Abbott Laboratories (ABT) 24 Jan 242023 Q4 Earnings call transcript

Good morning, and thank you for standing by. Welcome to Abbott's Fourth Quarter 2023 Earnings Conference Call. [Operator Instructions] This call is being recorded by Abbott.

With the exception of any participant's questions asked during the question-and-answer session, the entire call, including the question-and-answer session, is material copyrighted by Abbott. It cannot be recorded or rebroadcast without Abbott's expressed written permission.

to Mike like Investor Vice now Relations. would introduce Comilla, Mr. President, I

thank us. Bob for are morning, Chief Boudreau, you Good and Finance President, joining President, and Chairman and Chief Senior Vice Vice Officer. Robert and With Executive Executive Officer; Funck, Financial Finance; Phil Ford, today me

provide will Phil and remarks. Robert opening

Following we'll your take their questions. comments,

XXXX. Act Before financial the Private of forward-looking for we get purposes expected started, the some Litigation statements of Reform made results including for today may be XXXX, Securities

these materially Abbott subject forward-looking risks the report XX, annual indicated Risk that Abbott's technological are cautions forward-looking actual XX-K are year Form affect to ended on December may governmental, the operations and XA, statements Factors, cause and discussed may to results in that XXXX. Item for other statements. competitive, our uncertainties from that Economic, to factors differ those in

to developments with as help filings used financial law. forward-looking of the Abbott subsequent any revisions as be call, financial undertakes to past, or as to publicly are in comparable on non-GAAP no measures Abbott's a investors result release in today's These and measures the conference release earnings our our news GAAP at except from measures are today, will business abbott.com. statements non-GAAP required regulatory performance. obligation financial events On understand which website reconciled available ongoing by

organic for which is Unless today. on commentary could in organic press which growth, in Note that noted, unable sales exchange changes growth Abbott future the refers sales provided reported release growth growth. has predict defined foreign sales not impact measure forward-looking financial earlier to on our to sales basis GAAP a is the the issued because otherwise company rates,

that, will turn Robert. to now the I over call With

well years it's that do and But stronger back a everyone, our we company before I joining position all during challenging even think moment to time pandemic. for our we XXXX that few how discuss I'll our and the environment last the morning, the us. at important results actions that, Good of the positioned year. in before for you that I Today, today than look as to be thank start the as outlook Mike. Thanks, an this faced take over have

In the years more the of Abbott was organic than considered company. growth X start top our X%, which preceding the given the of pandemic, tier size sales of large delivered

such emphasis And be arrived the We procedures-driven our expected businesses a then Devices growth and the slowdown health. greater Branded systems around world Routine protecting Testing their but Diagnostic a while XXXX was the range, in around as similar Generics that disrupted able and in to to the our people Pharmaceutical world to shifting place Medical Nutrition trajectory. focus, business our COVID-XX stay as accelerated and the healthcare business due experienced their course on

in a world. general companies COVID on this was suffer XX% once around just entire we to important reducing created public, testing performance, helped business role a grew COVID our multibillion-dollar the of investors time some the business the diversified part financial these our COVID to and to the role representing XXXX stakeholders. a It that virus our Abbott's other given that altered became and main of identity pandemic, point And of While portfolio, society the resilient. of and become a our nearly and temporarily that be their proved during also in had spread sales significant XXXX. focus on our a saw in testing testing matter months of the again play during portfolio tests

decline the company accelerated back these that But so we for we was pulled or in areas demand ahead. scale COVID testing then and that the knowing planned the positive COVID forward scale-up investments ever, the last COVID business on not subsequent investments when We the scale when will company. rapid managing across down would a would the down for demand business occurred. levels, gained for that we eventual lasting testing And and knew at in the in experiences creating of testing our we pandemic peak have several impact

we areas Our occurring investments In of R&D is agreement level of biosimilars seeing new and for pipeline pay commercialize was this mix investments, and off. targeted company. a across X to new accelerated we more products, indications and we're In XX entire markets. for example, which last several an include new reimbursement than those growth one in years, EPD, we expansions. pipeline of And have the the announced the opportunities, emerging activity geographic announced the

