Abbott Laboratories
Annual Report 2024

2 0 2 4 A N N UA L  R E P O R T

FRONT COVER:
Her mother knew early in her life that something 
in Trinity’s body wasn’t working right. When 
Trinity was diagnosed with Type 1 diabetes, it 
started a journey to a better understanding of the 
impact of food and exercise on her health.
TABLE OF CONTENTS
1 Letter to Shareholders
5 The Abbott we have built
6 Delivering now
8 Designing what’s next
10 Neuromodulation
12 Structural Heart
14 Electrophysiology
16 Vascular
18 Cardiac Rhythm Management
20 Heart Failure Management
22 Diabetes Care
24 Biowearables
26 Nutrition
28 Medicines
30 Rapid Diagnostics
32 Laboratory Diagnostics
34 Passion and purpose
36 Financial Report
Abbott is a global healthcare leader, with 
114,000 employees serving people in more than 
160 countries. We have balanced leadership 
across diverse markets and geographies — with 
businesses and products in medical devices, 
diagnostics, nutritionals, and medicines — giving 
us more ways to succeed and greater resilience 
as markets and economies evolve.
 
Our unwavering focus on helping people get 
healthy and stay that way, at all stages of life, has 
helped us deliver consistent, sustainable growth 
and shareholder returns. 
Trinity Lindblade
WALKERSVILLE, MARYLAND, USA
FREESTYLE LIBRE 3 SYSTEM
FreeStyle Libre 3 system

Few companies can demonstrate the full range 
of benefits that business brings to society as 
powerfully as Abbott. Our performance in 
2024 embodied that broad value and the many 
strengths that make it possible.  
DEAR FELLOW SHAREHOLDER:
ROBERT FORD 
Chairman of the Board and  
Chief Executive Officer

2
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
CONTINUED, CONSISTENT GROWTH IN 2024
9.6%
†
ORGANIC SALES 
GROWTH, UNDERLYING 
BASE BUSINESS
$4.67
‡
ADJUSTED  
DILUTED EPS
$42B
WORLDWIDE 
SALES 
A HEALTHY BALANCE 
One of the best-known axioms in politics is, “It’s the 
economy, stupid.” It’s a pragmatic reminder to focus on 
what matters most to people and to society. And if the 
key to politics comes down to the economy, the economy 
itself comes down to business, which represents the great 
majority of all human economic activity. Business accounts 
for more than 70 percent of GDP and a similar percentage 
of employment, and more than two-thirds of all research 
and development spending, in the U.S. and other OECD 
countries. And the prosperity it creates flows into all sectors 
of the economy and every aspect of our society.
Companies help form the bedrock of our communities by 
providing employment, healthcare, taxes, philanthropic 
support, growth and sustainability. They not only create and 
supply the vital products and services that people rely on to 
live their lives, but they also drive the innovation that leads 
to continual improvement in the human standard of living. 
In healthcare, business takes the advances forged by science, 
fashions them into solutions, and brings them to the world. 
That’s Abbott’s purpose: helping people live fuller lives 
through our healthcare products and technologies. Our 
company has thrived for 137 years because it has done this 
consistently and with a rare degree of success. As a result, 
Abbott improves the lives of not only our own large direct 
community — our 114,000 employees around the world and 
their families, our retirees, our investors — but the larger 
communities of which they’re part and, most importantly, 
the vast community of people we serve in more than 160 
countries around the world.
To keep advancing human health, Abbott must first 
maintain our success as a company — specifically, a public 
company with obligations to the shareholders who own  
it. We work to continuously balance this equation,  
providing public goods through private enterprise.  
If Abbott doesn’t succeed as a business, it cannot succeed  
as an agent of progress.
To ensure that we can successfully balance this equation, 
we’ve rethought the reward for innovation. Traditionally, 
healthcare has delivered high innovation, but at a cost 
that has resulted in lower access to the breakthroughs it’s 
created. We believe that the leading healthcare companies of 
the future will be those that can help the most people solve 
not only the medical problem, but the access problem, as 
well. Our strategy is to innovate for access, designing every 
stage of the product process — first in conception, then by 
bending the cost curve through advanced manufacturing, 
AI, and digitization — to maximize the number of people 
around the world who can benefit from our advancements. 
Because of the broad and rapid expansion of our innovations, 
over the past five years, Abbott’s sales have grown by  
$10 billion, or almost one-third, and pre-tax profits by 
almost $3 billion, or 43 percent.* Over the same period, 
we’ve returned more than $25 billion to shareholders 
through dividends and share repurchase. In 2024 Abbott 
again successfully achieved this balance, serving both its 
purpose and its shareholders, delivering the products people 
need as well as strong returns as a business. 
OUR MODEL IN ACTION
It was, in many ways, a model year for Abbott. All of our 
major businesses delivered strong results. Our business 
diversity can provide defensive advantages against 
challenges in specific markets; but 2024 was all offense, with 
robust and well-balanced growth across the board.
And balance is the keynote to our performance and our 
outlook, as we maintain a dynamic equilibrium of delivering 
results and rewarding our shareholders in the present, with 
investing for the future to maintain our growth and success 
for the long term.
* On a non-GAAP basis  † On a GAAP basis, full-year Abbott sales increased 4.6%  ‡ Full-year 2024 GAAP diluted EPS was $7.64   
For full financial data and reconciliation of non-GAAP measures, please see Abbott’s 2024 earnings releases at www.abbottinvestor.com

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
3
BROADER BUSINESS, BRIGHTER FUTURE
Strong Financial Performance
Abbott’s global sales in the year were $42 billion, which 
reflects an increase of 9.6%† on an organic basis for the base 
business. Adjusted earnings per share were $4.67.‡ All four 
of our major businesses contributed to our year-over-year 
growth, and each of them delivered accelerated quarter-
to-quarter growth to close out the year, positioning our 
company very well for a successful 2025.
In the year, Abbott completed a full century of 
uninterrupted returns to investors when it paid its 400th 
consecutive quarterly dividend. And our dividends 
have risen in each of the last 53 years, earning Abbott 
membership in the exclusive ranks of Dividend Kings. 
Continuing this legacy, in December we announced a 
dividend increase of 7.3 percent for 2025. 
We are sharply focused on raising our gross margin levels. 
Thanks to the outstanding execution of the teams we’ve 
dedicated to this effort across the company, we succeeded 
in raising our profile by 70 basis points on an adjusted basis 
in 2024,§ despite the headwinds of inflation and foreign 
exchange. We intend to deliver a similar increase this year.
Investing for the Future
While delivering those strong returns, since 2019 we’ve 
simultaneously raised investment in research and 
development by more than 20 percent, to $2.7 billion, # and 
capital investment by 35 percent to fuel sustained growth 
and impact.
Innovation
With R&D centers around the world, we are better able  
to tailor our products to the needs of local markets. And  
we augment our strong internal pipeline through our 
Ventures group, which has invested more than $200 million 
in a promising portfolio of new growth opportunities. 
Together, these efforts have produced a strong long-term 
pipeline that delivered more than 150 new approvals, 
launches, line extensions, and treatment indications in 2024. 
Among the most notable were:
• Advisor HD Grid X Mapping Catheter, Sensor Enabled, to 
further support mapping of both pulsed field ablation and 
radiofrequency ablation cases
• Assert IQ, our Bluetooth®-enabled insertable cardiac 
monitor that provides physicians a new option for 
diagnostic evaluation and long-term monitoring of people 
experiencing abnormal heartbeats
• AVEIR DR, the world’s first dual-chamber leadless 
pacemaker system, received CE Mark in Europe
• Esprit BTK, our first-of-its-kind resorbable scaffold for 
people with chronic limb-threatening ischemia below  
the knee
• Femoston Mini, a hormonal replacement therapy to treat 
postmenopausal symptoms and help prevent osteoporosis, 
launched in China 
• Liberta RC, the world’s smallest rechargeable deep brain 
stimulation system with remote programming to treat 
movement disorders
• Lingo, our biowearable device for consumers who are 
looking to improve their overall health and wellness
• PROTALITY, our new nutrition shake to support the 
growing number of adults interested in pursuing weight 
loss while maintaining muscle mass and good nutrition
• TriClip, our first-of-its kind device to repair leaky 
tricuspid heart valves
Last year, newly launched products contributed more than 
$1 billion to our sales; we expect to double that performance 
in 2025 and to maintain this level of pipeline productivity 
over the next five years. 
DIVERSITY
by payer
• Consumers  
• Insurers  
• Governments 
DIVERSITY
by technology
• Cardiovascular  
• Diabetes Care  
• Diagnostics  
• Medicines 
• Neuromodulation  
• Nutrition 
DIVERSITY
by regions
• Africa 
• Asia-Pacific  
• Europe 
• North America  
• South America 
§ Full-year gross margin as a percent of sales improved 60 basis points on a GAAP basis  # Full-year R&D Expense on a GAAP basis for 2024 was $2.8 billion

4
VALUES BUILD VALUE
pioneering
INNOVATING  
IN ALL WE DO
caring
FOCUSING ALWAYS  
ON OUR CUSTOMERS’ 
NEEDS
achieving
DELIVERING  
FOR OUR  
STAKEHOLDERS
enduring
LEADING FOR MORE 
THAN 135 YEARS
Infrastructure
We’re ensuring our ability to meet the future demand for 
these products with capital investments of $2.2 billion in 
2024 around the world. In addition to opening our new 
Diabetes Care manufacturing facility in Kilkenny, Ireland, to 
support the robust growth of our world-leading continuous 
glucose monitoring business, we’re building, expanding, and 
adding capacity in Mexico for electrophysiology products, in 
Colombia for biosimilars, in Ohio for nutrition products,  
and in Illinois and Texas for diagnostics. 
We’re also investing to strengthen our IT and digital 
infrastructure to ensure our ability to keep up with the  
fast-evolving technology landscape.
Community
The primary way Abbott helps to improve human and 
societal health is by creating new and better healthcare 
products and bringing them to people around the world.  
Our success in doing so also allows us to pursue the  
same goals in other ways. To offer just a few examples: 
We donated over $53 million in cash and products to  
support humanitarian efforts in more than 50 countries. 
We partnered with the Big Ten collegiate athletics 
conference to create and conduct The We Give Blood Drive to 
increase blood donation. In its first year, the drive generated 
almost 20,000 donations, enough to save nearly 60,000 lives. 
We continued working to expand healthcare infrastructure 
and access in Tanzania. Our 25-year partnership with  
the Tanzanian government has created the country’s first 
emergency medicine department, built a nationwide  
network of diagnostic labs, and helped to build  
livelihoods and advance education, among other efforts  
to strengthen communities. 
We launched HeartMates, a program to provide support  
and community to people living with heart disease across 
the U.S.
And we invested more than $1 billion in healthcare and other 
employee benefits, helping ensure that our colleagues can be 
at their best, not only to fulfill Abbott’s mission, but also to 
contribute to the life of their communities.
WHAT WE’RE HERE FOR
Abbott began as one physician hand-making better 
medicines for his own patients. From that noble inspiration 
grew a tradition — an organization, a business — that spread 
around the world and has helped make it a better place by 
decreasing human suffering and enriching human life.
Each year, some 2 billion lives are improved through Abbott 
products and technologies, and more still by the broader 
activity of our company and the ever-widening circle of 
benefits created by its success. And we aim to expand access 
to healthcare further still by making it easier to use, more 
available, and more affordable. 
As a result, more people than ever before will be able 
to enjoy the benefits of the incredible advances that are 
revolutionizing human health, demonstrating the promise 
and the power of companies to change the world for the 
better. And Abbott will remain at the forefront, representing 
business at its public-spirited best, and helping people 
everywhere live fuller, healthier lives.
Abbott Proud,
ROBERT B. FORD
Chairman of the Board and Chief Executive Officer 
March 3, 2025

Our diversified business model proved  
its power again in 2024. We grew organically 
across our businesses, meeting important 
healthcare needs and delivering for our 
stakeholders today, while positioning the 
company for long-term impact and success.
The 
Abbott 
we have  
built
5

Delivering 
now
$32B
$32B
2019 SALES
$42B
$42B
2024 SALES
Abbott’s business breadth and 
market leadership have powered 
consistent growth and financial 
results year after year.
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
6

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
7
CONSECUTIVE 
DIVIDENDS PAID
>400
400
COMPOUNDED ORGANIC 
GROWTH, 2019–2024
~8%*
~8%*
THROUGH BUYBACKS/DIVIDENDS 2019–2024
RETURNED TO 
SHAREHOLDERS
>$25B
$25B
7
*On a GAAP basis, 2019-2024 annual growth rate of 6%. For full financial data and reconciliation of non-GAAP measures, please see Abbott’s earnings releases at www.abbottinvestor.com
7
CONSECUTIVE 
DIVIDENDS PAID
>400
400
COMPOUNDED ORGANIC 
GROWTH, 2019–2024
~8%
~8%*
THROUGH BUYBACKS/DIVIDENDS 2019–2024
RETURNED TO 
SHAREHOLDERS
>$25B
$25B
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
7
*On a GAAP basis, 2019-2024 annual growth rate of 6%. For full financial data and reconciliation of non-GAAP measures, please see Abbott’s earnings releases at www.abbottinvestor.com

Designing 
what’s next
8
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
R&D INVESTMENT
$2.2B
2019
$2.7B
2024 
INVESTMENTS IN NEW PRODUCT  
DEVELOPMENT
CAPITAL INVESTMENT
$1.6B
2019
→
→
$2.2B
2024 
INVESTMENTS IN MANUFACTURING CAPACITY,  
SUPPLY CHAIN, TECH ADVANCEMENTS
Designing 
what’s next
R&D INVESTMENT
$2.2B*
2019
$2.7B*
2024 
INVESTMENTS IN NEW PRODUCT  
DEVELOPMENT
CAPITAL INVESTMENT
$1.6B
2019
→
→
$2.2B
2024 
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
INVESTMENTS IN MANUFACTURING CAPACITY,  
SUPPLY CHAIN, TECH ADVANCEMENTS
*Full-year R&D Expense on a GAAP basis for 2019 and 2024 was $2.4 billion and $2.8 billion, respectively   
For full financial data and reconciliation of non-GAAP measures, please see Abbott’s earnings releases at www.abbottinvestor.com
8

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
9
We’ve been building our 
infrastructure and R&D pipeline 
to sustain global leadership, 
organic growth, and positive 
impact on the health of billions  
of people around the world.
Abbott’s first continuous glucose 
monitoring system available 
without a prescription for people 
without diabetes.
Lingo
NEW PRODUCT 
CONTRIBUTION 
~25%
~25%
PROJECTED SALES IN 
FIRST 2 YEARS AFTER 
L AUNCH, THROUGH 2029
OF SALES FROM 
RECENTLY 
LAUNCHED 
PRODUCTS 
>$1B
IN 2024

10
Lasting relief  
with our smallest  
spinal cord 
stimulation (SCS) 
system yet.8
Eterna SCS
Advanced technologies 
to improve care for 
movement disorders and 
chronic pain.
 A B B O T T  N O W
NEUROMODULATION
 A B B O T T  N E X T
NeuroSphere:  
An Integrated, Digital Future
Our digital-health ecosystem  
empowers patients with on-demand 
educational resources, real-time 
outcomes, and extended care beyond 
the walls of the clinic.
Actual size.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Margaret Kohn
MAITLAND, FLORIDA, USA
LIBERTA RC DBS
Our Liberta RC deep 
brain stimulation (DBS) 
system helps keep the 
disruptive signals from 
Parkinson’s disease at 
bay so Margaret can stay 
ready to return serve.
Abbott’s chronic-pain and movement-disorder therapy 
solutions include radiofrequency ablation (RFA),  
spinal cord stimulation (SCS), dorsal root ganglion 
(DRG) stimulation and deep brain stimulation (DBS). 
At the start of 2024, Abbott launched the Liberta RC 
DBS System, the smallest rechargeable DBS generator 
on the market to treat movement disorders.1,2
For Parkinson’s disease and essential tremor, Liberta  
RC offers the longest time between charges of any  
DBS technology on the market, allowing people  
with movement disorders to recharge the device  
only 10 times a year.3,4,5 Like Liberta RC, our Infinity  
DBS system also employs a directional lead that’s 
capable of sending energy toward major therapeutic 
targets while reducing stimulation to areas that may 
create side effects. Both devices work with Abbott’s 
proprietary NeuroSphere Virtual Clinic, which lets 
doctors remotely reprogram a patient’s implant. Abbott 
has the only DBS IPGs capable of remote programming.6
And our NeuroSphere Digital Health App* helps people 
evaluate SCS or DRG therapy as they experience a  
new device and offers educational tools for DBS patients, 
helping doctors and patients have better-informed 
discussions.
Our SCS technologies for pain management include 
the Eterna spinal cord stimulation system, the world’s 
smallest implantable, rechargeable SCS system.7,8,9 Eterna, 
which is designed to reduce the need for recharging, 
requires as few as five recharges per year.10,11,12,13
11
*Formerly called NeuroSphere myPath

12
STRUCTURAL  
HEART
Navitor Vision
From transcatheter and surgical valves to structural 
interventions, Abbott’s Structural Heart device 
portfolio is the most comprehensive in the industry. 
In April, Abbott received U.S. FDA approval for 
TriClip, the first-of-its-kind transcatheter edge-to-
edge repair (TEER) device to repair leaky tricuspid 
heart valves. More than 1.6 million people in the U.S. 
are affected by tricuspid regurgitation. TriClip is now 
approved in more than 50 countries.
MitraClip is the world’s first minimally invasive 
TEER therapy for primary and secondary mitral 
regurgitation. 
Our transcatheter aortic valve implantation (TAVI) 
and surgical valve portfolios are designed to maximize 
key clinical outcomes and the possibilities for patient 
lifetime management of their heart-valve disease.  
In November, Abbott announced its first step toward  
a software-guided balloon-expandable TAVI system. 
The investigational system will complement our  
Navitor TAVI system for aortic stenosis. 
Approximately 9 percent of older Americans have 
aortic stenosis.
Navitor Vision, the latest addition to the Navitor 
TAVI system, recently launched in the U.S. It features 
advancements to reduce the risk of blood leakage 
around the implant. 
 A B B O T T  N O W
Transcatheter Aortic Valve 
Implantation System
The most comprehensive
portfolio of devices 
designed to keep  
blood flowing.
A B B O T T  2 0 2 4  A N N U A L  R E P O R T

13
Knud Kjeldgaard
GRAESTED,  
HOVEDSTADEN, DENMARK
NAVITOR VISION
After having his Navitor 
Vision transcatheter 
aortic valve implantation 
(TAVI) device inserted at 
Rigshospitalet Copenhagen, 
Knud has remained active 
and engaged, including  
with his kayak club.
 A B B O T T  N E X T
Advancing Innovation
Abbott continues to  
innovate in stroke  
prevention with its next-
generation left atrial 
appendage occluder 
for patients with atrial 
fibrillation, which  
is being studied in the 
VERITAS trial.
The Amplatzer Amulet offers immediate 
closure of the left atrial appendage in people 
with atrial fibrillation at risk of stroke without 
requiring blood-thinning medication.
The Epic Max aortic stented tissue valve is 
designed to help patients with more complex 
cases of aortic regurgitation or stenosis who 
cannot take blood-thinning medications. 
TriClip
Tricuspid Valve 
Repair Device
 A B B O T T  N E X T

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
14
With innovative additions to our portfolio and new  
trials for next-gen rhythm disorder technologies,  
Abbott’s Electrophysiology business continues to deliver 
strong growth.
Atrial fibrillation (AFib) — the most common type of 
arrhythmia, or irregular heartbeat — impacts more than 
37 million people worldwide. That number is expected to 
grow to more than 60 million by 2050. 
From implantable monitors to sophisticated mapping 
systems, Abbott devices generate complex data sets that 
help doctors treat this condition more effectively.
In September, we completed enrollment for our VOLT-
AF IDE trial to evaluate our pulsed field ablation (PFA) 
system for treating patients with heart rhythm disorders 
such as AFib. PFA uses high-energy electrical pulses for 
ablation procedures. Our Volt PFA System is designed to 
overcome limitations of first-generation PFA systems by 
providing a clearer indication of contact between the Volt 
PFA Catheter and targeted tissue.
Our Advisor HD Mapping Catheter uses a first-of-its-kind 
electrode configuration to create more-highly detailed 
maps of the heart. 
Our best-in-class cardiac-mapping system, EnSite X, 
allows doctors to diagnose a wide range of arrhythmias. 
EnSite X features a screen that displays 3D images of the 
heart and its activity in real time, helping a doctor find the 
specific tissue that’s causing the heart to beat irregularly. 
Our TactiFlex ablation catheter, Sensor Enabled, is the 
world’s first ablation catheter designed with a unique 
flexible electrode tip and contact-force sensing.
ELECTROPHYSIOLOGY
A growing portfolio of cutting-edge 
technologies for the treatment  
of atrial fibrillation.
 A B B O T T  N O W

15
Dr. Jun Kishihara 
and Ryo
AIKAWA, KANAGAWA  
PREFECTURE, JAPAN
ENSITE X
As the Director of Medicine 
in the Department of 
Cardiology and Vascular 
Medicine at Kitasato 
University Hospital, Dr. 
Kishihara depends on 
Abbott’s EnSite X mapping 
system when he’s treating his 
patients’ atrial fibrillation. 
And when he needed help 
getting his own heart back  
in rhythm, his doctors 
counted on EnSite X, too.
 A B B O T T  N E X T
Volt: Advancing Pulsed 
Field Ablation Solutions
The Volt PFA System uses  
high-energy electrical pulses  
to destroy cells causing 
abnormal heart rhythms, while 
reducing the risk of damaging 
adjacent tissue.
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Next-generation 
3D mapping platform
EnSite X System

16
16
VASCULAR
Expanding our 
comprehensive portfolio  
of devices to optimize
vascular interventions.
The only below- 
the-knee device  
that delivers its 
drug, provides 
support, and leaves 
nothing behind.1
Esprit BTK
 A B B O T T  N O W
 A B B O T T  N E X T
Leveraging Abbott Leadership
Abbott will continue to expand its  
portfolio of market-leading stents, 
diagnostic and imaging devices,  
cutting-edge atherectomy systems,  
and vascular-closure devices.
OPTIS Next 
Imaging Systems

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
17
More than 20 million people in the U.S. are living with 
peripheral artery disease (PAD). Until 2024, there had 
been limited treatment options. That changed with the 
U.S. FDA approval of Abbott’s breakthrough, first-of-its-
kind Esprit BTK drug-eluting resorbable scaffold, which 
dissolves over time and leaves nothing behind1 after it 
has opened blocked arteries below the knee, offering a 
clear advantage in limb preservation.2
Our Vascular Care portfolio also includes drug-eluting 
stents like our next-generation XIENCE Skypoint,  
which allows treatment of larger blood vessels and 
longer lesions.
With more than 20 million implants and studies in 120-
plus clinical trials, XIENCE stents provide consistent 
long-term safety data, allowing interventional 
cardiologists to achieve positive results.
Our OPTIS Next Imaging Systems use optical 
coherence tomography (OCT) to capture hundreds 
of micron-level resolution images on the inside of the 
artery. These images are then analyzed by our AI-
powered Ultreon 2.0 imaging and physiology software, 
providing automatic insights to optimize treatment for 
every patient.
Our Perclose family of vascular closure systems includes 
our latest generation Perclose ProStyle, which delivers 
a surgical suture to femoral access sites enabling rapid 
repair of blood vessels, early return to movement, and 
same-day discharge of patients after procedures.
Our leading atherectomy system, Diamondback 360, 
prepares vessels for angioplasty or stenting to restore 
blood flow.
Paul Kolbe
TITUSVILLE, FLORIDA, USA
ESPRIT BTK
The Esprit BTK 
bioresorbable scaffold 
system helps treat chronic 
limb-threatening ischemia 
for people like Paul, and 
clinical trial data show 
long-term effectiveness 
for people with the 
most severe form of 
peripheral artery disease 
(PAD) below the knee 
(BTK), with fewer repeat 
procedures at two years.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
18
Building on our 
leadership with 
innovative solutions 
for managing 
abnormal heart 
rhythms.
CARDIAC RHYTHM 
MANAGEMENT
 A B B O T T  N O W
With enhanced connectivity and expanded approvals, 
our life-changing leadless and transvenous pacemaker 
technologies deliver personalized care from diagnosis 
to ongoing care, giving Abbott’s Cardiac Rhythm 
Management portfolio the capability to help millions 
more around the world.
Our first-of-its-kind AVEIR DR Dual Chamber Leadless 
Pacemaker (LP) System received CE Mark in June, 
expanding treatment options for people in Europe 
living with abnormal heart rhythms. AVEIR DR LP 
System is composed of two unique devices: One that 
paces the right ventricle (AVEIR VR) and one that paces 
the right atrium (AVEIR AR). They’re roughly one-
tenth the size of a traditional pacemaker and smaller 
than a AAA battery. The devices communicate through 
our proprietary i2i system. The AVEIR system is also 
designed to be easily retrievable, should a patient’s 
therapy needs change.
Our implantable cardioverter defibrillators (ICD) 
are designed to continuously monitor patients’ heart 
rhythms and detect irregular heartbeats, delivering 
electrical signals and controlled shocks to restore a 
normal heart rhythm when necessary. 
These devices are setting the standard for patient care 
through new algorithms and technology intended to 
improve patient safety and therapy assurance. This 
portfolio includes the Entrant ICD, which offers non-
invasive programming options and wireless remote 
monitoring with our Merlin@home transmitter; and 
Gallant ICD, which combines built-in smartphone 
connectivity with intuitive programming to help 
doctors meet patients’ changing needs.
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
18
Building on our 
leadership with 
innovative solutions 
for managing 
abnormal heart 
rhythms.
CARDIAC RHYTHM 
MANAGEMENT
 A B B O T T  N O W
With enhanced connectivity and expanded approvals, 
our life-changing leadless and transvenous pacemaker 
technologies deliver personalized care from diagnosis 
to ongoing care, giving Abbott’s Cardiac Rhythm 
Management portfolio the capability to help millions 
more around the world.
Our first-of-its-kind AVEIR DR Dual Chamber Leadless 
Pacemaker (LP) System received CE Mark in June, 
expanding treatment options for people in Europe 
living with abnormal heart rhythms. AVEIR DR LP 
System is composed of two unique devices: One that 
paces the right ventricle (AVEIR VR) and one that paces 
the right atrium (AVEIR AR). They’re roughly one-
tenth the size of a traditional pacemaker and smaller 
than a AAA battery. The devices communicate through 
our proprietary i2i system. The AVEIR system is also 
designed to be easily retrievable, should a patient’s 
therapy needs change.
Our implantable cardioverter defibrillators (ICD) 
are designed to continuously monitor patients’ heart 
rhythms and detect irregular heartbeats, delivering 
electrical signals and controlled shocks to restore a 
normal heart rhythm when necessary. 
These devices are setting the standard for patient care 
through new algorithms and technology intended to 
improve patient safety and therapy assurance. This 
portfolio includes the Entrant ICD, which offers non-
invasive programming options and wireless remote 
monitoring with our Merlin@home transmitter; and 
Gallant ICD, which combines built-in smartphone 
connectivity with intuitive programming to help 
doctors meet patients’ changing needs.

 
19
Karen Pekowitz
WELLESLEY, MASSACHUSETTS, USA
AVEIR DR DUAL CHAMBER 
LEADLESS PACEMAKER (LP) SYSTEM
Karen, a teacher near Boston, 
relies on her AVEIR DR dual-
chamber leadless pacemaker to 
keep her heart functioning as 
it should so she can be there for 
her students.
 A B B O T T  N E X T
Upgradable and Connected, 
as You Need
Designed to be upgradable from  
single- to dual-chamber therapy,  
the AVEIR system removes  
pocket- and lead-related complications, 
and visible scarring. It can also be 
retrieved at the end of service.
Our Dual Chamber 
Leadless Pacemaker 
(LP) System is the first 
of its kind to provide 
beat-to-beat synchrony 
between the chambers 
of the heart.
AVEIR DR

20
20
Solutions for every stage of heart failure,  
from the earliest to the most advanced.
HEART FAILURE 
MANAGEMENT
 A B B O T T  N O W
Kurt-Josef  
Müller
FULDA, HESSE, GERMANY
HEARTMATE 3
Our HeartMate 3  
LVAD (left ventricular  
assist device) has been  
Kurt-Josef’s companion  
for a decade, helping  
his heart do its job  
and enabling him to  
continue his cross- 
continent adventures.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
21
 A B B O T T  N E X T
HeartMate 3 
LVAD
There are not enough donor hearts for the nearly  
26 million people around the world who suffer  
from heart failure. Our industry-leading portfolio 
increases patients’ quality and length of life until  
a new heart is available.
In October, Abbott announced a first-of-its-kind 
clinical trial designed to identify high-risk heart failure 
patients who could benefit from receiving a life-saving 
HeartMate 3 left ventricular assist device (LVAD, or 
heart pump) earlier, lowering mortality rates and 
raising quality of life. 
Our various cardiac resynchronization therapy (CRT) 
devices are proven clinical treatments for heart failure 
management that can be tailored to patients’ needs in 
all stages of therapy.
These devices can communicate with Abbott’s 
Merlin@home system to facilitate efficient remote care 
management of patients, complementing or replacing 
in-clinic visits with remote patient transmissions. 
In addition to helping people with chronic heart 
disease, our CentriMag circulatory support system was 
a life-saving option during the COVID-19 pandemic for  
thousands of patients who required respiratory 
and circulatory support as they battled the disease. 
CentriMag is approved by the FDA for longer-term  
life support.
TEAM-HF Trial — Saving Lives Sooner
The TEAM-HF trial will help identify objective 
criteria among people who are earlier in  
their heart failure progression, when treatment 
can be more effective.
Our proprietary 
Full MagLev flow 
technology reduces 
trauma to the blood 
as it passes through 
the pump.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
22
Helping people live life 
with diabetes — on their 
own terms.
Abbott’s world-leading1,2 FreeStyle Libre technology has 
revolutionized the way nearly 7 million people across 
more than 60 countries manage their diabetes.1 
 
Our commitment to innovation has made Abbott the 
global leader in continuous glucose monitoring (CGM).1 
We designed our FreeStyle Libre portfolio with access 
and affordability in mind from the start to make it 
widely available to all people living with diabetes who 
could benefit from using this life-changing technology.
 
