On July 18, 2024 Immatics N.V. (NASDAQ: IMTX, "Immatics"), a clinical-stage biopharmaceutical company active in the discovery and development of T cell-redirecting cancer immunotherapies, reported that the first proof-of-concept clinical data for its next-generation, half-life extended TCR Bispecific molecule, TCER IMA401 (MAGEA4/8), will be presented during an oral presentation at the European Society for Medical Oncology (ESMO) (Free ESMO Whitepaper) Congress 2024 on Monday, September 16, 2024 at 11:25 CEST (Press release, Immatics, JUL 18, 2024, View Source [SID1234644954]).

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Full abstracts will be available on the ESMO (Free ESMO Whitepaper) website on Monday, September 9, 2024, at 00:05 CEST.

Oral presentation

Date / Time: September 16, 2024 / 11:25 CEST
Session: Investigational Immunotherapy
Title: Initial safety, pharmacokinetics, and anti-tumor activity data of TCER IMA401, a MAGEA4/8-directed half-life extended TCR Bispecific, in Phase 1 dose escalation
Presenting author: Martin Wermke, MD (University Hospital Dresden, Germany)
Room: Granada Auditorium – Hall 6

About IMA401

IMA401 is Immatics’ most advanced TCER molecule that targets an HLA-A*02-presented (human leukocyte antigen) peptide derived from two different cancer-associated proteins, melanoma-associated antigen 4 and/or 8 ("MAGEA4/8"). The MAGEA4/8 peptide has been identified and validated by Immatics’ proprietary mass spectrometry-based target discovery platform XPRESIDENT and is presented at a 5-fold higher copy number per tumor cell than the MAGEA4 peptide targeted in other clinical trials. Following preclinical proof-of-concept data, including complete remissions of transplanted human-derived tumors in xenograft mouse models, the Phase 1 trial investigates IMA401 in patients with tumors of high MAGEA4/8 prevalence, such as squamous non-small cell lung carcinoma (sqNSCLC), small cell lung cancer (SCLC), head and neck squamous cell carcinoma (HNSCC), bladder, uterine, esophageal and ovarian carcinomas, as well as melanoma, sarcoma subtypes and other solid cancer types.

About TCER

Immatics’ next-generation half-life extended TCER molecules are antibody-like "off-the-shelf" biologics that leverage the body’s immune system by redirecting and activating T cells towards cancer cells expressing a specific tumor target. The design of the TCER molecules enables the activation of any T cell in the body to attack the tumor, regardless of the T cells’ intrinsic specificity. Immatics proprietary biologics are engineered with two binding regions: a TCR domain and a T cell recruiter domain. The TCER format is designed to maximize efficacy while minimizing toxicities in patients. It contains a high-affinity TCR domain that is designed to bind specifically to the cancer target peptide on the cell surface presented by an HLA molecule. The antibody-derived, low-affinity T cell recruiter domain is directed against the TCR/CD3 complex and recruits a patient’s T cells to the tumor to attack the cancer cells. With a low-affinity recruiter aiming for optimized biodistribution and enrichment of the molecule at the tumor site instead of the periphery, TCER are engineered to reduce the occurrence of immune-related adverse events, such as cytokine release syndrome. In addition, the TCER format consists of an Fc-part conferring half-life extension, stability, and manufacturability. TCER are "off-the-shelf" biologics and thus immediately available for patient treatment. They can be distributed through standard pharmaceutical supply chains and provide the opportunity to reach a large patient population without the need for specialized medical centers.

On July 18, 2024 Exscientia plc (Nasdaq: EXAI) reported it has reached an agreement to acquire GT Apeiron’s share of its oral CDK7 inhibitor programme, gaining full control of GTAEXS617 (‘617) and all related intellectual property (Press release, Exscientia, JUL 18, 2024, View Source [SID1234644953]).

