Abbott Laboratories (ABT) 10-K risk factor changes: FY2023 vs FY2022

[removed: The] [added: In addition, the] COVID-19 pandemic [removed: has] contributed to global supply chain disruptions, which [removed: have] adversely impacted the cost and availability of certain raw materials, supplies, and services.

A more detailed discussion on the [removed: supply chain disruptions] impact [added: that the COVID-19 pandemic had] on Abbott’s business is contained in the “Financial Review” section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations,] of this report.

From time to time, Abbott pursues acquisitions, licensing arrangements, and strategic alliances, or [added: may] dispose of or spin-off some of its businesses, as part of its business strategy.

Abbott depends on sophisticated information [removed: technology] systems and maintains protected personal data, and a [removed: cyber attack] [added: significant cybersecurity incident] or other [removed: breach] [added: disruption] affecting these information [removed: technology] systems or protected data could have a material adverse effect on Abbott’s [added: business, financial condition and] results of operations.

Similar to other large multi-national companies, the size and complexity of the information [removed: technology] systems on which Abbott relies for both its infrastructure and products make them susceptible to a [removed: cyber attack, malicious intrusion,] [added: cybersecurity incident,] breakdown, destruction, loss of data privacy, or other significant disruption.

These systems have been and are expected to continue to be the target of malware and other [removed: cyber attacks.][added: cybersecurity incidents.]

In addition, third party hacking attempts may cause Abbott’s information [removed: technology] systems and related products, protected data, or proprietary information to be compromised or stolen.

A significant [removed: attack] [added: cybersecurity incident] or other disruption could result in adverse consequences, including [added: regulatory inquiries or litigation,] increased costs and expenses, manufacturing challenges or disruption, problems with product availability, functionality or safety, damage to customer relations, reputational damage, lost revenue, and [removed: legal] [added: fines] or [removed: regulatory] penalties.

Abbott invests in its [added: information] systems and technology and in the protection of its products and data to reduce the risk of [removed: an attack] [added: a cybersecurity incident] or other significant disruption, and monitors its [added: information] systems on an ongoing basis for any current or potential [added: cybersecurity] threats or vulnerabilities and for changes in technology and the regulatory environment.

There can be no assurance that these measures and efforts will prevent future [removed: attacks] [added: cybersecurity incidents] or other significant disruptions to any of the [added: information] systems on which Abbott relies or that related product issues will not arise in the future.

Similarly, there can be no assurance that third party information technology providers or other partners with whom Abbott contracts will not suffer a significant [removed: attack] [added: cybersecurity incident] or disruption that impacts [removed: customers like] Abbott.

Any significant [removed: breach, attack] [added: cybersecurity incident] or other disruption [removed: involving] [added: affecting] Abbott’s [added: information] systems or products could have a material adverse effect on Abbott’s [removed: business.][added: business, financial condition and results of operations.]

Problems may arise during manufacturing for a variety of reasons, including equipment malfunction, failure to follow specific protocols and procedures, problems with raw materials or the global supply chain, failure to meet product specifications, [removed: cyber attacks,] [added: cybersecurity incidents,] natural disasters, and environmental factors.

As of December 31, [removed: 2022,] [added: 2023,] Abbott's consolidated indebtedness was approximately [removed: $16.8] [added: $14.7] billion.

Possible regulatory actions for non-compliance include warning letters, fines, damages, injunctions, civil penalties, recalls, consent decrees, seizures of Abbott’s products, and [added: civil litigation and/or] criminal prosecution.

These actions could result in, among other things, substantial modifications to Abbott’s business practices and operations; refunds, recalls, or seizures of Abbott’s products; a total or partial shutdown of production in one or more facilities while Abbott or Abbott’s suppliers remedy [removed: the alleged violation;] [added: any actual or potential issues;] the inability to obtain future pre-market approvals or marketing authorizations; and withdrawals or suspensions of current products from the market.

For information on Abbott’s voluntary recall in February 2022 of certain powder infant formula products manufactured at its facility in Sturgis, Michigan, the manufacturing stoppage at such facility, and the consent decree that Abbott entered into with the FDA on May 16, 2022, see the discussion in the “Financial Review” section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations,] of this report.

Laws and regulations affecting government benefit programs could impose new obligations on Abbott, require Abbott to change its business practices, and restrict its [removed: operations.][added: operations, which could result in a material adverse effect on Abbott's revenues, profitability, and financial condition.]

[removed: Economic] [added: Economic, Geopolitical] and Industry Risks

Abbott is subject to risks related to public health crises, such as widespread outbreaks of infectious diseases like the COVID-19 pandemic, which [removed: has had, and may continue to have,] [added: had] a material effect on Abbott’s business, financial condition and results of operations.

As a global healthcare company, public health crises, such as the widespread outbreaks of infectious diseases like the COVID-19 pandemic, may negatively impact certain [removed: of] Abbott's operations.

Health concerns and significant changes in political or economic conditions caused by such outbreaks can cause, and during the COVID-19 pandemic [removed: have] caused, significant reductions in demand for certain products, increased difficulty in serving customers, disruptions to manufacturing and supply chains, and negative effects on certain of Abbott’s operations as well as the operations of its suppliers, distributors and other third-party partners.

Furthermore, such widespread outbreaks may impact, and during the COVID-19 pandemic [removed: have] impacted, the broader economies of affected countries, including negatively impacting economic growth, the proper functioning of financial and capital markets, inflation [removed: rates (including in the U.S.),] [added: rates,] foreign currency exchange rates, and interest rates.

[removed: In addition,] [added: For example,] the COVID-19 pandemic [removed: has] [added: and macroeconomic conditions such as inflationary pressures and labor shortages] contributed to global supply chain [removed: disruptions,] [added: challenges over the last few years,] which [removed: have] adversely impacted the cost and availability of certain raw materials, supplies, and services.

With regard to COVID-19 diagnostic testing, the FDA issued Emergency Use Authorizations [removed: (EUAs)] [added: (EUA)] for several COVID‑19 related products in 2020 and 2021, including Abbott diagnostic tests.

Abbott is actively pursuing the FDA’s customary regulatory approval process for various COVID-19 diagnostic [removed: tests] [added: tests,] which has uncertainty as discussed in “*Abbott is subject to numerous governmental regulations and it can be costly to comply with these regulations and to develop compliant products and processes.*” in “Legal and Regulatory Risks” under “Item 1A.