Our FreeStyle Libre systems let people see their glucose 
levels in real time so they can make more confident 
choices3,4, and lower their hemoglobin A1C (a measure 
of glucose levels) over time.3,5 
 
Our commitment to innovation led to the introduction 
of two new sensors in 2024: the FreeStyle Libre 2 
Plus and the FreeStyle Libre 3 Plus. These sensors are 
indicated for use by people 2 years and older, can be 
worn for up to 15 days, and can work with automated 
insulin delivery (AID) systems. 
 
Over the past two years, Abbott has entered into 
partnerships that enable consumers to connect our 
FreeStyle Libre 2 Plus or FreeStyle Libre 3 Plus sensors 
to four different AID systems worldwide.
DIABETES 
CARE
 A B B O T T  N O W

23
Trinity Lindblade
WALKERSVILLE, MARYLAND, USA
FREESTYLE LIBRE 3 SYSTEM
As a college student  
and basketball player,  
Trinity depends on her 
FreeStyle Libre 3 system 
to keep her ready to go.  
It’s the world’s smallest, 
thinnest, and most  
discreet sensor.1,6
Lets people see 
their glucose 
levels in real 
time to make 
more confident 
choices.3,4
FreeStyle  
Libre 3 system
 A B B O T T  N E X T
Dual Glucose-Ketone Sensor
Combining glucose- and ketone-
sensing capabilities into a single sensor 
can be especially important for people 
with diabetes who are at higher risk 
of developing diabetic ketoacidosis, a 
potentially life-threatening condition.
For illustrative 
purposes only. 
Not actual 
patient data.

24
Serena Williams  
and Alexis Ohanian
LOS ANGELES,  
CALIFORNIA, USA
LINGO
The power couple – an  
all-time tennis great and  
a tech entrepreneur –  
count on Lingo to track  
their individual glucose 
responses, gaining insights 
and learning as they eat  
their favorite meals.
Lingo: The future of 
wearable health tech  
for a deeper connection 
to your body.
BIOWEARABLES
 A B B O T T  N O W

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
25
The biosensor tracks 
glucose and the app 
gives a real-time view, 
with insights and 
education.
Lingo
The technology that powers our FreeStyle Libre portfolio 
of continuous glucose monitors — the best-selling  
medical device in history — became available in 2024 
to U.S. consumers without diabetes through Lingo, an 
over-the-counter CGM system. Lingo is Abbott’s first 
biowearable cleared by the FDA for consumers 18 years 
and older, not on insulin, and looking to improve their 
overall health and wellness.
Lingo, which is available without a prescription, tracks 
glucose and provides real-time insights, based on the 
user’s body’s reaction to nutrition, exercise and life’s 
daily stressors. 
The Lingo system includes a biosensor and a mobile 
app that work together to help users understand their 
unique glucose responses. 
 Lingo employs science to help users discover which 
foods work for their bodies, and which ones don’t.
Lingo’s coaching program helps people see the 
connections between their food choices and glucose 
data, and create healthier habits over time. 
 By better understanding glucose trends, users can build 
healthy habits to manage weight, improve sleep and 
energy, and retrain their metabolism over time. 
 A B B O T T  N E X T
Metabolic Health in Your Hands
Metabolic health is a lot to unpack. Lingo 
streamlines the science, so you not only 
learn what works for you, but why.
For illustrative 
purposes  
only. Not actual 
patient data. 
Not actual size.

26
Caili and Evie 
Elwell
GRAY, MAINE , USA
ELECARE
When Evie was an infant, 
food could be downright 
scary given her allergies, 
which included peanuts, 
eggs, tree nuts, milk, and 
soy, among others. Her 
mother, Caili, counted 
on Abbott’s EleCare 
amino-acid-based infant 
formula to support Evie’s 
nutrition.
26
Science-based nutrition to 
support the growth,  
health, and wellness of people 
at every stage of life.
For a century, Abbott’s science-based nutrition has been 
designed to benefit people at every age and stage of life, 
from infancy through adulthood.
Abbott helped create a new category of nutrition 
product more than 50 years ago with the introduction 
of Ensure, the No. 1 doctor-recommended oral  
nutrition supplement brand, encompassing a full line 
that includes pre- and post-surgery drinks specifically 
formulated to support recovery. In 2024, sales of  
Ensure products were more than $3 billion.
Abbott’s portfolio of specialty nutrition products  
benefits people facing a variety of conditions with 
nutritional needs, including:
NUTRITION
 A B B O T T  N O W
Caili and Evie 
Elwell
GRAY, MAINE , USA
ELECARE
When Evie was an infant, 
food could be downright 
scary given her allergies, 
which included peanuts, 
eggs, tree nuts, milk,  
and soy, among others. 
Her mother, Caili, 
counted on Abbott’s 
EleCare amino-acid-based 
infant formula to support 
Evie’s nutrition.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
27
• Glucerna products: Made with CARBSTEADY, a unique 
 blend of low-glycemic carbohydrates that helps  
 minimize blood-sugar spikes for people with diabetes
• Nepro: Helps replace protein lost during dialysis
• Juven: specialized nutrition to support wound healing
In August, we announced our Pure Bliss by Similac 
infant formula line that includes USDA Certified 
Organic options, in addition to Pure Bliss by Similac  
Irish Farms, a European-made infant formula  
that starts with fresh milk from cows in Ireland.  
These offerings give parents additional options that  
are backed by Abbott’s century of experience  
providing high-quality, complete infant nutrition.
Abbott’s market-leading Similac line of infant formulas 
is the foundation of our pediatric nutrition business. 
Similac 360 Total Care’s exclusive blend of 5 HMO 
prebiotics makes it our closest yet to breast milk.  
We also offer a variety of amino-acid-based formulas 
for children and adults living with food allergies, 
gastrointestinal disorders, and inborn errors of 
metabolism.
PediaSure’s macro- and micronutrients help children 
with, or at risk for, undernutrition catch up on growth, 
and has long been the market-leading nutritional 
supplement for children.
Pedialyte helps people of all ages replace fluids and 
electrolytes they’ve lost due to mild-to-moderate 
dehydration. It’s the No. 1 doctor-recommended brand.
 A B B O T T  N E X T
Hydration When  
You Need It
Whatever the cause of mild-
to-moderate dehydration, 
Pedialyte helps you rehydrate 
and feel better fast. And 
we’re continuing to innovate 
our Pedialyte portfolio to 
meet consumers’ needs.
Innovative products designed 
for every stage of life

28
28
A growing array of medicines 
and therapies to transform the 
quality of healthcare.
Hugo Rojas
BOGOTÁ, D.C., COLOMBIA
ABXEDA (BEVACIZUMAB)
Hugo’s colon cancer  
was treated with 
Abbott’s biosimilar 
Abxeda (Bevacizumab). 
He is now cancer-free 
and living his best life 
with his family, including 
his grandchildren. 
MEDICINES
 A B B O T T  N O W

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
29
Bevacizumab
Every day, more than 60 million people around the  
world benefit from Abbott medicines and services. 
Abbott’s understanding of the specific health challenges 
and needs of local communities in emerging markets 
helps us deliver insight-driven innovation that builds on 
Abbott’s trusted global brand. Our portfolio is focused 
in important treatment areas like:
• Gastroenterology: Including enzyme deficiencies  
 and digestive disorders
• Women’s health: Addressing hormonal imbalances  
 and other women’s health issues
• Cardiometabolic: For managing cholesterol levels  
 and cardiovascular health
• Primary care: General health, including antibiotics,  
 flu vaccines, and anti-inflammatory remedies
In 2024, we expanded our biosimilars portfolio in 
oncology, women’s health, and immunology through 
strategic partnerships. With launches starting in 
2025, our broadened range of biosimilars will enhance 
access to high-quality biologics to deliver cutting-edge 
treatment options to more people.
Our patient-focused services include a:care, our digital 
initiative developed with behavioral science and 
technology, giving patients and healthcare providers 
tools, tips, and resources to build healthier habits. These 
tools can help improve how people manage their health, 
improving interactions between patients and healthcare 
professionals and helping reduce healthcare costs.
 A B B O T T  N E X T
Biosimilars: Improving  
Global Access
Biosimilars — or biologic medicines — 
have greatly improved treatment for  
some of the hardest-to-treat diseases, 
including many types of cancer, and 
have reduced costs for patients and 
healthcare systems.
Treatment for cancer

30
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Abbott is working to ensure 
diagnostic testing is available 
wherever people need care.
From healthcare providers in clinical settings to 
consumers testing at home, Abbott’s range of rapid 
testing solutions are industry leaders.
Our i-STAT TBI test using whole blood was cleared by 
the FDA in 2024 to aid in the evaluation of patients 18 
and older with suspected mild traumatic brain injury 
at the point of care. Producing lab-quality results in 15 
minutes, the test can be used by healthcare professionals 
to help evaluate patients up to 24 hours after injury, 
providing results bedside in the emergency room, and 
allowing use in urgent-care clinics and other healthcare 
settings outside the hospital.
Our ID NOW benchtop analyzer — a rapid, instrument-
based, isothermal system — has continued to accelerate 
Abbott’s strategy of decentralizing testing by offering 
reliable, near-patient testing that reduces overall 
healthcare costs.
Our rapid diagnostics portfolio also includes Piccolo 
Xpress, the only portable diagnostic analyzer to offer a 
full complement of CLIA-waived blood chemistry tests 
at the point of care; Afinion 2, a compact, rapid, multi-
assay analyzer; and the Cholestech LDX analyzer, which 
empowers healthcare professionals and patients with 
a complete lipid profile and glucose level in just five 
minutes per test cassette. 
For COVID-19, Abbott’s BinaxNOW (the No. 1 self-test  
in the U.S.) and Panbio tests continue to be world leaders 
for at-home COVID testing, having been used more  
than 3 billion times around the world since their 
development in 2020. Another rapid test, our Panbio 
HIV Self Test, empowers people to proactively know 
their HIV status and live fuller lives through earlier 
diagnosis and treatment. 
Measures biomarkers 
associated with brain 
injury in the blood 
stream.
i-STAT TBI
RAPID  
DIAGNOSTICS
 A B B O T T  N O W

31
Charlotte Radek
CHICAGO, ILLINOIS, USA
ID NOW STREP A 2
When Charlotte came down with a 
cough and fever, her mom, Stephanie, 
was grateful that Charlotte’s doctor 
could quickly determine exactly what 
ailed her. With rapid molecular tests 
on the ID NOW platform, results 
are available in just minutes and in 
more point-of-care locations, helping 
people make health decisions sooner, 
to reduce the spread of illnesses  
like strep and RSV.
 A B B O T T  N E X T
Bringing the  
Future Home
With regular testing at 
home, families around 
the world can know their 
status so they can take 
actions to help stop the 
spread of illness.

32
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
32
Abbott’s market-leading diagnostic tests, instruments, 
and informatics systems deliver crucial information 
to help guide decision-making for hundreds of health 
conditions — from heart attacks to blood disorders to 
infectious diseases and cancers.
Our customized, scalable solutions help laboratories 
maximize precious space to improve throughput and 
productivity in diagnostic labs. 
Abbott systems and tests screen more than 50 percent of 
the world’s blood and plasma supply. In 2024, we began 
a partnership with the Big Ten collegiate athletics 
conference to raise awareness and increase blood 
donations that will help save thousands of lives.
Our Alinity portfolio of harmonized diagnostic  
systems includes:
• The Alinity ci series, which integrates clinical 
chemistry and immunoassay testing to help maximize 
operational efficiency.  
• The Alinity m family, which includes molecular 
screening for the human papillomavirus, or HPV, 
adding a powerful cervical-cancer screening tool.
• The AlinIQ, Abbott’s suite of digital health solutions 
that help labs uncover intelligent insights and 
operational productivity from the data they generate. 
• And the Alinity s, our purpose-built instrument for 
blood and plasma screening, which allows laboratory 
staff to process more samples with less effort, greater 
consistency, and increased control, leading to a more 
productive blood- and plasma-screening process.
Customized,  
scalable solutions 
improving 
throughput and 
productivity in 
diagnostic labs.
LABORATORY  
DIAGNOSTICS
 A B B O T T  N O W

33
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
EXPANDING TEST MENUS
LAUNCHING NEW SYSTEMS
INCREASING CAPACITY
 A B B O T T  N E X T
Alinity: Expanding Our Base
By streamlining critical interactions 
among individuals, systems, and 
information, Abbott is enabling 
health professionals to redefine 
performance in laboratories.
Maggie Schmidt
MILWAUKEE, WISCONSIN, USA
BLOOD DONATION WITH  
MIXED REALITY
With the world’s blood supply 
under constant pressure, it’s 
important for everyone to 
donate, especially younger 
people like Maggie. Abbott’s 
immersive mixed-reality digital 
experience is designed to attract 
new and younger donors.
ENHANCING EFFICIENCY 
AND PRODUCTIVITY 

34
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
34
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Passion  
and  
purpose
>$53M
THE WE GIVE BLOOD DRIVE
20,000  
donations
NEARLY
in cash and products  
to support global 
humanitarian efforts in  
more than 50 countries
OUR PARTNERSHIP WITH THE BIG TEN 
COLLEGIATE ATHLETICS CONFERENCE HELPED 
STRENGTHEN THE U.S. BLOOD SUPPLY

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
35
35
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
“Abbott Proud” expresses  
our enthusiasm for helping 
people live their best, 
healthiest lives. We’re  
here — all of us — to do  
great things and, above  
all, the right thing. 
800  
teammates
HEARTMATES
Abbott is helping 
build a community of 
support for people and 
caregivers impacted by 
heart conditions
1.3M
Patients who have received 
emergency medical care 
thanks to Abbott’s efforts 
to help build healthcare 
infrastructure in Tanzania
2024

36
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
2024
Financial
Report
36
37 Consolidated Statement  
 
of Earnings
38 Consolidated Statement  
 
of Comprehensive Income
39 Consolidated Statement  
 
of Cash Flows
40 Consolidated Balance Sheet
42 Consolidated Statement  
 
of Shareholders’ Investment 
43 Notes to Consolidated  
 
Financial Statements
62 Management Report  
 
on Internal Control Over  
 
Financial Reporting
62 Report of Independent  
 
 
Registered Public  
 
Accounting Firm
64 Report of Independent  
 
Registered Public  
 
Accounting Firm
65 Financial Instruments and  
 
Risk Management
66 Financial Review
79 Performance Graph
80 Summary of Selected  
 
Financial Data
81 Directors and  
 
Corporate Officers
82 Shareholder and  
 
Corporate Information

37
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Year Ended December 31
2024
2023
2022
Net Sales
$41,950
$40,109
$43,653
Cost of products sold, excluding amortization of intangible assets
18,706
17,975
19,142
Amortization of intangible assets
1,878
1,966
2,013
Research and development
2,844
2,741
2,888
Selling, general and administrative
11,697
10,949
11,248
Total Operating Cost and Expenses
35,125
33,631
35,291
Operating Earnings
6,825
6,478
8,362
Interest expense
559
637
558
Interest income
(344)
(385)
(183)
Net foreign exchange (gain) loss
(27)
41
2
Other (income) expense, net
(376)
(479)
(321)
Earnings before Taxes
7,013
6,664
8,306
Taxes on Earnings
(6,389)
941
1,373
Net Earnings
$13,402
$÷5,723
$÷6,933
Basic Earnings Per Common Share
$÷÷7.67
$÷÷3.28
$÷÷3.94
Diluted Earnings Per Common Share
$÷÷7.64
$÷÷3.26
$÷÷3.91
Average Number of Common Shares Outstanding Used for Basic 
Earnings Per Common Share
1,740
1,740
1,753
Dilutive Common Stock Options
8
9
11
Average Number of Common Shares Outstanding Plus Dilutive 
Common Stock Options
1,748
1,749
1,764
Outstanding Common Stock Options Having No Dilutive Effect
7
5
3
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF EARNINGS
(in millions except per share data)

38
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
(in millions)
Year Ended December 31
2024
2023
2022
Net Earnings
$13,402
$«5,723
$«6,933
Foreign currency translation gain (loss) adjustments
(1,001)
229
(894)
Net actuarial gains (losses) and prior service cost and credits and amortization 
of net actuarial losses and prior service cost and credits, net of taxes of $228 in 
2024, $31 in 2023 and $330 in 2022
765
117
1,177
Net gains (losses) on derivative instruments designated  
as cash flow hedges, net of taxes of $48 in 2024, $(66) in 2023 and $11 in 2022
169
(134)
40
Other Comprehensive Income (Loss)
(67)
212
323
Comprehensive Income
$13,335
$«5,935
$«7,256
Supplemental Accumulated Other Comprehensive Income (Loss) Information, 
net of tax as of December 31:
Cumulative foreign currency translation (loss) adjustments
$«(7,505)
$(6,504)
$(6,733)
Net actuarial (losses) and prior service (cost) and credits
(611)
(1,376)
(1,493)
Cumulative gains (losses) on derivative instruments designated  
as cash flow hedges
210
41
175
Accumulated other comprehensive income (loss)
$«(7,906)
$(7,839)
$(8,051)
The accompanying notes to consolidated financial statements are an integral part of this statement.

39
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
CONSOLIDATED STATEMENT OF CASH FLOWS
(in millions)
Year Ended December 31
2024
2023
2022
Cash Flow From (Used in) Operating Activities:
Net earnings
$13,402
$«5,723
$«6,933
Adjustments to reconcile earnings to net cash from operating activities — 
Depreciation
1,340
1,277
1,254
Amortization of intangible assets
1,878
1,966
2,013
Share-based compensation
673
644
685
Investing and financing losses, net
482
126
215
Trade receivables
(691)
(356)
(68)
Inventories
(58)
(232)
(1,413)
Prepaid expenses and other assets
(796)
(542)
(75)
Trade accounts payable and other liabilities
356
(760)
420
Income taxes
(8,028)
(585)
(383)
Net Cash From Operating Activities
8,558
7,261
9,581
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment
(2,207)
(2,202)
(1,777)
Acquisitions of businesses and technologies, net of cash acquired
—
(877)
—
Proceeds from business dispositions
1
40
48
Purchases of investment securities
(169)
(159)
(185)
Proceeds from sales of investment securities
28
43
152
Other
9
22
22
Net Cash From (Used in) Investing Activities
(2,338)
(3,133)
(1,740)
Cash Flow From (Used in) Financing Activities:
Proceeds from issuance of (repayments of) short-term debt, net and other
(100)
21
47
Proceeds from issuance of long-term debt and debt with maturities over 3 months
223
2
7
Repayments of long-term debt and debt with maturities over 3 months
(660)
(2,498)
(753)
Purchases of common shares
(1,295)
(1,227)
(3,795)
Proceeds from stock options exercised
264
167
167
Dividends paid
(3,836)
(3,556)
(3,309)
Net Cash From (Used in) Financing Activities
(5,404)
(7,091)
(7,636)
Effect of exchange rate changes on cash and cash equivalents
(96)
(23)
(122)
Net Increase (Decrease) in Cash and Cash Equivalents
720
(2,986)
83
Cash and Cash Equivalents, Beginning of Year
6,896
9,882
9,799
Cash and Cash Equivalents, End of Year
$7,616
$6,896
$«9,882
Supplemental Cash Flow Information:
Income taxes paid
$1,723
$1,475
$«1,864
Interest paid
604
662
563
The accompanying notes to consolidated financial statements are an integral part of this statement.

40
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
December 31
2024
2023
Assets
Current assets:
Cash and cash equivalents
$÷7,616
$÷6,896
Investments, primarily bank time deposits and U.S. treasury bills
351
383
Trade receivables, less allowances of — 2024: $439; 2023: $444
6,925
6,565
Inventories:
Finished products
3,700
3,946
Work in process
840
807
Materials
1,654
1,817
Total inventories
6,194
6,570
Other prepaid expenses and receivables
2,570
2,256
Total current assets
23,656
22,670
Investments
886
799
Property and equipment, at cost:
Land
528
529
Buildings
4,207
4,161
Equipment
15,517
15,179
Construction in progress
2,488
2,064
22,740
21,933
Less: accumulated depreciation and amortization
12,082
11,779
Net property and equipment
10,658
10,154
Intangible assets, net of amortization
6,647
8,815
Goodwill
23,108
23,679
Deferred income taxes and other assets
16,459
7,097
$81,414
$73,214
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED BAL ANCE SHEET
(dollars in millions)

41
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
December 31
2024
2023
Liabilities and Shareholders’ Investment
Current liabilities:
Trade accounts payable
$÷«4,195
$÷«4,295
Salaries, wages and commissions
1,701
1,597
Other accrued liabilities
5,143
5,422
Dividends payable
1,024
955
Income taxes payable
594
492
Current portion of long-term debt
1,500
1,080
Total current liabilities
14,157
13,841
Long-term debt
12,625
13,599
Post-employment obligations and other long-term liabilities
6,731
6,947
Commitments and contingencies
Shareholders’ investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
—
—
Common shares, without par value Authorized — 2,400,000,000 shares 
Issued at stated capital amount — Shares: 2024: 1,991,472,630; 2023: 1,987,883,852
25,153
24,869
Common shares held in treasury, at cost — Shares: 2024: 259,774,639; 2023: 253,807,494
(16,844)
(15,981)
Earnings employed in the business
47,261
37,554
Accumulated other comprehensive income (loss)
(7,906)
(7,839)
Total Abbott Shareholders’ Investment
47,664
38,603
Noncontrolling interests in subsidiaries
237
224
Total Shareholders’ Investment
47,901
38,827
$«81,414
$«73,214
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED BAL ANCE SHEET
(dollars in millions)

42
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Year Ended December 31
2024
2023
2022
Common Shares:
Beginning of Year
Shares: 2024: 1,987,883,852; 2023: 1,986,519,278; 2022: 1,985,273,421
$«24,869
$«24,709
$«24,470
Issued under incentive stock programs
Shares: 2024: 3,588,778; 2023: 1,364,574; 2022: 1,245,857
173
66
72
Share-based compensation
673
646
687
Issuance of restricted stock awards
(562)
(552)
(520)
End of Year
Shares: 2024: 1,991,472,630; 2023: 1,987,883,852; 2022: 1,986,519,278
$«25,153
$«24,869
$«24,709
Common Shares Held in Treasury:
Beginning of Year
Shares: 2024: 253,807,494; 2023: 248,724,257; 2022: 221,191,228
$(15,981)
$(15,229)
$(11,822)
Issued under incentive stock programs
Shares: 2024: 4,423,897; 2023: 4,881,031; 2022: 4,980,202
280
297
269
Purchased
Shares: 2024: 10,391,042; 2023: 9,964,268; 2022: 32,513,231
(1,143)
(1,049)
(3,676)
End of Year
Shares: 2024: 259,774,639; 2023: 253,807,494; 2022: 248,724,257
$(16,844)
$(15,981)
$(15,229)
Earnings Employed in the Business:
Beginning of Year
$«37,554
$«35,257
$«31,528
Net earnings
13,402
5,723
6,933
Cash dividends declared on common shares  
(per share — 2024: $2.24; 2023: $2.08; 2022: $1.92)
(3,904)
(3,625)
(3,365)
Effect of common and treasury share transactions
209
199
161
End of Year
$«47,261
$«37,554
$«35,257
Accumulated Other Comprehensive Income (Loss):
Beginning of Year
$÷(7,839)
$÷(8,051)
$÷(8,374)
Other comprehensive income (loss)
(67)
212
323
End of Year
$÷(7,906)
$÷(7,839)
$÷(8,051)
Noncontrolling Interests in Subsidiaries:
Beginning of Year
$÷÷÷224
$÷÷÷219
$÷÷÷222
Noncontrolling Interests’ share of income, net of distributions and 
share repurchases
13
5
(3)
End of Year
$÷÷÷237
$÷÷÷224
$÷÷÷219
The accompanying notes to consolidated financial statements are an integral part of this statement.
CONSOLIDATED STATEMENT OF SHAREHOLDERS’ INVESTMENT
(in millions except shares and per share data)

43
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Nature of Business — Abbott’s principal business is the discovery, 
development, manufacture and sale of a broad line of health care 
products. 
Basis of Consolidation — The consolidated financial statements 
include the accounts of the parent company and subsidiaries, after 
elimination of intercompany transactions.
Use of Estimates — The consolidated financial statements have been 
prepared in accordance with generally accepted accounting princi-
ples in the United States and necessarily include amounts based on 
estimates and assumptions by management. Actual results could 
differ from those amounts. Significant estimates include amounts 
for sales rebates, income taxes, pension and other post-employment 
benefits, valuation of intangible assets, litigation, derivative financial 
instruments, and inventory and accounts receivable exposures.
Foreign Currency Translation — The statements of earnings of 
foreign subsidiaries whose functional currencies are other than 
the U.S. dollar are translated into U.S. dollars using average 
exchange rates for the period. The net assets of foreign subsidiar-
ies whose functional currencies are other than the U.S. dollar are 
translated into U.S. dollars using exchange rates as of the balance 
sheet date. The U.S. dollar effects that arise from translating the 
net assets of these subsidiaries at changing rates are recorded in 
the foreign currency translation adjustment account, which is 
included in equity as a component of Accumulated other compre-
hensive income (loss). Transaction gains and losses are recorded 
on the Net foreign exchange (gain) loss line of the Consolidated 
Statement of Earnings. 
Revenue Recognition — Revenue from product sales is recognized 
upon the transfer of control, which is generally upon shipment or 
delivery, depending on the delivery terms set forth in the customer 
contract. Provisions for discounts, rebates and sales incentives to 
customers, and returns and other adjustments are provided for 
in the period the related sales are recorded. Sales incentives to 
customers are not material. Historical data is readily available and 
reliable, and is used for estimating the amount of the reduction in 
gross sales. Revenue from the launch of a new product, from an 
improved version of an existing product, or for shipments in 
excess of a customer’s normal requirements are recorded when 
the conditions noted above are met. In those situations, manage-
ment records a returns reserve for such revenue, if necessary. In 
certain Abbott businesses, primarily within diagnostics, Abbott 
participates in selling arrangements that include multiple perfor-
mance obligations (e.g., instruments, reagents, procedures, and 
service agreements). The total transaction price of the contract is 
allocated to each performance obligation in an amount based on 
the estimated relative standalone selling prices of the promised 
goods or services underlying each performance obligation. 
Income Taxes — Deferred income taxes are provided for the tax 
effect of differences between the tax bases of assets and liabilities 
and their reported amounts in the financial statements at the 
enacted statutory rate to be in effect when the taxes are paid. No 
additional income taxes have been provided for any remaining 
undistributed foreign earnings not subject to the transition tax 
related to the U.S. Tax Cuts and Jobs Act (TCJA), or any additional 
outside basis differences that exist, as these amounts continue to 
be indefinitely reinvested in foreign operations. The TCJA sub-
jects taxpayers to tax on global intangible low-taxed income 
(GILTI) earned by certain foreign subsidiaries. Abbott treats the 
GILTI tax as a period expense and provides for the tax in the 
year that the tax is incurred. Interest and penalties on income 
tax obligations are included in taxes on earnings.
Earnings Per Share — Unvested restricted stock units and awards 
that contain non-forfeitable rights to dividends are treated as 
participating securities and are included in the computation of 
earnings per share under the two-class method. Under the two-
class method, net earnings are allocated between common shares 
and participating securities. Net earnings allocated to common 
shares in 2024, 2023 and 2022 were $13.351 billion, $5.701 billion 
and $6.905 billion, respectively.
Pension and Post-Employment Benefits — Abbott accrues for 
the actuarially determined cost of pension and post-employment 
benefits over the service attribution periods of the employees. 
Abbott must develop long-term assumptions, the most significant 
of which are the health care cost trend rates, discount rates and 
the expected return on plan assets. Differences between the 
expected long-term return on plan assets and the actual return 
are amortized over a five-year period. Actuarial losses and gains 
are amortized over the remaining service attribution periods of 
the employees under the corridor method.
Fair Value Measurements — For assets and liabilities that are  
measured using quoted prices in active markets, total fair value is 
the published market price per unit multiplied by the number of 
units held without consideration of transaction costs. Assets and 
liabilities that are measured using significant other observable 
inputs are valued by reference to similar assets or liabilities, 
adjusted for contract restrictions and other terms specific to that 
asset or liability. For these items, a significant portion of fair value 
is derived by reference to quoted prices of similar assets or liabili-
ties in active markets. For all remaining assets and liabilities, fair 
value is derived using a fair value model, such as a discounted cash 
flow model or Black-Scholes model. Purchased intangible assets 
are recorded at fair value. The fair value of significant purchased 
intangible assets is based on independent appraisals. Abbott uses 
a discounted cash flow model to value intangible assets. The dis-
counted cash flow model requires assumptions about the timing 
and amount of future net cash flows, risk, the cost of capital, termi-
nal values and market participants. Intangible assets are reviewed 
for impairment on a quarterly basis. Goodwill and indefinite-lived 
intangible assets are tested for impairment at least annually.
Share-Based Compensation — The fair value of stock options 
and restricted stock awards and units are amortized over their 
requisite service period, which could be shorter than the vesting 
period if an employee is retirement eligible, with a charge to  
compensation expense.
Litigation — Abbott accounts for litigation losses in accordance 
with Financial Accounting Standards Board (FASB) Accounting 
Standards Codification (ASC) No. 450, “Contingencies.” Under 
ASC No. 450, loss contingency provisions are recorded for proba-
ble losses at management’s best estimate of a loss, or when a best 
estimate cannot be made, a minimum loss contingency amount 
is recorded. Legal fees are recorded as incurred.
Cash, Cash Equivalents and Investments — Cash equivalents  
consist of bank time deposits, U.S. government securities, money 
market funds and U.S. treasury bills with original maturities of 
three months or less. Abbott holds certain investments with a 
carrying value of $139 million that are accounted for under the 
equity method of accounting. Investments held in a rabbi trust 