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The monotherapy dose escalation phase of ELUCIDATE is designed to assess the safety, pharmacokinetics and pharmacodynamics of ‘617 in advanced solid tumours. Recruitment for the trial is progressing well with monotherapy dose escalation data on track to readout in the second half of 2024. In late 2024/early 2025, the study will transition to a combination dose escalation phase. The first tumour type to be explored in this portion of the study is expected to be HR+/HER2- breast cancer patients that have progressed on CDK4/6 inhibitors, assessing ‘617 in combination with a selective estrogen receptor degrader (SERD).

"We are excited to have full ownership of this potentially transformative asset," said David Hallett, Ph.D., interim Chief Executive Officer and Chief Scientific Officer of Exscientia. "This underlines our confidence that we have not only used AI to design a potent and selective compound, but one that has balanced overall properties; these include a reversible mechanism of action and an appropriate human half-life to maximise the therapeutic index of this important cellular mechanism. CDK inhibitors are a major class of oncology drugs, and we believe our highly differentiated compound has the potential to greatly expand impact for patients and exemplifies our leadership in technology-driven drug design."

Under the terms of the agreement, Exscientia will own full rights to the intellectual property as well as full control of this CDK7 inhibitor programme. Exscientia will pay GT Apeiron $10 million in upfront cash, $10 million in upfront equity, and take on all existing development costs, in addition to paying single digit royalties if Exscientia or a third party commercializes ‘617. Following the transaction, Exscientia’s cash runway is still expected to extend well into 2027.

About ELUCIDATE

The ELUCIDATE trial is a multicentre, open-label, two-stage clinical trial to evaluate safety, pharmacokinetics, pharmacodynamics and efficacy of ‘617 administered orally as monotherapy and in combination with standard of care therapies. The company is enrolling patients with solid tumours including head and neck cancer, colorectal cancer, pancreatic cancer, non-small cell lung cancer(NSCLC), breast cancer and ovarian cancer, who have advanced, recurrent or metastatic disease and have failed standard of care.

Both the monotherapy and combination therapy dose escalation portion of the trial will enrol patients across multiple dose levels to determine the optimal biological dose (OBD). The dose expansion phase of the trial will commence upon identification of the OBD. The primary efficacy endpoint of the expansion phase is objective response rate (ORR).

CDK7 inhibition combines many potential benefits such as transcription inhibition, reduction of aberrant kinome activation, cell cycle inhibition and modulation of estrogen receptor activity. This makes it an attractive target to overcome common resistance pathways associated with CDK4/6 inhibition, which only targets the cell cycle. Exscientia believes ‘617 has the potential to overcome significant safety and efficacy limitations of existing approved treatments due to the underlying biology of CDK7 and our laser focus on maximising therapeutic index through an AI-designed molecule that enables tight control of both extent and duration of target inhibition.

On JuChampions Oncology, Inc. (Nasdaq: CSBR), a leader in the development of advanced preclinical oncology solutions, reported its financial results for the fiscal year and fourth quarter ended April 30, 2024 (Press release, Champions Oncology, JUL 18, 2024, View Source [SID1234644950]).

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Fourth Quarter Financial Highlights:
•Fourth quarter revenue increased 7% to $14 million
•Adjusted EBITDA fourth quarter income of $884,000
•Fourth quarter gross margin on pharmacology services of 49%

Fiscal Year 2024 Financial Highlights:
•Annual revenue of $50.2 million, a decrease of 7% year-over-year
•Fiscal Year 2024 adjusted EBITDA loss of $3.9 million
•Fiscal Year 2024 gross margin on pharmacology services of 42%

Ronnie Morris, CEO of Champions, commented, "As we discussed over the year, we’d be facing hurdles during fiscal 2024 due to the challenging funding environment in the biotech sector and a range of spending patterns from our larger pharmaceutical companies, leading to a slowdown in sales growth and an increase in cancellations. As we head into our fiscal 2025, the overall market sector is showing some signs of recovery and we feel we’ve turned a corner as we close out the year." Morris added, "With regards to our wholly owned subsidiary, Corellia, AI, we remain actively engaged with investors in an effort to raise capital while also carefully managing its expenses and the impact to our bottom-line results."