Abbott [removed: is evaluating the potential impacts of the end of the public health emergency, and it] will continue to monitor further regulatory actions from relevant U.S. government agencies and assess potential impacts on pandemic-related government policies and product authorizations.

[removed: Abbott expects] [added: Further,] the COVID-19 pandemic [removed: to shift] [added: has shifted] to an endemic [removed: state in 2023, which would likely result] [added: state, resulting] in significantly lower demand for COVID-19 tests.

A [removed: more detailed] discussion on the [added: OECD proposals and their potential] impact [removed: of the COVID-19 pandemic] on Abbott’s business [added: in the future] is contained in the “Financial Review” section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations,] of this report.

Abbott’s products face intense competition from [removed: competitive products.][added: competitors' products and technological advances.]

Abbott cannot predict with certainty the timing or impact of the introduction of competitors’ [removed: products.][added: products and technological advances.]

Sales outside of the United States in [removed: 2022] [added: 2023] made up approximately [removed: 58] [added: 61] percent of Abbott’s net sales.

Information on the impact of foreign exchange rates on Abbott’s financial results is contained in the “Financial Review — Results of Operations” section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations] [added: Operations,] of this report.

A discussion of the steps taken to mitigate the impact of foreign exchange is contained in Item 7A, Quantitative and Qualitative Disclosures about Market [removed: Risk in Abbott’s 2022 Form 10-K.][added: Risk, of this report.]

Information on Abbott’s hedging arrangements is contained in Note [removed: 11] [added: 12] to the consolidated financial statements in this report.

Unfavorable economic conditions in certain countries may increase the time it takes to collect outstanding trade [removed: receivables.][added: receivables or inhibit Abbott's ability to best utilize its cash.]

- [removed: political] [added: geopolitical] and economic instability, including sovereign debt issues;

- changes in the rate of inflation (including the cost of raw materials, [added: labor,] commodities, and supplies), interest rates, market value of Abbott’s equity investments, and the performance of investments held by Abbott or Abbott’s employee benefit trusts;

- changes in business, economic, and [removed: political] [added: geopolitical] conditions, including: war, political instability, terrorist attacks, the threat of future terrorist activity and related military action; global climate change, extreme weather and natural disasters; [removed: widespread outbreaks of infectious diseases;] the cost and availability of insurance due to any of the foregoing events; labor disputes, strikes, slow-downs, or other forms of labor or union activity; and pressure from third-party interest groups;

- changes in Abbott’s business units and investments and changes in the relative and absolute contribution of each to earnings and cash flow resulting from evolving business strategies, [added: and] changing product [removed: mix, changes in tax laws or tax rates both in the U.S. and abroad and opportunities existing now or in the future;][added: mix;]

While Abbott has taken and will continue to take actions to mitigate the risks of disruptions to its global supply chain, disruptions to it could negatively affect Abbott's results of operations.

A discussion on the global supply chain challenges and its resulting impact on Abbott’s business is contained in the “Financial Review” section in Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations, of this report.

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It is costly for Abbott to comply with numerous governmental regulations and to develop compliant products and processes, and consequences for non-compliance could have a material adverse effect on Abbott's revenues, profitability, cash flows, and financial condition.

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Further, the development of new technology, health care products and medicines, and the development of new treatments for disease could significantly change the competitive landscape of the health care industry and negatively impact the demand for certain Abbott products.

Adverse changes in tax laws, regulations and interpretations, both in the U.S. and internationally, could have a material adverse effect on Abbott’s effective tax rate, financial condition and results of operations.

Abbott is a large, global corporation, and changes in tax laws, regulations or interpretations could adversely affect Abbott’s overall tax liabilities.

Changes in tax laws, regulations or interpretations, both in the U.S. and internationally, such as the two-pillared plan proposed by the Organization for Economic Cooperation & Development (OECD), could materially adversely affect Abbott’s effective tax rate, financial condition and results of operations.

Abbott is unable to predict what changes to the tax laws of the U.S. or other jurisdictions may be proposed or enacted in the future or what impact such changes would have on its business.

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Risk Factors.” The U.S. federal public health emergency (PHE) expired on May 11, 2023, which has not impacted the availability of the products authorized under the EUAs.

Sales outside of the United States in 2023 made up approximately 61 percent of Abbott’s net sales.

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While Abbott has taken actions to offset some of these inflationary pressures in its supply chain, Abbott may not be able to completely offset all the increases in its operational costs.

Further, Abbott has experienced, and may continue to experience, availability issues with some services, operations, and materials used in its products.

To date, Abbott has been able to manage the various supply chain challenges without significant supply disruption or shortage for services, raw materials and supplies.

The future extent to which supply chain disruptions may have a material effect on Abbott’s operating results is uncertain.

Abbott is subject to numerous governmental regulations and it is costly to comply with these regulations and to develop compliant products and processes.

Risk Factors.” On January 30, 2023, the U.S. announced that it plans to end the public health emergency on May 11, 2023.

Further, the demand for COVID-19 tests has been volatile over the last two years as the number of COVID-19 cases has fluctuated during the period.

Due to the unpredictability of the COVID-19 pandemic, including how and when it will shift to an endemic state, the extent to which COVID-19 will continue to have a material effect on Abbott’s business, financial condition or results of operations is uncertain.

Abbott’s revenues are derived primarily from the sale of a broad line of health care [added: products, which include medical devices, diagnostic testing products, nutritional] products [removed: under short-term receivable arrangements.][added: and branded generic pharmaceuticals.]

Sales in international markets comprise [removed: 58] [added: 61] percent of consolidated net sales.

[removed: The] [added: Over the period from 2020 through 2023, the] coronavirus (COVID-19) pandemic affected Abbott’s diversified health care businesses in various [removed: ways over the 2020 through 2022 period.][added: ways.]

Abbott’s Diagnostics segment experienced the most significant change in sales from 2020 to [removed: 2022] [added: 2023] as a result of the COVID-19 pandemic.