44
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
and investments in publicly traded equity securities are recorded 
at fair value and changes in fair value are recorded in earnings. 
Investments in equity securities that are not traded on public stock 
exchanges are recorded at cost minus impairment, if any, plus or 
minus changes resulting from observable price changes in orderly 
transactions for identical or similar investments of the same issuer.
Trade Receivable Valuations — Accounts receivable are stated 
at the net amount expected to be collected. The allowance for 
doubtful accounts reflects the current estimate of credit losses 
expected to be incurred over the life of the accounts receivable. 
Abbott considers various factors in establishing, monitoring, and 
adjusting its allowance for doubtful accounts, including the aging 
of the accounts and aging trends, the historical level of charge-
offs, and specific exposures related to particular customers. Abbott 
also monitors other risk factors and forward-looking information, 
such as country risk, when determining credit limits for customers 
and establishing adequate allowances. Accounts receivable are 
charged off after all reasonable means to collect the full amount 
(including litigation, where appropriate) have been exhausted.
Inventories — Inventories are stated at the lower of cost (first-in, 
first-out basis) or net realizable value. Cost includes material and 
conversion costs.
Property and Equipment — Depreciation and amortization are 
provided on a straight-line basis over the estimated useful lives 
of the assets. The following table shows estimated useful lives of 
property and equipment:
Classification
Estimated Useful Lives
Buildings
10 to 50 years
Equipment
2 to 20 years 
Product Liability — Abbott accrues for product liability claims 
when it is probable that a liability has been incurred and the 
amount of the liability can be reasonably estimated based on 
existing information. The liabilities are adjusted quarterly as 
additional information becomes available. Product liability losses 
are self-insured.
Research and Development Costs — Internal research and develop-
ment costs are expensed as incurred. Clinical trial costs incurred 
by third parties are expensed as the contracted work is performed. 
Where contingent milestone payments are due to third parties under 
research and development arrangements, the milestone payment 
obligations are expensed when the milestone results are achieved.
Acquired In-Process and Collaborations Research and Development 
(IPR&D) — The initial costs of rights to IPR&D projects obtained 
in an asset acquisition are expensed as IPR&D unless the project 
has an alternative future use. These costs include initial payments 
incurred prior to regulatory approval in connection with research 
and development collaboration agreements that provide rights 
to develop, manufacture, market and/or sell pharmaceutical or 
medical device products. The fair value of IPR&D projects 
acquired in a business combination are capitalized and accounted 
for as indefinite-lived intangible assets until completed and are 
then amortized over the remaining useful life. Collaborations are 
not significant.
Concentration Of Risk and Guarantees — Due to the nature of its 
operations, Abbott is not subject to significant concentration risks 
relating to customers, products or geographic locations. Product 
warranties are not significant.
Abbott has no material exposures to off-balance sheet arrange-
ments; no special purpose entities; nor activities that include 
non-exchange-traded contracts accounted for at fair value. Abbott 
periodically acquires a business or product rights in which Abbott 
agrees to pay contingent consideration based on attaining certain 
thresholds or based on the occurrence of certain events.
NOTE 2 — NEW ACCOUNTING STANDARDS
RECENTLY ADOPTED ACCOUNTING STANDARDS
In November 2023, the FASB issued ASU 2023-07, Segment 
Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures, which expands the breadth and frequency of  
required segment disclosures. The guidance is required to be 
applied retrospectively to all periods presented in the financial 
statements. Abbott adopted the standard on January 1, 2024. The 
new standard did not have an impact on Abbott’s consolidated 
financial statements, but required additional disclosures, retro-
spectively applied to all periods presented in Note 16 — Segment 
and geographic area information. 
In September 2022, the FASB issued Accounting Standards 
Update (ASU) 2022-04, Disclosure of Supplier Finance Program 
Obligations, which requires an entity to report information about 
its supplier finance program. Abbott adopted the standard on 
January 1, 2023. The new standard did not have an impact on 
Abbott’s consolidated financial statements.
RECENT ACCOUNTING STANDARDS NOT YET ADOPTED
In November 2024, the FASB issued ASU 2024-03, Income 
Statement (Subtopic 220-40): Reporting Comprehensive Income — 
Expense Disaggregation Disclosures, which requires an entity to 
disclose on an annual and interim basis, disaggregated information 
about specific income statement expense categories. The guidance 
should be applied prospectively with the option to apply the stan-
dard retrospectively. The standard becomes effective for Abbott for 
full year 2027 reporting. Abbott is currently evaluating the impact 
of this new standard on its consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes 
(Topic 740): Improvements to Income Tax Disclosures, which 
requires an entity to disclose annually additional information 
related to the company’s income tax rate reconciliation and 
income taxes paid during the period. The guidance should be 
applied prospectively with the option to apply the standard retro-
spectively. The standard becomes effective for Abbott for full year 
2025 reporting. Abbott is currently evaluating the impact of this 
new standard on its consolidated financial statements.
NOTE 3 — REVENUE
Abbott’s revenues are derived primarily from the sale of a 
broad line of health care products under short-term receivable 
arrangements. Patent protection and licenses, technological and 
performance features, and inclusion of Abbott’s products under 
a contract most impact which products are sold; price controls, 
competition and rebates most impact the net selling prices of 
products; and foreign currency translation impacts the measure-
ment of net sales and costs. Abbott’s products are generally sold 
directly to retailers, wholesalers, distributors, hospitals, health 
care facilities, laboratories, physicians’ offices and government 
agencies throughout the world. Abbott has four reportable seg-
ments: Established Pharmaceutical Products, Diagnostic Products, 
Nutritional Products, and Medical Devices.

45
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following tables provide detail by sales category:
2024
2023
2022
(in millions)
U.S.
Int’l
Total
U.S.
Int’l
Total
U.S.
Int’l
Total
Established Pharmaceutical Products — 
Key Emerging Markets
$÷÷÷÷—
$÷3,858
$÷3,858
$÷÷÷÷—
$÷3,807
$÷3,807
$÷÷÷÷—
$÷3,766
$÷3,766
Other
—
1,336
1,336
—
1,259
1,259
—
1,146
1,146
Total
—
5,194
5,194
—
5,066
5,066
—
4,912
4,912
Nutritional Products —
Pediatric Nutritionals
2,208
1,815
4,023
1,977
1,957
3,934
1,562
1,919
3,481
Adult Nutritionals
1,481
2,909
4,390
1,436
2,784
4,220
1,357
2,621
3,978
Total
3,689
4,724
8,413
3,413
4,741
8,154
2,919
4,540
7,459
Diagnostic Products — 
Core Laboratory
1,332
3,903
5,235
1,243
3,916
5,159
1,137
3,751
4,888
Molecular
150
371
521
172
402
574
370
625
995
Point of Care
408
180
588
396
169
565
372
153
525
Rapid Diagnostics
1,940
1,057
2,997
2,518
1,172
3,690
6,652
3,409
10,061
Total
3,830
5,511
9,341
4,329
5,659
9,988
8,531
7,938
16,469
Medical Devices —
Rhythm Management
1,154
1,236
2,390
1,085
1,170
2,255
1,029
1,090
2,119
Electrophysiology
1,141
1,326
2,467
1,008
1,187
2,195
909
1,018
1,927
Heart Failure
986
293
1,279
888
273
1,161
809
226
1,035
Vascular
1,056
1,781
2,837
978
1,703
2,681
864
1,619
2,483
Structural Heart
1,051
1,195
2,246
883
1,061
1,944
818
894
1,712
Neuromodulation
767
195
962
725
165
890
619
151
770
Diabetes Care 
2,633
4,172
6,805
2,129
3,632
5,761
1,633
3,123
4,756
Total
8,788
10,198
18,986
7,696
9,191
16,887
6,681
8,121
14,802
Other
16
—
16
14
—
14
11
—
11
Total
$16,323
$25,627
$41,950
$15,452
$24,657
$40,109
$18,142
$25,511
$43,653
Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023. As a result, $115 million of sales in 2022 were moved from Rapid 
Diagnostics to Heart Failure.
Products sold by the Diagnostics segment include various types 
of diagnostic tests to detect COVID-19. Abbott’s COVID-19  
testing-related sales totaled approximately $747 million in 2024, 
$1.6 billion in 2023 and $8.4 billion in 2022.
Abbott recognizes revenue from product sales upon the transfer of 
control, which is generally upon shipment or delivery, depending 
on the delivery terms set forth in the customer contract. For main-
tenance agreements that provide service beyond Abbott’s standard 
warranty and other service agreements, revenue is recognized 
ratably over the contract term. A time-based measure of progress 
appropriately reflects the transfer of services to the customer. 
Payment terms between Abbott and its customers vary by the type of 
customer, country of sale, and the products or services offered. The 
term between invoicing and the payment due date is not significant.
Management exercises judgment in estimating variable consider-
ation. Provisions for discounts, rebates and sales incentives to 
customers, and returns and other adjustments are provided for 
in the period the related sales are recorded. Sales incentives to 
customers are not material. Historical data is readily available and 
reliable, and is used for estimating the amount of the reduction in 
gross sales. Abbott provides rebates to government agencies, whole-
salers, group purchasing organizations and other private entities.
Rebate amounts are usually based upon the volume of purchases 
using contractual or statutory prices for a product. Factors used 
in the rebate calculations include the identification of which 
products have been sold subject to a rebate, which customer or 
government agency price terms apply, and the estimated lag time 
between sale and payment of a rebate. Using historical trends, 
adjusted for current changes, Abbott estimates the amount of the 
rebate that will be paid, and records the liability as a reduction of 
gross sales when Abbott records its sale of the product. Settlement 
of the rebate generally occurs from one to six months after sale. 
Abbott regularly analyzes the historical rebate trends and makes 
adjustments to reserves for changes in trends and terms of rebate 
programs. Historically, adjustments to prior years’ rebate accruals 
have not been material to net income.
Other allowances charged against gross sales include cash  
discounts and returns, which are not significant. Cash discounts 
are known within 15 to 30 days of sale, and therefore can be  
reliably estimated. Returns can be reliably estimated because 
Abbott’s historical returns are low, and because sales return terms 
and other sales terms have remained relatively unchanged for 
several periods. Product warranties are also not significant.

46
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Abbott also applies judgment in determining the timing of  
revenue recognition related to contracts that include multiple 
performance obligations. The total transaction price of the con-
tract is allocated to each performance obligation in an amount 
based on the estimated relative standalone selling prices of the 
promised goods or services underlying each performance obliga-
tion. For goods or services for which observable standalone 
selling prices are not available, Abbott uses an expected cost plus 
a margin approach to estimate the standalone selling price of 
each performance obligation.
REMAINING PERFORMANCE OBLIGATIONS
As of December 31, 2024, the estimated revenue expected to 
be recognized in the future related to performance obligations 
that are unsatisfied (or partially unsatisfied) was approximately 
$5.5 billion in the Diagnostic Products segment and approxi-
mately $440 million in the Medical Devices segment. Abbott 
expects to recognize revenue on approximately 56 percent of 
these remaining performance obligations over the next 
24 months, approximately 17 percent over the subsequent 
12 months and the remainder thereafter. 
These performance obligations primarily reflect the future sale 
of reagents/consumables in contracts with minimum purchase 
obligations, extended warranty or service obligations related to 
previously sold equipment, and remote monitoring services 
related to previously implanted devices. Abbott has applied the 
practical expedient described in ASC 606-10-50-14 and has not 
included remaining performance obligations related to contracts 
with original expected durations of one year or less in the 
amounts above.
ASSETS RECOGNIZED FOR COSTS TO OBTAIN A 
CONTRACT WITH A CUSTOMER
Abbott has applied the practical expedient in ASC 340-40-25-4 
and records as an expense the incremental costs of obtaining 
contracts with customers in the period of occurrence when the 
amortization period of the asset that Abbott otherwise would have 
recognized is one year or less. Upfront commission fees paid to 
sales personnel as a result of obtaining or renewing contracts with 
customers are incremental to obtaining the contract. Abbott capi-
talizes these amounts as contract costs. Capitalized commission 
fees are amortized based on the contract duration to which the 
assets relate which ranges from two to ten years. The amounts as 
of December 31, 2024 and 2023 were not significant.
Additionally, the cost of transmitters provided to customers that 
use Abbott’s remote monitoring service with respect to certain 
medical devices are capitalized as contract costs. Capitalized 
transmitter costs are amortized based on the timing of the transfer 
of services to which the assets relate, which typically ranges from 
eight to ten years. The amounts as of December 31, 2024 and 2023 
were not significant.
OTHER CONTRACT ASSETS AND LIABILITIES
Abbott discloses Trade receivables separately in the Consolidated 
Balance Sheet at the net amount expected to be collected. Contract 
assets primarily relate to Abbott’s conditional right to consideration 
for work completed but not billed at the reporting date. Contract 
assets at the beginning and end of the period, as well as the 
changes in the balance, were not significant.
Contract liabilities primarily relate to payments received from 
customers in advance of performance under the contract. 
Abbott’s contract liabilities arise primarily in the Medical Devices 
reportable segment when payment is received upfront for various 
multi-period extended service arrangements. Changes in the 
contract liabilities during the period are as follows:
(in millions)
Contract Liabilities:
Balance at December 31, 2022
$«500
Unearned revenue from cash received during the period
469
Revenue recognized related to contract liability balance
(424)
Balance at December 31, 2023
545
Unearned revenue from cash received during the period
483
Revenue recognized related to contract liability balance
(460)
Balance at December 31, 2024
$«568
NOTE 4 — SUPPLEMENTAL FINANCIAL INFORMATION
Other (income) expense, net, for 2024, 2023 and 2022 includes 
approximately $542 million, $498 million and $406 million of 
income, respectively, related to the non-service cost components 
of the net periodic benefit costs associated with the pension and 
post-retirement medical plans.
In the second quarter of 2024, Abbott sold a non-core business 
related to its Established Pharmaceutical Products segment. Abbott 
recorded a loss of approximately $143 million on the sale in Other 
(income) expense, net in its Consolidated Statement of Earnings. 
Net assets which primarily related to inventory and net property 
and equipment and had a carrying value of $28 million were 
included in the sale. The loss on the sale also included $116 million 
of cumulative foreign currency translation adjustment previously 
recorded in Accumulated other comprehensive income (loss).
The following summarizes the activity related to the allowance 
for doubtful accounts:
(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2022
$262
Provisions/charges to income
26
Amounts charged off and other deductions
(47)
Balance at December 31, 2023
241
Provisions/charges to income
61
Amounts charged off and other deductions
(55)
Balance at December 31, 2024
$247

47
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The allowance for doubtful accounts reflects the current  
estimate of credit losses expected to be incurred over the life 
of the accounts receivable. Abbott considers various factors in 
establishing, monitoring, and adjusting its allowance for doubtful 
accounts, including the aging of the accounts and aging trends, 
the historical level of charge-offs, and specific exposures related 
to particular customers. Abbott also monitors other risk factors 
and forward-looking information, such as country risk, when 
determining credit limits for customers and establishing 
adequate allowances.
The detail of various balance sheet components is as follows:
(in millions)
December 31
2024
2023
Long-term Investments:
Equity securities
$553
$555
Other
333
244
Total
$886
$799
The increase in Abbott’s long-term investments as of December 31, 
2024 versus the balance as of December 31, 2023 primarily relates 
to investment in long term deposits and equity method invest-
ments, partially offset by the impairment of certain securities. 
Abbott’s equity securities as of December 31, 2024 and 
December 31, 2023, include $313 million and $314 million, respec-
tively, of investments in mutual funds that are held in a rabbi trust. 
These investments, which are specifically designated as available 
for the purpose of paying benefits under a deferred compensation 
plan, are not available for general corporate purposes and are 
subject to creditor claims in the event of insolvency.
Abbott also holds certain investments as of December 31, 2024 
with a carrying value of $139 million that are accounted for under 
the equity method of accounting and other equity investments 
with a carrying value of $91 million that do not have a readily 
determinable fair value. 
(in millions)
December 31
2024
2023
Other Accrued Liabilities:
Accrued rebates payable to government agencies
$÷«621
$÷«650
Accrued other rebates (a)
1,098
1,091
All other 
3,424
3,681
Total
$5,143
$5,422
(a)  Accrued wholesaler chargeback rebates of $262 million and $232 million at December 31, 2024 
and 2023, respectively, are netted in trade receivables because Abbott’s customers are invoiced 
at a higher catalog price but only remit to Abbott their contract price for the products.
(in millions)
December 31
2024
2023
Post-employment Obligations and  
Other Long-term Liabilities:
Defined benefit pension plans and post-employment 
medical and dental plans for significant plans
$1,880
$1,964
Deferred income taxes
512
568
Operating lease liabilities
896
949
All other (b)
3,443
3,466
Total
$6,731
$6,947
(b) Includes approximately $860 million and $650 million of net unrecognized tax benefits 
and $210 million and $430 million of transition tax obligation related to the TCJA in 
2024 and 2023, respectively.
NOTE 5 — ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
The components of the changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:
(in millions)
Cumulative Foreign 
Currency Translation 
Adjustments
Net Actuarial Gains 
(Losses) and Prior 
Service (Costs) 
and Credits
Cumulative Gains 
(Losses) on Derivative 
Instruments Designated 
as Cash Flow Hedges
Total
Balance at December 31, 2022
$(6,733)
$(1,493)
$«175
$(8,051)
Other comprehensive income (loss) before reclassifications
212
127
5
344
(Income) loss amounts reclassified from accumulated other 
comprehensive income (a)
17
(10)
(139)
(132)
Net current period other comprehensive income (loss)
229
117
(134)
212
Balance at December 31, 2023
(6,504)
(1,376)
41
(7,839)
Other comprehensive income (loss) before reclassifications
(1,117)
757
245
(115)
(Income) loss amounts reclassified from accumulated other 
comprehensive income (a)
116
8
(76)
48
Net current period other comprehensive income (loss)
(1,001)
765
169
(67)
Balance at December 31, 2024
$(7,505)
$«÷(611)
$«210
$(7,906)
(a) The reclassification of $116 million out of Accumulated other comprehensive income (loss) in 2024 is included in the loss related to the sale of a non-core business included in Other (income) 
expense. (Income) loss amounts reclassified from accumulated other comprehensive income related to cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior 
service cost is included as a component of net periodic benefit cost – see Note 14 — Post-Employment Benefits for additional information.

48
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
NOTE 6 — BUSINESS ACQUISITIONS
On September 22, 2023, Abbott completed the acquisition of 
Bigfoot Biomedical, Inc. (Bigfoot), which furthers Abbott’s efforts 
to develop connected solutions for making diabetes management 
more personal and precise. The purchase price, the final allocation 
of acquired assets and liabilities, and the revenue and net income 
contributed by Bigfoot since the date of acquisition are not  
material to Abbott’s consolidated financial statements.  
On April 27, 2023, Abbott completed the acquisition of 
Cardiovascular Systems, Inc. (CSI) for $20 per common share, 
which equated to a purchase price of $851 million. The transaction 
was funded with cash on hand and accounted for as a business 
combination. CSI’s atherectomy system, which is used in treating 
peripheral and coronary artery disease, adds complementary 
technologies to Abbott’s portfolio of vascular device offerings. 
The final allocation of the purchase price of the CSI acquisition 
resulted in the recording of two non-deductible developed tech-
nology intangible assets totaling $305 million; a non-deductible 
in-process research and development asset of $15 million, which 
will be accounted for as an indefinite-lived intangible asset until 
regulatory approval or discontinuation; non-deductible goodwill 
of $369 million; net deferred tax assets of $46 million and other 
net assets of $116 million. The goodwill is identifiable to the 
Medical Devices reportable segment and is attributable to expected 
synergies from combining operations, as well as intangible assets 
that do not qualify for separate recognition. Revenues and earnings 
of CSI included in Abbott’s consolidated financial statements since 
the acquisition date are not material to Abbott’s consolidated 
revenue and earnings.
NOTE 7 — GOODWILL AND INTANGIBLE ASSETS 
The total amount of reported goodwill was $23.1 billion at 
December 31, 2024 and $23.7 billion at December 31, 2023.  
Foreign currency translation adjustments decreased goodwill 
by $533 million in 2024 and increased goodwill by $304 million 
in 2023. In 2023, business acquisitions increased goodwill by 
approximately $576 million. The amount of goodwill related to 
reportable segments at December 31, 2024 was $2.6 billion for 
the Established Pharmaceutical Products segment, $285 million 
for the Nutritional Products segment, $3.5 billion for the 
Diagnostic Products segment, and $16.8 billion for the Medical 
Devices segment. There were no reductions of goodwill relating 
to impairments in 2024 and 2023.
The gross amount of amortizable intangible assets, primarily 
product rights and technology, was $27.1 billion and $27.7 billion 
as of December 31, 2024 and 2023, respectively. In 2023, the gross 
amount of amortizable intangible assets increased by $305 million 
due to a business acquisition. Accumulated amortization was 
$21.3 billion and $19.7 billion as of December 31, 2024 and 2023, 
respectively. Foreign currency translation adjustments decreased 
intangible assets by $78 million in 2024 and increased intangible 
assets by $44 million in 2023. In 2024, intangible assets decreased 
$207 million due to impairment charges recorded on the Cost of 
products sold line of the Consolidated Statement of Earnings, 
primarily related to the Medical Devices reportable segment. 
The estimated annual amortization expense for intangible assets 
recorded at December 31, 2024 is approximately $1.7 billion in 
2025, $1.5 billion in 2026, $1.2 billion in 2027, $668 million in 
2028 and $605 million in 2029. Amortizable intangible assets are 
amortized over 2 to 20 years.
Indefinite-lived intangible assets, which relate to IPR&D acquired 
in a business combination, were approximately $784 million and 
$787 million at December 31, 2024 and 2023, respectively. In 2024, 
IPR&D decreased by $39 million of charges recorded on the 
Research and development line of the Consolidated Statement 
of Earnings for the impairment of an indefinite-lived intangible 
asset related to the Medical Devices reportable segment and was 
partially offset by an increase of $35 million due to the finalization 
of purchase accounting related to a business acquisition. In 2023, 
$100 million of impairment charges related to certain indefinite-
lived intangible assets in the Medical Devices reportable segment 
were recorded on the Research and development line of the 
Consolidated Statement of Earnings. In 2023, business acquisi-
tions increased IPR&D assets by $80 million.
NOTE 8 — RESTRUCTURING PLANS
In 2024, Abbott management approved plans to streamline certain 
operations in order to reduce costs and improve efficiencies in its 
Diagnostic, Medical Devices, Established Pharmaceutical and 
Nutritional businesses, including the discontinuation of its 
ZonePerfect® product line. Abbott recorded employee related 
severance and other charges of $129 million, of which $62 million 
was recorded in Cost of products sold, $21 million was recorded 
in Research and development, and $46 million was recorded in 
Selling, general and administrative expenses. Payments related 
to these actions totaled $32 million in 2024 and the remaining 
liability totaled $97 million at December 31, 2024. In addition, 
Abbott recognized inventory related charges of $34 million and 
fixed asset impairment charges of $12 million related to these 
restructuring plans.

49
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In 2023, Abbott management approved plans to restructure  
various operations in order to reduce costs in its Medical Devices, 
Diagnostic, and Established Pharmaceutical businesses. Abbott 
recorded employee related severance and other charges of 
$144 million of which $56 million was recorded in Cost of products 
sold, $22 million was recorded in Research and development and 
$66 million was recorded in Selling, general and administrative 
expenses. In addition, Abbott recognized fixed asset impairment 
and inventory related charges of $31 million related to these 
restructuring plans.
The following summarizes the activity related to the 2023  
restructuring actions and the status of the related accruals as 
of December 31, 2024:
(in millions)
Restructuring charges in 2023
$144
Payments and other adjustments
(65)
Accrued balance at December 31, 2023
79
Payments and other adjustments
(58)
Accrued balance at December 31, 2024
$÷21
In 2022, Abbott management approved plans to streamline opera-
tions in order to reduce costs and improve efficiencies in its Medical 
Devices, Nutritional, Diagnostic, and Established Pharmaceutical 
businesses. Abbott recorded employee related severance and other 
charges of $234 million of which $59 million was recorded in 
Cost of products sold, $36 million was recorded in Research and 
development and $139 million was recorded in Selling, general and 
administrative expenses. In addition, Abbott recognized inventory 
related charges of $23 million and fixed asset impairment charges 
of $4 million related to these restructuring plans. 
The following summarizes the activity related to the 2022  
restructuring actions and the status of the related accruals as 
of December 31, 2024:
(in millions)
Restructuring charges in 2022
$«234
Payments and other adjustments
(6)
Accrued balance at December 31, 2022
228
Payments and other adjustments
(170)
Accrued balance at December 31, 2023
$58
Payments and other adjustments
(49)
Accrued balance at December 31, 2024
$÷÷«9
NOTE 9 — INCENTIVE STOCK PROGRAM
The 2017 Incentive Stock Program authorizes the granting of non-
qualified stock options, restricted stock awards, restricted stock units, 
performance awards, foreign benefits and other share-based awards. 
Stock options and restricted stock awards and units comprise the 
majority of benefits that have been granted and are currently out-
standing under this program and a prior program. In 2024, Abbott 
granted 1,683,097 stock options, 404,597 restricted stock awards 
and 5,341,050 restricted stock units under this program.
Under Abbott’s stock incentive programs, the purchase price of 
shares under option must be at least equal to the fair market value 
of the common stock on the date of grant, and the maximum term 
of an option is 10 years. Options generally vest equally over three 
years. Restricted stock awards generally vest over three years, with 
no more than one-third of the award vesting in any one year upon 
Abbott reaching a minimum return on equity target. Restricted 
stock units vest over three years and upon vesting, the recipient 
receives one share of Abbott stock for each vested restricted stock 
unit. The aggregate fair market value of options and restricted 
stock awards and units is recognized as expense over the requisite 
service period, which may be shorter than the vesting period if an 
employee is retirement eligible. Forfeitures are estimated at the 
time of grant. Restricted stock awards and settlement of vested 
restricted stock units are issued out of treasury shares. Abbott 
generally issues new shares for exercises of stock options. As a 
policy, Abbott does not purchase its shares relating to its share-
based programs.
In April 2017, Abbott’s shareholders authorized the 2017 Incentive 
Stock Program under which a maximum of 170 million shares 
were available for issuance. At December 31, 2024, approximately 
61 million shares remained available for future issuance.

