Abbott Laboratories (ABT)
Market Price (9/18/2026): $102.93 | Market Cap: $179.1 BilInvestor Relations Sector: Health Care | Industry: Health Care Equipment
Abbott Laboratories (ABT)
Market Price (9/18/2026): $102.93Market Cap: $179.1 BilSector: Health CareIndustry: Health Care Equipment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, Dividend Yield is 2.4% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 9.9 Bil, FCF LTM is 7.8 Bil Stock buyback supportStock Buyback 3Y Total is 3.7 Bil Low stock price volatilityVol 12M is 27% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, Show more. | Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -65% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/EPrice/Earnings or Price/(Net Income) is 33x Key risksABT key risks include [1] significant product liability exposure from ongoing infant formula lawsuits, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.4%, Dividend Yield is 2.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 21%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 9.9 Bil, FCF LTM is 7.8 Bil |
| Stock buyback supportStock Buyback 3Y Total is 3.7 Bil |
| Low stock price volatilityVol 12M is 27% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Digital Health & Telemedicine, Aging Population & Chronic Disease, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -44%, 3Y Excs Rtn is -65% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 22x, P/EPrice/Earnings or Price/(Net Income) is 33x |
| Key risksABT key risks include [1] significant product liability exposure from ongoing infant formula lawsuits, Show more. |
Qualitative Assessment
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Abbott Laboratories (ABT) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Abbott Laboratories reported stronger-than-expected fiscal Q2 2026 financial results (ended June 30, 2026) and subsequently raised its full-year guidance, which significantly boosted investor confidence. The company announced adjusted diluted earnings per share of $1.31, surpassing analyst consensus estimates of $1.28 by $0.03. Additionally, quarterly revenue grew 13.0% year-over-year to $12.59 billion, exceeding expectations of $12.52 billion. Following this strong performance, Abbott raised its full-year fiscal 2026 adjusted diluted EPS guidance to a range of $5.45 to $5.60, up from the previous range of $5.38 to $5.58. This positive earnings report and outlook led to a substantial stock surge of nearly 11% on July 16, 2026, the day of the announcement, and a reported 14% overall surge after the results were released.
2. The company demonstrated robust growth and strong operational momentum across several core business segments. In fiscal Q2 2026, Diagnostics sales increased 41.3% on a reported basis, driven by worldwide Core Laboratory Diagnostics and the Cancer Diagnostics business, which benefited from mid-teens growth in Cologuard. Medical Devices also showed strong performance, with reported sales growing 7.9%, particularly led by Electrophysiology, Rhythm Management, Diabetes Care, and Heart Failure franchises. Electrophysiology experienced low-teens growth, bolstered by the U.S. launch and expanding international rollout of the Volt® Pulsed Field Ablation (PFA) System and TactiFlex™ Duo Ablation Catheter, Sensor Enabled™. The Nutrition segment showed a sequential improvement of $127 million compared to fiscal Q1 2026, with management anticipating accelerating growth in the latter half of the year.
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Abbott Laboratories (ABT) stock has gained about 20% since 5/31/2026 because of the following key factors:
1. Abbott Laboratories reported stronger-than-expected fiscal Q2 2026 financial results (ended June 30, 2026) and subsequently raised its full-year guidance, which significantly boosted investor confidence. The company announced adjusted diluted earnings per share of $1.31, surpassing analyst consensus estimates of $1.28 by $0.03. Additionally, quarterly revenue grew 13.0% year-over-year to $12.59 billion, exceeding expectations of $12.52 billion. Following this strong performance, Abbott raised its full-year fiscal 2026 adjusted diluted EPS guidance to a range of $5.45 to $5.60, up from the previous range of $5.38 to $5.58. This positive earnings report and outlook led to a substantial stock surge of nearly 11% on July 16, 2026, the day of the announcement, and a reported 14% overall surge after the results were released.
2. The company demonstrated robust growth and strong operational momentum across several core business segments. In fiscal Q2 2026, Diagnostics sales increased 41.3% on a reported basis, driven by worldwide Core Laboratory Diagnostics and the Cancer Diagnostics business, which benefited from mid-teens growth in Cologuard. Medical Devices also showed strong performance, with reported sales growing 7.9%, particularly led by Electrophysiology, Rhythm Management, Diabetes Care, and Heart Failure franchises. Electrophysiology experienced low-teens growth, bolstered by the U.S. launch and expanding international rollout of the Volt® Pulsed Field Ablation (PFA) System and TactiFlex™ Duo Ablation Catheter, Sensor Enabled™. The Nutrition segment showed a sequential improvement of $127 million compared to fiscal Q1 2026, with management anticipating accelerating growth in the latter half of the year.
3. Key product approvals and advancements in its pipeline contributed to a positive market sentiment. Abbott received CE Mark certification in May 2026 for Libre® Duo, the world's first dual glucose-ketone biowearable sensor, which later received FDA authorization in August 2026. Additionally, on September 8, 2026, the TactiFlex™ Duo Ablation Catheter, Sensor Enabled™, secured U.S. FDA approval for treating atrial fibrillation, including challenging cases. The company also obtained CE Mark for its next-generation Amulet™ 360 left atrial appendage device in August 2026, with a PMA application submitted to the FDA. These new product launches and regulatory milestones underscore Abbott's innovative pipeline and future growth potential in its high-value segments.