new announced solution. we portfolio. automation fast-growing on opportunities Medical the for continue the to Nutrition Medical solutions Devices, instruments of new we outlook our Device accomplishing new Nutrition, a significant businesses are new at along science-based pipeline-related in needs invest emphasis In with existing Adult These the of product emerging balanced In address medical several well XX opportunities And growth X achievement. improve tests, with new least to approvals to each Diagnostics, laboratory we one and approvals further with particular announced in new segment.

opportunities growth. and last excluded double up growth growth, than performance XXXX, year our digits COVID of our last our in beginning these that it every expectations sales original an testing year our the more grew XX% clear year. higher than quarter at the exceeded Sales, communicated finished the new high-single-digit of both guidance to we acceleration and in at contributed back is Looking earnings

our portfolio are we top-tier forecasted. to the to we to at pandemic. a testament performance the the strength a above move and in continue indication deliver range strong coming which Adjusted the Abbott sustainable original guidance of testing per positioned of COVID originally as past is $X.XX, sales was year despite the the lower finished this midpoint much than share earnings of And

outlook our to Turning for XXXX.

be forecasted adjusted $X.XX, growth to of earnings to sales base testing than on morning, earnings organic business. which range X% double-digit per We As billion. the share sales more we in to of announced $X.XX we which growth of to XX%, growth $X equates the generating this excluded contemplates COVID forecast

provide turning call additional our market from U.S. once In quarter. results Nutrition, continued growth on now with before over in Phil. U.S. double-digit we business, where formula are sales capture the details area again the driven in I'll the And start and was to XX% the I'll business XXXX by market leader. share where by increased Nutrition, Pediatric the in

Ensure driven for Glucerna surpassed the both Nutrition, the PediaSure for driven quarter, and $X grew In sales full Adult from International and XX.X% brand. by growth growth infant billion and our coming Abbott's year XX% by was of demand formula brands. toddler in strong market-leading products

sales Established consecutive is sales increased EPD Pharmaceuticals, year EPD, that in the to the grown or nearly double the year. X% This XX% digits. third Turning quarter where and full have for

model local business areas we of unique in deliver of therapeutic to needs product results. each that outstanding set tailored emerging to Our portfolios broad offering market the across are targeted a of operate continues

to in of sales related was lower flu year Moving virus last to which this tests of impacted Rapid caused and flu the success suite paired driven arrived continues testing. broad season respiratory of by Diagnostics to of by But respiratory nearly the systems compared to offering. XX% test be than other Growth to later with Diagnostics. of the that quarter The year, the year. seasonality our in Diagnostics Alinity prior menu in fourth be growth our Core Lab

laboratories technology to we U.S. announced contract offers Alinity win operations. in that markets, customers has and to in cutting-edge recently rates. the the lab performance competitive our new that We The high improve and continues rates and received automation help to this quality of to renewal approval look for international overall drive we FDA increase offering forward their been system available system

in billion. Devices I'll Libre, surpassing more sales in market-leading quarter, by grew of wrap where In FreeStyle glucose fourth Device growth of Care, Medical XX% double-digit the XX% with quarter $X.X X continuous businesses. monitoring ended with year sales X up sales our global our system led the grew and Medical Diabetes than

sales the In XX terms history, medical dollars, has in growth outpaced has market successful become most last and it in quarters. of out Libre of the device XX

growth In well launched growth as new leadless across full several can than growth in by and be single-chamber all sales as pacemaker XX% Heart, sales Management, launched dual-chamber. Europe. quarter by double-digit led double-digit Navitor. recently XX% that major the including Structural In pacemaker led regions, Rhythm used more and recently in double-digit Amulet, growth for MitraClip, driven by our was in Aveir, Electrophysiology, TriClip geographic In was including growth was of products, led year both and growth by