50
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes restricted stock awards and units 
activity for the year ended December 31, 2024.
Share Units
Weighted 
Average 
Grant-Date 
Fair Value
Outstanding at December 31, 2023
10,278,286
$112.51
Granted
5,745,647
116.78
Vested
(4,978,325)
115.35
Forfeited
(536,036)
112.82
Outstanding at December 31, 2024
10,509,572
$113.48
The fair market value of restricted stock awards and units vested 
in 2024, 2023 and 2022 was $570 million, $536 million and 
$639 million, respectively.
The total intrinsic value of options exercised in 2024, 2023 and 
2022 was $238 million, $102 million and $85 million, respectively. 
The total unrecognized compensation cost related to all share-
based compensation plans at December 31, 2024 amounted to 
approximately $462 million, which is expected to be recognized 
over the next three years.
Total non-cash stock compensation expense charged against 
income in 2024, 2023 and 2022 for share-based plans totaled 
approximately $673 million, $644 million and $685 million,  
respectively, and the tax benefit recognized was approximately 
$181 million, $144 million and $170 million, respectively. 
Stock compensation cost capitalized as part of inventory is 
not significant.
The table below summarizes the fair value of an option granted in 
2024, 2023 and 2022 and the assumptions included in the Black-
Scholes option-pricing model used to estimate the fair value:
2024
2023
2022
Fair value
$31.10
$26.87
$25.26
Risk-free interest rate
4.3%
4.0%
1.9%
Average life of options (years)
6.0
6.0
6.0
Volatility
25.2%
24.4%
23.8%
Dividend yield
1.9%
1.9%
1.6%
The risk-free interest rate is based on the rates available at the 
time of the grant for zero-coupon U.S. government issues with a 
remaining term equal to the option’s expected life. The average life 
of an option is based on both historical and projected exercise and 
lapsing data. Expected volatility is based on implied volatilities 
from traded options on Abbott’s stock and historical volatility of 
Abbott’s stock over the expected life of the option. Dividend yield 
is based on the option’s exercise price and annual dividend rate 
at the time of grant.
NOTE 10 — DEBT AND LINES OF CREDIT
The following is a summary of long-term debt at December 31:
(in millions)
2024
2023
0.10% Notes, due 2024
—
655
2.95% Notes, due 2025
1,000
1,000
3.875% Notes, due 2025
500
500
1.50% Notes, due 2026
1,188
1,266
3.75% Notes, due 2026
1,700
1,700
0.375% Notes, due 2027
615
655
1.15% Notes, due 2028
650
650
5-year term loan due 2029
583
419
1.40% Notes, due 2030
650
650
4.75% Notes, due 2036
1,650
1,650
6.15% Notes, due 2037
547
547
6.00% Notes, due 2039
515
515
5.30% Notes, due 2040
694
694
4.75% Notes, due 2043
700
700
4.90% Notes, due 2046
3,250
3,250
Unamortized debt issuance costs
(53)
(56)
Other, including fair value adjustments  
relating to interest rate hedge contracts 
designated as fair value hedges
(64)
(116)
Total carrying amount of long-term debt
14,125
14,679
Less: Current portion
1,500
1,080
Total long-term portion
$12,625
$13,599
On November 19, 2024, Abbott repaid the €590 million out-
standing principal amount of its 0.10% Notes upon maturity. 
The repayment equated to approximately $640 million. On 
November 30, 2023, Abbott repaid the $1.05 billion outstanding 
principal amount of its 3.40% Notes upon maturity. On 
September 27, 2023, Abbott repaid the €1.14 billion outstanding 
principal amount of its 0.875% Notes upon maturity. The repay-
ment equated to approximately $1.2 billion. In September 2023, 
Abbott repaid approximately $197 million of debt assumed as 
part of a recent business acquisition. 
The following table summarizes stock option activity for the year ended December 31, 2024 and the outstanding stock options as of 
December 31, 2024.
(intrinsic values in millions)
Options
Weighted
Average
Exercise Price
Weighted
Average
Remaining
Life (Years)
Aggregate
Intrinsic Value
Outstanding at December 31, 2023
28,569,075
$÷74.52
4.8
$1,073
Granted
1,683,097
116.88
Exercised
(3,593,503)
47.26
Lapsed
(111,920)
119.40
Outstanding at December 31, 2024
26,546,749
$÷80.70
4.6 
$÷«906
Exercisable at December 31, 2024
22,712,676
$÷75.20
3.9 
$÷«897

51
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
On June 26, 2024, Abbott modified its existing, yen-denominated 
5-year term loan scheduled to mature in November 2024. The 
amended terms include a net increase in principal debt from 
¥59.8 billion to ¥92.0 billion, with a new maturity date in June 
2029. The modified, 5-year term loan bears interest at the Tokyo 
Interbank Offered Rate (TIBOR) plus a fixed spread, and the 
interest rate is reset quarterly. The net proceeds equated to 
approximately $201 million.
Abbott has readily available financial resources, including 
unused lines of credit that support commercial paper borrowing 
arrangements and provide Abbott with the ability to borrow up to 
$5 billion on an unsecured basis. On January 29, 2024, Abbott 
terminated its 2020 Five Year Credit Agreement (2020 Agreement) 
and entered into a new Five Year Credit Agreement (Revolving 
Credit Agreement). There were no outstanding borrowings under 
the 2020 Agreement at the time of its termination. Any borrowings 
under the Revolving Credit Agreement will mature and be payable 
on January 29, 2029 and will bear interest, at Abbott’s option, based 
on either a base rate or Secured Overnight Financing Rate (SOFR), 
plus an applicable margin based on Abbott’s credit ratings.
Principal payments required on long-term debt outstanding at 
December 31, 2024 are $1.5 billion in 2025, $2.9 billion in 2026, 
$617 million in 2027, $650 million in 2028, $583 million in 2029 
and $8.0 billion in 2030 and thereafter.
At December 31, 2024, Abbott’s long-term debt rating was AA- 
by S&P Global Ratings and Aa3 by Moody’s Investors Service. 
Abbott expects to maintain an investment grade rating.
NOTE 11 — LEASES
LEASES WHERE ABBOTT IS THE LESSEE
Abbott has entered into operating leases as the lessee for office 
space, manufacturing facilities, R&D laboratories, warehouses, 
vehicles and equipment. Finance leases are not significant. 
Abbott’s operating leases generally have remaining lease terms 
of 1 to 10 years. Some leases include options to extend beyond the 
original lease term, generally up to 10 years and some include 
options to terminate early. These options have been included in 
the determination of the lease liability when it is reasonably  
certain that the option will be exercised.
For all of its asset classes, Abbott elected the practical expedient 
allowed under FASB ASC No. 842, “Leases” to account for each 
lease component (e.g., the right to use office space) and the  
associated non-lease components (e.g., maintenance services)  
as a single lease component. Abbott also elected the short-term 
lease accounting policy for all asset classes; therefore, Abbott is 
not recognizing a lease liability or right of use (ROU) asset for 
any lease that, at the commencement date, has a lease term of 
12 months or less and does not include an option to purchase the 
underlying asset that Abbott is reasonably certain to exercise.
As Abbott’s leases typically do not provide an implicit rate, the 
interest rate used to determine the present value of the pay-
ments under each lease typically reflects Abbott’s incremental 
borrowing rate based on information available at the lease  
commencement date. 
The following table provides information related to Abbott’s 
operating leases:
(in millions, except weighted averages)
2024
2023
2022
Operating lease cost (a)
$366
$356
$355
Cash paid for amounts included in the 
measurement of operating lease liabilities
300
276
274
ROU assets arising from entering into new 
operating lease obligations
253
253
263
Weighted average remaining lease term at 
December 31 (in years)
7
7
8
Weighted average discount rate at December 31
3.6%
3.4%
2.9%
(a) Includes short-term lease expense and variable lease costs, which were immaterial in the 
years ended December 31, 2024, 2023 and 2022.
Future minimum lease payments under non-cancellable operating 
leases as of December 31, 2024 were as follows:
(in millions)
2025
$÷«290
2026
252
2027
183
2028
134
2029
103
Thereafter
356
Total future minimum lease payments – undiscounted
1,318
Less: imputed interest
(168)
Present value of lease liabilities
$1,150
The following table summarizes the amounts and location of 
operating lease ROU assets and lease liabilities:
(in millions)
December 31
2024
2023
 Balance Sheet Caption
Operating Lease –  
ROU Asset
$1,075
$1,122
Deferred income taxes 
and other assets
Operating Lease Liability:
 
Current
$÷«254
$÷«245
Other accrued liabilities
Non-current
896
949
Post-employment 
obligations and other 
long-term liabilities
Total Liability
$1,150
$1,194
LEASES WHERE ABBOTT IS THE LESSOR
Certain assets, primarily diagnostics instruments, are leased to cus-
tomers under contractual arrangements that typically include an 
operating or sales-type lease as well as performance obligations for 
reagents and other consumables. Sales-type leases are not signifi-
cant. Contract terms vary by customer and may include options to 
terminate the contract or options to extend the contract. Where 
instruments are provided under operating lease arrangements, 
some portion or the entire lease revenue may be variable and sub-
ject to subsequent non-lease component (e.g., reagent) sales. The 
allocation of revenue between the lease and non-lease components 
is based on standalone selling prices. Operating lease revenue 
represented less than 3 percent of Abbott’s total net sales in the 
years ended December 31, 2024, 2023 and 2022.

52
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Assets related to operating leases are reported within Net property 
and equipment on the Consolidated Balance Sheet. The original cost 
and the net book value of such assets were $3.9 billion and $1.8 billion, 
respectively, as of December 31, 2024 and December 31, 2023.
NOTE 12 — FINANCIAL INSTRUMENTS, DERIVATIVES AND 
FAIR VALUE MEASURES
Certain Abbott foreign subsidiaries enter into foreign currency 
forward exchange contracts to manage exposures to changes in 
foreign exchange rates primarily for anticipated intercompany 
purchases by those subsidiaries whose functional currencies are 
not the U.S. dollar. These contracts, with gross notional amounts 
totaling $7.0 billion at December 31, 2024, and $7.3 billion at 
December 31, 2023, are designated as cash flow hedges of the 
variability of the cash flows due to changes in foreign exchange 
rates and are recorded at fair value. Accumulated gains and losses 
as of December 31, 2024 will be included in Cost of products sold 
at the time the products are sold, generally through the next 
twelve to eighteen months.
Abbott enters into foreign currency forward exchange contracts 
to manage currency exposures for foreign currency denominated 
third-party trade payables and receivables, and for intercompany 
loans and trade accounts payable where the receivable or payable 
is denominated in a currency other than the functional currency 
of the entity. For intercompany loans, the contracts require Abbott 
to sell or buy foreign currencies, primarily European currencies, 
in exchange for primarily U.S. dollars and European currencies. 
For intercompany and trade payables and receivables, the currency 
exposures are primarily the U.S. dollar and European currencies. 
At December 31, 2024 and 2023, Abbott held gross notional 
amounts of $16.2 billion and $13.8 billion, respectively, of such 
foreign currency forward exchange contracts. 
Abbott has designated a yen-denominated, 5-year term loan of 
approximately $583 million and $419 million as of December 31, 
2024 and December 31, 2023, respectively, as a hedge of the net 
investment in certain foreign subsidiaries. The change in the value 
of the debt is due to the net incremental borrowing of $201 million 
discussed in Note 10 — Debt and Lines of Credit, as well as 
changes in foreign exchange rates, recorded in Accumulated 
other comprehensive income (loss), net of tax. 
Abbott is a party to interest rate hedge contracts to manage its 
exposure to changes in the fair value of fixed-rate debt. These 
contracts are designated as fair value hedges of the variability of 
the fair value of fixed-rate debt due to changes in the long-term 
benchmark interest rates. The effect of the hedge is to change a 
fixed-rate interest obligation to a variable rate for that portion 
of the debt. Abbott records the contracts at fair value and adjusts 
the carrying amount of the fixed-rate debt by an offsetting amount. 
Abbott had interest rate contracts totaling approximately 
$2.2 billion at December 31, 2024 and 2023. 
The following table summarizes the amounts and location of certain derivative financial instruments as of December 31:
(in millions)
Fair Value—Assets
Fair Value—Liabilities
2024
2023
Balance Sheet Caption
2024
2023
Balance Sheet Caption
Interest rate swaps designated as fair value hedges:
Non-current
$÷«—
$÷«—
Deferred income taxes 
and other assets
$÷51
$÷95
Post-employment 
obligations and other 
long-term liabilities
Current
1
—
Prepaid expenses 
and other receivables
—
—
Other accrued liabilities
Foreign currency forward exchange contracts:
Hedging instruments
243
88
Prepaid expenses 
and other receivables
19
134
Other accrued liabilities
Others not designated as hedges
147
81
Prepaid expenses 
and other receivables
112
97
Other accrued liabilities
Debt designated as a hedge of net investment in a  
foreign subsidiary
—
—
n/a
583
419
Long-term debt 
(Current portion of 
long-term debt in 2023)
$391
$169
$765
$745
The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges,  
debt designated as a hedge of net investment in a foreign subsidiary and certain other derivative financial instruments, as well as 
the amounts and location of income (expense) and gain (loss) reclassified into income. 
(in millions)
Gain (loss) Recognized in Other 
Comprehensive Income (loss)
Income (expense) and Gain (loss) 
Reclassified into Income
Income Statement Caption
2024
2023
2022
2024
2023
2022
Foreign currency forward exchange contracts 
designated as cash flow hedges
$347
$(22)
$281
$103
$187
$234
Cost of products sold
Debt designated as a hedge of net investment in a 
foreign subsidiary
37
27
75
 n/a
n/a
n/a
n/a
Interest rate swaps designated as fair value hedges
 n/a
n/a
n/a
44
61
(243)
Interest expense

53
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
A gain of $131 million, a loss of $44 million and a gain of 
$70 million were recognized in 2024, 2023 and 2022, respectively, 
related to foreign currency forward exchange contracts not desig-
nated as hedges. These amounts are reported in the Consolidated 
Statement of Earnings on the Net foreign exchange (gain) loss line.
The interest rate swaps are designated as fair value hedges of the 
variability of the fair value of fixed-rate debt due to changes in 
the long-term benchmark interest rates. The hedged debt is 
marked to market, offsetting the effect of marking the interest 
rate swaps to market.
The carrying values and fair values of certain financial instruments 
as of December 31 are shown in the table below. The carrying values 
of all other financial instruments approximate their estimated fair 
values. The counterparties to financial instruments consist of select 
major international financial institutions. Abbott does not expect 
any losses from nonperformance by these counterparties.
(in millions)
2024
2023
Carrying Value
Fair Value  
Carrying Value
Fair Value
Long-term Investment Securities:
Equity securities
$÷÷÷553
$÷÷÷553
$÷÷÷555
$÷÷÷555
Other
333
333
244
244
Total long-term debt
(14,125)
(13,710)
(14,679)
(14,769)
Foreign Currency Forward Exchange Contracts:
Receivable position
390
390
169
169
(Payable) position
(131)
(131)
(231)
(231)
Interest Rate Hedge Contracts:
Receivable position
1
1
—
—
(Payable) position
(51)
(51)
(95)
(95)
The fair value of the debt was determined based on significant other observable inputs, including current interest rates.
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:
(in millions)
Outstanding 
Balances
Basis of Fair Value Measurement
Quoted Prices in 
Active Markets
Significant Other 
Observable 
Inputs
Significant 
Unobservable 
Inputs
December 31, 2024:
Equity securities
$÷«323
$323
$÷÷÷—
$÷«—
Interest rate swap derivative financial instruments
1
—
1
—
Foreign currency forward exchange contracts
390
—
390
—
Total Assets
$÷«714
$323
$÷«391
$÷«—
Fair value of hedged long-term debt
$2,096
$÷«—
$2,096
$÷«—
Interest rate swap derivative financial instruments
51
—
51
—
Foreign currency forward exchange contracts
131
—
131
—
Contingent consideration related to business combinations
38
—
—
38
Total Liabilities
$2,316
$÷«—
$2,278
$÷38
December 31, 2023:
Equity securities
$326
$326
$—
$÷«—
Foreign currency forward exchange contracts
169
—
169
—
Total Assets
$÷«495
$326
$÷«169
$÷«—
Fair value of hedged long-term debt
$2,052
$÷«—
$2,052
$÷«—
Interest rate swap derivative financial instruments
95
—
95
—
Foreign currency forward exchange contracts
231
—
231
—
Contingent consideration related to business combinations
112
—
—
112
Total Liabilities
$2,490
$÷«—
$2,378
$112

54
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The fair value of foreign currency forward exchange contracts is 
determined using a market approach, which utilizes values for 
comparable derivative instruments. The fair value of the debt was 
determined based on the face value of the debt adjusted for the fair 
value of the interest rate swaps, which is based on a discounted 
cash flow analysis using significant other observable inputs. 
Contingent consideration relates to businesses acquired by Abbott. 
The fair value of the contingent consideration was determined based 
on independent appraisals at the time of acquisition, adjusted for the 
time value of money and other changes in fair value. The decrease in 
the amount of contingent consideration from December 31, 2023 
reflects a payment of $40 million and a $34 million change in the 
fair value of the remaining contingent consideration. The maximum 
amount for certain contingent consideration is not determinable as 
it is based on a percent of certain sales. Excluding such contingent 
consideration, the maximum amount that may be due under the 
other contingent consideration arrangements was estimated at 
December 31, 2024 to be approximately $65 million, which is depen-
dent upon attaining certain sales thresholds or upon the occurrence 
of certain events, such as regulatory approvals. 
NOTE 13 — LITIGATION AND ENVIRONMENTAL MATTERS
Abbott has been identified as a potentially responsible party for 
investigation and cleanup costs at a number of locations in the 
United States and Puerto Rico under federal and state remediation 
laws and is investigating potential contamination at a number of 
company-owned locations. Abbott has recorded an estimated 
cleanup cost for each site for which management believes Abbott 
has a probable loss exposure. No individual site cleanup exposure 
is expected to exceed $4 million, and the aggregate cleanup expo-
sure is not expected to exceed $10 million.
Abbott has been named as a defendant in a number of lawsuits 
alleging that its preterm infant formula and human milk fortifier 
products that contain cow’s milk cause an intestinal disease known 
as necrotizing enterocolitis (NEC) and inadequately warn about the 
risk of NEC. These lawsuits claim that certain preterm infants suf-
fered injury or death as a result of contracting NEC. In a trial held in 
July 2024, a jury in a Missouri state court awarded a plaintiff 
$495 million in damages. Abbott stands by its products and the 
information it provided about them, and it appealed this jury’s ver-
dict with the Missouri Court of Appeals in December 2024. In a trial 
held in October 2024 involving Abbott and another infant formula 
manufacturer and the treating hospital as co-defendants, a jury in a 
Missouri state court returned a unanimous verdict in favor of Abbott 
and co-defendants. In December 2024, the plaintiff filed a motion for 
a new trial. Abbott does not believe that it is probable that a material 
loss will be incurred related to these lawsuits and therefore, no 
reserves have been recorded. Given the uncertainty as to the possible 
outcome in each of these lawsuits, Abbott is unable to reasonably 
estimate a range of possible loss related to these lawsuits.
Abbott is involved in various claims and legal proceedings, 
and Abbott estimates the range of possible loss for its legal  
proceedings and environmental exposures to be from approxi-
mately $25 million to $35 million. The recorded accrual balance 
at December 31, 2024 for these proceedings and exposures was 
approximately $30 million. This accrual represents management’s 
best estimate of probable loss, as defined by FASB ASC No. 450, 
“Contingencies.” Within the next year, legal proceedings may 
occur that may result in a change in the estimated loss accrued by 
Abbott. While it is not feasible to predict the outcome of all such 
proceedings and exposures with certainty, management believes 
that their ultimate disposition should not have a material adverse 
effect on Abbott’s financial position, cash flows, or results of oper-
ations, except for the cases discussed in the second paragraph of 
this note, the resolution of which could be material to Abbott’s 
financial position, cash flows, or results of operations.
NOTE 14 — POST-EMPLOYMENT BENEFITS 
Retirement plans consist of defined benefit, defined contribution 
and medical and dental plans. Information for Abbott’s major 
defined benefit plans and post-employment medical and dental 
benefit plans is as follows:
(in millions)
Defined Benefit Plans
Medical and 
Dental Plans
2024
2023
2024
2023
Projected benefit 
obligations, January 1
$10,030
$÷9,167
$1,181
$1,126
Service cost — benefits 
earned during the year
242
230
39
38
Interest cost on projected 
benefit obligations
469
455
54
59
(Gains) losses, primarily 
changes in discount rates, 
plan design changes, law 
changes and differences 
between actual and 
estimated health care costs
(763)
458
(33)
35
Benefits paid
(398)
(377)
(73)
(77)
Other, including foreign 
currency translation
(130)
97
(2)
—
Projected benefit 
obligations, December 31
$÷9,450
$10,030
$1,166
$1,181
Plan assets at fair value, 
January 1
$13,085
$11,373
$÷«288
$÷«302
Actual return (loss)  
on plan assets
1,259
1,611
26
26
Company contributions
349
349
36
37
Benefits paid
(398)
(377)
(73)
(77)
Other, including foreign 
currency translation
(152)
129
—
—
Plan assets at fair value, 
December 31
$14,143
$13,085
$÷«277
$÷«288
Projected benefit obligations 
less (greater) than plan 
assets, December 31
$÷4,693
$÷3,055
$÷(889)
$÷(893)
Long-term assets
$÷5,724
$÷4,164
$÷÷÷—
$÷÷÷—
Short-term liabilities
(38)
(36)
(2)
(2)
Long-term liabilities
(993)
(1,073)
(887)
(891)
Net asset (liability)
$÷4,693
$÷3,055
$÷(889)
$÷(893)
Amounts Recognized 
in Accumulated 
Other Comprehensive 
Income (loss):
Actuarial losses, net
$÷÷«772
$÷1,751
$÷÷«29
$÷÷«62
Prior service costs (credits)
5
6
(8)
(22)
Total
$÷÷«777
$÷1,757
$÷÷«21
$÷÷«40

55
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The $763 million of defined benefit plan gains and $33 million 
of medical and dental plan gains in 2024 that decreased the  
projected benefit obligations primarily reflect the year-over-year 
increase in the discount rates used to measure the obligations. 
The $458 million of defined benefit plan losses and $35 million 
of medical and dental plan losses in 2023 that increased the  
projected benefit obligations primarily reflect the year-over-year 
decline in the discount rates used to measure the obligations. 
The projected benefit obligations for non-U.S. defined benefit 
plans were $2.3 billion and $2.6 billion at December 31, 2024 
and 2023, respectively. The accumulated benefit obligations for 
all defined benefit plans were $8.7 billion and $9.2 billion at 
December 31, 2024 and 2023, respectively.
For plans where the projected benefit obligations exceeded 
plan assets at December 31, 2024 and 2023, the projected benefit 
obligations and the aggregate plan assets were as follows:
(in millions)
2024
2023
Projected benefit obligation
$1,180
$1,314
Fair value of plan assets
149
205
For plans where the accumulated benefit obligations exceeded 
plan assets at December 31, 2024 and 2023, the aggregate accumu-
lated benefit obligations, the projected benefit obligations and the 
aggregate plan assets were as follows:
(in millions)
2024
2023
Accumulated benefit obligation
$1,112
$1,175
Projected benefit obligation
1,180
1,248
Fair value of plan assets
149
144
Retirement plans consist of defined benefit, defined contribution, 
and medical and dental plans. Net periodic benefit costs, other  
than service costs, are recognized in the Other (income) expense, 
net line of the Condensed Consolidated Statement of Earnings. 
The components of the net periodic benefit cost as of December 31 
were as follows:
(in millions)
Defined 
Benefit Plans
Medical and 
Dental Plans
2024
2023
2022
2024
2023
2022
Service cost — benefits 
earned during the year
$÷÷242
$«230
$«374
$«39
$«38
$«50
Interest cost on projected 
benefit obligations
469
455
300
54
59
36
Expected return on  
plans’ assets
$(1,050)
(971)
(931)
(24)
(23)
(30)
Amortization of actuarial 
losses (gains)
24
11
231
(2)
(2)
11
Amortization of prior 
service costs (credits) 
1
1
1
(13)
(13)
(24)
Total net cost (income)
$÷«(314)
$(274)
$÷(25)
$«54
$«59
$«43
In addition, approximately $15 million of income was recognized in 
2023 related to the curtailment of a non-U.S. defined benefit plan.
Other comprehensive income (loss) for each respective year 
includes the amortization of actuarial losses and prior service 
costs (credits) as noted in the previous table. Other comprehensive 
income (loss) for each respective year also includes: net actuarial 
gains of $971 million for defined benefit plans and a gain of 
$36 million for medical and dental plans in 2024; net actuarial 
gains of $182 million for defined benefit plans and a loss of 
$33 million for medical and dental plans in 2023, and net actuarial 
gains of $858 million for defined benefit plans and a gain of 
$374 million for medical and dental plans in 2022. The net actuarial 
gains in 2024 related to defined benefit plans are primarily due to 
the favorable impact of actual asset returns in excess of expected 
returns and the year-over-year increase in discount rates. The net 
actuarial gain in 2024 related to medical and dental plans is pri-
marily due to the year-over-year increase in discount rates. The net 
actuarial gains in 2023 related to defined benefit plans are primarily 
due to the favorable impact of actual asset returns in excess of 
expected returns, partially offset by the year-over-year decrease in 
discount rates. The net actuarial losses in 2023 related to medical 
and dental plans are primarily due to the year-over-year decrease 
in discount rates. The net actuarial gains in 2022 were primarily 
due to the year-over-year increase in discount rates, partially offset 
by the impact of 2022 actual asset returns being less than 
expected returns.
The weighted average assumptions used to determine benefit 
obligations for defined benefit plans and medical and dental plans 
are as follows:
2024
2023
2022
Discount rate
5.4%
4.8%
5.0%
Expected aggregate average long-
term change in compensation
4.6%
4.6%
4.5%
The weighted average assumptions used to determine the net 
cost for defined benefit plans and medical and dental plans are 
as follows:
2024
2023
2022
Discount rate
4.8%
5.0%
2.7%
Expected return on plan assets
7.6%
7.6%
7.5%
Expected aggregate average long-
term change in compensation
4.6%
4.5%
4.4%
The assumed health care cost trend rates for medical and dental 
plans at December 31 were as follows:
2024
2023
2022
Health care cost trend rate  
assumed for the next year
8%
8%
7%
Rate that the cost trend rate 
gradually declines to
5%
5%
5%
Year that rate reaches the  
assumed ultimate rate
2031
2029
2027
The discount rates used to measure liabilities were determined 
based on high-quality fixed income securities that match the 
duration of the expected retiree benefits. The health care cost 
trend rates represent Abbott’s expected annual rates of change in 
the cost of health care benefits and are forward projections of 
health care costs as of the measurement date.

56
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table summarizes the bases used to measure the defined benefit and medical and dental plan assets at fair value:
(in millions)
Outstanding 
Balances
Basis of Fair Value Measurement
Quoted 
Prices in 
Active Markets
Significant 
Other Observable 
Inputs
Significant 
Unobservable 
Inputs
Measured 
at NAV (j)
December 31, 2024
Equities:
U.S. large cap (a)
$÷3,873
$2,714
$÷÷÷—
$—
$1,159
U.S. mid and small cap (b)
918
909
—
1
8
International (c)
2,827
518
—
—
2,309
Fixed income securities:
U.S. government securities (d)
441
7
420
—
14
Corporate debt instruments (e)
1,558
120
1,032
—
406
Non-U.S. government securities (f )
627
43
2
—
582
Other (g)
916
335
175
—
406
Absolute return funds (h)
1,814
283
—
—
1,531
Cash and Cash Equivalents
314
16
—
—
298
Other (i)
1,132
7
—
—
1,125
$14,420
$4,952
$1,629
$«1
$7,838
December 31, 2023
Equities:
U.S. large cap (a)
$÷3,425
$2,305
$÷÷÷—
$—
$1,120
U.S. mid and small cap (b)
814
807
—
1
6
International (c)
2,725
493
—
—
2,232
Fixed income securities:
U.S. government securities (d)
391
5
371
—
15
Corporate debt instruments (e)
1,519
125
1,055
—
339
Non-U.S. government securities (f )
586
36
3
—
547
Other (g)
863
322
106
—
435
Absolute return funds (h)
1,669
270
—
—
1,399
Cash and Cash Equivalents
276
16
—
—
260
Other (i)
1,105
5
—
—
1,100
$13,373
$4,384
$1,535
$«1
$7,453
(a) A mix of index funds and actively managed equity accounts that are benchmarked to various large cap indices.
(b) A mix of index funds and actively managed equity accounts that are benchmarked to various mid and small cap indices.
(c) A mix of index funds and actively managed pooled investment funds that are benchmarked to various non-U.S. equity indices in both developed and emerging markets.
(d) A mix of index funds and actively managed accounts that are benchmarked to various U.S. government bond indices.
(e) A mix of index funds and actively managed accounts that are benchmarked to various corporate bond indices.
(f ) Primarily United Kingdom, Canada, Japan and Eurozone government bonds.
(g) Primarily asset backed securities, bank loans, interest rate swap positions and diversified fixed income vehicles benchmarked to SOFR, Sterling Overnight Interbank Average (SONIA) 
or EURIBOR.
(h) Primarily hedge funds and funds invested by managers that have a global mandate with the flexibility to allocate capital broadly across a wide range of asset classes and strategies including, 
but not limited to equities, fixed income, commodities, interest rate futures, currencies and other securities to outperform an agreed upon benchmark with specific return and volatility targets.
(i) Primarily investments in private funds, such as private equity, private credit, private real estate and private energy funds.
(j) Investments measured at fair value using the net asset value (NAV) practical expedient have not been classified in the fair value hierarchy. The fair value amounts presented in this table are 
intended to permit reconciliation of the fair value hierarchy to the amounts presented in the consolidated balance sheet.