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Stock Movement Drivers
Fundamental Drivers
The 21.1% change in ABT stock from 5/31/2026 to 9/18/2026 was primarily driven by a 39.9% change in the company's P/E Multiple.| (LTM values as of) | 5312026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.99 | 102.93 | 21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 45,134 | 46,585 | 3.2% |
| Net Income Margin (%) | 13.9% | 11.6% | -16.3% |
| P/E Multiple | 23.6 | 33.0 | 39.9% |
| Shares Outstanding (Mil) | 1,742 | 1,740 | 0.1% |
| Cumulative Contribution | 21.1% |
Market Drivers
5/31/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ABT | 20.7% | |
| Market (SPY) | 0.9% | -14.1% |
| Sector (XLV) | 12.7% | 62.3% |
Fundamental Drivers
The -10.3% change in ABT stock from 2/28/2026 to 9/18/2026 was primarily driven by a -20.9% change in the company's Net Income Margin (%).| (LTM values as of) | 2282026 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 114.81 | 102.93 | -10.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 44,328 | 46,585 | 5.1% |
| Net Income Margin (%) | 14.7% | 11.6% | -20.9% |
| P/E Multiple | 30.6 | 33.0 | 7.9% |
| Shares Outstanding (Mil) | 1,739 | 1,740 | -0.1% |
| Cumulative Contribution | -10.3% |
Market Drivers
2/28/2026 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ABT | -10.6% | |
| Market (SPY) | 11.6% | 1.4% |
| Sector (XLV) | 5.5% | 58.1% |
Fundamental Drivers
The -20.6% change in ABT stock from 8/31/2025 to 9/18/2026 was primarily driven by a -64.1% change in the company's Net Income Margin (%).| (LTM values as of) | 8312025 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 129.66 | 102.93 | -20.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 43,109 | 46,585 | 8.1% |
| Net Income Margin (%) | 32.4% | 11.6% | -64.1% |
| P/E Multiple | 16.2 | 33.0 | 104.2% |
| Shares Outstanding (Mil) | 1,743 | 1,740 | 0.2% |
| Cumulative Contribution | -20.6% |
Market Drivers
8/31/2025 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ABT | -20.9% | |
| Market (SPY) | 19.4% | 1.9% |
| Sector (XLV) | 24.1% | 50.6% |
Fundamental Drivers
The 6.5% change in ABT stock from 8/31/2023 to 9/18/2026 was primarily driven by a 15.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9182026 | Change |
|---|---|---|---|
| Stock Price ($) | 96.67 | 102.93 | 6.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 40,226 | 46,585 | 15.8% |
| Net Income Margin (%) | 12.8% | 11.6% | -9.2% |
| P/E Multiple | 32.6 | 33.0 | 1.3% |
| Shares Outstanding (Mil) | 1,740 | 1,740 | 0.0% |
| Cumulative Contribution | 6.5% |
Market Drivers
8/31/2023 to 9/18/2026| Return | Correlation | |
|---|---|---|
| ABT | 6.1% | |
| Market (SPY) | 75.6% | 13.1% |
| Sector (XLV) | 32.3% | 50.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ABT Return | 31% | -21% | 2% | 5% | 13% | -17% | 4% |
| Peers Return | 22% | -9% | 4% | 10% | 18% | -3% | 46% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| ABT Win Rate | 58% | 42% | 50% | 58% | 58% | 44% | |
| Peers Win Rate | 60% | 47% | 52% | 53% | 60% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| ABT Max Drawdown | -17% | -31% | -21% | -16% | -13% | -35% | |
| Peers Max Drawdown | -17% | -25% | -21% | -15% | -22% | -32% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, MDT, TMO, DHR, BSX. See ABT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/18/2026 (YTD)
How Low Can It Go
| Event | ABT | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -19.7% | -9.5% |
| % Gain to Breakeven | 24.5% | 10.5% |
| Time to Breakeven | 88 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -10.7% | -6.7% |
| % Gain to Breakeven | 12.0% | 7.1% |
| Time to Breakeven | 28 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.5% | -24.5% |
| % Gain to Breakeven | 43.9% | 32.4% |
| Time to Breakeven | 838 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.7% | -33.7% |
| % Gain to Breakeven | 42.2% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -10.5% | -3.7% |
| % Gain to Breakeven | 11.8% | 3.9% |
| Time to Breakeven | 61 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.0% | -12.2% |
| % Gain to Breakeven | 37.0% | 13.9% |
| Time to Breakeven | 494 days | 62 days |
In The Past
Abbott Laboratories's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
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| Event | ABT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -30.5% | -24.5% |
| % Gain to Breakeven | 43.9% | 32.4% |
| Time to Breakeven | 838 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -29.7% | -33.7% |
| % Gain to Breakeven | 42.2% | 50.9% |
| Time to Breakeven | 22 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.0% | -12.2% |
| % Gain to Breakeven | 37.0% | 13.9% |
| Time to Breakeven | 494 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -20.6% | -53.4% |
| % Gain to Breakeven | 26.0% | 114.4% |
| Time to Breakeven | 302 days | 1085 days |
In The Past
Abbott Laboratories's stock fell -6.2% during the 2025 US Tariff Shock. Such a loss loss requires a 6.6% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Abbott Laboratories (ABT)
Abbott Laboratories (ABT) is a global healthcare company that discovers, develops, manufactures, and sells a wide range of health care products. Operating across four key segments—Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices—Abbott aims to address diverse medical needs and improve patient care worldwide.
The company's offerings include a robust Diagnostic Products segment, providing laboratory systems for immunoassay, clinical chemistry, hematology, and molecular diagnostics, as well as rapid point-of-care tests for infectious diseases like COVID-19, flu, and HIV. Its Medical Devices segment focuses on advanced technologies for cardiovascular health, encompassing rhythm management, electrophysiology, and structural heart devices, alongside diabetes care products and neuromodulation devices for chronic pain and movement disorders.
Additionally, Abbott's Established Pharmaceutical Products segment provides generic pharmaceuticals and vaccines for a wide array of conditions, from digestive and gynecological disorders to hypertension and migraine. The Nutritional Products segment offers specialized pediatric and adult nutrition solutions. Abbott primarily serves hospitals, laboratories, clinics, healthcare professionals, and individual consumers globally, positioning itself as a comprehensive partner in healthcare delivery.
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The **Johnson & Johnson** of medical devices, diagnostics, and nutrition.
**Medtronic** for devices and diagnostics, also making nutrition products like **Nestle**.
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- Established Pharmaceutical Products: Generic and branded pharmaceuticals treating a wide range of conditions from pain and gastrointestinal disorders to infections.
- Diagnostic Laboratory Systems: Comprehensive systems for immunoassay, clinical chemistry, hematology, and molecular diagnostics used in laboratories.
- Point-of-Care and Rapid Diagnostics: Devices and cartridges for quick, on-site testing for conditions like HIV, SARS-CoV-2, influenza, and cardiometabolic health.
- Nutritional Products: Specialized pediatric and adult nutritional formulations supporting various health needs.
- Cardiovascular Medical Devices: A broad portfolio of devices for rhythm management, electrophysiology, heart failure, vascular, and structural heart conditions.
- Diabetes Care Products: Innovative solutions and devices for managing diabetes.
- Neuromodulation Devices: Medical devices designed to manage chronic pain and movement disorders.
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Abbott Laboratories (ABT) primarily sells its products to other companies and institutions within the healthcare sector rather than directly to individuals. Based on the company description, its major customers fall into the following categories:
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Hospitals and Healthcare Systems: This category encompasses general hospitals, specialized clinics, and integrated delivery networks that purchase a wide range of Abbott's offerings. This includes established pharmaceutical products, medical devices (e.g., rhythm management, electrophysiology, heart failure, vascular, structural heart, and neuromodulation devices), diagnostic systems (for their in-house labs), and nutritional products for patient care.