(The Diagnostics segment includes the Rapid Diagnostics, Core Laboratory Diagnostics, Molecular Diagnostics and Point of Care Diagnostics [removed: divisions.) In 2020 and 2021, Abbott mobilized] [added: businesses.) After mobilizing] its teams across multiple fronts [removed: to develop] [added: in 2020] and [removed: launch various] [added: 2021, Abbott developed and launched multiple types of] new diagnostic tests to detect COVID-19.

[removed: Each of these tests was] [added: Tests were] launched in the U.S. pursuant to [removed: an] Emergency Use [removed: Authorization (EUA).][added: Authorizations (EUA) and in countries outside of the U.S. pursuant to CE Marks.]

Abbott’s COVID-19 testing-related sales totaled approximately [removed: $8.4 billion in 2022,] $7.7 billion in [removed: 2021,] [added: 2021] and [removed: $3.9] [added: $8.4] billion in [removed: 2020,] [added: 2022,] led by sales related to Abbott’s BinaxNOW, Panbio and ID NOW rapid testing platforms.

[removed: The demand] [added: Demand] for COVID-19 tests [removed: has been] [added: was] volatile [removed: over] [added: during] the [removed: last two years] [added: pandemic] as the number of COVID-19 cases, especially in the U.S., [removed: has] fluctuated during this period.

[removed: Abbott expects] [added: In 2023,] the [removed: COVID-19] pandemic [removed: to shift] [added: shifted] to an endemic state [removed: in 2023, which would likely result] [added: and the U.S. federal public health emergency expired, resulting] in significantly lower demand for COVID-19 tests.

With respect to other products sold by the Diagnostics segment, demand for routine diagnostic testing generally fluctuated [added: throughout the pandemic] with changes in the number of COVID-19 cases in various geographic [removed: regions throughout the 2020 - 2022 period.][added: regions.]

Across Abbott’s cardiovascular and neuromodulation businesses, procedure volumes were negatively impacted [removed: in 2021 and 2022] [added: during the pandemic] by surges of COVID-19 in various geographies as well as intermittent COVID-19 lockdown restrictions and healthcare staffing challenges.

Despite such challenges, overall volume trends improved in several cardiovascular businesses [added: and] in [removed: 2021] [added: routine diagnostic testing in 2022] and [removed: 2022.][added: that growth continued in 2023.]

While Abbott’s branded generic pharmaceuticals business was also negatively affected by the pandemic in 2020 as COVID-19 spread across emerging market countries, volumes recovered and grew [removed: in] [added: over the] 2021 [removed: and 2022.][added: to 2023 period.]

While Abbott’s [removed: 2022 and 2021] [added: total] sales [added: over the last three years] were most significantly affected by the [added: impacts of the] COVID-19 pandemic, [removed: the increase in total] sales [removed: since 2020] [added: over this period] also [removed: reflects] [added: reflect] the introduction of new products across various [removed: businesses] [added: businesses,] as well as higher sales of various existing products.

Sales in emerging markets, which represent approximately [removed: 35] [added: 38] percent of total company sales, increased [removed: 5.6] [added: 5.4] percent in [removed: 2022] [added: 2023] and [removed: 19.6] [added: 5.6] percent in [removed: 2021,] [added: 2022,] excluding the impact of foreign exchange.

(Emerging markets include all [removed: countries] [added: countries,] except the United States, [removed: Western Europe,] Japan, Canada, [removed: Australia and] [added: Australia,] New [removed: Zealand.)][added: Zealand and Western European countries.)]

On July 1, [added: 2022,] Abbott restarted partial production at the facility beginning with its specialty formula EleCare® and metabolic formulas.

In 2022, Abbott took various actions to mitigate the impact of the recall on the supply of formula in the U.S. [removed: These] [added: The 2022] actions included the shipment of infant formula powder into the U.S. from Abbott's FDA-registered facility in Ireland; prioritization of infant formula production at its Columbus, Ohio facility; conversion of other liquid manufacturing lines into manufacturing Similac liquid ready-to-feed product; increased production of powder infant formula at its Casa Grande, Arizona manufacturing site; and importation of product from its facility in Spain as permitted by the FDA.

Over the last three years, Abbott’s operating margin as a percentage of sales [removed: increased] [added: decreased] from [removed: 15.5 percent in 2020 to] 19.6 percent in 2021 [removed: and then decreased] to 19.2 percent in [removed: 2022.][added: 2022 and 16.2 percent in 2023.]

The decrease in 2022 from 2021 reflects the impact of the voluntary infant product recall and manufacturing stoppage in U.S. Pediatric Nutritionals and the impact of inflation and supply chain challenges on various manufacturing inputs and transportation costs across Abbott's [removed: businesses, partially offset by the favorable impact of margin improvement initiatives.][added: businesses.]

[removed: To date,] [added: While] Abbott [removed: has been] [added: experienced availability issues with some services and materials used in its products over the last three years, Abbott was] able to manage the various supply chain challenges without significant supply disruption or shortage for services, raw materials and supplies.

While Abbott [removed: expects] [added: experienced] inflationary pressures on various raw materials, packaging materials and transportation costs [removed: to continue in 2023,] [added: over] the [added: last three years, the] impact of such cost increases [removed: is expected to be at least] [added: was] partially mitigated by price increases in certain businesses and the impact of continued gross margin improvement initiatives.

With respect to the performance of each reportable segment over the last three years, sales in the Medical Devices segment, excluding the impact of foreign exchange, increased [removed: 8.1] [added: 15.1] percent in [removed: 2022] [added: 2023] and [removed: 19.4] [added: 8.1] percent in [removed: 2021.][added: 2022.]

The sales [removed: increase] [added: increases] in [added: 2023 and] 2022 [removed: was] [added: were] driven by growth in Diabetes Care, [removed: Structural Heart,] Electrophysiology, [removed: and] Heart [removed: Failure.][added: Failure, and Structural Heart.]

In [removed: 2022,] [added: 2023,] operating earnings for the Medical Devices segment [removed: decreased 2.3] [added: increased 19.6] percent.

The operating margin profile for the Medical Devices segment [removed: increased] [added: decreased] from [removed: 25.8] [added: 31.3] percent [removed: of sales] in [removed: 2020] [added: 2021] to [removed: 31.4] [added: 30.0] percent in [removed: 2021] [added: 2022] and then [removed: decreased] [added: increased] to [removed: 30.0] [added: 31.4] percent in [removed: 2022.][added: 2023.]