57
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Equities that are valued using quoted prices are valued at the 
published market prices. Equities in a common collective trust or 
a registered investment company are valued at the NAV provided 
by the fund administrator. The NAV is based on the value of the 
underlying assets owned by the fund minus its liabilities. For 
approximately half of these funds, investments may be redeemed 
once per week or month, with a required 2 to 30 day notice period. 
For the remaining funds, daily redemption of an investment is 
allowed. Fixed income securities that are valued using significant 
other observable inputs are valued at prices obtained from inde-
pendent financial service industry recognized vendors. Abbott 
did not have any unfunded commitments related to fixed income 
funds at December 31, 2024 and 2023. Fixed income securities in 
a common collective trust or a registered investment company 
are valued at the NAV provided by the fund administrator. For 
the majority of these funds, investments may be redeemed either 
weekly or monthly, with a required 2 to 60 day notice period. 
For the remaining funds, investments may be generally 
redeemed daily.
Absolute return funds are valued at the NAV provided by the fund 
administrator. Abbott did not have any unfunded commitments 
related to absolute return funds at December 31, 2024 and 2023. 
Investments in these funds may be generally redeemed monthly or 
quarterly with required notice periods ranging from 5 to 90 days. 
For approximately $300 million of the absolute return funds, 
redemptions are subject to a 25 percent gate and $60 million is 
subject to a lock until 2025. All private funds are valued at the 
NAV provided by the fund on a one-quarter lag adjusted for  
known cash flows and significant events through the reporting 
date. Investments in the private funds cannot be redeemed but the 
funds will make distributions through liquidation. The estimate 
of the liquidation period for each fund ranges from 2025 to 2034. 
Abbott’s unfunded commitment in these funds was $540 million 
and $555 million as of December 31, 2024 and 2023, respectively.
The investment mix of equity securities, fixed income and other 
asset allocation strategies is based upon achieving a desired 
return, as well as balancing higher return, more volatile equity 
securities with lower return, less volatile fixed income securities. 
Investment allocations are made across a range of markets,  
industry sectors, capitalization sizes, and in the case of fixed 
income securities, maturities and credit quality. The plans do 
not directly hold any securities of Abbott. There are no known 
significant concentrations of risk in the plans’ assets. Abbott’s 
medical and dental plans’ assets are invested in a similar mix as 
the pension plan assets. The actual asset allocation percentages 
at year end are consistent with the company’s targeted asset  
allocation percentages.
The plans’ expected return on assets, as shown above, is based on 
management’s expectations of long-term average rates of return to 
be achieved by the underlying investment portfolios. In establishing 
this assumption, management considers historical and expected 
returns for the asset classes in which the plans are invested, as 
well as current economic and capital market conditions.
Abbott funds its domestic pension plans according to U.S. Internal 
Revenue Service (IRS) funding limitations. International pension 
plans are funded according to similar regulations. Abbott funded 
$349 million in 2024 and 2023 to defined pension plans. Abbott 
expects to contribute approximately $302 million to its pension 
plans in 2025.
Total benefit payments expected to be paid to participants, which 
includes payments funded from company assets, as well as paid 
from the plans, are as follows:
(in millions)
Defined 
Benefit Plans
Medical and 
Dental Plans
2025
$÷«412
$÷64
2026
431
69
2027
453
73
2028
475
78
2029
500
82
2030 to 2034
2,856
455
The Abbott Stock Retirement Plan is the principal defined contri-
bution plan. Abbott’s contributions to this plan were $207 million 
in 2024, $199 million in 2023 and $190 million in 2022.
NOTE 15 — TAXES ON EARNINGS 
Taxes on earnings reflect the annual effective rates, including 
charges for interest and penalties. Deferred income taxes reflect the 
tax consequences on future years of differences between the tax 
bases of assets and liabilities and their financial reporting amounts.
Taxes on earnings include approximately $50 million, $22 million 
and $43 million in excess tax benefits associated with share-based 
compensation in 2024, 2023 and 2022, respectively. As a result of 
the resolution of various tax positions related to prior years, taxes 
on earnings in 2024, 2023 and 2022 also include approximately 
$25 million, $80 million and $20 million of net tax expense, 
respectively. In the fourth quarter of 2024, taxes on earnings 
includes $7.5 billion in non-cash valuation allowance adjustments 
resulting from the restructuring of certain foreign affiliates and 
the confirmation of certain tax filing positions. The restructuring 
improved profitability to several of Abbott’s affiliates and manage-
ment concluded that the related preexisting deferred tax assets, 
which historically had a full valuation allowance, were more 
likely than not to be realizable in future periods. In particular, 
Abbott considered the likelihood of sustained ongoing profitability 
of the affiliates as a positive factor that outweighed all available 
negative evidence considered. Accordingly, Abbott released the 
full valuation allowance on such deferred tax assets and recorded 
the offset to tax expense.  
The TCJA includes a one-time transition tax that is based on 
Abbott’s total post-1986 earnings and profits (E&P) that were 
previously deferred from U.S. income taxes. The tax computation 
also requires the determination of the amount of post-1986 
E&P considered held in cash and other specified assets. As of 
December 31, 2024, the remaining balance of Abbott’s transition 
tax obligation related to the TCJA is approximately $432 million, 
which will be paid over the next two years as allowed by the TCJA. 
Undistributed foreign earnings remain indefinitely reinvested in 
foreign operations. Determining the amount of unrecognized 
deferred tax liability related to any remaining undistributed  
foreign earnings not subject to the transition tax and additional 
outside basis difference in its foreign entities is not practicable. 

58
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In the U.S., Abbott’s federal income tax returns through 2016 are 
settled. In September 2023, Abbott received a Statutory Notice of 
Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) 
for the 2019 Federal tax year in the amount of $417 million. The 
primary adjustments proposed in the SNOD relate to the realloca-
tion of income between Abbott’s U.S. entities and its foreign 
affiliates. Abbott believes that the income reallocation adjustments 
proposed in the SNOD are without merit, in part because certain 
adjustments contradict methods that were agreed to with the IRS 
in prior audit periods. The SNOD also contains other proposed 
adjustments that Abbott believes are erroneous and unsupported. 
Abbott filed a petition with the U.S. Tax Court contesting the 
SNOD in December 2023.
In June 2024, Abbott received a SNOD from the IRS for the 2017 
and 2018 Federal tax years in the amount of $192 million. The 
matters proposed in the 2017/2018 SNOD are substantially similar 
to the income allocation adjustments included in the 2019 SNOD. 
Abbott filed a petition in September 2024 with the U.S. Tax Court 
contesting the 2017/2018 SNOD in a manner consistent with its 
petition for the 2019 SNOD.
In October 2024, Abbott received a SNOD from the IRS for the 
2020 Federal tax year assessing an additional $443 million of 
income tax. The primary adjustments proposed in the SNOD 
are substantially similar to the income allocation adjustments 
included in the 2017/2018 and 2019 SNODs. Abbott believes that 
the income reallocation adjustments proposed in the SNOD are 
without merit. The SNOD also contains other proposed adjust-
ments and omissions that Abbott believes are erroneous and 
unsupported. In addition to the tax assessment for the 2020 tax 
year, the 2020 SNOD also contested a deduction for which an 
estimated $440 million cash tax benefit would be available in a 
different taxable year as allowed under applicable U.S. tax law. 
Abbott filed a petition with the U.S. Tax Court contesting the 
SNOD in December 2024.
Abbott intends to vigorously defend its filing positions through 
ongoing discussions with the IRS, the IRS independent appeals 
process and/or through litigation as necessary. Abbott reserves 
for uncertain tax positions related to unresolved matters with the 
IRS and other taxing authorities. Abbott continues to believe that 
its reserves for uncertain tax positions are appropriate.
There are numerous other income tax jurisdictions for which 
tax returns are not yet settled, none of which Abbott expects to 
be individually significant. Reserves for interest and penalties 
are not significant.
The Organization for Economic Cooperation & Development 
(OECD) has proposed a two-pillared plan for a revised international 
tax system. Pillar 1 proposes to reallocate taxing rights among the 
jurisdictions in which in-scope multinational corporations operate. 
Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2  
proposes to assess a 15 percent minimum tax on the earnings of 
in-scope multinational corporations on a country-by-country basis. 
Numerous countries have enacted legislation to adopt the Pillar 2 
model rules. The enactment of current Pillar 2 model rules did 
not and is not projected to have a material impact to Abbott’s 
consolidated financial statements.
Earnings before taxes, and the related provisions for taxes on 
earnings, were as follows:
(in millions)
2024
2023
2022
Earnings Before Taxes:
Domestic
$÷÷947
$1,192
$3,732
Foreign
6,066
5,472
4,574
Total
$«7,013
$6,664
$8,306
(in millions)
2024
2023
2022
Taxes on Earnings:
Current:
Domestic
$÷÷497
$÷«528
$1,309
Foreign
1,075
874
723
Total current
1,572
1,402
2,032
Deferred:
Domestic
(459)
(382)
(610)
Foreign
(7,502)
(79)
(49)
Total deferred
(7,961)
(461)
(659)
Total
$(6,389)
$÷«941
$1,373
Differences between the effective income tax rate and the U.S. 
statutory tax rate were as follows:
2024
2023
2022
Statutory tax rate on earnings
21.0%«
21.0%
21.0%
Impact of foreign operations
(1.8)÷÷
(3.6)÷«
(2.5)÷«
Foreign-derived intangible  
income benefit
(2.3)÷÷
(2.2)÷«
(2.0)÷«
Valuation allowance adjustments
(107.1)÷÷
—÷«
—÷«
Excess tax benefits related to  
stock compensation
(0.7)÷÷
(0.3)÷«
(0.5)÷«
Research tax credit
(1.0)÷÷
(1.1)÷«
(0.9)÷«
Resolution of certain tax positions 
pertaining to prior years
0.4÷÷
1.2÷«
0.2÷«
Intercompany restructurings  
and integration
0.2÷÷
(1.4)÷«
—÷«
State taxes, net of federal benefit
0.3÷÷
0.5÷«
0.7÷«
All other, net
(0.1)÷÷
—÷«
0.5÷«
Effective tax rate on earnings
(91.1)«%
14.1%
16.5%
Impact of foreign operations is primarily derived from operations 
in Puerto Rico, Switzerland, Ireland, the Netherlands, Costa Rica, 
Singapore, Malta and Malaysia.

59
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The tax effect of the differences that give rise to deferred tax 
assets and liabilities were as follows:
(in millions)
2024
2023
Deferred tax assets:
Compensation and employee benefits
$÷÷÷÷—
$÷÷÷«89
Trade receivable reserves
230
221
Research and development costs
773
568
Inventory reserves
168
198
Lease liabilities
265
272
Deferred intercompany profit
284
283
NOLs, reserves not currently deductible,  
credit carryforwards and other
10,353
9,922
Total deferred tax assets before valuation 
allowance
12,073
11,553
Valuation allowance
(1,664)
(8,690)
Total deferred tax assets
10,409
2,863
Deferred tax liabilities:
Compensation and employee benefits
(276)
—
Depreciation
(408)
(414)
Right of Use lease assets
(249)
(258)
Other, primarily the excess of book basis over 
tax basis of intangible assets
(1,365)
(1,777)
Total deferred tax liabilities
(2,298)
(2,449)
Total net deferred tax assets (liabilities)
$÷8,111
$÷÷«414
The following table summarizes the gross amounts of unrecog-
nized tax benefits without regard to reduction in tax liabilities or 
additions to deferred tax assets and liabilities if such unrecognized 
tax benefits were settled:
(in millions)
2024
2023
January 1
$3,323
$2,036
Increase due to current year tax positions
167
225
Increase due to prior year tax positions
174
1,338
Decrease due to prior year tax positions
(50)
(89)
Settlements
(13)
(144)
Lapse of statute
(33)
(43)
December 31
$3,568
$3,323
Abbott’s unrecognized tax benefits table includes amounts related 
to tax positions for which a deferred tax asset has not been recog-
nized because the recognition of the future benefit is not expected. 
The total amount of unrecognized tax benefits that, if recognized, 
would impact the effective tax rate is approximately $2.6 billion. 
Abbott believes that it is reasonably possible that the recorded 
amount of gross unrecognized tax benefits may decrease approxi-
mately $90 million, including cash adjustments, within the next 
twelve months as a result of concluding various domestic and 
international tax matters.
NOTE 16 — SEGMENT AND GEOGRAPHIC AREA INFORMATION
Abbott’s principal business is the discovery, development, manu-
facture and sale of a broad line of health care products. Abbott’s 
products are generally sold directly to retailers, wholesalers, 
hospitals, health care facilities, laboratories, physicians’ offices 
and government agencies throughout the world.
Abbott’s reportable segments are as follows:
Established Pharmaceutical Products—International sales of a 
broad line of branded generic pharmaceutical products.
Nutritional Products—Worldwide sales of a broad line of adult 
and pediatric nutritional products.
Diagnostic Products—Worldwide sales of diagnostic systems and 
tests for blood banks, hospitals, commercial laboratories and 
alternate-care testing sites. For segment reporting purposes, the 
Core Laboratory Diagnostics, Rapid Diagnostics, Molecular 
Diagnostics and Point of Care Diagnostics businesses are aggre-
gated and reported as the Diagnostic Products segment. 
Medical Devices—Worldwide sales of rhythm management, elec-
trophysiology, heart failure, vascular, structural heart, 
neuromodulation and diabetes care products. For segment report-
ing purposes, the Cardiac Rhythm Management, 
Electrophysiology, Heart Failure, Vascular, Structural Heart, 
Neuromodulation and Diabetes Care divisions are aggregated and 
reported as the Medical Devices segment.
Abbott’s underlying accounting records are maintained on a legal 
entity basis for government and public reporting requirements. 
Segment disclosures are on a performance basis consistent with 
internal management reporting. The chief operating decision 
maker (CODM) at Abbott is the Chief Executive Officer (CEO). 
The CODM primarily considers sales and operating margin to 
assess the performance of segments and to allocate resources, 
where segment operating margin profitability includes cost of 
products sold and operating expenses. The cost of some corpo-
rate functions and the cost of certain employee benefits are 
charged to segments at predetermined rates that approximate 
cost. Remaining costs, if any, are not allocated to segments. In 
addition, intangible asset amortization is not allocated to operat-
ing segments, and intangible assets and goodwill are not included 
in the measure of each segment’s assets.

60
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, 
and are not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.
(in millions)
Net Sales to External 
Customers (a)
Cost of 
Products Sold
Research and 
Development
Selling, General and 
Administrative
Operating 
Earnings (a)
2024
2023
2022
2024
2023
2022
2024
2023
2022
2024
2023
2022
2024
2023
2022
Established 
Pharmaceuticals
$÷5,194
$÷5,066
$÷4,912 $÷(2,444)
$÷(2,357)
$÷(2,305)
$÷«(176)
$÷«(173)
$÷«(186) $÷«(1,341)
$(1,330)
$(1,372)
$÷1,233 $÷1,206 $÷1,049
Nutritionals
8,413
8,154
7,459
(4,532)
(4,495)
(4,314)
(209)
(204)
(191)
(2,167)
(2,122)
(2,248)
1,505
1,333
706
Diagnostics (b)
9,341
9,988
16,469
(4,995)
(5,264)
(7,287)
(656)
(698)
(777)
(1,617)
(1,593)
(1,765)
2,073
2,433
6,640
Medical Devices (b)
18,986
16,887
14,802
(6,408)
(5,803)
(4,968)
(1,546)
(1,362)
(1,328)
(4,879)
(4,416)
(4,070)
6,153
5,306
4,436
Total
$41,934
$40,095
$43,642 $(18,379)
$(17,919)
$(18,874)
$(2,587)
$(2,437)
$(2,482)
$(10,004)
$(9,461)
$(9,456)
$10,964 $10,278 $12,831
Other
16
14
11
Net sales
$41,950
$40,109
$43,653
Corporate functions 
and plan benefit costs
(422)
(308)
(509)
Net interest expense
(215)
(252)
(375)
Share-based 
compensation
(673)
(644)
(685)
Amortization of 
Intangible assets
(1,878)
(1,966)
(2,013)
Other, net (c)
(763)
(444)
(943)
Earnings before Taxes
$÷7,013 $÷6,664 $÷8,306
(a) In 2024, 2023 and 2022, foreign exchange unfavorably impacted net sales and operating earnings. 
(b) 2022 Sales and Operating Earnings for the Diagnostic Products and Medical Devices reportable segments have been updated to reflect the internal transfer of the Acelis Connected Health 
business from Diagnostic Products to Medical Devices on January 1, 2023.
(c) Other, net includes costs directly related to integrating acquired businesses and restructuring charges in 2024, 2023, and 2022. Charges and expenses for restructuring actions and other cost 
reduction initiatives were approximately $185 million in 2024, $122 million in 2023, and $265 million in 2022. Other, net also includes: in 2024, a $143 million loss on the divestiture of a 
non-core business, as well as intangible and IRP&D asset impairments; in 2023, charges of $100 million related to intangible asset impairments, partially offset by income arising from fair value 
changes in contingent consideration related to previous business acquisitions; and in 2022, charges of $176 million related to a voluntary recall within the Nutritional products segment and 
charges of $111 million related to the impairment of IPR&D intangible assets.
(in millions)
Depreciation
Additions to 
Property and Equipment
Total Assets 
2024
2023
2022
2024
2023
2022
2024
2023
2022
Established Pharmaceuticals
$÷÷«96
$÷«104
$÷÷«97
$÷«183
$÷«185
$÷«175
$÷3,087
$÷3,118
$÷2,883
Nutritionals
159
155
155
382
457
251
4,404
4,270
3,625
Diagnostics
521
499
494
758
750
832
7,678
7,767
7,985
Medical Devices
343
315
311
630
604
335
9,472
9,029
7,844
Total Reportable Segments
1,119
1,073
1,057
1,953
1,996
1,593
$24,641
$24,184
$22,337
Other
221
204
197
292
213
182
Total
$1,340
$1,277
$1,254
$2,245
$2,209
$1,775
(in millions)
2024
2023
Total Reportable Segment Assets
$24,641
$24,184
Cash and investments
8,853
8,078
Goodwill and intangible assets
29,755
32,494
All other (e)
18,165
8,458
Total Assets
$81,414
$73,214
(d) Amounts exclude property, plant and equipment acquired through business acquisitions.
(e) All other includes the long-term assets associated with the defined benefit plans of $5.7 billion in 2024 and $4.2 billion in 2023. In 2024, all other also includes $7.5 billion deferred tax assets 
for which full valuation allowances were adjusted in 2024.

61
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(in millions)
Net Sales to External Customers (f )
2024
2023
2022
United States
$16,323
$15,452
$18,142
Germany
2,539
2,345
2,340
China
2,113
2,253
2,133
India
1,817
1,750
1,649
Switzerland
1,747
1,638
1,336
Japan
1,441
1,513
1,932
Netherlands
1,124
1,074
1,111
All Other Countries
14,846
14,084
15,010
Consolidated
$41,950
$40,109
$43,653
(f ) Sales by country are based on the country that sold the product..
Long-lived assets on a geographic basis primarily include property 
and equipment. It excludes goodwill, intangible assets, deferred 
tax assets, and financial instruments. At December 31, 2024 and 
2023, long-lived assets totaled $18.5 billion and $16.2 billion, 
respectively, and in the United States such assets totaled 
$10.3 billion and $8.9 billion, respectively. Long-lived asset  
balances associated with other countries were not material 
on an individual country basis in either of the two years. 

62
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
MANAGEMENT REPORT ON INTERNAL  
CONTROL OVER FINANCIAL REPORTING
REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM
The management of Abbott Laboratories is responsible for estab-
lishing and maintaining adequate internal control over financial 
reporting. Abbott’s internal control system was designed to pro-
vide reasonable assurance to the company’s management and 
board of directors regarding the preparation and fair presentation 
of published financial statements.
All internal control systems, no matter how well designed, have 
inherent limitations. Therefore, even those systems determined 
to be effective can provide only reasonable assurance with respect 
to financial statement preparation and presentation.
Abbott’s management assessed the effectiveness of the company’s 
internal control over financial reporting as of December 31, 2024. 
In making this assessment, it used the criteria set forth in Internal 
Control — Integrated Framework (2013) issued by the Committee 
of Sponsoring Organizations of the Treadway Commission. Based 
on our assessment, we believe that, as of December 31, 2024, the 
company’s internal control over financial reporting was effective 
based on those criteria.
Abbott’s independent registered public accounting firm has 
issued an audit report on their assessment of the effectiveness 
of the company’s internal control over financial reporting. 
This report appears on page 79.
Robert B. Ford 
Chairman of the Board and Chief Executive Officer
Philip P. Boudreau 
Executive Vice President, Finance and Chief Financial Officer
John A. McCoy, Jr. 
Vice President, Finance and Controller
February 21, 2025
To the Shareholders and the Board of Directors of Abbott 
Laboratories
OPINION ON THE FINANCIAL STATEMENTS
We have audited the accompanying consolidated balance sheets 
of Abbott Laboratories and subsidiaries (the Company) as of 
December 31, 2024 and 2023, the related consolidated statements 
of earnings, comprehensive income, shareholders’ investment 
and cash flows for each of the three years in the period ended 
December 31, 2024, and the related notes (collectively referred 
to as the “consolidated financial statements”). In our opinion, the 
consolidated financial statements present fairly, in all material 
respects, the financial position of the Company at December 31, 
2024 and 2023, and the results of its operations and its cash flows 
for each of the three years in the period ended December 31, 2024, 
in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the 
Public Company Accounting Oversight Board (United States) 
(PCAOB), the Company’s internal control over financial reporting 
as of December 31, 2024, based on criteria established in Internal 
Control—Integrated Framework issued by the Committee of 
Sponsoring Organizations of the Treadway Commission (2013 
framework), and our report dated February 21, 2025 expressed 
an unqualified opinion thereon.
BASIS FOR OPINION
These financial statements are the responsibility of the 
Company’s management. Our responsibility is to express an 
opinion on the Company’s financial statements based on our 
audits. We are a public accounting firm registered with the 
PCAOB and are required to be independent with respect to the 
Company in accordance with the U.S. federal securities laws 
and the applicable rules and regulations of the Securities and 
Exchange Commission and the PCAOB. 
We conducted our audits in accordance with the standards of the 
PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether the financial 
statements are free of material misstatement, whether due to error 
or fraud. Our audits included performing procedures to assess the 
risks of material misstatement of the financial statements, whether 
due to error or fraud, and performing procedures that respond to 
those risks. Such procedures included examining, on a test basis, 
evidence regarding the amounts and disclosures in the financial 
statements. Our audits also included evaluating the accounting 
principles used and significant estimates made by management, 
as well as evaluating the overall presentation of the financial 
statements. We believe that our audits provide a reasonable basis 
for our opinion.

63
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
CRITICAL AUDIT MATTER
The critical audit matter communicated below is a matter arising 
from the current period audit of the financial statements that 
was communicated or required to be communicated to the audit 
committee and that: (1) relates to accounts or disclosures that are 
material to the financial statements and (2) involved our especially 
challenging, subjective or complex judgments. The communication 
of the critical audit matter does not alter in any way our opinion 
on the consolidated financial statements, taken as a whole, and 
we are not, by communicating the critical audit matter below, 
providing a separate opinion on the critical audit matter or on 
the accounts or disclosures to which it relates.
Income taxes – Unrecognized tax benefits
Description of the Matter
As described in Note 15 to the consolidated financial statements, 
unrecognized tax benefits were approximately $3.6 billion at 
December 31, 2024. Unrecognized tax benefits are assessed by 
management quarterly for identification and measurement, or 
more frequently if there are any indicators suggesting a change 
in unrecognized tax benefits. Assessing tax positions involves 
judgment including interpreting tax laws of multiple jurisdictions 
and assumptions relevant to the measurement of an unrecognized 
tax benefit, including the estimated amount of tax liability that 
may be incurred should the tax position not be sustained upon 
inspection by a tax authority. These judgments and assumptions 
can significantly affect unrecognized tax benefits.
How We Addressed the Matter in our Audit 
We obtained an understanding, evaluated the design and tested 
the operating effectiveness of controls over the Company’s  
identification and measurement of unrecognized tax benefits, as 
well as its process for the assessment of events that may indicate 
a change in unrecognized tax benefits is warranted. For example, 
we tested controls over management’s review of the completeness 
of identified unrecognized tax benefits, as well as controls over 
management’s review of significant assumptions used within the 
measurement of unrecognized tax benefits.
With the support of our tax professionals, among other audit 
procedures performed, we evaluated the reasonableness of  
management’s judgment with respect to the interpretation of tax 
laws of multiple jurisdictions by reading and evaluating manage-
ment’s documentation, including relevant accounting policies, 
and by considering how tax laws, including statutes, regulations, 
and case law, affected management’s judgments. We tested the 
completeness of management’s assessment of the identification 
of unrecognized tax benefits including evaluation of the technical 
merits of the unrecognized tax benefits. We also tested the  
appropriateness and consistency of management’s methods and 
significant assumptions associated with the measurement of 
unrecognized tax benefits, including assessing the estimated 
amount of tax liability that may be incurred should the tax  
position not be sustained upon inspection by a tax authority.
/s/ Ernst & Young LLP
We have served as the Company’s auditor since 2013.
Chicago, Illinois 
February 21, 2025

64
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
DEFINITION AND LIMITATIONS OF INTERNAL CONTROL  
OVER FINANCIAL REPORTING
A company’s internal control over financial reporting is a process 
designed to provide reasonable assurance regarding the reliability 
of financial reporting and the preparation of financial statements 
for external purposes in accordance with generally accepted 
accounting principles. A company’s internal control over financial 
reporting includes those policies and procedures that (1) pertain 
to the maintenance of records that, in reasonable detail, accurately 
and fairly reflect the transactions and dispositions of the assets of 
the company; (2) provide reasonable assurance that transactions 
are recorded as necessary to permit preparation of financial  
statements in accordance with generally accepted accounting 
principles, and that receipts and expenditures of the company are 
being made only in accordance with authorizations of manage-
ment and directors of the company; and (3) provide reasonable 
assurance regarding prevention or timely detection of unautho-
rized acquisition, use, or disposition of the company’s assets that 
could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial 
reporting may not prevent or detect misstatements. Also, projec-
tions of any evaluation of effectiveness to future periods are 
subject to the risk that controls may become inadequate because 
of changes in conditions, or that the degree of compliance with 
the policies or procedures may deteriorate.
/s/ Ernst & Young LLP 
Chicago, Illinois  
February 21, 2025
REPORT OF INDEPENDENT REGISTERED 
PUBLIC ACCOUNTING FIRM
To the Shareholders and the Board of Directors of Abbott Laboratories
OPINION ON INTERNAL CONTROL  
OVER FINANCIAL REPORTING 
We have audited Abbott Laboratories and subsidiaries’ internal 
control over financial reporting as of December 31, 2024, based on 
criteria established in Internal Control—Integrated Framework 
issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (2013 framework) (the COSO criteria). In our 
opinion, Abbott Laboratories and subsidiaries (the Company) main-
tained, in all material respects, effective internal control over financial 
reporting as of December 31, 2024, based on the COSO criteria.
We also have audited, in accordance with the standards of the 
Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated balance sheets of the Company as of 
December 31, 2024 and 2023, the related consolidated statements 
of earnings, comprehensive income, shareholders’ investment 
and cash flows for each of the three years in the period ended 
December 31, 2024, and the related notes and our report dated 
February 21, 2025 expressed an unqualified opinion thereon.
BASIS FOR OPINION
The Company’s management is responsible for maintaining  
effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial 
reporting included in the accompanying Management Report on 
Internal Control Over Financial Reporting. Our responsibility is 
to express an opinion on the Company’s internal control over 
financial reporting based on our audit. We are a public accounting 
firm registered with the PCAOB and are required to be independent 
with respect to the Company in accordance with the U.S. federal 
securities laws and the applicable rules and regulations of the 
Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the 
PCAOB. Those standards require that we plan and perform the 
audit to obtain reasonable assurance about whether effective 
internal control over financial reporting was maintained in all 
material respects.
Our audit included obtaining an understanding of internal  
control over financial reporting, assessing the risk that a material 
weakness exists, testing and evaluating the design and operating 
effectiveness of internal control based on the assessed risk, and 
performing such other procedures as we considered necessary in 
the circumstances. We believe that our audit provides a reasonable 
basis for our opinion.