David Miller, CFO of Champions added, "In response to the challenges encountered over the course of the year, we’ve strategically implemented cost cutting measures and operational efficiencies to improve our bottom line. We began to see results from these efforts in the fourth quarter with adjusted EBITDA income of $884,000 and we believe we’re back on track to delivering profitable results on a consistent basis into fiscal 2025 and beyond."

Fourth Quarter Financial Results

Total revenue for the fourth quarter of fiscal 2024 was $14.0 million, an increase of 7%, compared to $13.1 million for the same period last year. The increase in revenue was primarily due to the operational improvements implemented over the year positively effecting our revenue conversion. Total costs and operating expenses for the fourth quarter of fiscal 2024 were $14.2 million compared to $15.6 million for the fourth quarter of fiscal 2023, a decrease of $1.4 million or 9%.

For the fourth quarter of fiscal 2024, Champions reported a loss from operations of $190,000, which includes $263,000 in stock-based compensation, $457,000 in depreciation and amortization, and a $354,000 loss on the disposal of lab equipment, compared to a loss from operations of $2.5 million, inclusive of $209,000 in stock-based compensation, $583,000 in depreciation and amortization, and an $807,000 asset impairment charge in the fourth quarter of fiscal 2023. Excluding stock-based compensation, depreciation and amortization expenses, and the disposal of equipment loss, Champions reported adjusted EBITDA income for the quarter of $884,000, compared to an adjusted EBITDA loss of $922,000 in the prior year period.

Cost of oncology solutions was $7.3 million for the three months ended April 30, 2024, a slight decrease of $87,000, or 1% compared to $7.3 million for the three months ended April 30, 2023. For the three months ended April 30, 2024, gross margin was 48% compared to 44% for the three months ended April 30, 2023. The margin expansion resulted from the improved revenue conversion while maintaining a generally stable cost structure.
Research and development expense was $2.0 million for the three months ended April 30, 2024, a decrease of $804,000, or 28%, compared to $2.9 million in the prior year. The decrease was primarily due to a decrease in compensation and lab supply expenses as we carefully monitored our R&D spend in both our core business and target discovery program. Sales and marketing expense for the three months ended April 30, 2024 was $1.8 million, a slight decrease of $73,000, or 4%, compared to $1.8 million for the three months ended April 30, 2023. The decrease was the result of a decrease in compensation expense offset by an increase in marketing opportunities. General and administrative expense was $2.8 million for the three months ended April 30, 2024 compared to $2.7 million for the three months ended April 30, 2023, an increase of $16,000, or 1%.

Net cash used in operating activities for the quarter was approximately $1.8 resulting primarily from an operating loss and changes in our working capital accounts in the ordinary course of business including, but not limited to, an increase in accounts receivable and a decline in deferred revenue. There were no investing activities for the quarter. Net cash used in financing activities for the quarter was $37,000 for the payment of financing leases. The Company ended the quarter with a cash position of $2.6 million and no debt.

Year-to-Date Financial Results

Total revenue for fiscal year 2024 was $50.2 million, a decrease of 7%, compared to $53.9 million for fiscal year 2023. The decline in revenue was primarily from customer cancellations in fiscal year 2023 resulting in lower study revenue during fiscal year 2024. Total operating expenses decreased 3% to $57.5 million for fiscal year 2024, as compared to $59.1 million for the prior year.

For the twelve months ended April 30, 2024, Champions reported a net loss from operations of $7.4 million, inclusive of $1.1 million in stock-based compensation expense, $1.9 million in depreciation and amortization expenses, and a $435,000 loss on the disposal of lab equipment, compared to a net loss from operations of 5.3 million, inclusive of $864,000 in stock-based compensation expense, $2.2 million in depreciation and amortization expenses, and an asset impairment charge of $807,000 for the prior year. Excluding stock-based compensation, depreciation and amortization, and an equipment disposal loss, Champions reported an adjusted EBITDA loss of $3.9 million for fiscal year 2024 compared to an adjusted EBITDA loss of $1.3 million in the prior year.