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Clinical Laboratories and Blood Banks: These entities are primary customers for Abbott's Diagnostic Products segment, which includes laboratory systems for immunoassay, clinical chemistry, hematology, and transfusion, as well as molecular diagnostics systems for detecting and measuring infectious agents.
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Pharmacies and Retail Distributors: These serve as crucial channels for the distribution of Abbott's established pharmaceutical products (generic pharmaceuticals), nutritional products (pediatric and adult formulas), and certain medical devices, such as diabetes care products (e.g., continuous glucose monitoring systems) and consumer self-test systems, to the end-users.
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Robert B. Ford, Chairman and Chief Executive Officer
Robert B. Ford became Abbott's President and Chief Executive Officer in March 2020 and assumed the role of Chairman in December 2021. He originally joined Abbott in 1996 within the company's diabetes care business and has held various leadership roles across Abbott's nutrition and medical device businesses. As Executive Vice President of Medical Devices, he oversaw the integration of St. Jude Medical, which was Abbott's largest acquisition at the time, and led Abbott's diabetes care business, including the launch of FreeStyle® Libre. Prior to joining Abbott, Mr. Ford held a marketing position with Becton Dickinson Brazil.
Philip P. Boudreau, Executive Vice President, Finance and Chief Financial Officer
Philip P. Boudreau was appointed Senior Vice President, Finance and Chief Financial Officer, effective September 1, 2023, and subsequently promoted to Executive Vice President, Finance and Chief Financial Officer, effective July 1, 2024. He joined Abbott in 1997 and has held various finance leadership roles across the Diagnostics, Diabetes, Nutrition, and Medical Devices businesses. Before his appointment as CFO, he served as Abbott's Vice President, Controller since 2020.
Lisa D. Earnhardt, Executive Vice President and Group President, Medical Devices
Lisa D. Earnhardt is Abbott's Executive Vice President and Group President, Medical Devices, a role she was appointed to in December 2023. She previously served as Executive Vice President, Medical Devices since 2019. Prior to joining Abbott, Ms. Earnhardt served as President and Chief Executive Officer of Intersect ENT from 2008. Earlier in her career, she was President of Boston Scientific's Cardiac Surgery division. She began her career providing management consulting services to healthcare provider organizations at APM/CSC Healthcare.
Hubert L. Allen, Executive Vice President, General Counsel and Secretary
Hubert L. Allen has served as Executive Vice President, General Counsel, and Secretary at Abbott Laboratories since January 2013. He joined Abbott in 2006 as Senior Counsel, supporting the Pharmaceutical Products Division. Throughout his tenure at Abbott, he has held various positions within the legal department, including Divisional Vice President and Associate General Counsel for the Pharmaceutical Products Group and Section Head in Abbott Nutrition. Prior to joining Abbott, Mr. Allen was an Assistant General Counsel at McKesson Corporation.
Jared Watkin, Executive Vice President, Diabetes Care
Jared Watkin is Abbott's Executive Vice President of Diabetes Care. A scientist by training, he previously led the research and development of Abbott's FreeStyle Libre continuous glucose monitoring technology. He is recognized for his contributions to creating innovative, next-generation technologies and digital health tools that aim to transform diabetes management and improve health outcomes.
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- Legal, Regulatory, and Product Recall Risks: Abbott Laboratories faces significant legal and regulatory scrutiny, particularly concerning its infant formula business, which has led to investigations by the Securities and Exchange Commission (SEC) and Federal Trade Commission (FTC), as well as numerous lawsuits alleging contamination and adverse health effects in infants. The company has also experienced Class I recalls, the most severe category, for medical devices such as the Amplatzer Steerable Delivery Sheath and glucose monitor sensors, due to safety concerns that have been linked to serious injuries and deaths. Compliance with extensive governmental regulations in the healthcare industry is costly, and any failure to adhere to these standards can result in substantial fines, product recalls, and damage to the company's reputation and financial stability.
- Competitive and Pricing Pressures from Government Policies: Abbott operates in a highly competitive healthcare market that is significantly influenced by government policies and cost containment initiatives, both domestically and internationally. These pressures include competitive bidding and global price controls, particularly in key markets like China and in the diagnostics segment, which can lead to price reductions and negatively impact Abbott's high-margin products. Additionally, the fading tailwind from the COVID-19 pandemic and the anticipated decline in COVID-19 testing revenue present a financial headwind, estimated by management to exceed $1 billion in 2025.
- Global Supply Chain Vulnerabilities: Abbott Laboratories relies on an extensive and intricate global supply chain for the discovery, development, manufacture, and sale of its healthcare products. This complex supply chain is vulnerable to disruptions caused by various macroeconomic conditions, including inflation and labor shortages. Such vulnerabilities can lead to manufacturing problems, production delays, increased operational costs, and ultimately, a negative impact on the company's profitability and competitive position.
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Addressable Markets for Abbott Laboratories' Main Products and Services
Abbott Laboratories (symbol: ABT) operates across diverse healthcare segments, each with significant addressable markets globally.
Established Pharmaceutical Products
- The global pharmaceutical market, which includes established pharmaceutical products, was estimated at approximately $1.77 trillion in 2025, with projections to reach $1.88 trillion by 2026 and nearly $3 trillion by 2034.
Diagnostic Products
- The global in vitro diagnostics market size was estimated at USD 105.7 billion in 2024 and is expected to grow to USD 155.4 billion by 2034.
Nutritional Products
- The global medical nutrition market size was valued at USD 52.94 billion in 2025 and is estimated to reach USD 108.84 billion by 2034.
Medical Devices
- The broader global cardiovascular devices market was valued at approximately US$72.83 billion in 2023 and is projected to reach US$110.39 billion by 2029.
- The global cardiac rhythm management devices market size was estimated at USD 20.77 billion in 2024 and is projected to reach USD 36.19 billion by 2033.
- The global electrophysiology devices market size was estimated at USD 10.07 billion in 2023 and is projected to reach USD 25.00 billion by 2030.
- The global structural heart devices market size was estimated at USD 16.13 billion in 2024 and is projected to reach USD 50.99 billion by 2033.
- For diabetes care, specifically continuous glucose monitoring (CGM) devices, the global market was valued at USD 10.9 billion in 2024 and is projected to grow to USD 47.1 billion by 2034. The wider global diabetes care devices market was valued at USD 53.5 billion in 2024 and is projected to reach USD 167.5 billion by 2034.
- The global neuromodulation devices market size was estimated at USD 6.37 billion in 2025 and is projected to reach USD 13.93 billion by 2033.