and internationally global MitraClip grew a year, sales teens full basis. the For XX% on high

chronic adoption sales nearly And device in the XX% driven sales Heart support for acute rechargeable and grew full devices. launch circulatory pain first continued our grew driven and In for than recent both year Neuromodulation, in management. by neurostimulation the more the of Failure, Eterna, quarter by XX% of XX% lastly,

of position. and pandemic a expectations to for on very summary, successful pipeline initial we're to opportunities contribute and continue even was an stronger outperformed positive lot in growth XXXX exited So top for We generating momentum we forecasting forecasting our new the growth the a strong the year. XXXX. The is in bottom both we're this lines. and

Phil. to over I'll Phil? now the call turn

Thanks, Robert.

an to sales growth that unless As noted, basis. Mike mentioned on note earlier, organic references rates, please are all otherwise

our decline fourth of results, year-over-year an quarter organic expected, which, the basis, COVID to reflects testing-related Turning in on X.X% the increased sales impact as sales.

underlying growth sales, quarter. sales in testing the organic business COVID was base Excluding XX%

quarter had exchange fourth Foreign sales. unfavorable X.X% an of on impact year-over-year

the of the the sales, Regarding and SG&A ratio R&D was was P&L, X.X% quarter. sales. Adjusted of was of in of sales XX.X% other adjusted aspects margin adjusted gross XX.X%

XX%. adjusted quarter tax fourth rate our Lastly, was

Turning adjusted XXXX. forecast to share first share the earnings which $X.XX per full per for XXXX. adjusted to year $X.XX $X.XX we our includes Today, quarter $X.XX, of to for for issued of of an outlook earnings guidance

excludes we For base business which in total forecast organic XX%. the underlying to X% sales COVID the growth, sales testing to of be range year,

on exchange impact year adjusted impact we an includes sales. million quarter rate an than sales, Based have of reported to forecast unfavorable on and a which current reported an tax unfavorable our approximately approximately full $XXX would first of more X% of little income rates, expect on of X% nonoperating XX%. our We

for that, questions. With now call we'll the open

from Biegelsen will [Operator Larry Wells question Fargo. from come Instructions] our And first

here. Congrats year on to the a end nice

So Robert, higher Maybe question. leave has XXXX and What you my off start assumptions, high was key a XX% guiding about to X% it what revenue And for I'll that confidence pre-COVID, one year? the for organically the is growing you guide mentioned, to X% the X% you're changed? today to to talk of Abbott as base. to giving there

the XXXX, impact mean, as my the of took we said I some as about Larry. business. revenue strategy most in I we in of frankly, take COVID Thanks, base quite the and and talked of to reinvest remarks the throughout prepared

I still that's operate and business segments think X underlying we very sustainable. really in the is I ultimately, here. factor their these attractiveness mean,

So are believe that was we each right healthcare strengthening our pretty of be strong were in that positions areas strategy absolutely these the in. X because segments here to already these important of

make when here than shape So in pre-pandemic, to actually case major I'd about stronger was the businesses X a are X% all range. billion growing of at which we less our and that were that $XX better X% and

X operate of I challenging probably very said sales at in the line. done and different commercial job at They markets mean, bottom exceptional I they've years one in organic in my these line and an look of you top our the teams. is geographies double-digit growing are best EPD, This as a comments, growth. If expanding consecutive

markets, op FX their challenges those have think all the XXX the I in and margin expanded that they basis we've points. with all profile even by seen

a that's we platform strong been emerging team. adding play. growth hasn't available probably been So layered biosimilars, by that pretty a which of developed now in strong readily a And in markets. vertical It's new historically then markets position, more been a