In [removed: 2022,] [added: 2023,] key product approvals in the Medical Devices segment included:

- FDA approval [removed: for the Aveir® single-chamber] [added: of Abbott’s AVEIR™ dual-chamber] leadless pacemaker [removed: for] [added: system,] the [removed: treatment of patients] [added: world's first dual chamber leadless pacing system that treats people] with [added: abnormal or] slow heart rhythms, and

In Abbott’s Diagnostics segment, sales [removed: increased 10.4] [added: decreased 38.2] percent in [removed: 2022] [added: 2023] and [removed: 42.7] [added: increased 10.4] percent in [removed: 2021,] [added: 2022,] excluding the impact of foreign exchange.

[removed: As was discussed above,] [added: The 2022] sales growth [removed: in 2022 and 2021] was driven by demand for Abbott's portfolio of rapid diagnostics tests for COVID-19 and higher routine diagnostics testing in the core laboratory business, partially offset by lower demand for Abbott’s laboratory-based tests for COVID-19 in the molecular diagnostics business.

In [removed: 2022,] [added: 2023,] operating earnings for the Diagnostics segment [removed: increased 6.6] [added: decreased 63.4] percent.

Abbott has obtained regulatory approval for the “Alinity h” system for hematology in [added: the U.S.,] Europe, Japan and other regions.

In [removed: Abbott’s Nutritional Products segment, total] [added: 2022,] pediatric nutrition [removed: sales, excluding the impact of foreign exchange,] [added: sales] decreased 16.6 percent [removed: in 2022] as a result of the voluntary recall and manufacturing stoppage discussed [removed: above] [added: above,] as well as challenging market dynamics in [removed: Greater] China.

Excluding the impact of foreign exchange, total adult nutrition sales increased [removed: 4.8] [added: 8.8] percent in [removed: 2022] [added: 2023] and [removed: 12.8] [added: 4.8] percent in [removed: 2021,] [added: 2022,] led by the continued growth of [removed: Ensure®, Abbott’s market-leading complete and balanced nutrition brand,] [added: Abbott's Ensure®] and [removed: Glucerna®, Abbott’s market-leading diabetes-specific nutrition brand,] [added: Glucerna® products] across several countries.

In [removed: 2022,] [added: 2023,] operating earnings for the [removed: Nutritional] [added: Established Pharmaceutical] Products segment [removed: decreased 60.0] [added: increased 15.0] percent.

The decrease [added: in 2022] was driven by the impact of the voluntary infant product recall and manufacturing stoppage as well as higher manufacturing and distribution costs, including commodity prices, partially offset by the impact of gross margin improvement [removed: initiatives and select product price increases.][added: initiatives.]

Excluding the impact of foreign exchange, Established Pharmaceutical sales increased [removed: 10.6] [added: 10.9] percent in [removed: 2022] [added: 2023] and [removed: 10.4] [added: 10.6] percent in [removed: 2021.][added: 2022.]

The sales increases in [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] reflect higher sales in several geographies including India, [removed: China,] [added: Vietnam,] and Brazil.

Operating margins increased from [removed: 18.5] [added: 18.8] percent [removed: of sales] in [removed: 2020] [added: 2021] to [removed: 21.4] [added: 23.8] percent in [removed: 2022] [added: 2023] primarily due to the impact of gross margin improvement initiatives and higher [removed: selling prices] [added: sales,] partially offset by inflation on various product inputs.

With respect to Abbott’s financial position, at December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] Abbott’s cash and cash equivalents and short-term investments total approximately [added: $7.3 billion and] $10.2 [removed: billion.][added: billion, respectively.]

These products are sold under short-term receivable arrangements.

During the pandemic, COVID-19 testing-related sales grew to 17.8 percent and 19.2 percent of Abbott's sales in 2021 and 2022, respectively.

In 2023, Abbott’s COVID-19 testing-related sales totaled approximately $1.6 billion, of which $730 million occurred in the first quarter of 2023.

Demand for COVID-19 tests is expected to continue to be unpredictable in 2024.

In 2023, as Abbott's production of infant formula increased in the U.S., Abbott made progress toward recovering market share in this business.

In the fourth quarter of 2023, Abbott returned to having the market-leading position in the U.S., as measured on a volume basis.

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The decrease in 2023 from 2021 reflects the unfavorable effects of lower COVID-19 testing-related sales, foreign exchange, and higher costs for various manufacturing inputs.

In both 2023 and 2022, these unfavorable effects were partially offset by the favorable impact of margin improvement initiatives.

The 2023 increase was also driven by growth in Neuromodulation sales.

The increase in 2023 from 2022 reflects the impact of higher sales volumes across the Medical Devices businesses.

- FDA clearance for Navitor, Abbott's second-generation transcatheter aortic valve implantation system to treat people with severe aortic stenosis who are at high or extreme risk for open-heart surgery,

- FDA clearance of Abbott's Freestyle Libre continuous glucose monitoring system for integration with automated insulin delivery systems,

- FDA approval of Abbott's Epic® Max stented tissue valve to treat people with aortic regurgitation or stenosis,

- FDA approval of Abbott’s TactiFlex® Ablation Catheter, Sensor Enabled™, the world's first ablation catheter with a flexible electrode tip and contact force sensing technology to treat patients with atrial fibrillation,

- CE Mark for Abbott’s AVEIR single-chamber leadless pacemaker.

As was discussed above, the 2023 sales decrease was driven by lower demand for Abbott's COVID-19 tests, partially offset by higher routine diagnostics testing in the core laboratory business.

The operating margin profile decreased from 40.2 percent in 2021 to 24.4 percent in 2023 primarily due to lower demand for Abbott's COVID-19 tests.

In the fourth quarter of 2023, Abbott received FDA approval of its new laboratory automation system, GLP systems Track™, to help laboratories optimize the performance and safety of diagnostics testing.

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In Abbott’s Nutritional Products segment, total pediatric nutrition sales, excluding the impact of foreign exchange, increased 14.8 percent in 2023, which includes market share recovery in the U.S. infant formula business following the voluntary recall of certain products in the prior year.

In 2023, operating earnings for the Nutritional Products segment increased 88.9 percent compared to 2022.