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Abbott Laboratories (ABT) is expected to drive future revenue growth over the next two to three years through several key areas:
- Continuous Glucose Monitoring (CGM) with FreeStyle Libre: The FreeStyle Libre platform is consistently highlighted as a significant contributor to growth within Abbott's diabetes care portfolio. This segment experienced 12% growth in the fourth quarter of 2025 and 17% for the full year, with sales exceeding $7.5 billion, driven by strong market fundamentals, cost leadership, and ongoing innovation leading to increased adoption. The company announced positive results from the FreeDM2 Randomized Controlled Trial demonstrating glucose management improvements with Libre technology.
- New Product Launches and Approvals in Medical Devices: The Medical Devices segment continues to be a strong performer, with double-digit sales growth. Specific innovations like the Volt™ PFA System and TactiFlex™ Duo Ablation Catheter in Electrophysiology, along with the Aveir™ leadless pacemaker in Rhythm Management, are expected to fuel continued expansion. Abbott received FDA approval for prone MRI use with neuromodulation systems in January 2026, expanding access for its chronic pain device portfolio.
- Expansion into Cancer Diagnostics via Exact Sciences Acquisition: Abbott's agreement to acquire Exact Sciences, expected to close in the second quarter of 2026, strategically positions the company to enter and lead in the fast-growing cancer diagnostics market. This acquisition is a significant move to expand Abbott's diagnostics footprint.
- Growth in Established Pharmaceutical Products (EPD) in Emerging Markets: The Established Pharmaceutical Products segment has shown growth, particularly with double-digit increases in markets such as India, Latin America, and the Middle East. Abbott is also initiating the launch sequence to bring biosimilars to emerging markets, which is expected to contribute to future growth.
- Nutrition Segment Recovery and New Product Introductions: While the Nutrition segment faced challenges in 2025, management anticipates a return to growth in the second half of 2026. This recovery is expected to be driven by a pivot towards volume-driven growth strategies and the launch of new products designed to meet evolving consumer preferences.
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Share Repurchases
- Abbott's board authorized a share repurchase program of up to $5 billion of common shares in December 2021.
- In October 2024, a new share repurchase program of up to $7 billion of the company's common shares was authorized.
- Abbott repurchased $1.227 billion in 2023, $1.295 billion in 2024, and $893 million in 2025.
Share Issuance
No significant information available for share issuance over the last 3-5 years.
Inbound Investments
No significant information available for large inbound investments by third-parties in Abbott Laboratories over the last 3-5 years.
Outbound Investments
- In April 2023, Abbott acquired Cardiovascular Systems, Inc. (CSI), a developer of atherectomy systems for peripheral and coronary artery disease, for approximately $851 million to $890 million.
- Abbott acquired Bigfoot Biomedical in September 2023, focusing on smart insulin management systems for diabetes, expanding its presence in diabetes care.
- In November 2025, Abbott announced an agreement to acquire Exact Sciences Corp. for an estimated $21 billion to $23 billion, aiming to enhance its diagnostics segment, particularly in cancer testing.
Capital Expenditures
- Abbott's capital expenditures were $1.885 billion in 2021, $1.777 billion in 2022, $2.202 billion in 2023, $2.207 billion in 2024, and $2.171 billion in 2025.
- These expenditures were primarily for upgrading and expanding manufacturing and research and development facilities and equipment across various segments.
- Investments in information technology and laboratory instruments placed with customers also constituted a significant portion of capital expenditures.
Peer Outperformance in Health Care Equipment
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ABT | Abbott Laboratories | 5.1% | 32.9x | -22.0% | 8.5% | -10.8% | — |
| ITGR | Integer | 8.4% | 33.4x | 21.4% | 55.7% | 37.9% | +49pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 15.4% | 45.5% | 86.6% | CAH 378% · MCK 331% · COR 164% |
| Managed Health Care | 8 | 39.0% | -2.8% | 0.1% | OSCR 84% · HQY 49% · ELV 16% |
| Health Care Services | 20 | 20.1% | 39.2% | -1.3% | HIMS 221% · RDNT 166% · DGX 75% |
| Health Care Facilities | 24 | 4.2% | 3.1% | -13.4% | NHC 269% · THC 259% · ENSG 125% |
| Health Care Equipment ← | 50 | -3.2% | -5.0% | -22.6% | POCI 11050% · UFPT 336% · GKOS 204% |
| Pharmaceuticals | 62 | -8.2% | 11.7% | -40.1% | LQDA 2386% · INDV 1146% · ETON 982% |
| Health Care Supplies | 12 | 13.1% | -12.7% | -40.8% | LNTH 293% · HAE 54% · MMSI 19% |
| Life Sciences Tools & Services | 109 | 5.2% | -17.4% | -68.8% | SNWV 1757% · MEDP 229% · NTRA 192% |
| Biotechnology | 364 | -0.7% | -25.7% | -79.5% | CELZ 1280% · DNTH 1143% · ELVN 1058% |
| Health Care Technology | 21 | -23.7% | -51.7% | -79.9% | SPOK 72% · HSTM 2% · VEEV -14% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 156.47 |
| Mkt Cap | 163.6 |