Cost of oncology solutions was $29.4 million for the twelve months ended April 30, 2024, a decrease of $131,000 or 0.4%, compared to $29.5 million, for the twelve months ended April 30, 2023. Gross margin was 41% for the twelve months ended April 30, 2024 compared to 45% for the twelve months ended April 30, 2023. The lower margin resulted from a decline in revenue against a generally unchanged cost base. Due to some operational inefficiencies, the variable cost component of cost of sales did not decline meaningfully despite the lower study volume.

Research and development expense was $9.5 million for fiscal year 2024, a decrease of $2.0 million, or 17%, compared to $11.5 million for the prior year. The decrease was primarily due to the implementation of cost savings strategies. Sales and marketing expense for fiscal year 2024 was $7.1 million, an increase of $62,000, or 1%, compared to $7.0 million for fiscal year 2023. The increase was primarily due to marketing initiatives, including increased conference attendance. General and administrative expense was $11.1 million for fiscal year 2024, an increase of $827,000, or 8%, compared to $10.2 million for fiscal year 2023. General and administrative expense was primarily comprised of compensation, insurance, professional fees, IT, and depreciation and amortization expenses. The increase in general and administrative expense was primarily due to an increase in compensation related expenses and non-cash depreciation and amortization offset by a decrease in IT expenses.

Net cash used in operations was $6.1 million for fiscal year 2024. Cash used in operations was primarily the result of our net loss. Net cash used in investing activities was $836,000 primarily from investment in additional lab equipment. Net cash used in financing activities was $527,000 resulting from repurchases of our common stock and financing lease payments offset by proceeds from option exercises. The Company has paused its stock repurchase program.

Conference Call Information:

The Company will host a conference call today at 4:30 p.m. EST (1:30 p.m. PST) to discuss its fourth quarter financial results. To participate in the call, please call 888-506-0062 (domestic) or 973-528-0011 (international) ten minutes ahead of the call and enter the access code 135832. A replay of the call will be available by dialing 877-481-4010 (Domestic) or 919-882-2331 (International) and entering passcode: 50895, or by accessing the investors section of the company’s website within 72 hours.

Full details of the Company’s financial results will be available on, or before, Monday July 22, 2024 and no later than Monday July 29, 2024 in the Company’s Form 10-K at View Source

On July 18, 2024 BeiGene, Ltd. (NASDAQ: BGNE; HKEX: 06160; SSE: 688235), a global oncology company, reported the appointment of Aaron Rosenberg as Chief Financial Officer, effective July 22 (Press release, BeiGene, JUL 18, 2024, View Source [SID1234644949]). Mr. Rosenberg will succeed Julia Wang, who is departing to pursue external opportunities and will stay with the Company through August to support the transition.

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"We are thrilled to welcome Aaron amid a transformational year for BeiGene as we became a top 15 global oncology innovator by revenue with sustained progress to profitability and one of the most prolific and innovative pipelines in our industry including a plan to have at least 10 new molecular entities this year. Aaron’s financial leadership and impressive track record at Merck & Co. will be invaluable as we continue to responsibly scale our business and look to reinforce our global leadership in hematology as well as build future franchises in other highly prevalent cancers, including lung, breast and gastrointestinal," said John V. Oyler, Co-Founder, Chairman and CEO of BeiGene. "We extend our deep gratitude to Julia for her many significant contributions including scaling our financial capabilities to support our growth from 4,000 to over 10,000 employees across five continents, contributing to the launch of BRUKINSA, which is one of the most successful global drug launches in oncology, raising billions of dollars in capital from the global equity markets and helping drive financial excellence to improve operational efficiency. We wish Julia well in her future endeavors."

Mr. Rosenberg is a global finance executive with more than 20 years of experience at Merck & Co., Inc, known as Merck Sharp & Dohme outside of the United States and Canada. He was most recently Senior Vice President and Corporate Treasurer of Merck from 2021.