Operating margins for this segment decreased from 21.3 percent in 2021 to 9.5 percent in 2022 and then increased to 16.4 percent in 2023.

The increase in 2023 reflects the favorable effects of higher sales and a continued focus on gross margin improvement initiatives, partially offset by higher commodity and other costs.

On September 22, 2023, Abbott completed the acquisition of Bigfoot Biomedical, Inc. (Bigfoot), which will further Abbott's efforts to develop connected solutions for making diabetes management more personal and precise.

On April 27, 2023, Abbott completed the acquisition of Cardiovascular Systems, Inc. (CSI).

In its nutritional business, Abbott will continue to focus on driving growth globally and further enhancing its portfolio with the introduction of science-based products and line extensions.

Rebates and chargebacks charged against gross sales in 2023, 2022, and 2021 amounted to approximately

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An undiscounted net cash flows approach is used to test for impairment.

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| | | | | | | | | | | | | | | | | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |

| 2023 vs. 2022 | | | (8.1) | | | | | | 2.6 | | | | | | (8.7) | | | | | | (2.0) | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| 2023 vs. 2022 | | | (14.8) | | | | | | 1.1 | | | | | | (15.9) | | | | | | — | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

| 2023 vs. 2022 | | | (3.3) | | | | | | 3.7 | | | | | | (3.5) | | | | | | (3.5) | | |

| | | | | | | | | | | | | | | | | | | | | | | | |

Abbott’s primary products are medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals.

Rapid diagnostic tests developed by Abbott to detect COVID-19 included, among others, the following:

- a molecular test on Abbott’s ID NOW® rapid point-of-care platform launched in March 2020,

- the professional BinaxNOW® COVID-19 Ag Card test, a portable, lateral flow rapid test launched in August 2020, and

- an over-the-counter, non-prescription BinaxNOW COVID-19 Ag Self Test for individuals with or without symptoms launched in March 2021.

Outside the U.S., in September 2020, Rapid Diagnostics launched its Panbio® rapid antigen test to detect COVID-19 pursuant to a CE Mark.

In June 2021, Abbott announced that it had received CE Mark for its over-the-counter Panbio COVID-19 Antigen Self-Test for individuals with or without symptoms.

In 2020, Molecular Diagnostics developed and launched molecular tests to detect COVID-19 using polymerase chain reaction (PCR) methods on its m2000® RealTi*m*e lab-based platform and its Alinity® m system pursuant to EUAs in the U.S. and CE Marks.

Molecular Diagnostics also developed and launched its multiplex molecular test on its Alinity m system to detect COVID-19, influenza A, influenza B, and respiratory syncytial virus (RSV) in one test.

This multiplex molecular test was launched pursuant to a CE Mark in December 2020 and an EUA in the U.S. in March 2021.

In 2020 and 2021, Core Laboratory Diagnostics developed and launched various lab-based serology blood tests on its ARCHITECT® i1000SR® and ARCHITECT i2000SR® laboratory instruments and on its Alinity i system for the detection of an antibody to determine if someone was previously infected with the COVID-19 virus.

The tests were launched under EUAs in the U.S. and CE Marks.

On January 30, 2023, the U.S. government announced that it plans to end the COVID-19 public health emergency on May 11, 2023.

Abbott is evaluating the potential impacts of the end of the public health emergency, and it will continue to monitor further regulatory actions from relevant U.S. government agencies and assess potential impacts on pandemic-related government policies and product authorizations.

Due to the unpredictability of the pandemic, including how and when it will shift to an endemic state, the extent to which COVID-19 will have a material effect on Abbott's business, financial condition or results of operations is uncertain.

Abbott is continually monitoring the effects of the pandemic on its operations.

Throughout the pandemic, Abbott has continued to ensure that its operations throughout the world are aligned with the specific governmental orders and guidelines affecting each location.

Abbott has taken aggressive steps to limit exposure to COVID-19 and enhance the safety of facilities for its employees.

The increase in 2021 from 2020 reflects the impact of sales volume increases for COVID-19 tests in Rapid Diagnostics and growth across virtually all of Abbott’s businesses due, in part, to partial recovery from the COVID-19 pandemic, partially offset by the impact of inflation and supply chain challenges on various manufacturing inputs and transportation costs and an increase in restructuring costs.

In 2022 and 2021, Abbott experienced availability issues with some services and materials used in its products.

The future extent to which inflation, supply chain disruptions, and unfavorable foreign exchange rates may have a material effect on Abbott's operating results is uncertain.

To the extent that supply chain challenges in the industries in which Abbott operates normalize over time, this may lessen inflationary pressures.

The sales increase in 2021 was driven by double-digit growth across all of Abbott’s Medical Devices divisions, led by Diabetes Care, Structural Heart and Electrophysiology, due, in part, to a partial recovery from the COVID-19 pandemic.

Excluding the impact of foreign exchange, Medical Devices operating earnings increased 9.3 percent.

The overall increase over the two years reflects the impact of higher sales volumes across the Medical Device businesses, partially offset by continued pricing pressures on drug eluting stents (DES) and other products.

- FDA clearance for the EnSite® X EP System with EnSite OT, which leverages the Advisor® HD Grid Catheter to provide a 360‑degree view of the heart without regard to the orientation of the catheter in the heart,

- FDA clearance of the Freestyle Libre® 3 system which automatically delivers up-to-the minute glucose readings and 14-day accuracy in a wearable sensor,

- FDA approval for an expanded indication for the CardioMEMS® HF system, a small implantable pulmonary artery sensor and remote monitoring system that can detect early warning signs of worsening heart failure,

- FDA approval of the EternaTM rechargeable spinal cord stimulation system for the treatment of chronic pain.

The operating margin profile increased from 34.3 percent of sales in 2020 to 40.2 percent in 2022 primarily due to higher sales in Rapid Diagnostics and the impact of increased routine diagnostics testing on Core Laboratory Diagnostics versus 2020 levels.

Excluding the impact of foreign exchange, total pediatric nutrition sales increased 3.3 percent in 2021 driven by the Pedialyte®, PediaSure® and Similac brands in the U.S. as well as infant and toddler product growth across several international markets, partially offset by challenging market dynamics in the Greater China infant category.

Operating margins for the worldwide nutritional products business decreased from 22.9 percent in 2020 to 9.5 percent in 2022.

