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CLAIM #3065 · Abbott Laboratories (ABT) · 2023Q2 earnings call · Jul 19, 2023 · due Dec 31, 2024

So as commodities come down and we start to look at our contracts for next year, I think that will be a great opportunity for us as we go through it.

Robert Ford · CEO

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versus commitment · official band 5 percent
Committed
So as commodities come down and we start to look at our contracts for next year, I think that will be a great opportunity for us as we go through it.
Reported
the difference in recent years causing that erosion was the significant inflation in commodity prices, which has really resorted back to, I'd call it, normalized inflationary pressures

In context

s come down. And if we see that continue throughout -- going into next year, I think we'll have a great opportunity there. One of the things that I wanted to make sure we focused on going into this year was that we had the inventory we needed to be able to capitalize on the opportunities we have from a top line perspective. And if you remember, Jayson, second half of last year, supply chain is really challenged, and we had some challenges, right? And that -- those supply chain challenges had an impact on our top line. So going into this year, we told the team, let's make sure we've got all the inventory we need to capitalize on these opportunities. And one of the ways you do that is you've got to lock in your supply, you've got to lock in your volume, you've got to lock in your price. So as commodities come down and we start to look at our contracts for next year, I think that will be a great opportunity for us as we go through it. So that being said, I'll just wrap up here with a few closing comments. We had a very strong start to the first half of the year. We achieved double-digit organic sales growth on the underlying business. We've done it for 2 quarters in a row now. The growth was broad-based. It's not focused on one specific area or one geographic area, it's across the entire portfolio. And all of the areas have delivered great performance. The pipeline has been highly productive. And I think that's the key for us and for our strategy is to make sure that we're bringing new innovations to the market that can kind of sustain our top line and meet unmet needs for patients. We've raised the organic sales growth and the EPS guidance on the base business. And the EPS guidance on the base business is now fo

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SEC filings for ABT · Claim quote is verbatim from the 2023Q2 earnings call.