So I job Nutrition think here. that's incredible vertical think going to I there. did growth an for us provide a new

the last U.S. our at As in said position regaining the beginning at leadership of we year here

valuation the I it's Adult even -- But that and pre-pandemic, med growing getting mean our and strong command $X and it's those having for trust Larry, terms Business of stronger. speaks in growth lot digits. a product. customers have that the it our think rates businesses, There's of very kind about Adult lot sizes. Business, I has users billion, our a of billion by premiums tech just and high-single strengthening just $X increased Adult our since

investments and also. -- that So making we're in channel

diagnostics a So record has track here. got great

for growth. our globally about has formula here and I've large talked gotten some Our Core wins Lab very We've business very account algorithm well. done framework and here. recent

portfolio. these trust quite ability our frankly, that's have the our execute. that to Abbott I And and customers in of think the result

And testing, new terms was investments Rapids in those been there, instruments. new of portfolio out well and growth. then high through lot very our instruments And historically able we've making be placing assays has to of done a that on single-digit to in for decentralized Medical Devices go

I grower businesses us is to for large-size think on very continuing. now double-digit like those what's have I there you business a Heart Heart, EDC, Structural mean, growth EP, that changed Failure, double-digit become historically a are

growth taken historically what's about rates. that our think XX% revenue and strategic a CRM I little investments at them and showing we've of Vascular in businesses, made in here Medical their changed is look to that very growth we're accelerate the Devices,

leadless it's predominantly an and technology. organic our saw say you with QX been I in think play with CRM. platform I'd that

adding been to Vascular, some segments. growth business portfolio and reposition plays a On to it's of combination to organic inorganically the the higher of

a that's and it. attractive all them. that every think starting growth stronger very last And double-digit they've gotten gotten better So segments. I I they've more gotten think you're and really and opportunities across nutshell these spent in year, growth you years of saw with strengthening last X couple they've -- year, the We've

-- it. think the but headlines really if not I've look the COVID -- is there. at where this through mean impact you us you on accelerating the in come that Again, maybe some another the that of had and So the that's of I earnings. here one seeing clouding on I the driver about sales, gotten

double-digit a of the year. range Our grew Larry. this EPS lot mean the We're forecasting in it. Core year, at there's double We've volatility this around percent. growth share business last -- XX-plus a earnings I digit per got world, midpoint,

think and I But have that opportunity range we earnings January. yes, those proven don't probably it's side. upside list we've the on there's in geopolitics. be but in than there. I downside terms the say, out macro pretty captures I'd resilient the to to So all have only of And say I'd that more range,

starting a So I is this think point. good

from will Joshua Our next come question from Cowen. Jennings

relative have the to you is during internally. on COVID I hoping there, just of was hoping you that peers just because the strong on just expansion a to unique bit and to Testing business the basis XX of comments of year. in into your forward XX on a up margin power trajectory the pandemic know But finish little Robert, was drivers just Congratulations the the And due just you market the 'XX expansion -- the follow sees your earnings that thinking the if color outyears? I Abbott on I range. headwinds about story just and team the us pre-pandemic to in some going to margin business trajectory. didn't margin developed hope point give how more expansion the trajectory to and that could

here back of lot their position, a get hear we a to operating their companies to We're our listen, versus margin to here. mean, margin say, to in and pre-pandemic. unique pretty talk I try recover I'd Sure. op about peers working

at growing years, strategically our accelerated profile comments, these at -- little our levels couple their Our significantly think the here. is already it. -- my when top held managed spending few I COVID the I years it you we ago. the last of we spending line that us then even is pretty a we peak op bit were do level. We though very at investments And piece of there, well was were sales at flat what pretty margin And is a in pandemic Josh, saw think talked about I and already spending

priority. our on there gross And year drive points. margin improvement to of a expansion, combination pretty company, helping step-up expansion our So roughly program. same for in this our biggest a all factors opportunity in internal I'd big say do We've profile around on margin record about really nice margin of the is think is, this are gross is margin that And pretty basis margin line. up I'd our say profile forecasting you margin at expansion. But that track year, we the could strong and high pretty if activities that a X there's time. got that here gross in the XX We're executing X