| Rev LTM | 41,938 |
| Op Inc LTM | 7,246 |
| FCF LTM | 6,725 |
| FCF 3Y Avg | 6,139 |
| CFO LTM | 8,524 |
| CFO 3Y Avg | 8,003 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 8.1% |
| Rev Chg 3Y Avg | 5.5% |
| Rev Chg Q | 9.0% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 12.0% |
| Op Inc Chg 3Y Avg | 6.4% |
| Op Mgn LTM | 19.7% |
| Op Mgn 3Y Avg | 18.8% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 21.5% |
| CFO/Rev 3Y Avg | 20.9% |
| FCF/Rev LTM | 16.6% |
| FCF/Rev 3Y Avg | 16.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Devices | 21,387 | 18,986 | 16,887 | 14,802 | 14,485 |
| Diagnostic Products | 8,937 | 9,341 | 9,988 | 16,469 | 15,526 |
| Nutritional Products | 8,451 | 8,413 | 8,154 | 7,459 | 8,294 |
| Established Pharmaceutical Products | 5,536 | 5,194 | 5,066 | 4,912 | 4,718 |
| Other | 17 | 16 | 14 | 11 | 52 |
| Total | 44,328 | 41,950 | 40,109 | 43,653 | 43,075 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Medical Devices | 7,212 | 6,153 | 5,306 | 4,436 | 4,533 |
| Diagnostic Products | 1,740 | 2,073 | 2,433 | 6,640 | 6,237 |
| Nutritional Products | 1,558 | 1,505 | 1,333 | 706 | 1,763 |
| Established Pharmaceutical Products | 1,290 | 1,233 | 1,206 | 1,049 | 889 |
| Total | 11,800 | 10,964 | 10,278 | 12,831 | 13,422 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Goodwill and intangible assets | 29,561 | 29,755 | 32,494 | ||
| All other | 20,002 | 18,165 | 8,458 | ||
| Medical Devices | 10,689 | 9,472 | 9,029 | 7,844 | 7,261 |
| Cash and investments | 9,857 | 8,853 | 8,078 | ||
| Diagnostic Products | 8,273 | 7,678 | 7,767 | 7,985 | 7,699 |
| Nutritional Products | 4,791 | 4,404 | 4,270 | 3,625 | 3,425 |
| Established Pharmaceutical Products | 3,540 | 3,087 | 3,118 | 2,883 | 2,789 |
| Total | 86,713 | 81,414 | 73,214 | 22,337 | 21,174 |
Price Behavior
| Market Price | $102.61 | |
| Market Cap ($ Bil) | 178.6 | |
| First Trading Date | 04/06/1983 | |
| Distance from 52W High | -23.2% | |
| 50 Days | 200 Days | |
| DMA Price | $105.98 | $104.22 |
| DMA Trend | down | up |
| Distance from DMA | -3.2% | -1.5% |
| 3M | 1YR | |
| Volatility | 32.4% | 26.8% |
| Downside Capture | -113.04 | 6.31 |
| Upside Capture | -17.76 | -23.72 |
| Correlation (SPY) | -26.2% | 1.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.31 | -0.84 | -0.40 | 0.02 | 0.04 | 0.19 |
| Up Beta | -0.40 | -1.24 | -1.03 | 0.03 | 0.23 | 0.25 |
| Down Beta | 0.36 | 0.16 | 0.44 | 0.46 | 0.31 | 0.28 |
| Up Capture | 4% | -8% | 12% | -12% | -13% | 3% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 26 | 38 | 58 | 119 | 381 |
| Down Capture | -112% | -229% | -146% | -12% | -7% | 21% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 16 | 26 | 69 | 132 | 369 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABT | |
|---|---|---|---|---|
| ABT | -21.8% | 26.8% | -0.94 | - |
| Sector ETF (XLV) | 24.4% | 16.1% | 1.16 | 50.4% |
| Equity (SPY) | 16.9% | 12.9% | 0.94 | 1.7% |
| Gold (GLD) | 19.1% | 29.3% | 0.60 | 1.7% |
| Commodities (DBC) | 46.9% | 20.6% | 1.76 | -15.9% |
| Real Estate (VNQ) | 4.9% | 13.6% | 0.10 | 36.0% |
| Bitcoin (BTCUSD) | -34.5% | 43.9% | -0.84 | -4.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABT | |
|---|---|---|---|---|
| ABT | -2.6% | 23.0% | -0.16 | - |
| Sector ETF (XLV) | 6.4% | 15.2% | 0.24 | 61.6% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 37.3% |
| Gold (GLD) | 19.1% | 18.8% | 0.83 | 6.6% |
| Commodities (DBC) | 11.3% | 19.5% | 0.45 | -3.0% |
| Real Estate (VNQ) | 1.1% | 18.8% | -0.05 | 47.0% |
| Bitcoin (BTCUSD) | 11.2% | 52.5% | 0.39 | 11.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ABT | |
|---|---|---|---|---|
| ABT | 11.5% | 24.0% | 0.45 | - |
| Sector ETF (XLV) | 10.6% | 16.7% | 0.51 | 71.2% |
| Equity (SPY) | 15.1% | 18.0% | 0.72 | 53.9% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 6.4% |
| Commodities (DBC) | 8.3% | 18.1% | 0.37 | 8.1% |
| Real Estate (VNQ) | 4.4% | 20.7% | 0.18 | 47.0% |
| Bitcoin (BTCUSD) | 61.7% | 66.1% | 1.02 | 10.4% |
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Returns Analyses
Earnings Returns History
Updated 8/20/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/16/2026 | 10.7% | 12.7% | 24.6% |
| 4/16/2026 | -6.0% | -9.7% | -16.4% |
| 1/22/2026 | -10.0% | -12.2% | -7.1% |
| 10/15/2025 | -2.4% | -3.9% | -2.9% |
| 7/17/2025 | -8.5% | -4.5% | -1.9% |
| 4/16/2025 | 2.8% | 2.9% | 5.6% |
| 1/22/2025 | 0.8% | 9.1% | 14.0% |
| 10/16/2024 | 1.5% | 0.1% | -0.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 12 |
| # Negative | 15 | 11 | 12 |
| Median Positive | 3.3% | 3.2% | 5.8% |
| Median Negative | -2.8% | -2.5% | -4.0% |
| Max Positive | 10.7% | 12.7% | 24.6% |
| Max Negative | -10.0% | -12.2% | -16.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/16/2026 | 10.7% | 12.7% | 24.6% |
| 4/16/2026 | -6.0% | -9.7% | -16.4% |
| 1/22/2026 | -10.0% | -12.2% | -7.1% |
| 10/15/2025 | -2.4% | -3.9% | -2.9% |
| 7/17/2025 | -8.5% | -4.5% | -1.9% |
| 4/16/2025 | 2.8% | 2.9% | 5.6% |
| 1/22/2025 | 0.8% | 9.1% | 14.0% |
| 10/16/2024 | 1.5% | 0.1% | -0.3% |
| 7/18/2024 | -4.4% | 2.5% | 6.0% |
| 4/17/2024 | -3.0% | -1.5% | -4.2% |
| 1/24/2024 | -2.8% | -0.5% | 4.4% |
| 10/18/2023 | 3.7% | 2.9% | 6.4% |
| 7/20/2023 | 4.2% | 6.3% | -2.2% |
| 4/19/2023 | 7.8% | 5.6% | 4.5% |
| 1/25/2023 | -1.4% | -1.8% | -8.9% |
