Earnings before taxes 1,795 640 2,435Taxes on Earnings 201 140 341Net Earnings 1,594 500 2,094Diluted Earnings per Share $ 0.91 $ 0.28 $ 1.19

Specified items reflect intangible amortization expense of $481 million and other net expenses of $159 million associated with restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.

Abbott Laboratories and SubsidiariesNon-GAAP Reconciliation of Financial InformationTwelve Months Ended December31, 2024 and 2023(in millions, except per share data)(unaudited) 12M24 As Specified As Reported Items Adjusted (GAAP)Intangible Amortization $ 1,878 $ (1,878) $ -Gross Margin 21,366 2,213 23,579R&D 2,844 (140) 2,704SG&A 11,697 (117) 11,580Other (income) expense, net (376) (163) (539)Earnings before taxes 7,013 2,633 9,646Taxes on Earnings (6,389) 7,835 1,446Net Earnings 13,402 (5,202) 8,200Diluted Earnings per Share $ 7.64 $ (2.97) $ 4.67

Specified items reflect intangible amortization expense of $1.878 billion and other net expenses of $755 million associated with intangible impairments, restructuring actions, acquisitions, a divestiture and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.

12M23 As Specified As Reported Items Adjusted (GAAP)Intangible Amortization $ 1,966 $ (1,966) $ -Gross Margin 20,168 2,109 22,277R&D 2,741 (222) 2,519SG&A 10,949 (102) 10,847Other (income) expense, net (479) 25 (454)Earnings before taxes 6,664 2,408 9,072Taxes on Earnings 941 329 1,270Net Earnings 5,723 2,079 7,802Diluted Earnings per Share $ 3.26 $ 1.18 $ 4.44

Specified items reflect intangible amortization expense of $1.966 billion and other net expenses of $442 million associated with restructuring actions, acquisitions and other net expenses. See table titled “Details of Specified Items” for additional details regarding specified items.

A reconciliation of the fourth-quarter tax rates for 2024 and 2023 is shown below:

4Q24($ in millions) Pre-Tax Taxes on Tax Income Earnings RateAs reported (GAAP) $ 2,030 $ (7,199) (354.6%) 1)Specified items 733 7,613Excluding specified items $ 2,763 $ 414 15.0% 4Q23($ in millions) Pre-Tax Taxes on Tax Income Earnings RateAs reported (GAAP) $ 1,795 $ 201 11.2% 2)Specified items 640 140Excluding specified items $ 2,435 $ 341 14.0%

A reconciliation of the year-to-date tax rates for 2024 and 2023 is shown below:

12M24($ in millions) Pre-Tax Taxes on Tax Income Earnings RateAs reported (GAAP) $ 7,013 $ (6,389) (91.1%) 1)Specified items 2,633 7,835Excluding specified items $ 9,646 $ 1,446 15.0% 12M23($ in millions) Pre-Tax Taxes on Tax Income Earnings RateAs reported (GAAP) $ 6,664 $ 941 14.1% 2)Specified items 2,408 329Excluding specified items $ 9,072 $ 1,270 14.0%1) 2024 Taxes on Earnings includes $7.497 billion in non-cash valuation allowance adjustments resulting from the restructuring of certain foreign affiliates and the confirmation of certain tax filing positions.2) 2023 Taxes on Earnings includes the recognition of approximately $80 million of net tax expense as a result of the resolution of various tax positions related to prior years.Abbott Laboratories and SubsidiariesNon-GAAP Revenue ReconciliationFourth Quarter and TwelveMonths Ended December31, 2024and 2023($ in millions)(unaudited) 4Q24 4Q23 % Change vs. 4Q23 Non-GAAP Abbott Impact Adjusted Abbott Impact Adjusted Reported Adjusted Organic Reported from Revenue Reported from Revenue business business exit (b) exit (b)Total Company 10,974 (1) 10,973 10,241 (17) 10,224 7.2 7.4 8.8U.S. 4,341 (1) 4,340 3,949 (17) 3,932 10.0 10.4 10.4Intl 6,633 – 6,633 6,292 – 6,292 5.4 5.4 7.7Total Nutrition 2,129 (1) 2,128 2,038 (17) 2,021 4.5 5.4 7.1U.S. 928 (1) 927 860 (17) 843 8.0 10.0 10.0Intl 1,201 – 1,201 1,178 – 1,178 2.0 2.0 4.9Adult Nutrition 1,129 (1) 1,128 1,053 (17) 1,036 7.4 9.1 11.4U.S. 366 (1) 365 355 (17) 338 3.2 8.1 8.1Intl 763 – 763 698 – 698 9.5 9.5 13.0Total Medical Devices 5,052 – 5,052 4,443 – 4,443 13.7 13.7 14.0U.S. 2,353 – 2,353 2,065 – 2,065 14.0 14.0 14.0Intl 2,699 – 2,699 2,378 – 2,378 13.5 13.5 14.0Vascular 725 – 725 677 – 677 7.1 7.1 6.8U.S. 269 – 269 245 – 245 9.7 9.7 9.7Intl 456 – 456 432 – 432 5.7 5.7 5.2 12M24 12M23 % Change vs. 12M23 Non-GAAP Abbott Impact of Impact from Adjusted Abbott Impact from Adjusted Reported Adjusted Organic Reported acquisition business exit Revenue Reported business exit Revenue (a) (b) (b)Total Company 41,950 (57) (14) 41,879 40,109 (49) 40,060 4.6 4.5 7.1U.S. 16,323 (53) (14) 16,256 15,452 (49) 15,403 5.6 5.5 5.5Intl 25,627 (4) – 25,623 24,657 – 24,657 3.9 3.9 8.1Total Nutrition 8,413 – (14) 8,399 8,154 (49) 8,105 3.2 3.7 6.4U.S. 3,689 – (14) 3,675 3,413 (49) 3,364 8.1 9.2 9.2Intl 4,724 – – 4,724 4,741 – 4,741 (0.4) (0.4) 4.4Adult Nutrition 4,390 – (14) 4,376 4,220 (49) 4,171 4.0 4.9 8.9U.S. 1,481 – (14) 1,467 1,436 (49) 1,387 3.2 5.8 5.8Intl 2,909 – – 2,909 2,784 – 2,784 4.5 4.5 10.5Total Medical Devices 18,986 (57) – 18,929 16,887 – 16,887 12.4 12.1 13.4U.S. 8,788 (53) – 8,735 7,696 – 7,696 14.2 13.5 13.5Intl 10,198 (4) – 10,194 9,191 – 9,191 11.0 10.9 13.3Vascular 2,837 (57) – 2,780 2,681 – 2,681 5.8 3.7 4.6U.S. 1,056 (53) – 1,003 978 – 978 8.0 2.5 2.5Intl 1,781 (4) – 1,777 1,703 – 1,703 4.6 4.4 5.8(a) Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.(b) Reflects the impact of discontinuing the ZonePerfect® product line in the Nutrition business. This action was initiated in March 2024.Abbott Laboratories and SubsidiariesDetails of Specified ItemsFourthQuarter Ended December31, 2024(in millions, except per share data)(unaudited) Acquisition or Restructuring Intangible Other (c) Total Divestiture- and Cost Amortization Specifieds related (a) Reduction Initiatives (b)Gross Margin $ – $ 49 $ 465 $ 159 $ 673R&D (1) (20) – (38) (59)SG&A (5) (22) – 6 (21)Other (income) expense, net (2) – – 22 20Earnings before taxes $ 8 $ 91 $ 465 $ 169 733Taxes on Earnings (d) 7,613Net Earnings $ (6,880)Diluted Earnings per Share $ (3.93)The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”a) Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses.b) Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.c) Other includes incremental costs to comply with the European Union's Medical Device Regulations (MDR) and In Vitro Diagnostics Medical Device Regulations (IVDR) requirements for previously approved products and intangible asset impairment charges.d) Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.Abbott Laboratories and SubsidiariesDetails of Specified ItemsFourth Quarter Ended December31, 2023(in millions, except per share data)(unaudited) Acquisition or Restructuring Intangible Other (c) Total Divestiture- and Cost Amortization Specifieds related (a) Reduction Initiatives (b)Gross Margin $ 1 $ 29 $ 481 $ 7 $ 518R&D (6) (4) – (68) (78)SG&A (15) (5) – (15) (35)Other (income) expense, net (6) – – (3) (9)Earnings before taxes $ 28 $ 38 $ 481 $ 93 640Taxes on Earnings (d) 140Net Earnings $ 500Diluted Earnings per Share $ 0.28The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”a) Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as legal and other costs related to business acquisitions.b) Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.c) Other includes incremental costs to comply with the MDR and IVDR requirements for previously approved products and charges for intangible asset impairments.d) Reflects the net tax benefit associated with the specified items.Abbott Laboratories and SubsidiariesDetails of Specified ItemsTwelve Months Ended December31, 2024(in millions, except per share data)(unaudited) Acquisition or Restructuring Intangible Other (c) Total Divestiture- and Cost Amortization Specifieds related (a) Reduction Initiatives (b)Gross Margin $ 2 $ 125 $ 1,878 $ 208 $ 2,213R&D (5) (21) – (114) (140)SG&A (37) (39) – (41) (117)Other (income) expense, net (155) – – (8) (163)Earnings before taxes $ 199 $ 185 $ 1,878 $ 371 2,633Taxes on Earnings (d) 7,835Net Earnings $ (5,202)Diluted Earnings per Share $ (2.97)The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”a) Includes the loss on the sale of a non-core business. Acquisition-related expenses include integration costs, which represent incremental costs directly related to integrating acquired businesses, as well as other costs related to business acquisitions.b) Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.c) Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for investment and intangible asset impairments.d) Reflects the net tax benefit associated with the specified items, including non-cash valuation allowance adjustments.Abbott Laboratories and SubsidiariesDetails of Specified ItemsTwelve Months Ended December31, 2023(in millions, except per share data)(unaudited) Acquisition or Restructuring Intangible Other (c) Total Divestiture- and Cost Amortization Specifieds related (a) Reduction Initiatives (b)Gross Margin $ 16 $ 80 $ 1,966 $ 47 $ 2,109R&D (19) (9) – (194) (222)SG&A (58) (33) – (11) (102)Other (income) expense, net 40 – – (15) 25Earnings before taxes $ 53 $ 122 $ 1,966 $ 267 2,408Taxes on Earnings (d) 329Net Earnings $ 2,079Diluted Earnings per Share $ 1.18The table above provides additional details regarding the specified items described on table titled “Non-GAAP Reconciliation of Financial Information.”a) Acquisition-related expenses include legal and other costs related to business acquisitions as well as integration costs, which represent incremental costs directly related to integrating acquired businesses.b) Restructuring and cost reduction initiative expenses include severance, outplacement and other direct costs associated with specific restructuring plans and cost reduction initiatives.c) Other includes incremental costs to comply with the MDR and IVDR regulations for previously approved products and charges for intangible asset impairments.d) Reflects the net tax benefit associated with the specified items.

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