In 2022, operating earnings for the Established Pharmaceutical Products segment increased 18.0 percent.

On February 8, 2023, Abbott entered into a definitive agreement to acquire Cardiovascular Systems, Inc. (CSI).

The acquisition, which is expected to add complementary technologies to Abbott’s portfolio of vascular device offerings, is subject to the approval of CSI shareholders and the satisfaction of customary closing conditions, including applicable regulatory approvals.

Under the terms of the agreement, Abbott will pay $20 per common share at a total expected equity value of approximately $890 million.

The acquisition is expected to be funded with cash on hand.

In its nutritional business, Abbott will continue to focus on executing the actions needed to achieve a recovery in its infant formula business and growth globally.

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The fair value of equity securities held by Abbott with a readily determinable fair value was approximately [removed: $9] [added: $12] million and [removed: $11] [added: $9] million as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

A hypothetical 20 percent decrease in the share prices of these investments would decrease their fair value at December 31, [removed: 2022] [added: 2023] by approximately $2 million.

The fair value of investments in mutual funds that are held in a rabbi trust for the purpose of paying benefits under a deferred compensation plan was approximately [removed: $298] [added: $314] million and [removed: $391] [added: $298] million as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

The carrying value of these investments was [removed: $83] [added: $88] million and [removed: $90] [added: $83] million as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively.

No individual investment is recorded at a value in excess of [removed: $15] [added: $20] million.

At December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] Abbott had interest rate hedge contracts [added: with notional values] totaling [removed: $2.9] [added: $2.2] billion [added: and $2.9 billion, respectively,] to manage its exposure to changes in the fair value of debt.

The fair value of long-term debt at December 31, [removed: 2022] [added: 2023] and [removed: 2021] [added: 2022] amounted to [removed: $16.3] [added: $14.8] billion and [removed: $21.2] [added: $16.3] billion, respectively (average interest rates of [removed: 3.5%] [added: 3.6%] and [removed: 3.4%] [added: 3.5%] as of December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] respectively) with maturities through 2046.

At December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] the fair value of current and long-term investment securities amounted to approximately [removed: $1.1] [added: $1.2] billion and [removed: $1.3] [added: $1.1] billion, respectively.

At December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] Abbott held [removed: $7.7] [added: $7.3] billion and [removed: $8.6 billion,] [added: $7.7 billion of notional values,] respectively, of such contracts.

Contracts held at December 31, 2022 [removed: will mature] [added: matured] in 2023 or [added: will mature in] 2024 depending [removed: on] [added: upon] the contract.

Contracts held at December 31, [removed: 2021 matured in 2022 or] [added: 2023] will mature in [removed: 2023] [added: 2024 or 2025] depending [removed: upon] [added: on] the contract.

At December 31, [removed: 2022] [added: 2023] and [removed: 2021,] [added: 2022,] Abbott held [removed: $12.0] [added: $13.8] billion and [removed: $12.2 billion,] [added: $12.0 billion of notional values,] respectively, of such contracts, which mature [removed: in the next] [added: within] 13 months.

Abbott has designated a yen-denominated, 5-year term loan of approximately [removed: $446] [added: $419] million and [removed: $521] [added: $446] million as of December 31, [removed: 2022] [added: 2023] and December 31, [removed: 2021,] [added: 2022,] respectively, as a hedge of the net investment in certain foreign subsidiaries.

The following table reflects the total foreign currency forward exchange contracts outstanding at December 31, [removed: 2022] [added: 2023] and [removed: 2021:][added: 2022:]

| Euro | | | | | | $ | [removed: 7,656] [added: 9,221] | | | | | [removed: 1.0664] [added: 1.0865] | | | | | | $ | [removed: 92] [added: (35)] | | | | | $ | [removed: 8,698] [added: 7,656] | | | | | [removed: 1.1360] [added: 1.0664] | | | | | | $ | [removed: 90] [added: 92] | |

| Chinese Yuan | | | | | | [removed: 2,264] [added: 2,115] | | | | | | [removed: 6.8825] [added: 7.0785] | | | | | | [removed: 12] [added: 3] | | | | | | [removed: 2,148] [added: 2,264] | | | | | | [removed: 6.5744] [added: 6.8825] | | | | | | [removed: (35)] [added: 12] | | |

| Japanese Yen | | | | | | [removed: 1,797] [added: 1,635] | | | | | | [removed: 133.0344] [added: 138.2288] | | | | | | [removed: (7)] [added: 24] | | | | | | [removed: 1,497] [added: 1,797] | | | | | | [removed: 111.7260] [added: 133.0344] | | | | | | [removed: 31] [added: (7)] | | |

| All other currencies | | | | | | [removed: 8,029] [added: 8,189] | | | | | | n/a | | | | | | [removed: 89] [added: (54)] | | | | | | [removed: 8,426] [added: 8,029] | | | | | | n/a | | | | | | [removed: 109] [added: 89] | | |

| Total | | | | | | $ | [removed: 19,746] [added: 21,160] | | | | | | | | | | | $ | [removed: 186] [added: (62)] | | | | | $ | [removed: 20,769] [added: 19,746] | | | | | | | | | | | $ | [removed: 195] [added: 186] | |

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

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- respiratory drugs and vaccines, including the anti-infective clarithromycin (sold under the trademarks [removed: Biaxin™,] Klacid™, [added: Claribid™,] and Klaricid™); and Influvac™, an influenza vaccine.

These products are generally marketed and sold directly to blood banks, hospitals, commercial laboratories, clinics, physicians’ offices, retailers, government agencies, alternate care testing sites, and plasma protein therapeutic companies from [removed: Abbott owned] [added: Abbott-owned] distribution centers, public warehouses or third party distributors.