| 10/19/2022 | -6.5% | -6.7% | -1.3% |
| 7/20/2022 | -1.5% | -0.8% | 0.6% |
| 4/20/2022 | 2.2% | -2.5% | -6.0% |
| 1/26/2022 | -2.6% | 3.2% | -3.7% |
| 10/20/2021 | 3.3% | 7.4% | 7.8% |
| 7/22/2021 | -0.6% | 1.3% | 5.7% |
| 4/20/2021 | -3.6% | -1.6% | -6.1% |
| 1/27/2021 | -0.4% | 4.8% | 6.0% |
| 10/21/2020 | -2.2% | 0.2% | 1.3% |
| SUMMARY STATS | |||
| # Positive | 9 | 13 | 12 |
| # Negative | 15 | 11 | 12 |
| Median Positive | 3.3% | 3.2% | 5.8% |
| Median Negative | -2.8% | -2.5% | -4.0% |
| Max Positive | 10.7% | 12.7% | 24.6% |
| Max Negative | -10.0% | -12.2% | -16.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/28/2026 | 10-Q |
| 03/31/2026 | 04/29/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 10/29/2025 | 10-Q |
| 06/30/2025 | 07/30/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/18/2022 | 10-K |
| 09/30/2021 | 11/03/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 12/31/2020 | 02/19/2021 | 10-K |
| 09/30/2020 | 11/04/2020 | 10-Q |
| 06/30/2020 | 07/29/2020 | 10-Q |
| 03/31/2020 | 04/29/2020 | 10-Q |
| 12/31/2019 | 02/21/2020 | 10-K |
| 09/30/2019 | 10/31/2019 | 10-Q |
Recent Forward Guidance
Updated 7/17/2026Latest: Q2 2026 Earnings Reported 7/16/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted Diluted EPS | Reported | 1.38 | 1.42 | 1.46 | 10.9% | Higher New | Guidance: 1.28 for Q2 2026 | |
| 2026 Comparable Sales Growth | Reported | 6.5% | 7.0% | 7.5% | 0.0% | Affirmed | Guidance: 7.0% for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 5.45 | 5.53 | 5.6 | 0.8% | Raised | Guidance: 5.48 for 2026 | |
Prior: Q1 2026 Earnings Reported 4/16/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Comparable Sales Growth | Reported | 6.5% | 7.0% | 7.5% | 0.0% | Affirmed | Guidance: 7.0% for 2026 | |
| 2026 Adjusted Diluted EPS | Reported | 5.38 | 5.48 | 5.58 | -3.4% | Lowered | Guidance: 5.67 for 2026 | |
| Q2 2026 Adjusted Diluted EPS | Reported | 1.25 | 1.28 | 1.31 | ||||
Q4 2025 Earnings Reported 1/22/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted Diluted EPS | Reported | 1.12 | 1.15 | 1.18 | ||||
| 2026 Organic Sales Growth | Reported | 6.5% | 7.0% | 7.5% | 7.7% | 0.5% | Higher New | Actual: 6.5% for 2025 |
| 2026 Adjusted Diluted EPS | Reported | 5.55 | 5.67 | 5.8 | 10.2% | Higher New | Actual: 5.15 for 2025 | |
Q3 2025 Earnings Reported 10/15/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Organic Sales Growth (excluding COVID-19 testing) | Reported | 7.5% | 7.75% | 8.0% | 0.0% | Affirmed | Guidance: 7.75% for 2025 | |
| 2025 Organic Sales Growth (including COVID-19 testing) | Reported | 6.0% | 6.5% | 7.0% | 0.0% | Affirmed | Guidance: 6.5% for 2025 | |
| 2025 Adjusted Diluted EPS | Reported | 5.12 | 5.15 | 5.18 | 0.0% | Affirmed | Guidance: 5.15 for 2025 | |
Insider Activity
Updated 9/3/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCoy, John A JR | VICE PRESIDENT AND CONTROLLER | Direct | Sell | 9032026 | 109.54 | 27 | 2,958 | 2,689,097 | Form |
| 2 | Ford, Robert B | CHAIRMAN AND CEO | Direct | Sell | 8272026 | 115.85 | 398,832 | 46,204,798 | 35,503,592 | Form |
| 3 | Morrone, Louis H | EXECUTIVE VICE PRESIDENT | Direct | Sell | 8132026 | 109.83 | 5,850 | 642,506 | 7,767,617 | Form |
| 4 | Stratton, John G | Direct | Buy | 6182026 | 86.82 | 2,000 | 173,640 | 2,024,556 | Form | |
| 5 | Starks, Daniel J | Direct | Buy | 4282026 | 92.65 | 10,000 | 926,537 | 625,514,672 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | McCoy, John A JR | VICE PRESIDENT AND CONTROLLER | Direct | Sell | 9032026 | 109.54 | 27 | 2,958 | 2,689,097 | Form |
| 2 | Ford, Robert B | CHAIRMAN AND CEO | Direct | Sell | 8272026 | 115.85 | 398,832 | 46,204,798 | 35,503,592 | Form |
| 3 | Morrone, Louis H | EXECUTIVE VICE PRESIDENT | Direct | Sell | 8132026 | 109.83 | 5,850 | 642,506 | 7,767,617 | Form |
| 4 | Stratton, John G | Direct | Buy | 6182026 | 86.82 | 2,000 | 173,640 | 2,024,556 | Form | |
| 5 | Starks, Daniel J | Direct | Buy | 4282026 | 92.65 | 10,000 | 926,537 | 625,514,672 | Form | |
| 6 | Boudreau, Philip P | EVP AND CFO | Spouse | Buy | 4272026 | 91.50 | 2,200 | 201,300 | 201,300 | Form |
| 7 | Shroff, Eric | Senior Vice President | Direct | Sell | 3032026 | 115.58 | 709 | 81,946 | 4,526,575 | Form |
| 8 | Salvadori, Daniel Gesua Sive | EVP AND GROUP PRESIDENT | Direct | Sell | 3032026 | 115.58 | 885 | 102,288 | 16,918,254 | Form |
| 9 | Morrone, Louis H | EXECUTIVE VICE PRESIDENT | Direct | Sell | 3032026 | 115.58 | 1,144 | 132,224 | 8,881,514 | Form |
| 10 | Moreland, Mary K | EXECUTIVE VICE PRESIDENT | Direct | Sell | 3032026 | 115.58 | 613 | 70,851 | 12,053,954 | Form |
| 11 | McCoy, John A JR | VICE PRESIDENT AND CONTROLLER | Direct | Sell | 3032026 | 115.58 | 585 | 67,614 | 2,846,504 | Form |
| 12 | Cushman, Elizabeth C | EVP, GC AND SECRETARY | Direct | Sell | 3032026 | 115.58 | 263 | 30,398 | 4,458,267 | Form |
| 13 | Starks, Daniel J | Direct | Buy | 2062026 | 108.73 | 10,000 | 1,087,331 | 732,732,734 | Form | |
| 14 | Ford, Robert B | CHAIRMAN AND CEO | Ford Family Trust | Buy | 1262026 | 107.13 | 18,800 | 2,013,967 | 23,160,941 | Form |
| 15 | Shroff, Eric | Senior Vice President | Direct | Sell | 11252025 | 128.02 | 1,586 | 203,043 | 3,889,814 | Form |
Investor Activity (13F)
Updated Sep 19, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Coerente Capital Management | $23.2 Mil | 4.3% | 47 | Hold | 13F |