"I’m honored to join BeiGene at an inflection point in the Company’s growth with the opportunity to further strengthen this resilient global financial organization," said Mr. Rosenberg. "I deeply believe in BeiGene’s mission to develop and deliver innovative cancer medicines to more patients around the world, and I’m excited to be a part of this growing company and its experienced leadership team."

Prior to his role as Corporate Treasurer, Mr. Rosenberg served as Senior Vice President of Corporate Strategy and Planning at Merck from 2018 to 2021 with responsibilities including leading the enterprise-wide business transformation team and acting as Head of Financial Planning & Analysis. Mr. Rosenberg was Vice President and Finance Lead of Merck Animal Health from 2015 to 2018, leading a global team of 120 colleagues. He joined Merck in 2003 in ascending leadership roles in the global finance organization.

Mr. Rosenberg received a Bachelor of Science in Finance from the Warrington College of Business at the University of Florida and a Master of Business Administration from the Leonard N. Stern School of Business at New York University.

On July 18, 2024 Abbott (NYSE: ABT) reported financial results for the second quarter ended June 30, 2024 (Press release, Abbott, JUL 18, 2024, View Source [SID1234644948]).

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Second-quarter GAAP diluted EPS of $0.74 and adjusted diluted EPS of $1.14, which excludes specified items.
Abbott raised its full-year 2024 EPS guidance range. Abbott projects full-year diluted EPS on a GAAP basis of $3.30 to $3.40 and projects adjusted diluted EPS of $4.61 to $4.71.
Abbott narrowed its full-year 2024 organic sales growth guidance range, excluding COVID-19 testing-related sales, to 9.5% to 10.0%, which represents an increase at the midpoint of the range2.
In April, Abbott announced U.S. Food and Drug Administration (FDA) approval of the Esprit below-the-knee (BTK) system, a breakthrough innovation for people living with peripheral artery disease. This system is designed to keep arteries open and deliver a drug to support vessel healing prior to completely dissolving.
In June, Abbott announced U.S. FDA clearance for two new over-the-counter continuous glucose monitoring systems — Lingo and Libre Rio, which are based on Abbott’s world-leading FreeStyle Libre continuous glucose monitoring technology3.
In June, Abbott obtained CE Mark for its AVEIR dual chamber (DR) leadless pacemaker system, the world’s first dual chamber leadless pacemaker system that treats people with abnormal or slow heart rhythms.
During the first half of 2024, Abbott announced 10 new growth opportunities coming from the company’s highly productive R&D pipeline. These include a combination of new product approvals and new treatment indications.
"We achieved another quarter of strong growth in our underlying base business," said Robert B. Ford, chairman and chief executive officer, Abbott. "We have a lot of positive momentum heading into the second half of the year and are raising our full-year guidance."

SECOND-QUARTER BUSINESS OVERVIEW
Management believes that measuring sales growth rates on an organic basis, which excludes the impact of foreign exchange, the impact of discontinuing the ZonePerfect product line in the Nutrition business, and the impact of the acquisition of Cardiovascular Systems, Inc. (CSI) during the first year post-acquisition, is an appropriate way for investors to best understand the core underlying performance of the business. Management further believes that measuring sales growth rates on an organic basis excluding COVID-19 tests is an appropriate way for investors to best understand underlying base business performance as the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

Note: 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.

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)

Total Company

Nutrition

Diagnostics

Established
Pharmaceuticals

Medical Devices

U.S.

3,934

933

812

—

2,185

International

6,443

1,217

1,383

1,294

2,549

Total reported

10,377

2,150

2,195

1,294

4,734

% Change vs. 2Q23

U.S.

4.7

6.0

(15.5)

n/a

14.2

International

3.6

1.7

1.9

0.6

7.0

Total reported

4.0

3.5

(5.3)

0.6

10.2

Impact of foreign exchange

(3.5)

(3.6)

(3.8)

(7.5)

(2.2)

Impact of business exit and acquisition*

0.1

(0.4)

—

—

0.3

Organic

7.4

7.5

(1.5)

8.1

12.1

Impact of COVID-19 testing sales (4)

(1.9)

—

(7.4)

—

—

Organic (excluding COVID-19 tests)

9.3

7.5

5.9

8.1

12.1

U.S.