So every business a their those got They has programs. all monthly get out. on We manage basis. reported

programs. a and there's So visibility inspection degree high to those of

last I'd over of bit into of Some faced, the the years starting we are say, tailwinds. that to headwinds a turn couple little

those as costs, now today, all commodity visibility distribution, right into year helps. for it's that and be, and our stand turning say, whether given So let's elements here so to tailwinds, seem freight we the

And just, say, is here then portfolio the mix. other I'd part

So that are they grow those as mix the some provide of outpace gross continue to continue expansion. to higher-margin and businesses businesses that and Device in element margin

provides year. pre-pandemic question think this for of for just It's a -- us question target for XX, over really want, I to we'll earnings our me, gross provides we when So profile. to mean we good of kind But over it's it's expect it's I would margin back nice time, get I XX, expansion as a never drive couple -- growth this the opportunity a but if of always to as opportunity I could a years. going think, next linear us, that not of be

our So biggest I'd that's say opportunity.

think we a that leveraging good our think see really profiles. did at you job And I I spending. in

and here big we're opportunity margin, our is gross it. So all over

come Thibault BTIG. will question from Marie Next from

able competitive growth PSA to the more in ask that to of launches. business. been put bit been and some strong, has up segment face about been little very your rate wanted European Electrophysiology that That a you've I impressed I've

the how and on this rates you're as business U.S. scenes love year? PSA getting how growth launches to the hear those you're see EP I So what's there, would thinking about behind some we going

robust has Sure. in more throughout year, very across it's throughout Europe our but this up, up don't think picked actual were volume the especially price the picked China I board. all we story. end market Well, even been there with the year, year strong. been some I the growth business a mean in strong EP think has market the we've been showed for in that. I face we competition, it's VBP, offset of challenges VBP. just strong share been pretty the than us U.S. strong

across it really And the been the is here. strength I really the about board think it's of portfolio. So

having is the our mapping with is I So not mapping good only disposables think disposals contact launching or the seen also. system procedure. outcomes, which a consistently time to strong the seen think TactiFlex, with at tip force. We've X, patient EnSite the outcomes flexible around And world. I and results, We've it's that great combined core, the diagnostic great whether of

of I close that got about those. technologies. top the very yes, think team adoption shortcomings of exist we've We've we our in great of is able a some on new And were team, see to great then that talked the that, to a And really customers.

in year I really growth it's the as really be our the more systems to look think that So that portfolio U.S. will of the combination team the sustained market of PFA this our in kind has we and

I've as great I Listen, it's technology. think said, a

usage I there expect of are these first-generation and some products. do uptake of think with be there to I it. challenges some

the it job pattern. the will assumption think on kind technology. just something first, differently has then in I of a least interesting then guess, at to be that, a what is now, uptake it I the broader the And I right the Cryo been kind here is of it that -- adoption then from But moving will my see so in the until question ground the we've segment. observing in I done first what's past And U.S. good think seen think speed. seen, follow is there, the have from similar team that that's really with I in Europe

And our from from next question JPMorgan. Marcus will come Robbie

see ago really ask from forward we flattening could basal. could successful where a robust sales just is out, best 'XX sales get to IQVIA This device. on going from in Fran, beyond is least most keep data. Medicare do are and I the you conference a growth from we come Libre How And lot seems maybe there there? targets. And the medical question few the Robert, and moving getting have. we're DME Maybe at about the you script the yet is or weeks growth big were in I help growing. business? about the San understand It's rates prescriptions discrepancy investors talking one the Libre. we and It us think is the the how At like growth

of even to Strong XXXX, And see was now having that hit Sure. $X.X in QX had in U.S. system. billion. being think U.S. in in market a to LX put haven't I'd under able really even with I But team the growth still kind you'll up the competitive growth new rates unleash XX%. XXXX. to in LX launch say those U.S. without -- hasn't

think and our I brand. our a lot speaks scale position, that our about

The I'd from of consistent And it's here. is growth here okay, a come opportunity. But all us. Robbie, about for them a going big not large opportunities basal growth. lot It's say, I the to out pretty to think and list multiyear. also been going I'm for I've a this, opportunity -- we've then is

