CLAIM #3047 · Abbott Laboratories (ABT) · 2023Q2 earnings call · Jul 19, 2023 · due Jun 30, 2024
“EPD has sustained, I'd say, high single-digit, low double-digit growth the last 2 years, and I think that continues.”
Robert Ford · CEO
In context
“going to continue to play out throughout the rest of the year and going into 2024. We saw a very strong growth across all 4 sectors, excluding the COVID testing piece of it. And as I said in my opening remarks, the institutional business, the consumer business, there was an acceleration from Q1 to Q2, growth versus Q2 of last year. So all the right indicators here trending positive and with great momentum. Devices and Diagnostics, there was a nice step up. I attribute that really good improving market conditions, whether it's the hospital systems addressing some of the bottlenecks that they had in care, but also markets that are reopening and that trend continuing, but also new products. So market conditions was part of it, but new product launches also contributed quite a bit there. EPD has sustained, I'd say, high single-digit, low double-digit growth the last 2 years, and I think that continues. I think we're probably one of the best-positioned large health care companies in emerging markets. We've got a unique strategy there, a lot of regionalization and a lot of local for local, and the team does a really good job at executing that. The double-digit growth in Nutrition was as expected. We're seeing the recovery in the Pediatric business, recovering our market share. My comment there of the 3 quarters of recovery is more general and broad-based. But once you start looking at different segments of the -- and from the market, different SKU sets and different types of form, there are certain segments where we're already back to leadership position. So that's moving it all in the right trajectory. And Adult is doing very well in several countries. So COVID declined as we had for”
Verify independently
SEC filings for ABT ↗ · Claim quote is verbatim from the 2023Q2 earnings call.