9.0

6.9

(0.3)

n/a

13.5

International

9.4

7.9

9.5

8.1

10.9

First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)

Total Company

Nutrition

Diagnostics

Established
Pharmaceuticals

Medical Devices

U.S.

7,780

1,811

1,743

—

4,219

International

12,561

2,407

2,666

2,520

4,968

Total reported

20,341

4,218

4,409

2,520

9,187

% Change vs. 1H23

U.S.

1.2

7.0

(24.1)

n/a

14.3

International

4.3

2.4

(1.6)

1.8

10.3

Total reported

3.1

4.3

(11.9)

1.8

12.1

Impact of foreign exchange

(3.2)

(3.1)

(2.9)

(9.0)

(1.7)

Impact of business exit and acquisition*

0.2

(0.2)

—

—

0.7

Organic

6.1

7.6

(9.0)

10.8

13.1

Impact of COVID-19 testing sales (4)

(3.9)

—

(14.7)

—

—

Organic (excluding COVID-19 tests)

10.0

7.6

5.7

10.8

13.1

U.S.

9.5

7.5

3.3

n/a

12.8

International

10.3

7.7

7.1

10.8

13.4

Refer to table titled "Non-GAAP Revenue Reconciliation" for a reconciliation of adjusted historical revenue to reported revenue.

*Reflects the impact of discontinuing the ZonePerfect product line in the Nutrition business in March 2024 and the acquisition of CSI on April 27, 2023. Organic sales growth excludes the impact of the acquired business from January through April 2024.

Nutrition

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)

Total

Pediatric

Adult

U.S.

933

564

369

International

1,217

495

722

Total reported

2,150

1,059

1,091

% Change vs. 2Q23

U.S.

6.0

11.3

(1.2)

International

1.7

(4.4)

6.4

Total reported

3.5

3.4

3.7

Impact of foreign exchange

(3.6)

(1.6)

(5.4)

Impact of business exit*

(0.4)

—

(0.8)

Organic

7.5

5.0

9.9

U.S.

6.9

11.3

0.8

International

7.9

(1.0)

14.7

Worldwide Nutrition sales increased 3.5 percent on a reported basis and 7.5 percent on an organic basis in the second quarter.

In Pediatric Nutrition, global sales increased 3.4 percent on a reported basis and 5.0 percent on an organic basis. Sales in the U.S. reflect continued market share gains in the infant formula business.

In Adult Nutrition, global sales increased 3.7 percent on a reported basis and 9.9 percent on an organic basis, which was led by strong growth of Ensure, Abbott’s market-leading complete and balanced nutrition brand.

First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)

Total

Pediatric

Adult

U.S.

1,811

1,078

733

International

2,407

990

1,417

Total reported

4,218

2,068

2,150

% Change vs. 1H23

U.S.

7.0

11.6

0.8

International

2.4

0.7

3.6

Total reported

4.3

6.1

2.6

Impact of foreign exchange

(3.1)

(1.5)

(4.6)

Impact of business exit*

(0.2)

—

(0.4)

Organic

7.6

7.6

7.6

U.S.

7.5

11.6

1.9

International

7.7

3.7

10.5

*Reflects the impact of discontinuing the ZonePerfect product line. This action was initiated in March 2024.

Diagnostics

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)

Total

Core Laboratory

Molecular

Point of Care

Rapid
Diagnostics

U.S.

812

327

33

107

345

International

1,383

1,002

94

49

238

Total reported

2,195

1,329

127

156

583

% Change vs. 2Q23

U.S.

(15.5)

5.1

(22.5)

8.1

(32.1)

International

1.9

2.1

(4.9)

14.1

2.1

Total reported

(5.3)

2.8

(10.3)

9.9

(21.3)

Impact of foreign exchange

(3.8)

(5.8)

(0.9)

(0.1)

(1.5)

Organic

(1.5)

8.6

(9.4)

10.0

(19.8)

Impact of COVID-19 testing sales (4)

(7.4)

(0.2)

(3.8)

—

(20.2)

Organic (excluding COVID-19 tests)

5.9

8.8

(5.6)

10.0

0.4

U.S.