So don't it's think just a 'XX. 'XX, I

segment I think the X-plus definitely easily. penetration years is into the basal

is reimbursement to product has, nice increasingly having becoming so that X a out And XX new growth of growth. Libre that's an U.S. mean exclusive dominates referenced in In the proposition I Robbie. think you strength a strong on contribution patient scripts to in segment and the I also testament Libre. IQVIA, France, contributor where it's and value channel And the the here. Japan this is in Libre, that's for the pharmacy that

X/X private covered, Medicare U.S., I of whether think it's in is the most whether population the market. private now now -- in it's about in represents of the or right commercial Medicare

build the opportunity great just think That's with for what awareness, And time. we're care. some frankly, have build doing. what I experience here. primary We traveling to doing, there's that's we been the quite got So

and a great opportunity it's like opportunity, years. growth said, X-plus us, I easily nice So for and it's a

I haven't other really of that that been to the we looking -- of think able a connectivity. opportunity pump hasn't segment been access is is have, at the part Robbie, we which

opportunity represents I think us. a for great this

look at being you basal opportunity If becomes the as I expansion market a conversion think us. for market a connectivity opportunity, pump

You haven't has pumpers got got to to patient all year, been and we it, new pump XXX,XXX the clearings manufacturers. XXX,XXX guess, -- I to every connecting target able that we've list the segment and but regulatory and now different that

is for opportunity for this And it's think us. I think great a I patients. good

I where option going delivery population, this a whole the is connected to right? think for especially to good system patient and have it's important, different insulin be

study. third Recently, independent was an there party

head of whether is competitor a that from launched time think first is our the superior product a metrics, recently seen weeks an the published head study bias, that to across few this to it's Libre it's variety we've different I was independent MARD. ago, showing whether X

I at to a that's through important for look wanting this provide and say, segment. you're solution best okay, users, an So the pump to company, aspect, that especially and I

So multiple platform I've said. here the for us growth probably got it's this 'XX, in pump, look basal, look drivers but at at the I like 'XX, I we've good verticals on

market. kind is who pharma anybody that think I the IQVIA, on entire IQVIA question more to knows follows Pharma attuned and pick doesn't your of up To

the drive get the IQVIA, segments don't that picked by in are U.S. but that adoption channel market pharmacy in picked there up up other gets by the So IQVIA.

seeing. you're what that's maybe So

next Danielle come question from UBS. Our from Antalffy will

strong Congrats on to end and strong year guidance. the

long haven't of the favorite one analogies story the seems X, since be reference top you growth. about Robert, to much Just, my heard very a Fab in I line time.

of to just where launch missed get I trajectories, revenue Fab update XXXX? each still of but they growth, to growth you an X? XX% for you are X where for factor and I the it, just Do So is in organic X% to the think maybe products wanted And those -- contribution sort you a products. -- just think into how guys wanted those on or there

the I didn't I I or pan Danielle, terminology because we going calling for X think years. Thanks. they really will about they long-term to have And over guess the yes, next but that few the now, growth they amount be us growth in added that and opportunities great at a great are know or of We if look quite that Yes. add that X as these a frankly, significantly have don't using this say, they'll regret would and years. to I company products, for were good flash accelerate. not we year, them

represented in So contribution. point this growth. those sorry, about about -- X that XXXX XXXX, I total year point increase think in X.X X products to of expect I to growth, of Abbott

the over data pathways. reimbursement, all we and do how some want work creating stepping the and especially need do data, development. things a have of expansion, products, there, So this they're for clinical market I it call CardioMEMS definitely I'd such to say generating referral I med significant relates that would this, products to generating and them, up certain there, market We opportunities, tricuspid would go know there's generating over pretty with like as you market -- development clinical to work regarding right? amount tech of that But to fast, opportunities, put with growth