65
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
MARKET PRICE SENSITIVE INVESTMENTS
The fair value of equity securities held by Abbott with a readily 
determinable fair value was approximately $10 million and 
$12 million as of December 31, 2024 and 2023, respectively. 
These equity securities are subject to potential changes in fair 
value. A hypothetical 20 percent decrease in the share prices of 
these investments would decrease their fair value at December 31, 
2024 by approximately $2 million. Changes in the fair value of 
these securities are recorded in earnings. The fair value of  
investments in mutual funds that are held in a rabbi trust for 
the purpose of paying benefits under a deferred compensation 
plan was approximately $313 million and $314 million as of 
December 31, 2024 and 2023, respectively. Changes in the fair 
value of these investments, as well as an offsetting change in 
the benefit obligation, are recorded in earnings.
NON-PUBLICLY TRADED EQUITY SECURITIES
Abbott holds equity securities that are not traded on public 
stock exchanges. The carrying value of these investments was 
$91 million and $88 million as of December 31, 2024 and 2023, 
respectively. No individual investment is recorded at a value in 
excess of $20 million. Abbott measures these investments at cost 
minus impairment, if any, plus or minus changes resulting from 
observable price changes in orderly transactions for the identical 
or a similar investment of the same issuer.
INTEREST RATE SENSITIVE FINANCIAL INSTRUMENTS
At December 31, 2024 and 2023, Abbott had interest rate hedge 
contracts with notional values totaling $2.2 billion to manage its 
exposure to changes in the fair value of debt. The effect of these 
hedges is to change the fixed interest rate to a variable rate for the 
portion of the debt that is hedged. Abbott does not use derivative 
financial instruments, such as interest rate swaps, to manage its 
exposure to changes in interest rates for its investment securities. 
The fair value of long-term debt at December 31, 2024 and 2023 
amounted to $13.7 billion and $14.8 billion, respectively (average 
interest rates of 3.8% and 3.6% as of December 31, 2024 and 2023, 
respectively) with maturities through 2046. At December 31, 2024 
and 2023, the fair value of current and long-term investment 
securities amounted to approximately $1.2 billion. A hypothetical 
100-basis point change in the interest rates would not have a 
material effect on cash flows, income or fair values.
FOREIGN CURRENCY SENSITIVE FINANCIAL INSTRUMENTS
Certain Abbott foreign subsidiaries enter into foreign currency 
forward exchange contracts to manage exposures to changes in 
foreign exchange rates for anticipated intercompany purchases 
by those subsidiaries whose functional currencies are not the 
U.S. dollar. These contracts are designated as cash flow hedges of 
the variability of the cash flows due to changes in foreign currency 
exchange rates and are marked-to-market with the resulting gains 
or losses reflected in Accumulated other comprehensive income 
(loss). Gains or losses will be included in Cost of products sold at 
the time the products are sold, generally within the next twelve 
to eighteen months. At December 31, 2024 and 2023, Abbott held 
$7.0 billion and $7.3 billion of notional values, respectively, of 
such contracts. Contracts held at December 31, 2024 will mature 
in 2025 or 2026 depending on the contract. Contracts held at 
December 31, 2023 matured in 2024 or will mature in 2025 
depending upon the contract. 
Abbott enters into foreign currency forward exchange contracts 
to manage its exposure to foreign currency denominated inter-
company loans and trade payables and third-party trade payables 
and receivables. The contracts are marked-to-market, and resulting 
gains or losses are reflected in income and are generally offset by 
losses or gains on the foreign currency exposure being managed. 
At December 31, 2024 and 2023, Abbott held $16.2 billion and 
$13.8 billion of notional values, respectively, of such contracts, 
which mature within 13 months.
Abbott has designated a yen-denominated, 5-year term loan of 
approximately $583 million and $419 million as of December 31, 
2024 and December 31, 2023, respectively, as a hedge of the net 
investment in certain foreign subsidiaries. The change in the value 
of the debt is due to net incremental borrowing of $201 million, 
discussed in Note 10 — Debt and Lines of Credit, as well as 
changes in foreign exchange rates, recorded in Accumulated 
other comprehensive income (loss), net of tax.
The following table reflects the total foreign currency forward exchange contracts outstanding at December 31, 2024 and 2023:
(dollars in millions)
2024
2023
Contract 
Amount
Weighted 
Average 
Exchange 
Rate
Fair and 
Carrying 
Value 
Receivable/ 
(Payable)
Contract 
Amount
Weighted 
Average 
Exchange 
Rate
Fair and 
Carrying 
Value 
Receivable/ 
(Payable)
Primarily U.S. dollars to be exchanged for  
the following currencies:
Euro
$10,954
1.0848
$136
$÷9,221
1.0865
$(35)
Chinese Yuan
1,926
7.1132
22
2,115
7.0785
3
Japanese Yen
1,479
149.1298
51
1,635
138.2288
24
All other currencies
8,832
n/a
50
8,189
n/a
(54)
Total
$23,191
$259
$21,160
$(62)

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A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Abbott’s revenues are derived primarily from the sale of a broad 
line of health care products, which include medical devices,  
diagnostic testing products, nutritional products and branded 
generic pharmaceuticals. These products are sold under short-
term receivable arrangements. Patent protection and licenses, 
technological and performance features, and inclusion of Abbott’s 
products under a contract most impact which products are sold; 
price controls, competition and rebates most impact the net selling 
prices of products; and the measurement of net sales and costs is 
impacted by foreign currency translation. Sales in international 
markets comprise 61 percent of consolidated net sales.
Abbott’s sales growth in 2024 was primarily driven by the 
Medical Devices, Established Pharmaceutical and Nutritional 
businesses. The growth is the result of a productive research and 
development (R&D) pipeline and a combination of the introduc-
tion of new products and indication expansions across various 
businesses. Sales growth was negatively impacted by continued 
year-over-year decline in COVID-19 testing-related sales, as the 
COVID-19 pandemic shifted to an endemic state. In 2024, 2023 
and 2022, Abbott’s COVID-19 testing related sales total 
$747 million, $1.6 billion and $8.4 billion, respectively. Sales in 
emerging markets, which represent approximately 37 percent of 
total company sales, increased 8.2 percent in 2024 and 5.4 percent 
in 2023, excluding the impact of foreign exchange. (Emerging 
markets include all countries, except the United States, Japan, 
Canada, Australia, New Zealand, the United Kingdom and 
Western European countries.) 
Abbott’s operating margin profile increased in 2024 to 16.3 percent 
from 16.2 percent in 2023. The increase in 2024 reflects the favorable 
impact of margin improvement initiatives, partially offset by foreign 
exchange and inflation. In 2022, operating margin as a percentage of 
sales was 19.2 percent. The decrease in 2023 from 2022 reflects the 
unfavorable effects of lower COVID-19 testing-related sales, foreign 
exchange, and higher costs for various manufacturing inputs. In 
2023, these unfavorable effects were partially offset by the favorable 
impact of margin improvement initiatives.  
With respect to the performance of each reportable segment  
over the last three years, sales in the Medical Devices segment, 
excluding the impact of foreign exchange, increased 13.7 percent 
in 2024 and 15.1 percent in 2023. In Medical Devices, sales in 2024 
and 2023 increased across all businesses, with double-digit growth 
in Diabetes Care, Structural Heart, Electrophysiology, and Heart 
Failure. In 2023, Neuromodulation sales also increased double 
digits. Growth was led by Diabetes Care where sales of Abbott’s 
continuous glucose monitoring (CGM) systems continued to 
increase and totaled $6.4 billion in 2024 and $5.3 billion in 2023.
In 2024, key product approvals in the Medical Devices  
segment included:
• U.S. Food and Drug Administration (FDA) clearance for two 
new over-the-counter CGM systems, Lingo® and Libre Rio™, 
which are based on Abbott’s FreeStyle Libre® CGM technology,
• FDA approval of the Esprit™ below-the-knee (BTK) system, 
which is designed to keep arteries open in people living with 
peripheral artery disease and deliver a drug to support vessel 
healing prior to completely dissolving, 
• FDA approval of TriClip®, which provides a minimally invasive 
treatment option for patients with tricuspid regurgitation, or a 
leaky tricuspid heart valve, 
• CE Mark for the Aveir® dual chamber (DR) leadless pacemaker 
system, which is the world’s first dual chamber leadless pace-
maker system that treats people with abnormal or slow heart 
rhythms, and
• FDA clearance for Advisor® HD Grid X Mapping Catheter, 
Sensor Enabled™, which will further support mapping of 
both pulsed field ablation (PFA) and radiofrequency (RF)  
ablation cases.
Operating earnings for the Medical Devices segment increased 
16.0 percent in 2024 and 19.6 percent in 2023. The operating  
margin profile for the Medical Devices segment increased from 
30.0 percent in 2022 to 31.4 percent in 2023 and then increased 
to 32.4 percent in 2024. The increase in 2024 from 2022 reflects 
the impact of higher sales volumes across the Medical Devices 
businesses. 
In Abbott’s Diagnostics segment, sales decreased 3.9 percent in 
2024 and 38.2 percent in 2023, excluding the impact of foreign 
exchange. The 2024 and 2023 sales decreases were driven by 
continued lower demand for the company’s portfolio of COVID-19 
tests, partially offset by higher volume of routine diagnostic tests 
in the Rapid Diagnostics and Core Laboratory businesses and the 
continued deployment of Abbott’s Alinity® testing platform. 
Abbott continues to build out its test menu for the Alinity testing 
platform. In the first quarter of 2024, Abbott received FDA clear-
ance of its i-STAT™ traumatic brain injury (TBI) cartridge for use 
with the i-STAT Alinity instrument, a whole blood point-of-care 
test to help assess mild TBI. In the fourth quarter of 2023, Abbott 
received FDA approval of its new laboratory automation system, 
GLP systems Track™, to help laboratories optimize lab perfor-
mance by consolidating multiple analytical instruments into a 
unified workflow.
In 2024, operating earnings for the Diagnostics segment 
decreased 14.8 percent. The operating margin profile decreased 
from 40.3 percent in 2022 to 22.2 percent in 2024 primarily due 
to lower demand for Abbott’s COVID-19 tests.

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A B B O T T  2 0 2 4  A N N U A L  R E P O R T
In Abbott’s Nutritional Products segment, total pediatric nutri-
tion sales, excluding the impact of foreign exchange, increased 
3.7 percent in 2024 and 14.8 percent in 2023, which includes 
market share recovery in the U.S. infant formula business follow-
ing the voluntary recall of certain products in 2022, as discussed 
below, and the continued favorable impact of price increase ini-
tiatives. Excluding the impact of foreign exchange, total adult 
nutrition sales increased 8.0 percent in 2024 and 8.8 percent in 
2023, led by the continued growth of Abbott’s Ensure® and 
Glucerna® products. U.S. Adult Nutritionals sales were partially 
offset by the discontinuation of the ZonePerfect® product line.
In 2024, operating earnings for the Nutritional Products segment 
increased 12.9 percent compared to 2023. Operating margin profile 
for this segment increased from 9.5 percent in 2022 to 16.4 percent 
in 2023 and then increased to 17.9 percent in 2024. The increase in 
2024 reflects the favorable effects of higher sales, the favorable 
impact of price increases and a continued focus on margin 
improvement initiatives. The increase in 2023 reflects the  
favorable effects of higher sales and a continued focus on margin 
improvement initiatives, partially offset by higher commodity 
and other costs.
In February 2022, Abbott’s U.S. Pediatric Nutrition business was 
impacted by a voluntary recall of certain infant powder formula 
products manufactured at its facility in Sturgis, Michigan, at 
which time the company temporarily stopped operations at that 
facility. Abbott took various actions to mitigate the impact of the 
recall on the supply of formula in the U.S. Abbott resumed opera-
tions later in 2022 and made significant progress through 2023 
to increase production of infant formula in the U.S and recover 
market share. Beginning in the fourth quarter of 2023 and through 
2024, Abbott has regained and maintained its market-leading 
position in the U.S., as measured on a volume basis.
The Established Pharmaceutical Products segment focuses on 
the sale of its products in emerging markets. Excluding the impact 
of foreign exchange, Established Pharmaceutical sales increased 
9.2 percent in 2024 and 10.9 percent in 2023. The sales increase 
in 2024 was led by higher revenue in several countries in Latin 
America, Southeast Asia and the Middle East and across several 
therapeutic areas, including respiratory, gastroenterology, cardio-
metabolic and central nervous system/pain management. The 
sales increase in 2023 reflects higher sales in several geographies 
including India, Vietnam, and Brazil. In 2024, operating earnings 
for the Established Pharmaceutical Products segment increased 
2.2 percent. Operating margin profile increased from 21.4 percent 
in 2022 to 23.7 percent in 2024 primarily due to the impact of 
margin improvement initiatives and higher sales, partially offset 
by inflation on various product inputs.
With respect to Abbott’s financial position, at December 31, 2024 
and 2023, Abbott’s cash and cash equivalents and short-term invest-
ments total approximately $8.0 billion and $7.3 billion, respectively. 
Abbott’s long-term debt totals $14.1 billion and $14.7 billion at 
December 31, 2024 and 2023, respectively.
Abbott declared dividends of $2.24 per share in 2024 and 
$2.08 per share in 2023, an increase of 7.7 percent. Dividends paid 
totaled $3.8 billion in 2024 compared to $3.6 billion in 2023. The 
year-over-year change in the amount of dividends paid reflects the 
increase in the dividend rate. In December 2024, Abbott increased 
the company’s quarterly dividend by 7.3 percent to $0.59 per share 
from $0.55 per share, effective with the dividend paid in February 
2025. In December 2023, Abbott increased the company’s quarterly 
dividend by 7.8 percent to $0.55 per share from $0.51 per share, 
effective with the dividend paid in February 2024. 
On September 22, 2023, Abbott completed the acquisition of 
Bigfoot Biomedical, Inc. (Bigfoot), which furthers Abbott’s efforts 
to develop connected solutions for making diabetes management 
more personal and precise. On April 27, 2023, Abbott completed 
the acquisition of Cardiovascular Systems, Inc. (CSI). CSI’s 
atherectomy system, which is used in treating peripheral and 
coronary artery disease, adds complementary technologies to 
Abbott’s portfolio of vascular device offerings.
In 2025, Abbott will focus on continuing to invest in product 
development areas that provide the opportunity for strong  
sustainable growth over the next several years. In its diagnostics 
business, Abbott’s focus will include driving sales growth from 
its Alinity suite of diagnostics instruments along with GLP track 
integration and its portfolio of rapid diagnostic testing systems. 
In the medical devices business, Abbott will focus on growing 
recently launched new products and expanding its market  
position across the various businesses. In its nutritional business, 
Abbott will continue to focus on driving growth globally and 
further enhancing its portfolio with the introduction of science-
based products and line extensions. In the established 
pharmaceuticals business, Abbott will continue to focus on  
growing its business with the depth and breadth of its portfolio 
in emerging markets.
CRITICAL ACCOUNTING POLICIES
Sales Rebates — In 2024, 48 percent of Abbott’s consolidated 
gross revenues were subject to various forms of rebates and 
allowances that Abbott recorded as reductions of revenues at 
the time of sale. Most of these rebates and allowances in 2024 are 
in the Nutritional Products and Diabetes Care businesses. Abbott 
provides rebates to state agencies that administer the Special 
Supplemental Nutrition Program for Women, Infants, and 
Children (WIC), wholesalers, group purchasing organizations, and 
other government agencies and private entities. Rebate amounts 
are usually based upon the volume of purchases using contractual 
or statutory prices for a product. Factors used in the rebate calcu-
lations include the identification of which products have been sold 
subject to a rebate, which customer or government agency price 
terms apply, and the estimated lag time between sale and payment 
of a rebate. Using historical trends, adjusted for current changes, 
Abbott estimates the amount of the rebate that will be paid, and 

FINANCIAL REVIEW
68
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
records the liability as a reduction of gross sales when Abbott 
records its sale of the product. Settlement of the rebate generally 
occurs from one to six months after sale. Abbott regularly analyzes 
the historical rebate trends and makes adjustments to reserves for 
changes in trends and terms of rebate programs. Rebates and 
chargebacks charged against gross sales in 2024, 2023, and 2022 
amounted to $4.4 billion in 2024 and $3.9 billion in 2023 and 
2022, or 18.6 percent, 17.4 percent, and 17.6 percent of gross sales, 
respectively, based on gross sales of approximately $23.5 billion, 
$22.7 billion, and $22.4 billion, respectively, subject to rebate. 
A one-percentage point increase in the percentage of rebates to 
related gross sales would decrease net sales by approximately 
$235 million in 2024. Abbott considers a one-percentage point 
increase to be a reasonably likely increase in the percentage of 
rebates to related gross sales. Other allowances charged against 
gross sales were approximately $319 million, $263 million, and 
$280 million for cash discounts in 2024, 2023, and 2022, respec-
tively, and $211 million, $169 million, and $379 million for returns 
in 2024, 2023, and 2022, respectively. Cash discounts are known 
within 15 to 30 days of sale, and therefore can be reliably estimated. 
Returns can be reliably estimated because Abbott’s historical 
returns are low, and because sales returns terms and other sales 
terms have remained relatively unchanged for several periods.
Management analyzes the adequacy of ending rebate accrual 
balances each quarter. In the domestic nutritional business,  
management uses both internal and external data available to 
estimate the accruals. In the WIC business, estimates are required 
for the amount of WIC sales within each state where Abbott holds 
the WIC contract. The state where the sale is made, which is the 
determining factor for the applicable rebated price, is reliably 
determinable. Rebated prices are based on contractually obligated 
agreements generally lasting a period of two to four years. Except 
for a change in contract price or a transition period before or after 
a change in the supplier for the WIC business in a state, accruals 
are based on historical redemption rates and data from the U.S. 
Department of Agriculture (USDA) and the states submitting 
rebate claims. The USDA, which administers the WIC program, 
has been making its data available for many years. Management 
also estimates the states’ processing lag time based on sales and 
claims data. Management has access to several large customers’ 
inventory management data, which allows management to make 
reliable estimates of inventory in the retail distribution channel. 
At December 31, 2024, Abbott had WIC business in 42 states.
Historically, adjustments to prior years’ rebate accruals have not 
been material to net earnings. Abbott employs various techniques 
to verify the accuracy of claims submitted to it, and where possible, 
works with the organizations submitting claims to gain insight 
into changes that might affect the rebate amounts. For government 
agency programs, the calculation of a rebate involves interpreta-
tions of relevant regulations, which are subject to challenge or 
change in interpretation.
Income Taxes — Abbott operates in numerous countries where its 
income tax returns are subject to audits and adjustments. Because 
Abbott operates globally, the nature of the audit items is often very 
complex, and the objectives of the government auditors can result 
in a tax on the same income in more than one country. Abbott 
employs internal and external tax professionals to minimize audit 
adjustment amounts where possible. In accordance with the 
accounting rules relating to the measurement of tax contingencies, 
in order to recognize an uncertain tax benefit, the taxpayer must 
be more likely than not of sustaining the position, and the measure-
ment of the benefit is calculated as the largest amount that is more 
than 50 percent likely to be realized upon resolution of the benefit. 
Application of these rules requires a significant amount of judgment. 
In the U.S., Abbott’s federal income tax returns through 2016 were 
settled as of December 31, 2024. Undistributed foreign earnings 
remain indefinitely reinvested in foreign operations. Determining 
the amount of unrecognized deferred tax liability related to any 
remaining undistributed foreign earnings not subject to the transi-
tion tax and additional outside basis difference in its foreign 
entities is not practicable.
Pension and Post-Employment Benefits — Abbott offers pension 
benefits and post-employment health care to many of its employees. 
Abbott engages outside actuaries to assist in the determination 
of the obligations and costs under these programs. Abbott must 
develop long-term assumptions, the most significant of which are 
the health care cost trend rates, discount rates and the expected 
return on plan assets. The discount rates used to measure liabilities 
were determined based on high-quality fixed income securities 
that match the duration of the expected retiree benefits. The 
health care cost trend rates represent Abbott’s expected annual 
rates of change in the cost of health care benefits and are a forward 
projection of health care costs as of the measurement date. A 
difference between the assumed rates and the actual rates, which 
will not be known for years, can be significant in relation to the 
obligations and the annual cost recorded for these programs. The 
net actuarial gains for these plans in 2024 reflect the impact of 
actual asset returns during the year in excess of expected returns 
and the impact of higher discount rates on the measurement of 
plan liabilities. At December 31, 2024, pretax net actuarial losses 
and prior service costs and (credits) recognized in Accumulated 
other comprehensive income (loss) were net losses of $777 million 
for Abbott’s defined benefit plans and net losses of $21 million for 
Abbott’s medical and dental plans. Actuarial losses and gains are 
amortized over the remaining service attribution periods of the 
employees under the corridor method, in accordance with the 
rules for accounting for post-employment benefits. Differences 
between the expected long-term return on plan assets and the 
actual annual return are amortized over a five-year period.

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A B B O T T  2 0 2 4  A N N U A L  R E P O R T
Valuation of Intangible Assets — Abbott has acquired and contin-
ues to acquire significant intangible assets that Abbott records 
at fair value at the acquisition date. Transactions involving the 
purchase or sale of intangible assets occur with some frequency 
between companies in the health care field and valuations are 
usually based on a discounted cash flow analysis. The discounted 
cash flow model requires assumptions about the timing and 
amount of future net cash flows, risk, cost of capital, terminal 
values and market participants. Each of these factors can signifi-
cantly affect the value of the intangible asset. Abbott engages 
independent valuation experts who review Abbott’s critical 
assumptions and calculations for acquisitions of significant  
intangibles. Abbott reviews definite-lived intangible assets for 
impairment each quarter. An undiscounted net cash flows 
approach is used to test for impairment. If the undiscounted cash 
flows of an intangible asset are less than the carrying value of an 
intangible asset, the intangible asset is written down to its fair 
value, which is usually the discounted cash flow amount. Where 
cash flows cannot be identified for an individual asset, the review 
is applied at the lowest group level for which cash flows are identi-
fiable. Goodwill and indefinite-lived intangible assets, which relate 
to in-process research and development acquired in a business 
combination, are reviewed for impairment annually or when an 
event that could result in an impairment occurs. At December 31, 
2024, goodwill amounted to $23.1 billion and net intangibles 
amounted to $6.6 billion. Amortization expense for intangible 
assets amounted to $1.9 billion in 2024 and $2.0 billion per year 
in 2023 and 2022. There was no reduction of goodwill relating to 
impairments in 2024, 2023, and 2022.
Litigation — Abbott accounts for litigation losses in accordance 
with Financial Accounting Standards Board (FASB) Accounting 
Standards Codification (ASC) No. 450, “Contingencies.” Under 
ASC No. 450, loss contingency provisions are recorded for probable 
losses at management’s best estimate of a loss, or when a best 
estimate cannot be made, a minimum loss contingency amount is 
recorded. These estimates are often initially developed substan-
tially earlier than the ultimate loss is known, and the estimates are 
refined each accounting period as additional information becomes 
known. Accordingly, Abbott is often initially unable to develop a 
best estimate of loss, and therefore the minimum amount, which 
could be zero, is recorded. As information becomes known, either 
the minimum loss amount is increased, resulting in additional 
loss provisions, or a best estimate can be made, also resulting in 
additional loss provisions. Occasionally, a best estimate amount is 
changed to a lower amount when events result in an expectation 
of a more favorable outcome than previously expected. Abbott 
estimates the range of possible loss to be from approximately 
$25 million to $35 million for its legal proceedings and environ-
mental exposures. Accruals of approximately $30 million have 
been recorded at December 31, 2024 for these proceedings and 
exposures. These accruals represent management’s best estimate 
of probable loss, as defined by FASB ASC No. 450, “Contingencies.” 
RESULTS OF OPERATIONS
SALES
The following table details the components of sales growth by 
reportable segment for the last two years:
Total % 
Change
Components of % Change
Price
Volume
Exchange
Total Net Sales
2024 vs. 2023
4.6
3.5
3.7
(2.6)
2023 vs. 2022
(8.1)
2.6
(8.7)
(2.0)
Total U.S.
2024 vs. 2023
5.6
1.9
3.7
—
2023 vs. 2022
(14.8)
1.1
(15.9)
—
Total International
2024 vs. 2023
3.9
4.6
3.5
(4.2)
2023 vs. 2022
(3.3)
3.7
(3.5)
(3.5)
Established Pharmaceutical Products Segment
2024 vs. 2023
2.5
8.2
1.0
(6.7)
2023 vs. 2022
3.1
6.0
4.9
(7.8)
Nutritional Products Segment
2024 vs. 2023
3.2
7.7
(1.7)
(2.8)
2023 vs. 2022
9.3
11.4
0.2
(2.3)
Diagnostic Products Segment
2024 vs. 2023
(6.5)
1.4
(5.3)
(2.6)
2023 vs. 2022
(39.4)
(0.9)
(37.3)
(1.2)
Medical Devices Segment
2024 vs. 2023
12.4
1.4
12.3
(1.3)
2023 vs. 2022
14.1
1.0
14.1
(1.0)
The increase in total net sales in 2024, excluding the impact of 
foreign exchange, primarily reflects higher sales in the Medical 
Devices, Established Pharmaceutical Products and Nutritional 
Products segments, partially offset by a decrease in demand for 
Abbott’s rapid diagnostic tests to detect COVID-19. Abbott’s 
COVID-19 testing-related sales totaled $747 million in 2024, 
$1.6 billion in 2023 and $8.4 billion in 2022. Excluding the impact 
of COVID-19 testing-related sales, Abbott’s total net sales 
increased 7.0 percent in 2024. Excluding the impacts of COVID-19 
testing-related sales and foreign exchange, Abbott’s total net sales 
increased 9.6 percent. Abbott’s net sales in 2024 were unfavorably 
impacted by changes in foreign exchange rates as the relatively 
stronger U.S. dollar decreased total international sales by 
4.2 percent and total sales by 2.6 percent. 

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A B B O T T  2 0 2 4  A N N U A L  R E P O R T
The decrease in total net sales in 2023 reflects the decline in 
demand for Abbott’s rapid diagnostic tests to detect COVID-19, 
partially offset by higher sales in the Medical Devices, Established 
Pharmaceutical Products and Nutritional Products segments. 
Excluding the impact of COVID-19 testing-related sales, Abbott’s 
total net sales increased 9.2 percent in 2023. Excluding the impacts 
of COVID-19 testing-related sales and foreign exchange, Abbott’s 
total net sales increased 11.7 percent. Abbott’s net sales in 2023 
were unfavorably impacted by changes in foreign exchange rates 
as the relatively stronger U.S. dollar decreased total international 
sales by 3.5 percent and total sales by 2.0 percent. 
The table below provides detail by sales category for the years 
ended December 31. Percent changes are versus the prior year 
and are based on unrounded numbers.
(dollars in millions)
2024
2023
Total
Change 
Impact of 
Exchange 
Total 
Change 
Excl. 
Exchange
Established 
Pharmaceutical  
Products—
 
 
 
 
Key Emerging 
Markets
$3,858
$3,807
1.3%
(8.2)«%
9.5%
Other
1,336
1,259
6.1÷«
(2.3)÷÷
8.4÷«
Nutritional Products —
International 
Pediatric 
Nutritionals
1,815
1,957
(7.3)÷«
(3.0)÷÷
(4.3)÷«
U.S. Pediatric 
Nutritionals
2,208
1,977
11.7÷«
—÷÷
11.7÷«
International Adult 
Nutritionals
2,909
2,784
4.5÷«
(6.0) ÷«
10.5÷«
U.S. Adult 
Nutritionals
1,481
1,436
3.2÷«
—÷÷
3.2÷«
Diagnostic Products —
Core Laboratory
5,235
5,159
1.5÷«
(4.1)÷÷
5.6÷«
Molecular
521
574
(9.2)÷«
(0.7)÷÷
(8.5)÷«
Point of Care
588
565
4.1÷«
—÷÷
4.1÷«
Rapid Diagnostics
2,997
3,690
(18.8)÷«
(1.0)÷÷
(17.8)÷«
Medical Devices —
Rhythm 
Management
2,390
2,255
6.0÷«
(0.9)÷÷
6.9÷«
Electrophysiology
2,467
2,195
12.3÷«
(2.1)÷÷
14.4÷«
Heart Failure
1,279
1,161
10.2÷«
(0.1)÷÷
10.3÷«
Vascular
2,837
2,681
5.8÷«
(0.9)÷÷
6.7÷«
Structural Heart
2,246
1,944
15.5÷«
(1.5)÷÷
17.0÷«
Neuromodulation
962
890
8.2÷«
(1.3)÷÷
9.5÷«
Diabetes Care
6,805
5,761
18.1÷«
(1.6)÷÷
19.7÷«
(dollars in millions)
2023
2022
Total 
Change
Impact of 
Exchange
Total 
Change 
Excl. 
Exchange
Established 
Pharmaceutical 
Products —
 
 
 
Key Emerging 
Markets
$3,807
$3,766
1.1%
(9.2)«%
10.3%
Other
1,259
1,146
9.8÷«
(3.0)÷÷
12.8÷«
Nutritional Products —
 
International 
Pediatric 
Nutritionals
1,957
1,919
2.0÷«
(3.2)÷÷
5.2÷«
U.S. Pediatric 
Nutritionals
1,977
1,562
26.6÷«
—÷÷
26.6÷«
International Adult 
Nutritionals
2,784
2,621
6.2÷«
(4.2)÷÷
10.4÷«
U.S. Adult 
Nutritionals
1,436
1,357
5.8÷«
—÷÷
5.8÷«
Diagnostic Products —
Core Laboratory
5,159
4,888
5.5÷«
(2.9)÷÷
8.4÷«
Molecular
574
995
(42.3)÷«
(0.7)÷÷
(41.6)÷«
Point of Care
565
525
7.5÷«
(0.2)÷÷
7.7÷«
Rapid Diagnostics
3,690
10,061
(63.3)÷«
(0.4)÷÷
(62.9)÷«
Medical Devices —
 
Rhythm 
Management
2,255
2,119
6.5÷«
(1.0)÷÷
7.5÷«
Electrophysiology
2,195
1,927
13.9÷«
(2.0)÷÷
15.9÷«
Heart Failure
1,161
1,035
12.1÷«
0.1÷÷
12.0÷«
Vascular
2,681
2,483
8.0÷«
(1.3)÷÷
9.3÷«
Structural Heart
1,944
1,712
13.6÷«
(0.7)÷÷
14.3÷«
Neuromodulation
890
770
15.5÷«
(0.9)÷÷
16.4÷«
Diabetes Care
5,761
4,756
21.1÷«
(0.8)÷÷
21.9÷«
Notes:
The Acelis Connected Health business was internally transferred from Diagnostic Products to 
Medical Devices on January 1, 2023. As a result, $115 million of sales in 2022 were moved from 
Diagnostic Products to Medical Devices.
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.
Established Pharmaceutical Products sales increased 9.2 percent 
in 2024 and 10.9 percent in 2023, excluding the unfavorable impact 
of foreign exchange. Excluding the effect of foreign exchange, sales 
in Key Emerging Markets for Established Pharmaceutical Products 
increased 9.5 percent in 2024 and 10.3 percent in 2023, led by 
higher revenue in several countries and across several therapeutic 
areas, including respiratory, gastroenterology, cardiometabolic 
and central nervous system/pain management. Other Emerging 
Markets, excluding the effect of foreign exchange, increased by 
8.4 percent in 2024 and 12.8 percent in 2023. 

