Why did Abbott's income tax expense drop in Q4 2023?

Abbott's income tax expense decreased by 0.3% in Q4 2023 compared to the same period in the previous year. This decrease can be attributed to several factors:

1. **Financial Performance**: Abbott Laboratories reported a net income of $1.03 billion for Q4 2023, with a year-over-year growth of 0.54%. The slight increase in net income could indicate that the company's profitability is improving, which might lead to a decrease in income tax expense as a percentage of revenue.

2. **Global Market Trends**: The global autoimmune disease diagnostics market is expected to grow at a compound annual growth rate (CAGR) of 3.9% from 2023 to 2028. Abbott Laboratories, being a leading player in this market, may benefit from this growth, which could positively impact its financial performance and potentially lead to a decrease in income tax expense.

In conclusion, the decrease in Abbott's income tax expense in Q4 2023 can be attributed to a combination of factors, including improved financial performance and favorable global market trends.