CLAIM #2990 · Abbott Laboratories (ABT) · 2022Q4 earnings call · Jan 24, 2023 · due Jul 24, 2025
“But even if you take all that into consideration, the opportunity starts with a $1 billion and it can range depending on the speed and the uptake of that.”
Robert Ford · CEO
In context
“I think that, that's one key driver of growth for us. Can we see a path for another 20% growth in 2023? Yes, I can. And I think there's a lot of opportunities of growth. I think one of them that you mentioned being the basal expansion is a significant opportunity. I think we've been leading the charge over here, Larry, in terms of generating the clinical data that's required to be able to support reimbursement. It will start, I think, in the U.S., but I don't think it will be a U.S.-only phenomenon. But in the U.S., we'll probably start first. You've got about 4 million type 2 basal patients, in the U.S., about 1/3 of them are Medicare. And even if you assume a reasonable market penetration, you also have to assume difference in annual utilization rates versus type 1 an MDI or a pumper. But even if you take all that into consideration, the opportunity starts with a $1 billion and it can range depending on the speed and the uptake of that. So I think this is a great growth opportunity. And like I said, I don't think it's a U.S.-only situation. I think this is going to start to expand across the world, given the clinical data that you see with Libre and the impact that it has. So I think this is another great opportunity for us. The vitamin C issue that you asked, we've submitted our response. We're working with the FDA on this, and I'm not going to try and forecast that approval. But what I would say is that as soon as that gets approved, then we'll start to see the product with a couple of quarters connect to ID pump systems. We have already launched a connected ID system, AID system in Europe, initial results of the receptivity of that product -- of that combined product in Europe has been very favorable. So I think”
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SEC filings for ABT ↗ · Claim quote is verbatim from the 2022Q4 earnings call.