(0.3)

5.3

(19.0)

8.1

(6.6)

International

9.5

9.9

—

14.5

11.0

As expected, Diagnostics sales growth in the second quarter was negatively impacted by year-over-year declines in COVID-19 testing-related sales4. Worldwide COVID-19 testing sales were $102 million in the second quarter of 2024 compared to $263 million in the second quarter of the prior year.

Excluding COVID-19 testing-related sales, global Diagnostics sales increased 1.8 percent on a reported basis and 5.9 percent on an organic basis.

Excluding COVID-19 testing-related sales, global Core Laboratory Diagnostics sales increased 3.0 percent on a reported basis and 8.8 percent on an organic basis, led by continued strong adoption of Abbott’s Alinity family of diagnostics systems and testing portfolios.

First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)

Total

Core Laboratory

Molecular

Point of Care

Rapid
Diagnostics

U.S.

1,743

637

75

205

826

International

2,666

1,897

181

90

498

Total reported

4,409

2,534

256

295

1,324

% Change vs. 1H23

U.S.

(24.1)

6.2

(16.3)

6.9

(41.6)

International

(1.6)

1.2

(8.8)

6.9

(9.7)

Total reported

(11.9)

2.4

(11.1)

6.9

(32.7)

Impact of foreign exchange

(2.9)

(4.9)

(0.6)

—

(1.1)

Organic

(9.0)

7.3

(10.5)

6.9

(31.6)

Impact of COVID-19 testing sales (4)

(14.7)

(0.3)

(7.3)

—

(34.6)

Organic (excluding COVID-19 tests)

5.7

7.6

(3.2)

6.9

3.0

U.S.

3.3

6.5

(6.7)

6.9

0.3

International

7.1

7.9

(1.8)

7.1

7.1

Established Pharmaceuticals

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)

Total

Key Emerging
Markets

Other

U.S.

—

—

—

International

1,294

988

306

Total reported

1,294

988

306

% Change vs. 2Q23

U.S.

n/a

n/a

n/a

International

0.6

(0.2)

3.1

Total reported

0.6

(0.2)

3.1

Impact of foreign exchange

(7.5)

(9.0)

(2.6)

Organic

8.1

8.8

5.7

U.S.

n/a

n/a

n/a

International

8.1

8.8

5.7

Established Pharmaceuticals sales increased 0.6 percent on a reported basis and 8.1 percent on an organic basis in the second quarter.

Key Emerging Markets include several emerging countries that represent the most attractive long-term growth opportunities for Abbott’s branded generics product portfolio. Sales in these geographies decreased 0.2 percent on a reported basis and increased 8.8 percent on an organic basis, led by growth in several geographies and therapeutic areas, including cardiometabolic, gastroenterology, and central nervous system/pain management.

First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)

Total

Key Emerging
Markets

Other

U.S.

—

—

—

International

2,520

1,916

604

Total reported

2,520

1,916

604

% Change vs. 1H23

U.S.

n/a

n/a

n/a

International

1.8

0.7

5.3

Total reported

1.8

0.7

5.3

Impact of foreign exchange

(9.0)

(11.3)

(1.6)

Organic

10.8

12.0

6.9

U.S.

n/a

n/a

n/a

International

10.8

12.0

6.9

View News Release Full Screen
Medical Devices

Second Quarter 2024 Results (2Q24)

Sales 2Q24 ($ in millions)

Total

Rhythm
Management

Electro-

physiology

Heart
Failure

Vascular

Structural
Heart

Neuro-
modulation

Diabetes
Care

U.S.

2,185

292

287

244

275

258

192

637

International

2,549

315

340

77

449

306

51

1,011

Total reported

4,734

607

627

321

724

564

243

1,648

% Change vs. 2Q23

U.S.