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Excluding the impact of foreign exchange, total Nutritional 
Products sales increased 5.9 percent in 2024 and 11.6 percent in 
2023. In U.S. Pediatric Nutritional sales, the 11.7 percent increase 
in 2024 reflects infant formula market share gains and the  
continued favorable impact of price increases, partially offset by 
a decrease in PediaSure® and Pedialyte® product sales. In 2023, 
U.S. Pediatric Nutritional sales increased 26.6 percent as a result 
of market share recovery related to the voluntary recall of certain 
infant formula products in the first quarter of 2022, partially 
offset by a decrease in 2023 Pedialyte sales.  
Excluding the effect of foreign exchange, the 4.3 percent decrease 
in International Pediatric Nutritional sales in 2024 reflects a 
decrease in sales in the Asia Pacific and Latin America regions, 
partially offset by increased sales in Canada and the Europe/
Middle East regions. Excluding the effect of foreign exchange, 
the 5.2 percent increase in International Pediatric Nutritional 
sales in 2023 reflects higher sales in Latin America and Canada, 
partially offset by the impact of exiting the pediatric nutrition 
business in China.   
In 2024 and 2023, U.S. and International Adult Nutritional sales 
increased due to higher Ensure® and Glucerna® product sales. In 
2024 and 2023, U.S. Adult Nutritional sales increased 3.2 percent 
and 5.8 percent, respectively, and International Adult Nutritional 
sales, excluding the effect of foreign exchange, increased 
10.5 percent and 10.4 percent, respectively. In 2024, U.S. Adult 
Nutritional sales were partially offset by the discontinuation of 
the ZonePerfect® product line.
Excluding the effect of foreign exchange, Diagnostic Products 
segment sales decreased 3.9 percent in 2024 and 38.2 percent 
in 2023, driven by lower demand for COVID-19 tests. Rapid 
Diagnostics sales decreased 17.8 percent in 2024 and 62.9 percent 
in 2023, excluding the effect of foreign exchange. The decrease 
reflects lower demand for COVID-19 tests. Rapid Diagnostics 
COVID-19 testing-related sales were $725 million in 2024, 
$1.5 billion in 2023 and $7.9 billion in 2022. 
Rapid Diagnostics sales, excluding COVID-19 testing-related sales, 
increased 4.8 percent in 2024 and remained unchanged in 2023. 
In 2024, Rapid Diagnostics sales increased 6.0 percent, excluding 
the impact of foreign exchange and COVID-19 testing-related sales, 
due to strong demand for respiratory disease tests used to diagnose 
influenza, strep throat and RSV. In 2023, Rapid Diagnostics sales 
increased 1.3 percent, excluding the impact of foreign exchange 
and COVID-19 testing-related sales. Growth in various Rapid 
Diagnostics products in 2023 was partially offset by the unfavor-
able effects of an early 2022 flu season and a later start of the 2023 
flu season.  
In Core Laboratory, sales increased 5.6 percent in 2024 and 
8.4 percent in 2023, excluding the effect of foreign exchange. The 
increase in 2024 was due to the continued deployment of Abbott’s 
Alinity® testing platform and higher volume of routine diagnostic 
testing performed in hospitals and other laboratories along with 
price increases, partially offset by lower sales in China. The 
increase in 2023 was due to higher year-over-year volume of 
routine diagnostic testing performed in hospitals and other  
laboratories, partially offset by lower test sales for the detection of 
COVID-19 IgG and IgM antibodies. Core Laboratory COVID-19 
testing-related sales on Abbott’s ARCHITECT® and Alinity i  
platforms were $10 million in 2024, $20 million in 2023, and 
$62 million in 2022. Excluding COVID-19 testing-related sales, 
Core Laboratory sales increased 1.7 percent in 2024 and 
6.5 percent in 2023. Excluding the impact of foreign exchange 
and COVID-19 testing-related sales, Core Laboratory sales 
increased 5.8 percent in 2024 and 9.4 percent in 2023.
Excluding the effect of foreign exchange, total Medical Devices 
sales grew 13.7 percent in 2024 and 15.1 percent in 2023, led by 
double-digit growth in 2024 in Diabetes Care, Structural Heart, 
Electrophysiology and Heart Failure. Higher Diabetes Care sales 
were driven by continued growth in Abbott’s CGM systems, in 
the U.S. and internationally. CGM sales totaled $6.4 billion in 2024, 
which reflected a 21.8 percent increase, excluding the effect of 
foreign exchange, over 2023 when CGM sales totaled $5.3 billion.   
Procedure volumes continued to increase across the cardiovascular 
and neuromodulation businesses in 2024. In Structural Heart, 
excluding the effect of foreign exchange, the 17.0 percent and 
14.3 percent sales increases in 2024 and 2023, respectively, reflect 
continued growth of the Navitor® and TriClip® products, as well 
as growth in surgical valves, structural interventions and other 
transcatheter repair sales. 
Electrophysiology sales, excluding the effect of foreign exchange, 
increased 14.4 percent in 2024 and 15.9 percent in 2023 which 
primarily reflects higher procedure volumes and increased 
demand for catheters and cardiac mapping products across 
all regions.
In Heart Failure, the 10.3 percent increase in sales in 2024,  
excluding the effect of foreign exchange, primarily reflects 
growth in heart assist devices, which offer treatment for chronic 
and temporary conditions. In 2023, Heart Failure sales increased 
12.0 percent, excluding the effect of foreign exchange, as proce-
dure volumes and staffing challenges, which occurred during the 
COVID-19 pandemic, began to recover. 

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In Rhythm Management, the 6.9 percent increase in 2024,  
excluding the impact of foreign exchange, was primarily due to 
growth in Aveir® leadless pacemaker and Assert IQ® implantable 
cardiac monitor sales. In 2023, the 7.5 percent increase, excluding 
the impact of foreign exchange, was due to growth across the 
portfolio of low and high voltage pacemakers, led by the Aveir 
leadless pacemaker that launched in 2022. 
In Vascular, the 6.7 percent increase in 2024, excluding the impact 
of foreign exchange, was primarily due to higher vessel closure 
sales. In 2023, the 9.3 percent increase, excluding the impact of 
foreign exchange, was primarily due to the acquisition of CSI in 
April 2023. 
Abbott’s operations in Russia and Ukraine represent approxi-
mately 2 percent of Abbott’s total revenues and net assets, and to 
date the financial impact of Russia’s invasion of Ukraine has not 
been material to Abbott’s operations or financial condition. Future 
implications are difficult to predict, but at present Abbott does not 
anticipate that the Russia-Ukraine conflict will have a material 
impact on its operations or financial condition. A more detailed 
discussion of the risks associated with the Russia-Ukraine conflict 
is contained in Item 1A. Risk Factors.
The expiration of licenses and patent protection can affect the 
future revenues and operating income of Abbott. There are no 
significant patent or license expirations in the next three years 
that are expected to materially affect Abbott.
OPERATING EARNINGS
Gross profit margins were 50.9 percent of net sales in 2024, 
50.3 percent of net sales in 2023, and 51.5 percent of net sales 
in 2022. The increase in 2024 reflects the favorable impacts of 
margin improvement initiatives, partially offset by the unfavor-
able effect of foreign exchange. The decrease in 2023 reflects 
the unfavorable effects of lower sales of COVID-19 tests, foreign 
exchange, and higher costs for various manufacturing inputs, 
partially offset by the nonrecurrence of the negative impact in 
2022 of the voluntary product recall in the nutritional business 
and the impact in 2023 of margin improvement initiatives.  
Research and development (R&D) expenses were $2.8 billion in 
2024, $2.7 billion in 2023, and $2.9 billion in 2022. The increase in 
R&D expense in 2024 was primarily driven by higher spending 
on various projects, partially offset by lower 2024 charges for 
the impairment of in-process R&D (IPR&D) assets acquired in 
previous business combinations. In 2023, the decrease in R&D 
expense was primarily driven by lower restructuring charges, 
lower impairment charges related to IPR&D acquired in previous 
business combinations, and other cost reductions. 
Selling, general and administrative (SG&A) expenses were 
$11.7 billion in 2024, $10.9 billion in 2023 and $11.2 billion in 2022. 
In 2024, higher selling and marketing spending to drive growth 
across various businesses was partially offset by the favorable 
impact of foreign exchange. The 2023 decrease in SG&A expenses 
reflects the favorable impact of foreign exchange and lower 
restructuring charges in 2023, as well as the non-recurrence of 
2022 expenses related to the voluntary product recall in the 
Nutritional Products segment.  
RESTRUCTURINGS
In 2024, Abbott management approved plans to streamline cer-
tain operations in order to reduce costs and improve efficiencies 
in its Diagnostic, Medical Devices, Established Pharmaceutical 
and Nutritional businesses, including the discontinuation of its 
ZonePerfect® product line. Abbott recorded employee related 
severance and other charges of $129 million, of which $62 million 
was recorded in Cost of products sold, $21 million was recorded in 
Research and development, and $46 million was recorded in 
Selling, general and administrative expenses. Payments related 
to these actions totaled $32 million in 2024 and the remaining 
liability totaled $97 million at December 31, 2024. In addition, 
Abbott recognized inventory related charges of $34 million and 
fixed asset impairment charges of $12 million related to these 
restructuring plans.
In 2023, Abbott management approved plans to restructure  
various operations in order to reduce costs in its Medical Devices, 
Diagnostic, and Established Pharmaceutical businesses. Abbott 
recorded employee related severance and other charges of 
$144 million of which approximately $56 million was recorded in 
Cost of products sold, $22 million was recorded in Research and 
development and $66 million was recorded in Selling, general and 
administrative expenses. In addition, Abbott recognized fixed 
asset impairment and inventory related charges of $31 million 
related to these restructuring plans.
In 2022, Abbott management approved plans to streamline  
operations in order to reduce costs and improve efficiencies in 
its Medical Devices, Nutritional, Diagnostic, and Established 
Pharmaceutical businesses. Abbott recorded employee related 
severance and other charges of $234 million of which $59 million 
was recorded in Cost of products sold, $36 million was recorded 
in Research and development and $139 million was recorded in 
Selling, general and administrative expenses. In addition, Abbott 
recognized inventory related charges of $23 million and fixed 
asset impairment charges of $4 million related to these restruc-
turing plans. 
INTEREST EXPENSE AND INTEREST (INCOME)
Interest expense, net decreased from $252 million in 2023 to 
$215 million in 2024. Interest expense decreased in 2024 due to 
the repayment of approximately $2.25 billion of long-term debt in 
September and November of 2023, partially offset by a reduction 
in interest income due to lower average cash and short-term 
investment balances versus the prior year. Interest expense, net 
decreased $123 million in 2023 due to the favorable impact of 
higher interest rates on interest income, partially offset by the 
negative impact of interest rate hedge contracts related to certain 
fixed-rate debt.

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OTHER (INCOME) EXPENSE, NET
Other income, net was $376 million of income in 2024, 
$479 million of income in 2023 and $321 million of income in 
2022. Other income, net includes income of approximately 
$542 million, $498 million, and $406 million in 2024, 2023, and 
2022, respectively, related to the non-service cost components of 
the net periodic benefit costs associated with the pension and 
post-retirement medical plans. The decrease in 2024 reflects the 
recognition of a $143 million loss on the sale of a non-core business 
related to the Established Pharmaceutical Products segment. 
The decrease in 2024 was partially offset by an increase in income 
associated with the non-service cost components of net pension 
and post-retirement medical benefit costs. In 2023, Other income, 
net included equity investment impairments that totaled approxi-
mately $39 million, as well as income from a $42 million reduction 
in the fair value of contingent consideration related to previous 
business acquisitions. 
TAXES ON EARNINGS
Taxes on earnings reflect the annual effective rates, including 
charges for interest and penalties. Deferred income taxes reflect 
the tax consequences on future years of differences between the 
tax bases of assets and liabilities and their financial report-
ing amounts.
Taxes on earnings include approximately $50 million, $22 million 
and $43 million in excess tax benefits associated with share-based 
compensation in 2024, 2023 and 2022, respectively. As a result of 
the resolution of various tax positions related to prior years, taxes 
on earnings in 2024, 2023 and 2022 also include approximately 
$25 million, $80 million and $20 million of net tax expense, 
respectively. In the fourth quarter of 2024, taxes on earnings 
includes $7.5 billion in non-cash valuation allowance adjustments 
resulting from the restructuring of certain foreign affiliates and 
the confirmation of certain tax filing positions. The restructuring 
improved profitability to several of Abbott’s affiliates and manage-
ment concluded that the related preexisting deferred tax assets, 
which historically had a full valuation allowance, were more likely 
than not to be realizable in future periods. In particular, Abbott 
considered the likelihood of sustained ongoing profitability of the 
affiliates as a positive factor that outweighed all available negative 
evidence considered. Accordingly, Abbott released the full valua-
tion allowance on such deferred tax assets and recorded the 
offset to tax expense.
The U.S. Tax Cuts and Jobs Act (TCJA) includes a one-time  
transition tax that is based on Abbott’s total post-1986 earnings 
and profits (E&P) that were previously deferred from U.S. income 
taxes. The tax computation also requires the determination of 
the amount of post-1986 E&P considered held in cash and other 
specified assets. As of December 31, 2024, the remaining balance 
of Abbott’s transition tax obligation related to the TCJA is approx-
imately $432 million, which will be paid over the next two years 
as allowed by the TCJA. Undistributed foreign earnings remain 
indefinitely reinvested in foreign operations. Determining the 
amount of unrecognized deferred tax liability related to any 
remaining undistributed foreign earnings not subject to the  
transition tax and additional outside basis difference in its foreign 
entities is not practicable.
In the U.S., Abbott’s federal income tax returns through 2016 are 
settled. In September 2023, Abbott received a Statutory Notice of 
Deficiency (SNOD) from the U.S. Internal Revenue Service (IRS) 
for the 2019 Federal tax year in the amount of $417 million. 
The primary adjustments proposed in the SNOD relate to the 
reallocation of income between Abbott’s U.S. entities and its  
foreign affiliates. Abbott believes that the income reallocation 
adjustments proposed in the SNOD are without merit, in part 
because certain adjustments contradict methods that were agreed 
to with the IRS in prior audit periods. The SNOD also contains 
other proposed adjustments that Abbott believes are erroneous 
and unsupported. Abbott filed a petition with the U.S. Tax Court 
contesting the SNOD in December 2023.
In June 2024, Abbott received a SNOD from the IRS for the 2017 
and 2018 Federal tax years in the amount of $192 million. The 
matters proposed in the 2017/2018 SNOD are substantially similar 
to the income allocation adjustments included in the 2019 SNOD. 
Abbott filed a petition in September 2024 with the U.S. Tax Court 
contesting the 2017/2018 SNOD in a manner consistent with its 
petition for the 2019 SNOD.
In October 2024, Abbott received a SNOD from the IRS for the 
2020 Federal tax year assessing an additional $443 million of 
income tax. The primary adjustments proposed in the SNOD 
are substantially similar to the income allocation adjustments 
included in the 2017/2018 and 2019 SNODs. Abbott believes that 
the income reallocation adjustments proposed in the SNOD are 
without merit. The SNOD also contains other proposed adjust-
ments and omissions that Abbott believes are erroneous and 
unsupported. In addition to the tax assessment for the 2020 tax 
year, the 2020 SNOD also contested a deduction for which an 
estimated $440 million cash tax benefit would be available in a 
different taxable year as allowed under applicable U.S. tax law. 
Abbott filed a petition with the U.S. Tax Court contesting the 
SNOD in December 2024.
Abbott intends to vigorously defend its filing positions through 
ongoing discussions with the IRS, the IRS independent appeals 
process and/or through litigation as necessary. Abbott reserves 
for uncertain tax positions related to unresolved matters with the 
IRS and other taxing authorities. Abbott continues to believe that 
its reserves for uncertain tax positions are appropriate.
There are numerous other income tax jurisdictions for which 
tax returns are not yet settled, none of which Abbott expects to 
be individually significant. Reserves for interest and penalties 
are not significant.

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The Organization for Economic Cooperation & Development 
(OECD) has proposed a two-pillared plan for a revised international 
tax system. Pillar 1 proposes to reallocate taxing rights among the 
jurisdictions in which in-scope multinational corporations operate. 
Abbott is continuing to analyze the Pillar 1 proposal. Pillar 2  
proposes to assess a 15 percent minimum tax on the earnings of 
in-scope multinational corporations on a country-by-country basis. 
Numerous countries have enacted legislation to adopt the Pillar 2 
model rules. The enactment of current Pillar 2 model rules did 
not and is not projected to have a material impact to Abbott’s  
consolidated financial statements.
See Note 15 — Taxes on Earnings to the consolidated financial 
statements for a full reconciliation of the effective tax rate to the 
U.S. federal statutory rate.
RESEARCH AND DEVELOPMENT PROGRAMS
Abbott currently has numerous pharmaceutical, medical device, 
diagnostic and nutritional products in development.
RESEARCH AND DEVELOPMENT PROCESS
In the Established Pharmaceutical Products segment, the develop-
ment process focuses on the geographic expansion and continuous 
improvement of the segment’s existing products to provide benefits 
to patients and customers. As Established Pharmaceutical Products 
does not actively pursue primary research, development usually 
begins with work on existing products or after the completion of 
an acquisition or licensing agreement.
Depending upon the product, the phases of development 
may include:
• Drug product development.
• Phase I bioequivalence studies to compare a future Established 
Pharmaceutical’s brand with an already marketed compound 
with the same active pharmaceutical ingredient (API).
• Phase II studies to test the efficacy of benefits in a small group 
of patients.
• Phase III studies to broaden the testing to a wider population 
that reflects the actual medical use.
• Phase IV and other post-marketing studies to obtain new clinical 
use data on existing products within approved indications.
The specific requirements (e.g., scope of clinical trials) for 
obtaining regulatory approval vary across different countries and 
geographic regions. The process may range from one year for a 
bioequivalence study project to six or more years for complex 
formulations, new indications, or geographic expansion in  
specific countries.
In the Diagnostic Products segment, the phases of the research 
and development process include:
• Discovery, which focuses on identification of a product that 
will address a specific therapeutic area, platform, or unmet 
clinical need.
• Concept/Feasibility, during which the materials and  
manufacturing processes are evaluated; testing may include 
product characterization and analysis is performed to confirm 
clinical utility.
• Development, during which extensive testing is performed 
to demonstrate that the product meets specified design  
requirements and that the design specifications conform to 
user needs and intended uses.
The regulatory requirements for diagnostic products vary across 
different countries and geographic regions. In the U.S., the FDA 
classifies diagnostic products into classes (I, II, or III) and the 
classification determines the regulatory process for approval. 
While the Diagnostics segment has products in all three classes, 
the vast majority of its products are categorized as Class I or 
Class II. Submission of a separate regulatory filing is not required 
for Class I products. Class II products typically require premarket 
notification to the FDA through a regulatory filing known as a 
510(k) submission. Most Class III products are subject to the 
FDA’s Premarket Approval (PMA) requirements. Other Class III 
products, such as those used to screen blood, require the submis-
sion and approval of a Biological License Application (BLA).
In the European Union (EU), diagnostic products are also catego-
rized into different categories and the regulatory process, which 
had been governed by the European In Vitro Diagnostic Medical 
Device Directive, depends upon the category. Certain product 
categories requiring review and approval by an independent  
company, known as a Notified Body, before the manufacturer 
can affix a CE mark to the product to declare conformity to the 
Directive. Other products only require a self-certification process. 
In 2017, the EU adopted the new In Vitro Diagnostic Regulation 
(IVDR) which replaced the existing directive in the EU for  
in vitro diagnostic products and imposed additional premarket 
and post-market regulatory requirements on manufacturers of 
such products. In July 2024, the IVDR was amended to extend 
the transition timeline period for dates of compliance as long as 
December 2029, depending on the diagnostic device classification. 
The diagnostic device must meet additional specific conditions 
set out in the amended regulations. However, the amendment did 
not delay the date of application of the IVDR itself which took 
effect on May 26, 2022.

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In the Medical Devices segment, the research and development 
process begins with research on a specific technology that is  
evaluated for feasibility and commercial viability. If the research 
program passes that hurdle, it moves forward into development. 
The development process includes evaluation, selection and  
qualification of a product design, completion of applicable clinical 
trials to test the product’s safety and efficacy, and validation of the 
manufacturing process to demonstrate its repeatability and ability 
to consistently meet pre-determined specifications.
Similar to the diagnostic products discussed above, in the U.S., 
medical devices are classified as Class I, II, or III. Most of Abbott’s 
medical device products are classified as Class II devices that 
follow the 510(k) regulatory process or Class III devices that are 
subject to the PMA process.
In the EU, medical devices are also categorized into different 
classes and the regulatory process, which had been governed by the 
European Medical Device Directive and the Active Implantable 
Medical Device Directive, varies by class. In the second quarter of 
2017, the EU adopted the new Medical Devices Regulation (MDR) 
which replaced the existing directives in the EU for medical 
devices and imposes additional premarket and post-market regula-
tory requirements on manufacturers of such products. The MDR 
applies to manufacturers as of May 26, 2021 with extended transi-
tion periods lasting as long as December 31, 2028 depending on 
the risk classification of the device in the regulation. Each product 
must bear a CE mark to show compliance with the MDR.
Some products require submission of a design dossier to the 
appropriate regulatory authority for review and approval prior to 
CE marking of the device. For other products, the company is 
required to prepare a technical file which includes testing results 
and clinical evaluations but can self-certify its ability to apply the 
CE mark to the product. Outside the U.S. and the EU, the regulatory 
requirements vary across different countries and regions.
After approval and commercial launch of some medical devices, 
post-market trials may be conducted either due to a conditional 
requirement of the regulatory market approval or with the objective 
of proving product superiority.
In the Nutritional Products segment, the research and develop-
ment process generally focuses on identifying and developing 
ingredients and products that address the nutritional needs of 
particular populations (e.g., infants and adults) or patients 
(e.g., people with diabetes). Depending upon the country and/or 
region, if claims regarding a product’s efficacy will be made,  
clinical studies typically must be conducted.
In the U.S., the FDA requires that it be notified of proposed new 
formulations and formulation or packaging changes related to 
infant formula products. Prior to the launch of an infant formula 
or product packaging change, the company is required to obtain 
the FDA’s confirmation that it has no objections to the proposed 
product or packaging. For other nutritional products, notification 
or pre-approval from the FDA is not required unless the product 
includes a new food additive. In some countries, regulatory 
approval may be required for certain nutritional products,  
including infant formula and medical nutritional products.
AREAS OF FOCUS
In 2025 and beyond, Abbott expects to focus on the follow-
ing areas:
Established Pharmaceuticals — Abbott focuses on building 
country-specific portfolios made up of high-quality medicines 
that meet the needs of people in emerging markets. Over the next 
several years, Abbott plans to expand its product portfolio in key 
therapeutic areas and biosimilars with the aim of addressing the 
health needs of more people in emerging markets and being 
among the first to launch new off-patent and differentiated medi-
cines. In addition, Abbott continues to expand existing brands 
into new markets, implement product enhancements that provide 
value to patients and acquire strategic products and technology 
through licensing activities. Abbott is also actively working on 
the further development of several key brands such as Creon™, 
Duphaston™, Femoston™ and Influvac™. Depending on the 
product, the activities focus on development of new data,  
markets, formulations, delivery systems, or indications.
Medical Devices — Abbott’s research and development programs 
focus on:
• Cardiac Rhythm Management – Development of next-generation 
rhythm management technologies, including advanced commu-
nication capabilities and leadless pacing therapies.
• Heart Failure – Continued enhancements to Abbott’s mechani-
cal circulatory support and pulmonary artery pressure systems, 
including enhanced clinical performance and usability.
• Electrophysiology – Development of next-generation  
technologies in the areas of ablation, diagnostic, mapping, 
and visualization and recording.
• Vascular – Development of next-generation technologies for 
use in coronary and peripheral vascular procedures.
• Structural Heart – Development of transcatheter and surgical 
devices for the repair and replacement of heart valves, and 
occlusion therapies for congenital heart defects and stroke-risk 
reduction.
• Neuromodulation – Development of clinical evidence and next-
generation technologies leveraging digital health to support 
improved patient clinical outcomes, physician engagement, and 
expanded indications in the treatment of chronic pain, move-
ment disorders and other indications.
• Diabetes Care – Develop enhancements and additional indications 
for continuous monitoring products to help patients improve 
their ability to manage diabetes and for use beyond diabetes. 
Nutritionals — Abbott is focusing its research and development 
spend on platforms that span the pediatric and adult nutrition 
areas: gastrointestinal/immunity health, brain health, mobility 
and metabolism, and user experience platforms. Numerous new 
products that build on advances in these platforms are currently 
under development, including clinical outcome testing, and are 
expected to be launched over the coming years.

