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- **Organic Growth Momentum**: 7.5% organic sales growth driven by Medical Devices (12.5%) and Established Pharmaceuticals (7%).
- **Star Performers**: CGM sales hit $2B (+17%), EP ablation catheters grow double-digit, and TriClip launched in Japan.
- **2026 Confidence**: CEO reaffirms 7.5% sales and 10% EPS growth targets, citing new products and headwind resolution.
- **Tariff Mitigation**: Gross margin pressure from tariffs, but cost control efforts limit impact.
- **China Recovery**: Diagnostics headwinds expected to ease in 2026, with international growth compensating for China volume declines.

**【CEO Summary Section】**
- **Organic Sales Growth**: 7.5% excluding COVID tests, driven by double-digit growth in Medical Devices (12.5%) and high single-digit growth in Established Pharmaceuticals (7%).
- **Key Product Performances**: 
  - Diabetes Care: Continuous glucose monitor (CGM) sales reached $2B, up 17%.
  - Electrophysiology (EP): Ablation catheters grew double-digit in the U.S. and internationally, with Volt PFA catheter launch in Europe successful.
  - Structural Heart: 11% growth led by TAVR share gains and TriClip adoption in Japan.
- **New Product Contributions**: Recently launched products added $0.5B in sales, with 100+ basis points to organic growth. 2026 outlook includes launches of Volt in the U.S., TactiFlex Duo, and biosimilars.
- **Challenges**: Tariffs impacted gross margin, but cost control measures mitigated部分影响.

**【CFO Financial Commentary】**
- **Adjusted EPS**: $1.30, in line with consensus, reflecting 7.5% organic sales growth and 40 basis points improvement in operating margin.
- **Gross Margin**: 55.8% of sales, down due to tariffs, but tariff mitigation efforts expected to reduce impact in 2026.
- **R&D and SG&A**: 6.4% and 26.4% of sales, respectively, supporting innovation and commercial execution.
- **FX Impact**: 1.4% favorable year-over-year, expected to remain similar in Q4.

**【Q&A Key Highlights】**
- **2026 Outlook**: CEO confident in delivering 7.5% organic sales growth and 10% EPS growth, citing underlying momentum, new product launches, and easing headwinds in Diagnostics.
- **Diabetes Growth**: U.S. CGM growth at 25% YTD, with dual-analyte sensor launch in 2026 targeting intensive insulin users. CMS coverage for non-insulin type 2 diabetes expected in 2026.
- **EP Franchise**: Double-digit growth in 2025, with Volt PFA catheter U.S. launch in mid-2026. EP pipeline includes balloon TAVR and mitral valve replacement trials.
- **China Dynamics**: Diagnostics headwinds from VBP and DRG updates expected to ease in 2026, with international growth offsetting China volume declines.
- **Sustainability of Device Growth**: CRM and Vascular businesses transitioning to mid-single-digit growth, supporting overall Medical Devices double-digit growth.


Abbott Laboratories (ABT) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ABT

ABT fundamentals

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