I'd are that other I we're will large Aveir are side. were these have -- in, are segments large different I'd our these say in value on segments growth and already TAVR the the Navitor that conversion, attractive CRM some more market coming attractive say, list, products with mean of targeting space, technologies, the in and probably that propositions.

its none and global I to a to $X the is pacing second think market in Aveir Aveir value has implanter, got proposition the tremendous opportunity. patient. billion the to think proposition I It's for terms a of

And I I in to a expanding. from -- lot So going Navitor. a we're we terms growth. from expect of Aveir expect -- lot be

extensions new Titan. this to have and Navitor Navitor line we'll year, Vision X Navitor So

growth And so to to we're X have continue a overall at company. increase. And yes, they they're grow still we're X investing growth of contribute products. XX% They'll in They'll Fab next XX%, will it. point the about year and those least on the areas. they And still great forecasting

products. chamber said, to but too, a those in of lot for launching doing our being work the our we're the some that I beginning test. here, users will So of going a of this lot clinical on at focus, a great be are a We're out whether TBI lot we say whether still drink They our it's trials. year. [indiscernible], Lingo, have the take We solution. Also, already PFA is nutritional which year announcements put regarding GLP-X it's

dual competing. new EPD, sensor in market that Libre, Diagnostic Alinity segment to biosimilars currently target developing we're we're system our for a the analyzer not about talked I of a

yes, X, a of a here, contributions, beyond So sustain XXXX our but a XXXX pipeline. is robust what's there's in lot lot just that's and the think growth going chamber and having Fab really to I great

Joanne Our from Wuensch Citibank. next from question will come

Nice start to the end last year, to year too. or nice

sounds here get or a need Nutrition, I sort growth wondering sort back we in mid-single-digit returning to think to have track of to great still this question So there should on of segment that returning a pockets job a like you've category. I'm is whether are done of normalcy. if of

Yes.

last of versus call, and actually last in through our that we time that. given the here, the market have all mean last think Joanne, my get continues team October beginning the I pre-recall effect, that over our already what to exactly to of terms share. we've leadership And year our out to expectation a I you'll this year think of had expand #X. couple and the of the taken, to don't position that target will of kudos at in that set say, the strength months, I'd actions confirmed of to we Yes, let's expect us full year having that know portfolio now but and team the share. of surpass I the went when, be actually we I'd say, I -- on

impact a of pricing across little You'll bit Nutrition there have entire the portfolio. that a took we some partial of year

X% to XXXX. range prepandemic, So to I'd say that we're probably above have least at used into X% that we

position think segment, I to settles everything growth market pretty really the can positions of and that got demographic that think I said, Nutrition. have, aligns I'd of this Adult we brand population be big be for going with And globe. to, share high-single end really range a which on Healthcare I've us that once focusing is the the on science seeing, of As a that which higher growing the we're is which is forward say, and we we that just is digits going have, trend high kind driver And across we've the aging sustainable very at an down.

that of allow be the range. us share that's some above next to what And us and probably that have that to X% Adult impact as price of of what's year, going for be move into launches going segment to is for say the higher range the right I'd X% break out of you'll impact us? going then opportunity that the we of we But the do So see planned think in some now, maybe end year an forward. impact U.S., for partial I to the the

And Vijay ISI. our with come next from will Kumar question Evercore

congratulations I is M&A. a my a nice guess one on guide. solid Robert, QX question on and

few position, the the Abbott any at Looking of phenomenal a deals have you done least minimum firepower, $XX years. sheet large at in billion last balance of hasn't

is, do more is transaction? question appetite the larger-sized see for my So a for deals, how what Abbott's opportunity meaningful larger-sized, you

provides lot on our capital balance Well, yes, us a of allocation we've sheet flexibility plan. got and a strong

the off great M&A Vijay, think it On starts got listen, side, with -- I pipeline. we've

sustainable drive opportunities be have to to of growth. top-tier great able We organic here kind