- [removed: point of care] [added: point-of-care] systems, including the i-STAT® and [removed: next-generation] i-STAT® Alinity® and cartridges for testing blood gas, chemistry, electrolytes, coagulation and immunoassay;

- rapid diagnostics lateral flow testing products in the area of infectious diseases such as SARS-CoV-2, including the BinaxNOW® and Panbio® rapid testing platforms, influenza, HIV, hepatitis, and tropical diseases such as malaria and dengue fever; molecular point-of-care testing for HIV, including the m-PIMA® HIV-1/2 Viral Load Test, and for SARS-CoV-2 and influenza A & B, RSV and strep A, including the ID NOW® rapid molecular system; cardiometabolic testing, including Afinion® and Cholestech LDX® platforms and tests; [added: and] a toxicology business for drug and alcohol testing; and [removed: consumer self-testing; and]

- informatics and automation solutions for use in laboratories, including laboratory automation systems such as the GLP systems track™, the RALS® [removed: point of care] [added: point-of-care] solution, and AlinIQ®, a suite of informatics tools and professional services.

- various forms of infant formula and follow-on formula, including Similac®, Similac® 360 Total Care®, Similac Pro-Advance®, Similac® Advance®, Similac® 360 Total Care® Sensitive, [removed: Similac Pro-Sensitive®, Similac Sensitive®,] [added: Similac® Sensitive,] Go & Grow by Similac®, Similac® NeoSure®, Similac® Organic, Similac® Special Care®, Similac Total Comfort®, Similac® Soy Isomil®, Similac® Alimentum®, EleCare®, Gain™, and Grow™;

- adult and other pediatric nutritional products, including Ensure®, Ensure Plus®, Ensure® Enlive®, Ensure® (with [removed: NutriVigor®),] [added: NutriVigor™),] Ensure® Max Protein, Ensure® High Protein, Glucerna®, [removed: Glucerna] [added: Glucerna®] Hunger Smart®, ProSure™, PediaSure®, PediaSure SideKicks®, PediaSure® Peptide, Juven®, Abound™, Pedialyte® and Zone Perfect®; and

In the United States, depending upon the product, medical devices are generally marketed and sold directly to wholesalers, hospitals, ambulatory surgery centers, physicians’ offices, and distributors from Abbott-owned distribution [removed: centers and] [added: centers,] public [removed: warehouses.][added: warehouses or third party distributors.]

- rhythm management products, including Assurity MRI® and Endurity MRI® pacemaker systems, and Aveir® [removed: VR] single-chamber [removed: VR] [added: (VR and AR) and Aveir® dual chamber (DR)] leadless pacemaker [removed: system;] [added: systems;] Ellipse®, Fortify Assura®, and Gallant® implantable cardioverter defibrillators and Gallant and Quadra Assura MP® implantable cardioverter defibrillator with cardiac resynchronization therapy and MultiPoint™ Pacing technology; and Confirm [removed: Rx® and] [added: Rx®,] Jot Dx® [added: and Assert-IQ®] implantable cardiac monitors;

- electrophysiology products, including the [removed: TactiFlex™] [added: TactiFlex®] and TactiCath® families of ablation catheters, and FlexAbility® irrigated ablation catheters; EnSite® family of cardiac mapping systems; Agilis® NxT and Swartz™ introducer catheters; the Advisor® HD Grid mapping catheter; and [removed: ViewFlex™] [added: ViewFlex®] family of intracardiac echocardiography catheters;

- heart failure related products, including the HeartMate® left ventricular assist device [removed: family,] [added: family;] the CardioMEMS® HF System pulmonary artery sensor, a heart failure monitoring [removed: system, and] [added: system;] the CentriMag® System, an acute mechanical circulatory support system; [added: and patient self-testing products and services;]

- vascular products, including the XIENCE® family of drug-eluting coronary stent systems developed on the Multi-Link Vision® platform; StarClose SE®, Perclose ProGlide® and Perclose ProStyle® vessel closure devices, TREK® coronary balloon dilatation products, Hi-Torque Balance Middleweight Universal II® guidewires, Supera® Peripheral Stent System, a peripheral vascular stent system; Acculink®/Accunet® and Xact®/Emboshield NAV6®, carotid stent systems; the OPTIS® integrated systems with Ultreon™ 1.0 [added: and 2.0] Software, compatible with the Dragonfly OPTIS® [added: and OpStar®] imaging [removed: catheter] [added: catheters] and PressureWire® fractional flow reserve measurement systems; [removed: and] the JETi® peripheral thrombectomy systems for clot removal; [added: and Diamondback 360® coronary and peripheral orbital atherectomy systems;]

- structural heart products, including MitraClip®, a mitral valve transcatheter edge-to-edge repair system; TriClip®, a tricuspid valve transcatheter edge-to-edge repair system; Epic®, a surgical family of aortic valve and mitral valve replacement devices; Portico® and [removed: Navitor™] [added: Navitor®] transcatheter aortic heart valves; Regent™ and Masters [removed: Series™] [added: Series®] mechanical heart valves; Amplatzer® PFO occluders; Amplatzer Amulet® occluder devices; and the Tendyne® transcatheter mitral valve replacement system;

- neuromodulation products, including spinal cord stimulators Proclaim® [removed: Elite] [added: Plus] and Proclaim® XR [removed: Recharge-free] [added: recharge-free] implantable pulse generators (IPG) and [removed: Prodigy MRI®] [added: rechargeable Eterna®] IPG, each with BurstDR® stimulation, and Proclaim® DRG IPG, a neurostimulation device designed for dorsal root ganglion therapy, for the treatment of chronic pain disorders; and the Infinity® Deep Brain Stimulation System with directional lead technology for the treatment of movement disorders.

[removed: Due to disruptions] [added: After several years of challenges] to the global supply chain caused in part by the COVID-19 pandemic and macroeconomic conditions such as inflationary pressures and labor shortages, [removed: Abbott] [added: Abbott's global supply chain] has [removed: experienced availability issues with some materials and electronic components.][added: improved.]

A more detailed discussion on the global supply chain [removed: disruptions] [added: challenges] and its resulting impact on Abbott’s business is contained in Item 1A.

These, and various patents [removed: which] [added: that] expire during the period [removed: 2023] [added: 2024] to [removed: 2043,] [added: 2044,] in the aggregate, are believed to be of material importance in the operation of Abbott’s business.

Abbott’s capital and operating expenditures for pollution control in [removed: 2022] [added: 2023] were not material and are not expected to be material in [removed: 2023.][added: 2024.]

As of December 31, [removed: 2022,] [added: 2023,] Abbott employed approximately [removed: 115,000] [added: 114,000] people, 69% of whom were employed outside of the U.S. Women represented 47% of Abbott’s U.S. workforce, 46% of its global workforce, and [removed: 41%] [added: 42%] of its managers.