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Core Laboratory Diagnostics — Abbott continues to commercial-
ize its next-generation blood and plasma screening, immunoassay, 
clinical chemistry and hematology systems, along with assays, 
including a focus on unmet medical needs, in various areas includ-
ing infectious disease, cardiac care, metabolics, oncology, and 
neurologic assays as well as informatics solutions to help optimize 
diagnostics laboratory performance and automation solutions to 
increase efficiency in laboratories.
Rapid Diagnostics — Abbott’s research and development programs 
focus on the development of diagnostic products for infectious 
disease, cardiometabolic disease and toxicology.
In addition, the Diagnostic Products segment continues to pursue 
the FDA’s customary regulatory process for remaining COVID-19 
tests for which Emergency Use Authorizations (EUAs) were 
obtained and yet to be cleared. 
Given the diversity of Abbott’s business, its intention to remain a 
broad-based health care company and the numerous sources for 
potential future growth, no individual project is expected to be 
material to cash flows or results of operations over the next five 
years. Factors considered included research and development 
expenses projected to be incurred for the project over the next 
year relative to Abbott’s total research and development 
expenses, as well as qualitative factors, such as marketplace  
perceptions and impact of a new product on Abbott’s overall 
market position. There were no delays in Abbott’s 2024 research 
and development activities that are expected to have a material 
impact on operations.
While the aggregate cost to complete the numerous projects  
currently in development is expected to be material, the total cost 
to complete will depend upon Abbott’s ability to successfully 
finish each project, the rate at which each project advances, and 
the ultimate timing for completion. Given the potential for signifi-
cant delays and the risk of failure inherent in the development 
of new products and technologies, it is not possible to accurately 
estimate the total cost to complete all projects currently in devel-
opment. Abbott plans to manage its portfolio of projects to achieve 
research and development spending that will be competitive in 
each of the businesses in which it participates, and such spending 
is targeted at approximately 7 percent of total Abbott sales in  
2025. Abbott does not regularly accumulate or make management 
decisions based on the total expenses incurred for a particular 
development phase in a given period.
GOODWILL
At December 31, 2024, goodwill recorded as a result of business 
combinations totaled $23.1 billion. Goodwill is reviewed for 
impairment annually in the third quarter or when an event that 
could result in an impairment occurs, using a quantitative assess-
ment to determine whether it is more likely than not that the fair 
value of any reporting unit is less than its carrying amount. The 
income and market approaches are used to calculate the fair 
value of each reporting unit. The results of the last impairment 
test indicated that the fair value of each reporting unit was  
substantially in excess of its carrying value.
FINANCIAL CONDITION
CASH FLOW 
Net cash from operating activities amounted to $8.6 billion, 
$7.3 billion, and $9.6 billion in 2024, 2023, and 2022, respectively. 
The increase in Net cash from operating activities in 2024 as 
compared to 2023 is primarily due to higher segment operating 
earnings and improved working capital management, partially 
offset by higher cash payments for income taxes. The decrease in 
Net cash from operating activities in 2023 compared to 2022 was 
primarily due to the decline in operating earnings and increased 
payments related to accounts payable and accrued liabilities, 
partially offset by lower expenditures for inventory and lower 
cash payments for income taxes due to lower earnings.
A substantial portion of Abbott’s cash and cash equivalents at 
December 31, 2024, is held by Abbott affiliates outside of the U.S. 
If these funds were needed for operations in the U.S., Abbott does 
not expect to incur significant additional income taxes in the 
future to repatriate these funds.
Abbott funded $349 million in 2024 and 2023, and $413 million 
in 2022 to defined benefit pension plans. Abbott expects pension 
funding of approximately $302 million in 2025 for its pension 
plans. Abbott expects annual cash flow from operating activities 
to continue to exceed Abbott’s capital expenditures and cash 
dividends.
DEBT AND CAPITAL 
At December 31, 2024, Abbott’s long-term debt rating was  
AA- by S&P Global Ratings and Aa3 by Moody’s Investors Service. 
Abbott expects to maintain an investment grade rating.
Abbott has readily available financial resources, including 
unused lines of credit that support commercial paper borrowing 
arrangements and provide Abbott with the ability to borrow up 
to $5 billion on an unsecured basis. On January 29, 2024, Abbott 
terminated its 2020 Five Year Credit Agreement (2020 Agreement) 

FINANCIAL REVIEW
77
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
and entered into a new Five Year Credit Agreement (Revolving 
Credit Agreement). There were no outstanding borrowings under 
the 2020 Agreement at the time of its termination. Any borrowings 
under the Revolving Credit Agreement will mature and be payable 
on January 29, 2029 and will bear interest, at Abbott’s option, based 
on either a base rate or Secured Overnight Financing Rate (SOFR), 
plus an applicable margin based on Abbott’s credit ratings. 
As of December 31, 2024, Abbott’s total debt outstanding was 
$14.1 billion, of which approximately $1.5 billion will mature 
in 2025. On June 26, 2024, Abbott modified its existing, yen-
denominated 5-year term loan scheduled to mature in November 
2024. The amended terms include a net increase in principal debt 
from ¥59.8 billion to ¥92.0 billion, with a new maturity date in 
June 2029. The modified, 5-year term loan bears interest at the 
Tokyo Interbank Offered Rate (TIBOR) plus a fixed spread, and 
the interest rate is reset quarterly. The net proceeds equated to 
approximately $201 million. The ¥92.0 billion loan is designated 
as a hedge of Abbott’s net investment in certain foreign 
subsidiaries.
On November 19, 2024, Abbott repaid the €590 million outstanding 
principal amount of its 0.10% Notes upon maturity. The repayment 
equated to approximately $640 million. On November 30, 2023, 
Abbott repaid the $1.05 billion outstanding principal amount of its 
3.40% Notes upon maturity. On September 27, 2023, Abbott repaid 
the €1.14 billion outstanding principal amount of its 0.875% Notes 
upon maturity. The repayment equated to approximately $1.2 billion. 
In September 2023, Abbott repaid approximately $197 million of 
debt assumed as part of a recent business acquisition.
On October 11, 2024, the board of directors authorized the repurchase 
of up to $7 billion of Abbott common shares, from time to time (the 
“2024 repurchase program”). The 2024 repurchase program is in 
addition to the unused portion of the 2021 repurchase program, 
which the board of directors approved in December 2021 and 
authorized the repurchase of up to $5 billion of Abbott’s common 
shares from time to time. As of December 31, 2024, $293 million 
remains available for repurchase under the 2021 repurchase pro-
gram. In 2024 and 2023, Abbott repurchased approximately 
10.2 million and 9.8 million, respectively, of its common shares 
for $1.1 billion and $1.0 billion, respectively, under the 2021 repur-
chase program. In 2022, Abbott repurchased 32.3 million of its 
common shares for $3.7 billion which fully utilized the authoriza-
tion remaining under the October 2019 share repurchase program, 
and a portion of the 2021 repurchase program. 
Abbott declared dividends of $2.24 per share in 2024 compared 
to $2.08 per share in 2023, an increase of 7.7 percent. Dividends 
paid were $3.8 billion in 2024 compared to $3.6 billion in 2023. 
The year-over-year change in dividends paid reflects the impact 
of the increase in the dividend rate.
WORKING CAPITAL
Working capital was $9.5 billion at December 31, 2024 and 
$8.8 billion at December 31, 2023. The increase in working capital 
in 2024 primarily reflects an increase in cash and cash equivalents 
and accounts receivable, partially offset by an increase in the 
current portion of long-term debt. The increase in cash and cash 
equivalents from $6.9 billion at December 31, 2023 to $7.6 billion 
at December 31, 2024 primarily reflects the cash generated from 
operations and an increase in Abbott’s yen-denominated loan, 
partially offset by the payment of dividends and capital 
expenditures.
Abbott monitors the credit worthiness of customers and establishes 
an allowance that reflects the current estimate of credit losses 
expected to be incurred over the life of the financial asset. Abbott 
considers various factors in establishing, monitoring, and adjust-
ing its allowance for doubtful accounts, including the aging of the 
accounts and aging trends, the historical level of charge-offs, and 
specific exposures related to particular customers. Abbott also 
monitors other risk factors and forward-looking information, such 
as country risk, when determining credit limits for customers and 
establishing adequate allowances.
CAPITAL EXPENDITURES
Capital expenditures of $2.2 billion in 2024 and 2023, and 
$1.8 billion in 2022 were principally for upgrading and expanding 
manufacturing and research and development facilities and equip-
ment in various segments, investments in information technology, 
and laboratory instruments placed with customers. 
CONTRACTUAL OBLIGATIONS 
Abbott believes that its available cash and cash equivalents along 
with its ability to generate operating cash flow and continued 
access to debt markets are sufficient to fund existing and planned 
cash requirements. Abbott’s material cash requirements include 
the following contractual obligations:
Debt — Principal payments required on long-term debt outstanding 
at December 31, 2024 are $1.5 billion in 2025, $2.9 billion in 2026, 
$617 million in 2027, $650 million in 2028, $583 million in 2029 and 
$8.0 billion in 2030 and thereafter. Interest payments required on 
long-term debt outstanding at December 31, 2024 are projected to 
be $512 million in 2025, $478 million in 2026, $396 million in 2027, 
$390 million in 2028, $384 million in 2029 and $4.7 billion in 2030 
and thereafter.
Operating leases — As of December 31, 2024, estimated contractual 
obligations for operating lease payments were $1.3 billion, with 
$290 million due within 12 months.
In addition, Abbott enters into purchase commitments in the 
normal course of business to meet operational and capital expen-
diture requirements. The majority of outstanding purchase 
commitments generally do not extend past one year.

FINANCIAL REVIEW
78
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
CONTINGENT OBLIGATIONS
Abbott periodically acquires a business or product rights in which 
Abbott agrees to pay contingent consideration based on attaining 
certain thresholds or based on the occurrence of certain events.
BUSINESS ACQUISITIONS
On September 22, 2023, Abbott completed the acquisition of 
Bigfoot, which furthers Abbott’s efforts to develop connected 
solutions for making diabetes management more personal and 
precise. The purchase price, the final allocation of acquired assets 
and liabilities, and the revenue and net income contributed by 
Bigfoot since the date of acquisition are not material to Abbott’s 
consolidated financial statements.  
On April 27, 2023, Abbott completed the acquisition of CSI for 
$20 per common share, which equated to a purchase price of 
$851 million. The transaction was funded with cash on hand and 
accounted for as a business combination. CSI’s atherectomy  
system, which is used in treating peripheral and coronary artery 
disease, adds complementary technologies to Abbott’s portfolio 
of vascular device offerings. 
The final allocation of the purchase price of the CSI acquisition 
resulted in the recording of two non-deductible developed tech-
nology intangible assets totaling $305 million; a non-deductible 
in-process research and development asset of $15 million, which 
will be accounted for as an indefinite-lived intangible asset until 
regulatory approval or discontinuation; non-deductible goodwill 
of $369 million; net deferred tax assets of $46 million and other net 
assets of $116 million. The goodwill is identifiable to the Medical 
Devices reportable segment and is attributable to expected syner-
gies from combining operations, as well as intangible assets that 
do not qualify for separate recognition. Revenues and earnings of 
CSI included in Abbott’s consolidated financial statements since 
the acquisition date are not material to Abbott’s consolidated 
revenue and earnings.
LEGISLATIVE ISSUES
Abbott’s primary markets are highly competitive and subject to 
substantial government regulations throughout the world. Abbott 
expects debate to continue at all government levels worldwide 
over the manufacture, quality assurance requirements, marketing 
authorization processes, post-market surveillance requirements, 
availability, method of delivery, and payment for health care prod-
ucts and services, as well as data privacy and security. It is not 
possible to predict the extent to which Abbott or the health care 
industry in general might be adversely affected by these factors in 
the future. A more complete discussion of these factors is con-
tained in Item 1, Business, and Item 1A, Risk Factors.
RECENTLY ISSUED ACCOUNTING STANDARDS
RECENTLY ADOPTED ACCOUNTING STANDARDS
In November 2023, the FASB issued ASU 2023-07, Segment 
Reporting (Topic 280): Improvements to Reportable Segment 
Disclosures, which expands the breadth and frequency of required 
segment disclosures. The guidance is required to be applied retro-
spectively to all periods presented in the financial statements. 
Abbott adopted the standard on January 1, 2024. The new stan-
dard did not have an impact on Abbott’s consolidated financial 
statements, but required additional disclosures as included in 
Note 16 — Segment and Geographic Area Information.
In September 2022, the FASB issued Accounting Standards 
Update (ASU) 2022-04, Disclosure of Supplier Finance Program 
Obligations, which requires an entity to report information about 
its supplier finance program. Abbott adopted the standard on 
January 1, 2023. The new standard did not have an impact on 
Abbott’s consolidated financial statements.
RECENT ACCOUNTING STANDARDS NOT YET ADOPTED
In November 2024, the FASB issued ASU 2024-03, Income 
Statement (Subtopic 220-40): Reporting Comprehensive  
Income – Expense Disaggregation Disclosures, which requires 
an entity to disclose on an annual and interim basis, disaggre-
gated information about specific income statement expense 
categories. The guidance should be applied prospectively with 
the option to apply the standard retrospectively. The standard 
becomes effective for Abbott for full year 2027 reporting. Abbott 
is currently evaluating the impact of this new standard on its 
consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes 
(Topic 740): Improvements to Income Tax Disclosures, which 
requires an entity to disclose annually additional information 
related to the company’s income tax rate reconciliation and 
income taxes paid during the period. The guidance should be 
applied prospectively with the option to apply the standard retro-
spectively. The standard becomes effective for Abbott for full year 
2025 reporting. Abbott is currently evaluating the impact of this 
new standard on its consolidated financial statements.
PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 — A 
CAUTION CONCERNING FORWARD-LOOKING STATEMENTS
Under the safe harbor provisions of the Private Securities 
Litigation Reform Act of 1995, Abbott cautions investors that any 
forward-looking statements or projections made by Abbott, 
including those made in this document, are subject to risks and 
uncertainties that may cause actual results to differ materially 
from those projected. Economic, competitive, governmental, 
technological and other factors that may affect Abbott’s opera-
tions are discussed in Item 1A, Risk Factors.

FINANCIAL REVIEW
79
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
PERFORMANCE GRAPH
Assuming $100 invested on December 31, 2019 with dividends reinvested.
Abbott Laboratories
S&P 500 Index
S&P 500 Health Care
2020
2019
2021
2022
2023
2024
$0
$50
$150
$100
$250
$200
This graph compares the change  
in Abbott’s cumulative total shareholder 
return on its common shares with the 
Standard & Poor’s 500 Index and the 
Standard & Poor’s 500 Health Care Index.

80
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
SUMMARY OF SELECTED FINANCIAL DATA
(Dollars in millions except per share data)
Year Ended December 31
2024
2023
2022
2021
2020
Summary of Operations:
Net Sales
$
 41,950 
 40,109 
 43,653 
 43,075 
 34,608 
Cost of products sold
$
 20,584 
 19,941 
 21,155 
 20,584 
 17,135 
Research & development 
$
 2,844 
 2,741 
 2,888 
 2,742 
 2,420 
Selling, general, and administrative
$
 11,697 
 10,949 
 11,248 
 11,324 
 9,696 
Operating earnings
$
 6,825 
 6,478 
 8,362 
 8,425 
 5,357 
Interest expense
$
 559 
 637 
 558 
 533 
 546 
Interest income
$
 (344)
 (385)
 (183)
 (43)
 (46)
Other (income) expense, net (a)
$
 (403)
 (438)
 (319)
 (276)
 (111)
Earnings before taxes
$
 7,013 
 6,664 
 8,306 
 8,211 
 4,968 
Taxes on earnings from continuing operations
$
 (6,389)
 941 
 1,373 
 1,140 
 497 
Earnings from continuing operations
$
 13,402 
 5,723 
 6,933 
 7,071 
 4,471 
Net earnings
$
 13,402 
 5,723 
 6,933 
 7,071 
 4,495 
Basic earnings per common share from continuing operations
$
7.67 
3.28 
3.94 
3.97 
2.51 
Basic earnings per common share 
$
7.67 
3.28 
3.94 
3.97 
2.52 
Diluted earnings per common share from continuing operations
$
7.64 
3.26 
3.91 
3.94 
2.49 
Diluted earnings per common share 
$
7.64 
3.26 
3.91 
3.94 
2.50 
Financial Positions:
Working capital
$
 9,499 
 8,829 
 9,735 
 11,134 
 8,534 
Long-term investment securities
$
 886 
 799 
 766 
 816 
 821 
Net property & equipment
$
 10,658 
 10,154 
 9,162 
 8,959 
 9,029 
Total assets
$
 81,414 
 73,214 
 74,438 
 75,196 
 72,548 
Long-term debt, including current portion
$
 14,125 
 14,679 
 16,773 
 18,050 
 18,534 
Shareholders’ investment
$
 47,901 
 38,827 
 36,905 
 36,024 
 33,003 
Book value per share
$
27.66 
22.39 
21.24 
20.42 
18.63 
Other Statistics:
Gross profit margin
%
50.9 
50.3 
51.5 
52.2 
50.5 
Research and development to net sales
%
6.8 
6.8 
6.6 
6.4 
7.0 
Net cash from operating activities
$
8,558 
7,261 
9,581 
10,533 
7,901 
Capital expenditures
$
2,207 
2,202 
1,777 
1,885 
2,177 
Cash dividends declared per common share
$
2.24 
2.08 
1.92 
1.82 
1.530 
Common shares outstanding (in thousands)
1,731,697 
1,734,076 
1,737,795 
1,764,082 
1,771,230 
Number of common shareholders
30,768 
32,449 
34,019 
35,926 
37,450 
Market price per share - high
$
 121.64 
 115.83 
 139.83 
 142.60 
 115.14 
Market price per share - low
$
 99.71 
 89.67 
 93.25 
 105.36 
 61.61 
Market price per share - close
$
 113.11 
 110.07 
 109.79 
 140.74 
 109.49 
a) These amounts include debt extinguishment costs and net foreign exchange (gain) loss.

A B B O T T  2 0 2 4  A N N U A L  R E P O R T
81
*Denotes executive officer
DIRECTORS
Robert J. Alpern, M.D. 
Ensign Professor of Medicine 
and Physiology and Professor 
of Internal Medicine and 
Cellular and Molecular 
Physiology, and Former Dean 
of Yale School of Medicine 
Claire Babineaux-Fontenot
Chief Executive Officer, 
Feeding America
Sally E. Blount, Ph.D.
President and Chief 
Executive Officer, Catholic 
Charities of the Archdiocese 
of Chicago and 
Michael L. Nemmers 
Professor of Strategy and 
Former Dean of the
J.L. Kellogg Graduate School 
of Management at 
Northwestern University
Robert B. Ford
Chairman of the Board and 
Chief Executive Officer, 
Abbott Laboratories
Paola Gonzalez
Vice President, Global FP&A, 
The Clorox Company 
Michelle A. Kumbier
President, Turf & 
Consumer Products, 
Briggs & Stratton, LLC
Darren W. McDew
Retired General, United 
States Air Force, and 
Former Commander of U.S. 
Transportation Command
Nancy McKinstry 
Chief Executive Officer 
and Chairman of the 
Executive Board,
Wolters Kluwer N.V. 
Michael G. O’Grady
Chairman and 
Chief Executive Officer,
Northern Trust Corporation
Michael F. Roman
Retired Chairman of the 
Board, President and 
Chief Executive Officer, 
3M Company
Daniel J. Starks
Retired Chairman, President 
and Chief Executive Officer,
St. Jude Medical, Inc. 
John G. Stratton
Executive Chairman, 
Frontier Communications 
Parent, Inc.
SENIOR MANAGEMENT
Robert B. Ford*
Chairman of the Board and 
Chief Executive Officer
Hubert L. Allen* 
Executive Vice President, 
General Counsel and 
Secretary
Philip B. Boudreau*
Executive Vice President, 
Finance and 
Chief Financial Officer 
Lisa D. Earnhardt*
Executive Vice President 
and Group President, 
Medical Devices
Joseph Manning
Executive Vice President, 
Nutritional Products 
Mary K. Moreland* 
Executive Vice President, 
Human Resources
Louis H. Morrone*
Executive Vice President, 
Core Diagnostics
Daniel Salvadori* 
Executive Vice President and 
Group President, Established 
Pharmaceuticals 
and Nutritional Products
Christopher J. Scoggins
Executive Vice President,
Diabetes Care
Melissa D. Brotz
Senior Vice President, 
Public Affairs and 
Corporate Marketing 
Christopher J. Calamari 
Senior Vice President, 
U.S. Nutrition
Elizabeth C. Cushman
Senior Vice President, 
Legal
Sabina Ewing
Senior Vice President, 
Business and Technology 
Services and Chief 
Information Officer 
Sammy Karam
Senior Vice President,
Established Pharmaceuticals, 
Emerging Markets
Scott M. Leinenweber
Senior Vice President, 
Licensing, Acquisitions 
and Ventures
Sandra Lesenfants
Senior Vice President, 
Structural Heart 
Fernando Mateus
Senior Vice President,
International Nutrition
Eric Shroff* 
Senior Vice President, 
Rapid and Molecular 
Diagnostics 
Julie L. Tyler 
Senior Vice President, 
Abbott Vascular
Randel W. Woodgrift 
Senior Vice President, 
Cardiac Rhythm 
Management
Uri Yaron
Senior Vice President, 
Electrophysiology
CORPORATE VICE PRESIDENTS
Venu Ambati 
Vice President, Established 
Pharmaceuticals, India
Elizabeth M. Balthrop 
Vice President, 
Transfusion Medicine
Erica L. Battaglia  
Vice President, Chief Ethics 
and Compliance Officer
Keith Boettiger 
Vice President, 
Heart Failure
Badia Boudaiffa
Vice President, 
North America 
Commercial Operations, 
Diabetes Care
Fanny Chen 
Vice President, 
Core Diagnostics, China
Keith Cienkus
Vice President, 
Molecular Diagnostics
Michael A. Comilla
Vice President, Investor 
Relations
Alison E. Davies
Vice President, Treasurer 
Thomas C. Evers 
Vice President, 
Government Affairs
Rodrigo Ferreira 
Vice President, 
EPD Latin America
John S. Frels
Vice President, 
Research and Development, 
Immunoassay/Clinical 
Chemistry
Damian P. Halloran 
Vice President, 
Infectious Disease,
Rapid Diagnostics 
Gary C. Johnson
Vice President, Clinical, 
Regulatory and Health 
Economics Outcomes 
Research, Cardiovascular 
and Neuromodulation
Robert R. Kunkler
Vice President, 
Toxicology, Cardiometabolic 
and Consumer Products 
and Services
Brian Lehman 
Vice President, 
Commercial Operations,
Electrophysiology 
Pedro Malha 
Vice President, 
Neuromodulation
John A. McCoy Jr.*
Vice President, 
Finance and Controller 
Jana Mihaylova 
Vice President, 
Nutrition, Asia Pacific
John M. Murphy 
Vice President, 
Nutrition Supply Chain
Joseph L. Novak 
Vice President, Taxes
Michaela Pardubicka-Jenkins
Vice President, Pediatric 
Nutrition
Ansgar Resch
Vice President, International 
Commercial Operations, 
Diabetes Care 
Ric A. Schneider 
Vice President, 
Chief Operations and 
Procurement Officer
Thomas R. Stanis
Vice President, 
Core Laboratory 
Diagnostics, International 
Commercial Operations 
Marc Taub 
Vice President, 
Technical Operations, 
Diabetes Care
Frank Weitekamper
Vice President, 
Abbott Transition 
Organization
James R. Wenner
Vice President, 
Internal Audit
Monica J. Wilkins
Vice President, 
Regulatory, Quality, 
and Compliance
DIREC TORS AND CORPORATE OFFICERS

82
A B B O T T  2 0 2 4  A N N U A L  R E P O R T
SHAREHOLDER AND CORPORATE INFORM ATION
SHARES LISTING
The ticker symbol for Abbott’s common 
shares is ABT. The principal market for 
Abbott’s common shares is the New York 
Stock Exchange. Shares are also listed on 
the Chicago Stock Exchange and traded on 
various regional and electronic exchanges. 
Outside the United States, Abbott’s shares 
are listed on the Swiss Stock Exchange.
QUARTERLY DIVIDEND DATES
Dividends are expected to be declared, 
recorded, and paid on the following 
schedule in 2025, pending approval by the 
Board of Directors:
Quarter 
Declared Recorded Paid
First 
2/21 
4/15 
5/15
Second 
6/13 
7/15 
8/15
Third 
9/18 
10/15 
11/15
Fourth 
12/13 
1/15/26 
2/13/26
TAX INFORMATION FOR SHAREHOLDERS
Abbott is an Illinois High Impact  
Business (HIB) through June 2043 and is 
located in a U.S. federal Foreign Trade  
Sub-Zone (Sub-Zone 22F). Dividends may  
be eligible for a subtraction from base 
income for Illinois income-tax purposes.  
If you have any questions, please contact 
your tax advisor.
DIVIDEND REINVESTMENT PLAN
The Abbott Dividend Reinvestment  
Plan offers registered shareholders  
an opportunity to purchase additional  
shares, commission-free, through  
automatic dividend reinvestment and/or 
optional cash investments. Interested 
persons may contact the transfer agent, or  
call Abbott’s Investor Newsline, as listed in 
the right-hand column. 
DIVIDEND DIRECT DEPOSIT
Shareholders may have quarterly dividends 
deposited directly into a checking or savings 
account at any financial institution that 
participates in the Automated Clearing 
House system. For more information, please 
contact the transfer agent, listed at right.
DIRECT REGISTRATION SYSTEM
In August 2008, Abbott implemented a 
Direct Registration System (DRS) for all 
registered shareholder transactions. 
Shareholders will be sent a statement in  
lieu of a physical stock certificate for  
Abbott Laboratories common shares.  
Please contact the transfer agent with  
any questions.
ANNUAL MEETING
The Annual Meeting of Shareholders will  
be held virtually at 9 a.m. Central Time on 
Friday, April 25, 2025. Questions regarding 
the Annual Meeting may be directed to  
the Corporate Secretary. A copy of Abbott’s 
2024 Form 10-K Annual Report, as filed  
with the U.S. Securities and Exchange 
Commission, is available on Abbott’s Web 
site at www.abbott.com or by calling the  
Investor Newsline (above, right).
CEO AND CFO CERTIFICATIONS 
In 2024, Abbott’s chief executive officer 
(CEO) provided to the New York Stock 
Exchange the annual CEO certification 
regarding Abbott’s compliance with the 
New York Stock Exchange’s corporate-
governance listing standards. In addition, 
Abbott’s CEO and chief financial officer 
(CFO) filed with the U.S. Securities and 
Exchange Commission all required 
certifications regarding the quality of 
Abbott’s public disclosures in its fiscal  
2024 reports. 
INVESTOR NEWSLINE
224-667-7300
INVESTOR RELATIONS
Dept. 362, AP6D2 
Abbott 
100 Abbott Park Road 
Abbott Park, IL 60064-6400 U.S. 
224-667-6100
SHAREHOLDER SERVICES,  
TRANSFER AGENT AND REGISTRAR
Computershare 
P.O. Box 43078 
Providence, RI 02940-3078 
888-332-2268 (U.S. or Canada) 
781-575-3910 (outside U.S. or Canada) 
www.computershare.com
CORPORATE SECRETARY
Dept. 364, AP6D2 
Abbott 
100 Abbott Park Road 
Abbott Park, IL 60064-6400 U.S. 
224-667-6100
WEBSITE
www.abbott.com
ABBOTT ONLINE ANNUAL REPORT
www.abbott.com/annualreport
GLOBAL SUSTAINABILITY REPORT
www.abbott.com/sustainability
SHAREHOLDER INFORMATION
Shareholders with questions about their 
accounts may contact the transfer agent, 
listed above.
Individuals who would like to receive  
additional information, or have questions 
regarding Abbott’s business activities, may 
call the Investor Newsline at the number 
listed above, write Abbott Investor Relations 
at the address above, or visit Abbott’s website, 
www.abbott.com.
NEUROMODULATION  
NOTES (pp. 10-11)
1) Comparison is limited to the  
U.S. market only and is based 
on volume measurements of the 
following  smallest IPG offerings: 
Abbott Liberta RC DBS System 
(13.6 cc), Boston  Scientificǂ 
Vercise Genusǂ R16 (20.1 cc), and 
Medtronicǂ Perceptǂ RC (13.77 cc). 
Sizing for the Liberta RC DBS IPG 
is determined using engineering 
model measurement(s). Methods 
to calculate size may vary among 
manufacturers.
2) Abbott. Liberta RC DBS System 
Size Comparison Claims Memo 
(MAT-2400042). 2024.
3) Upon implant of the Liberta RC 
DBS System when programmed 
with standard (nominal) stimulation 
settings as described in device 
instructions for use. Recommended 
recharge frequency and duration 
for competitor product described 
in their respective IFU or clinical 
studies, which may involve different 
patient populations and other 
variables. Not a head-to-head 
comparison of stimulation settings 
or clinical outcomes.
4) Abbott. Liberta RC DBS System 
Recharging Comparison Claims 
Memo (MAT-2400043). 2024.
5) Abbott. Liberta RC Deep Brain 
Stimulation Implantable Pulse 
Generator Clinician’s Manual. 2024.
6) Abbott. First and Only DBS IPGs 
with Remote Programming Memo 
(MAT-2406193). 2024.
7) U.S. market only. Based off 
comparison to volumetric 
measurement of the following 
smallest rechargeable SCS IPGs in 
the U.S. market: Abbott Eterna SCS 
System, 13.6 cc; Boston Scientific‡ 
WaveWriter Alpha‡ 16, 20.1 cc; 
Medtronic‡ Inceptiv‡, 13.77 cc; 
Nevro‡ Senza‡ Omnia‡, 26 cc; 
Saluda‡ Evoke‡, 33 cc; Biotronik‡ 
Prospera‡, 29 cc. Sizing for Eterna 
SCS IPG is determined using 
engineering model measurement(s). 
Methods to calculate size may vary 
among manufacturers.
8) Abbott. Eterna SCS IPG Size 
Comparison Claims Memo (MAT- 
2210151). 2024.
9) Eterna SCS Implantable Pulse 
Generator Clinician’s Manual. 2023.
10) Abbott. Eterna Lowest Recharge 
Burden Comparison Memo (MAT- 
2210739). 2023
11) Upon implant of the Eterna 
SCS System, approximately three 
hours five times per year (69 to 74 
days between charges) or one hour 
per month (25 to 27 days between 
charges) at standard (nominal) 
settings for BurstDR programming: 
30/90 dosing when programmed 
with amplitude of 0.6mA and all 
other BurstDR stimulation settings 
are left at default. 
12) Abbott. Eterna IPG Battery 
Recharge Characterization Report 
(90903492); 2022.
13) Abbott. Eterna IPG Elect Design 
Verification Report: Current Draw 
(90860050). 2022 
VASCULAR NOTES (pp. 16-17) 
1) Data on File. Excluding platinum 
markers
2) Brian G. DeRubertis et al., Two-
Year Outcomes of the LIFE-BTK 
Randomized Controlled Trial 
Evaluating the Esprit BTK Drug-
eluting Resorbable Scaffold for 
Treatment of Infrapopliteal Lesions, 
VIVA 2024. 
DIABETES CARE  
NOTES (pp. 22-23)
1) Data on file. Abbott Diabetes 
Care.
2) Data based on the number of 
users worldwide for the FreeStyle 
Libre family of personal CGMs 
compared to the number of users 
for other leading personal CGM 
brands and based on CGM sales 
dollars compared to other leading 
personal CGM brands. 
3) Study was performed with 
the outside-U.S. version of the 
FreeStyle Libre 14 day system. Data 
is applicable to FreeStyle Libre 2 and 
3 systems, as feature sets are similar 
to FreeStyle Libre 14 day system, 
excluding alarms. 
4) Fokkert, Marion, et al. “Improved 
well-being and decreased disease 
burden after 1-year use of flash 
glucose monitoring (FLARE-
NL4).” BMJ Open Diabetes 
Research and Care 7 (2019): 
e000809. https://doi.org/10.1136/
bmjdrc-2019-000809 
5) Evans, Mark, et al. “Reductions 
in HbA1c with flash glucose 
monitoring are sustained for up 
to 24 months: a meta analysis 
of 75 real-world observational 
studies.” Diabetes Therapy (April 
2022). https://doi.org/10.1007/
s13300-022-01253-9
6) Among patient-applied sensors.
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cautions that these forward-looking 
statements are subject to risks and 
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Economic, competitive, 
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BACK COVER:
Whether conditioning to climb the highest 
peak on each continent or row across an ocean, 
professional adventurer Nick Hollis relies on 
Ensure NutriVigor to get his body ready for his 
next quest.
Nick Hollis
MARLOW, BUCKINGHAMSHIRE, ENGLAND
ENSURE NUTRIVIGOR