14.2

8.5

16.8

7.7

4.3

17.9

3.7

26.3

International

7.0

0.4

10.5

11.4

(0.4)

9.4

21.7

10.0

Total reported

10.2

4.2

13.3

8.6

1.3

13.2

7.0

15.8

Impact of foreign exchange

(2.2)

(1.7)

(3.4)

(0.3)

(2.0)

(2.4)

(1.2)

(2.4)

Impact of acquisition*

0.3

—

—

—

2.1

—

—

—

Organic

12.1

5.9

16.7

8.9

1.2

15.6

8.2

18.2

U.S.

13.5

8.5

16.8

7.7

(0.8)

17.9

3.7

26.3

International

10.9

3.7

16.7

12.8

2.5

13.8

28.4

13.7

Worldwide Medical Devices sales increased 10.2 percent on a reported basis and 12.1 percent on an organic basis in the second quarter, including double-digit organic growth in both the U.S. and internationally.

Sales growth was led by double-digit growth in Diabetes Care, Electrophysiology, and Structural Heart. Several recently launched products and new indications contributed to the strong performance, including Amplatzer Amulet, Navitor, TriClip, and AVEIR.

In Electrophysiology, sales grew 13.3 percent on a reported basis and 16.7 percent on an organic basis, which included double-digit growth in catheters and cardiac mapping-related products, and double-digit growth in all major geographic regions.

In Diabetes Care, FreeStyle Libre sales were $1.6 billion, which represents sales growth of 18.4 percent on a reported basis and 20.4 percent on an organic basis.

View News Release Full Screen
First Half 2024 Results (1H24)

Sales 1H24 ($ in millions)

Total

Rhythm
Management

Electro-

physiology

Heart
Failure

Vascular

Structural
Heart

Neuro-
modulation

Diabetes
Care

U.S.

4,219

563

556

481

529

491

373

1,226

International

4,968

606

658

145

884

588

96

1,991

Total reported

9,187

1,169

1,214

626

1,413

1,079

469

3,217

% Change vs. 1H23

U.S.

14.3

6.6

15.0

8.2

9.8

14.4

9.6

24.6

International

10.3

4.4

14.4

9.7

4.1

10.9

15.9

13.6

Total reported

12.1

5.4

14.7

8.6

6.1

12.5

10.9

17.6

Impact of foreign exchange

(1.7)

(1.3)

(2.8)

(0.1)

(1.5)

(1.8)

(1.6)

(1.8)

Impact of acquisition*

0.7

—

—

—

4.3

—

—

—

Organic

13.1

6.7

17.5

8.7

3.3

14.3

12.5

19.4

U.S.

12.8

6.6

15.0

8.2

(1.3)

14.4

9.6

24.6

International

13.4

6.8

19.6

10.1

6.0

14.3

24.1

16.5

*Abbott completed the acquisition of CSI on April 27, 2023. For purposes of calculating organic sales growth, the impact from this acquired business has been excluded from January through April 2024.

ABBOTT’S EARNINGS-PER-SHARE GUIDANCE
Abbott projects full-year 2024 diluted earnings per share under GAAP of $3.30 to $3.40. Abbott forecasts specified items for the full-year 2024 of $1.31 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $4.61 to $4.71 for the full-year 2024.

Abbott projects third-quarter 2024 diluted earnings per share under GAAP of $0.85 to $0.89. Abbott forecasts specified items for the third-quarter 2024 of $0.33 per share primarily related to intangible amortization, restructuring and cost reduction initiatives and other net expenses. Excluding specified items, projected adjusted diluted earnings per share would be $1.18 to $1.22 for the third quarter 2024.

ABBOTT DECLARES 402ND CONSECUTIVE QUARTERLY DIVIDEND
On June 14, 2024, the board of directors of Abbott declared the company’s quarterly dividend of $0.55 per share. Abbott’s cash dividend is payable Aug. 15, 2024, to shareholders of record at the close of business on July 15, 2024.

Abbott has increased its dividend payout for 52 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years.