M&A us putting that allowing up be to position might here way line our kind to gaps that top to bulk So up a be we're of of or a any top line there. use selective where ends to kind cover trying -- as not in

businesses allows more we've sustainable you and not simply us return, be us be do And look make -- to said, strategically generate can the flexibility then and there attractive done to like are So the looking top got the I'm that allows that firepower line selective. you've good. to an to acquire if fit the But to that. math, opportunities

deals, a you play. Profitability conviction as not have those returns just top and strong get at matter. have very these it able matters. And look be of larger and line to Earnings when understanding into you that to size generate to

harder nowadays. think I they're

model the we of with what deal company. all spot we did how and looked together at we Jude, You back put look aspects terms thought that at this would there of in have St. impact we business on the

-- metrics they're like like that that don't but a need discarding the not kind says you you to here of line terms line look gap. I'm deploy we anything capital. So want providing And framework just and all if of you that. to how top at cover that in feel I to just I'm make want do anything work the harder ROICs to look you top financial to beyond right and

we it and that, long not company was of line top the ever kind and gap. did because trying would term a If strategic feel looking it to be at something like

more we'll question, take please. Operator, X

from And Securities. our last Travis Steed question will BofA come from

procedure insurance some So utilization. surprised by are companies getting of higher the

Some are above-normal of calling of kind out the companies tech growth.

at curious, markets, catch-up elevated market. kind of on of of are of curious your you're think seeing growth that kind you normalized some kind Just So Robert, in on more rates is still do thoughts above the look coming device you're you your overall you net if there this think XXXX? where through? areas seeing some Or

think Yes. I pent-up kind any anything of of or or don't seeing that. kind we're catch-up like that

So talked technologies, you're I more those mean portfolio. right? what that require about at think seeing -- some labor the disruption. think a seeing shortages planning that bit was more little the or before it some there just and more is I We've I think after. think parts occurred -- I of imaging of adoption least here that combined with in for procedures speak our can imaging XXXX. I you're some preop I

I think think that them a a that. don't but few probably of I that as down, a that, slowed returning bolus result of was there

we We in and I that normal in here procedures, world not just to the a procedures, around heart too. see cadence saw structural saw here EP that CRM able back of into increasing. procedures being just in got think the U.S. but

hospital. lot a portion that the is seeing testing, our diagnostic diagnostic a -- in Lab Travis, the Core of also in of good So business, actually business routine our

also I bolus back. that, of coming testing see didn't we a And too. get So to see

being and to the the -- are to back market and are because I curve. try great these just the see seeing returning this. the patients. improve adoption we such think this life to developed procedures just adoption return opportunity you're care, of are the technologies triangulate because got I into that So improve launched so and normal. as And -- it

than think, given, positions, wouldn't piece to it et market sort market I I the faster others, Some of some are pent-up just and account for But cetera. be here. over

the transition here. beginning, I Okay. the I'll year ways, very this Well, in sort like XXXX, And regarding it down of COVID. of in many said up successful year wrap represented coming

down. did I good job a managing a scale the actually good scale we really and able problem being scale and scale trying the lot up at down, think solve in to a think we to -- at participated here of healthcare I COVID and the job up and did companies

range on The we're it, XXXX. company. I a And with to But base being EPS the probably forecasting we're double-digit than more little transitioned driven January. there's I'm the guide, is here be by every a And business growth driven in performance testing in strength to said, XXXX COVID once top-tier every quarter. delivered bit about Our downside. broad-based as growth now talked clearly like we productive. a upside momentum. pipeline And look entire continues that lot We entering sales you across organic from highly on being to at here our of by again

forward to off we're year. this start to So executing and a looking good

thank be Okay. A Abbott XX:XX Thank Investor us a.m. after Time Abbott's webcast on at abbottinvestor.com. Relations Central call. joining you of you, This website Thank you replay will for and your available questions. all concludes operator, for conference today now this today. call

This Thank for call. conference participation. you concludes today's Thank your you.

may a disconnect. You wonderful now have day. Everyone,