Abbott Laboratories reported third-quarter sales of $13 billion, up 7% on a comparable basis, and adjusted EPS of $1.42, up 9% year over year. Medical devices ($5.8 billion, up 7.8%) and established pharmaceuticals ($1.6 billion, up 8.4%) were the main growth drivers, while nutrition grew slowest ($2.3 billion, up 4.9%), with the article citing headwinds including a 2022 infant formula recall and lawsuits over formula for premature infants. Abbott will spin off the nutrition segment into a stand-alone company, which the article says could support stronger long-term revenue, earnings and margins while helping the unit avoid its legal and regulatory obstacles. Abbott closed its $21 billion cash acquisition of Exact Sciences, and diabetes care ($2.2 billion, up 6.7%), led by the FreeStyle Libre CGM system, remains an important driver; Abbott estimates 70 million to 80 million of the half-billion people with diabetes worldwide could benefit from CGM, versus about 10 million to 12 million current users. The article also notes Abbott's Dividend King status, meaning at least 50 consecutive years of dividend increases.
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