| America First Investment Advisors, LLC | $22.7 Mil | 4.2% | 41 | ADD +11.2% | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $320.8 Mil | 4.0% | 21 | Hold | 13F |
| Dundas Partners LLP | $43.5 Mil | 3.5% | 49 | Hold | 13F |
| Bruce & Co., Inc. | $11.7 Mil | 3.3% | 41 | Hold | 13F |
| J. Stern & Co. LLP | $32.4 Mil | 3.1% | 49 | TRIM -99.2% | 13F |
| Locust Wood Capital Advisers, LLC | $111.4 Mil | 3.0% | 27 | ADD +13.4% | 13F |
| Brandywine Trust Co | $12.0 Mil | 2.2% | 31 | Hold | 13F |
| Sector Gamma AS | $9.0 Mil | 2.1% | 42 | New | 13F |
| Blackhill Capital Inc | $27.6 Mil | 1.4% | 49 | Hold | 13F |
| Sanders Capital, LLC | $115.1 Mil | 0.1% | 44 | Hold | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $320.8 Mil | 4.0% | 21 | Hold | 13F |
| Sanders Capital, LLC | $115.1 Mil | 0.1% | 44 | Hold | 13F |
| Locust Wood Capital Advisers, LLC | $111.4 Mil | 3.0% | 27 | ADD +13.4% | 13F |
| Dundas Partners LLP | $43.5 Mil | 3.5% | 49 | Hold | 13F |
| J. Stern & Co. LLP | $32.4 Mil | 3.1% | 49 | TRIM -99.2% | 13F |
| Blackhill Capital Inc | $27.6 Mil | 1.4% | 49 | Hold | 13F |
| Coerente Capital Management | $23.2 Mil | 4.3% | 47 | Hold | 13F |
| America First Investment Advisors, LLC | $22.7 Mil | 4.2% | 41 | ADD +11.2% | 13F |
| Brandywine Trust Co | $12.0 Mil | 2.2% | 31 | Hold | 13F |
| Bruce & Co., Inc. | $11.7 Mil | 3.3% | 41 | Hold | 13F |
| Sector Gamma AS | $9.0 Mil | 2.1% | 42 | New | 13F |
ABT Trade Sentinel
Constructive
CONVICTION RATIONALE
Conviction is constructive, centered on an inflection in growth. Revenue acceleration over three consecutive quarters to 13% and raised full-year EPS guidance to a $5.53 midpoint suggest a successful strategic repositioning is underway. The primary watch-item is the execution of a guided second-half recovery in the Nutritional Products business.
STOCK ARCHETYPE
Diversified Product Manufacturer (Healthcare)(Volume of units sold across all segments) x (Average Net Selling Price per unit) Mix shift towards the higher-margin Medical Devices segment and successful commercialization of new, innovative products with strong pricing power.
INVESTMENT THESIS
Evidence suggests a strategic repositioning is gaining traction, driven by Medical Devices and a new cancer diagnostics unit.
- Overall revenue growth accelerated to 13% in the latest quarter, up from 7.8% and 4.4% in the prior two quarters.
- Management raised full-year 2026 adjusted EPS guidance to a new range of $5.45 to $5.60.
- Continuous Glucose Monitoring sales reached $4.1 billion in the first six months of 2026.
- The company completed its $20.6 billion acquisition of Exact Sciences to enter the cancer diagnostics market.
PRIMARY RISK
The combination of a large, debt-funded acquisition, a major segment turnaround, and intense competition could overwhelm management, causing the growth story to falter.
- Operating margin compressed to 15.8% from 17.4% a year ago as expenses grew faster than revenue.
- Net debt increased to $27 billion, or 2.3 times trailing-twelve-month EBITDA, to fund the recent acquisition.
- Management missed its Q2 forecast for double-digit growth in Continuous Glucose Monitoring, delivering 9.5%.
| KPI | Status | Rationale |
|---|---|---|
| Continuous Glucose Monitoring (CGM) Sales Growth | 9.5% year-over-year growth in Q2 2026 - Turning around | After a deceleration in Q1 2026, which management attributed to a challenging comparison and an international tender delay, CGM sales growth re-accelerated in Q2. Management had forecast a return to double-digit growth, and the 9.5% result shows momentum is building in that direction. The CEO remains bullish on the long-term opportunity, citing significant underpenetration in a potential market of 75 to 80 million people. |
| Core Laboratory Sales Growth | 7.5% year-over-year growth for the U.S. - Stable | While the most recent global growth figure is not available, management pointed to strengthening underlying trends, citing strong and stable demand for testing. The CEO identified the Core Lab business as a key driver for the company's expected acceleration in the second half of the year, with the headwind from China's volume-based procurement programs expected to subside. |
| Latest-Quarter Revenue Growth (YoY) | 13% (Q2 2026) | Indicates the rate of top-line growth acceleration or deceleration for the consolidated company. |
| Inventory-vs-Revenue Growth Divergence | -7.8 percentage points (Q2 2026) | A negative divergence, where revenue grows faster than inventory, suggests efficient inventory management and strong demand. |
Growth Inflection vs. Margin Pressure
BULL VIEW
Bulls focus on the three-quarter trend of accelerating revenue, a strong product pipeline, and raised guidance as proof that the growth strategy is working and will ultimately drive margin expansion.
CORE TENSION
Can accelerating revenue, which hit 13% last quarter, overcome the drag from operating margins, which fell to 15.8%, a dynamic the market rewarded with a 13% stock gain post-earnings?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management raised full-year EPS guidance alongside the strong Q2 revenue, expressing confidence that gross margin expansion will continue, suggesting the profit picture is improving.
BEAR VIEW
Bears focus on the decline in operating margin and the spike in debt to $27 billion, arguing that integration costs and turnaround efforts will suppress profitability.
| Timeline | Event & Metric To Watch |
|---|---|
$3.0 billion in 2026 | Long-Term Debt Maturities Watch: Principal payments of $3.0 billion on long-term debt are due. |
10/13/2026 | Nutrition Recovery Falters Watch: Segment sales growth, particularly volume trends, and management commentary on the success of new product launches and pricing actions. |
10/13/2026 - 10/20/2026 | Negative Peer Read-Through Watch: Peer commentary on hospital procedure volumes, capital equipment budgets, and diagnostic testing demand in the US and China. |
10/13/2026 | Company Earnings Report Watch: Abbott Laboratories is scheduled to report Q3 2026 earnings. |
10/19/2026 | Peer Earnings Report Watch: Peer Danaher (DHR) is scheduled to report earnings. |
10/20/2026 | Peer Earnings Report Watch: Peer Thermo Fisher Scientific (TMO) is scheduled to report earnings. |
in the fall | Libre Duo International Launch Watch: International rollout of Libre Duo dual glucose-ketone sensor to begin. |
in the fourth quarter | Pivotal Trial Enrollments Begin Watch: Patient enrollment to begin for several pivotal clinical trials, including a balloon expandable TAVR valve and a mitral replacement valve. |
by year end | Amulet FDA Approval Watch: Potential FDA approval for the Amulet left atrial appendage device. |
No set date | New Product Launch Delays Watch: |
| Date | Event | Stock Impact |
|---|---|---|
2026-09-14 | DOJ Infant Formula Settlement Details: On September 14, 2026, Abbott announced an agreement to pay $385 million to resolve a Department of Justice investigation and related lawsuits concerning its 2022 infant formula recall. | +0.1% $101.95 -> $102.03 |
2026-08-25 | Libre Duo FDA Authorization Details: Abbott received FDA authorization for its Libre Duo 10 Day system, the world's first dual glucose-ketone sensing technology, on August 25, 2026. | -2.2% $116.67 -> $114.10 |
2026-07-16 | Q2 Beat and Raise Details: On July 16, 2026, Abbott reported Q2 sales growth of 13.0% and raised its full-year adjusted EPS guidance to a new range of $5.45 to $5.60. The stock reacted +13.0%. | +12.8% $89.27 -> $100.68 |
2026-05-27 | Libre Duo CE Mark Secured Details: Abbott announced on May 27, 2026, that it secured CE Mark for its Libre Duo dual glucose-ketone sensing technology, a first-of-its-kind biowearable for people with diabetes. | -0.4% $86.06 -> $85.69 |
2026-04-16 | Q1 Earnings and Guidance Update Details: On April 16, 2026, Abbott reported Q1 results and updated its full-year guidance to reflect the Exact Sciences acquisition. The two-day stock reaction around the call was -5.0%. | -4.7% $100.84 -> $96.12 |
2026-03-23 | Exact Sciences Acquisition Completed Details: Abbott completed its acquisition of Exact Sciences on March 23, 2026, for approximately $20.6 billion. The deal establishes Abbott as a leader in the cancer diagnostics market. | -1.3% $104.06 -> $102.68 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: ABT trades at roughly 27% annualized options-implied volatility versus about 13% for the S&P 500 (2.0x the market), around the 71st percentile of its own trailing year. A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
JNJ - Johnson & Johnson
Higher-Margin IncumbentJohnson & Johnson offers significantly higher profitability than Abbott, which has a 15.8% operating margin. It also has greater scale, with revenue 2.1 times larger than Abbott's.
MDT - Medtronic
Focused Device CompetitorMedtronic provides more focused exposure to the medical device market, competing directly with Abbott in key areas like diabetes and cardiovascular. Its 19% operating margin is also higher than Abbott's.
A diversified healthcare leader leveraging its scale and innovation pipeline in Medical Devices to drive growth while navigating a strategic turnaround in Nutrition and integrating a major acquisition in Diagnostics.
Abbott is experiencing accelerating growth, primarily driven by its largest and most profitable Medical Devices segment, particularly in diabetes care (CGM) and electrophysiology. The company recently completed the major acquisition of Exact Sciences to enter the high-growth cancer diagnostics market. While navigating a strategic reset in its Nutrition business to address volume declines and resolving significant past litigation, management is confident in its second-half 2026 outlook and has raised EPS guidance.
Sustained double-digit growth in Medical Devices, successful integration and acceleration of the new Cancer Diagnostics business, and a return to volume growth in the Nutrition segment.
Market share loss in key Medical Device categories (CGM, EP), failure of the Nutrition turnaround strategy to restore volume growth, or significant unforeseen challenges in integrating Exact Sciences.
Minor quarterly fluctuations in smaller product lines or geographies; short-term foreign exchange impacts.
Repricing Catalyst
Successful execution of the second-half 2026 growth acceleration, driven by momentum in Medical Devices and the integration of Exact Sciences, coupled with a return to growth in the Nutrition segment.
Medical Devices
$22.0B TTM (49% of Total) · 34% MarginWhat It Is
Sells a broad line of devices for cardiovascular diseases (rhythm management, electrophysiology, heart failure, vascular, structural heart), diabetes care (continuous glucose monitoring), and neuromodulation for chronic pain and movement disorders. Products are sold to wholesalers, hospitals, ambulatory surgery centers, and physicians' offices.
Who Pays & How
Hospitals, health systems, and distributors pay for technologically advanced devices used in treating cardiovascular diseases, managing diabetes, and addressing chronic pain, chosen for their product performance, innovation, and cost-effectiveness.
Competition
Diagnostic Products
$9.1B TTM (20% of Total) · 19% MarginWhat It Is
Sells a line of diagnostic systems and tests, including core laboratory systems (Alinity, ARCHITECT), molecular diagnostics, point-of-care systems (i-STAT), and rapid diagnostics (BinaxNOW). Customers include blood banks, hospitals, commercial laboratories, clinics, and physicians' offices.
Who Pays & How
Hospitals, laboratories, and government agencies pay for systems and tests that inform a majority of healthcare decisions, choosing Abbott for technological innovation, product performance, and laboratory efficiency.
Competition
Nutritional Products
$8.3B TTM (18% of Total) · 18% MarginWhat It Is
Sells a line of pediatric and adult nutritional products, including infant formulas (Similac) and adult nutritionals (Ensure, Glucerna). Products are sold to consumers, institutions, wholesalers, retailers, and government agencies.
Who Pays & How
Consumers, retailers, and institutions pay for scientifically formulated nutritional products for infants and adults, chosen based on consumer preferences, scientific innovation, and brand recognition.
Competition
Established Pharmaceutical Products
$5.7B TTM (13% of Total) · 24% MarginWhat It Is
Sells a broad line of branded generic pharmaceuticals outside the United States in emerging markets. Products are sold to wholesalers, distributors, government agencies, and pharmacies.
Who Pays & How
Wholesalers, distributors, and government agencies in emerging markets pay for high-quality, branded generic medicines that meet local health needs, chosen for brand strength and portfolio breadth.
Competition
Abbott Laboratories — Investor Video Playlist
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