In [removed: 2022,] [added: 2023,] Abbott released the [removed: second] [added: third] edition of its diversity, equity, and inclusion report, providing an update on Abbott’s plans, strategies, and actions to fulfill its commitment to develop an inclusive workplace.

Abbott has ten such networks, which are: [removed: Early Career Network (supporting early career employees),] Asian Leadership and Cultural Network, Black Business Network, [added: disABILITY Network (supporting employees with disabilities), Early Career Network (supporting early career employees),] Flex Network (supporting employees with part-time and flexible schedules), LA VOICE Network (supporting Hispanic and Latino employees), [removed: disABILITY Network (supporting employees with disabilities),] PRIDE (supporting LGBTQ employees), Veterans Network, Women Leaders of Abbott, and Women in STEM.

In [removed: 2022, 53%] [added: 2023, 58%] of the participants were women.

In [removed: 2022, 58%] [added: 2023, 59%] of the U.S. interns were women and [removed: 59%] [added: 61%] were minorities.

In [removed: 2022, 69%] [added: 2023, 74%] of the STEM interns were women and [removed: 78%] [added: 84%] were minorities.

Abbott’s global wellness programs are designed to meet the unique needs of employees across businesses and geographies and offer a wide range of programs, including supporting the [removed: mental, financial] [added: emotional, physical,] and [removed: physical] [added: financial] health of employees and their families.

Over [removed: 21,000] [added: 28,000] Abbott employees across [removed: 74] [added: 75] countries took part in [removed: 2022.][added: 2023.]

During the COVID-19 public health emergency, many pandemic-related products (including diagnostic tests) were authorized by regulators for emergency use [removed: solely] during the pandemic.

Examples [removed: include] [added: included] expansion of telehealth coverages and increased reimbursements for diagnostic testing.

Abbott [removed: is evaluating the potential impacts of the end of the public health emergency, and it] will continue to monitor further regulatory actions from relevant U.S. government agencies and assess potential impacts on pandemic-related government policies and product authorizations.

Abbott expects [added: that] insurers and providers will continue attempts to reduce the cost or utilization of health care products.

For example, the European Union, China, various other countries, and various U.S. states (e.g., California, Virginia, and Colorado) have enacted [added: or are considering enacting] data protection laws that contain significant compliance obligations and financial penalties for noncompliance.

Copies of Abbott’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934 are [removed: available] [added: available,] free of [removed: charge] [added: charge,] through Abbott’s investor relations website (*www.abbottinvestor.com*) as soon as reasonably practicable after Abbott electronically files the material with, or furnishes it to, the Securities and Exchange Commission (the Commission).

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

There have been no recent significant availability problems or supply shortages for raw materials or supplies.

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

The U.S. federal public health emergency expired on May 11, 2023, which has not impacted the availability of the products authorized under the FDA’s Emergency Use Authorizations (EUA).

Abbott is actively pursuing the FDA’s customary regulatory approval process for various COVID-19 diagnostic tests, because the FDA could revoke or terminate its EUAs.

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

To date, Abbott has been able to manage these challenges without significant supply disruptions or shortages for raw materials and supplies.

On January 30, 2023, the U.S. announced that it plans to end the public health emergency on May 11, 2023.

Abbott is involved in various claims, legal proceedings, and investigations, including (as of January 31, [removed: 2023)] [added: 2024)] those described below.

As of January 31, [removed: 2023,] [added: 2024,] there were [removed: 399] [added: 993] lawsuits pending in federal and state courts in which Abbott is a party.

These plaintiffs seek various [removed: damages, including punitive] damages.

Abbott’s [added: first] U.S. patent infringement trial against DexCom is [removed: currently] scheduled for [removed: October 23, 2023.][added: March 2024.]

In addition, multiple civil lawsuits have been filed against Abbott [removed: regarding] [added: relating to] Abbott’s manufacturing of certain powder infant formula products.

In January 2024, the Israeli lawsuit was dismissed without prejudice.

In July 2023, Abbott was found to have a license to certain of DexCom’s patents in Abbott’s breach of contract suit.

In November 2023, the U.S. Patent and Trademark Office found some of DexCom’s asserted patent claims invalid.

Throughout 2023, Abbott and DexCom filed additional patent infringement actions in the U.S., Germany, the U.K., Spain, and the Unified Patent Court.

DexCom’s first U.S. patent infringement trial on its remaining claims is scheduled for March 2025.

In the U.S., DexCom’s patent infringement case is stayed pending resolution of Abbott’s breach of license case, which is currently set for trial on July 10, 2023.

| For the fiscal year ended December 31, [removed: 2022] [added: 2023] | | | Commission file number 1-2189 | | |

The aggregate market value of the [removed: 1,712,885,837 shares] [added: 1,698,507,928 shares] of voting stock held by nonaffiliates of the registrant, computed by reference to the closing price as reported on the New York Stock Exchange, as of the last business day of Abbott Laboratories’ most recently completed second fiscal quarter (June 30, [removed: 2022),] [added: 2023),] was [removed: $186,105,046,190.][added: $185,171,334,310.]

Portions of the [removed: 2023] [added: 2024] Abbott Laboratories Proxy Statement are incorporated by reference into Part III.

The Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

| [Item [removed: 1.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_13)] [added: 1.](#if8b9124f97b842119ff487ee08edb388_13)] | | | [removed: [Business](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_13)] [added: [Business](#if8b9124f97b842119ff487ee08edb388_13)] | | | [removed: [1](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_13)] [added: [1](#if8b9124f97b842119ff487ee08edb388_13)] | | |

| [Item [removed: 1A.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_16)] [added: 1A.](#if8b9124f97b842119ff487ee08edb388_16)] | | | [Risk [removed: Factors](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_16)] [added: Factors](#if8b9124f97b842119ff487ee08edb388_16)] | | | [removed: [9](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_16)] [added: [9](#if8b9124f97b842119ff487ee08edb388_16)] | | |

| [Item [removed: 1B.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_19)] [added: 1B.](#if8b9124f97b842119ff487ee08edb388_19)] | | | [Unresolved Staff [removed: Comments](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_19)] [added: Comments](#if8b9124f97b842119ff487ee08edb388_19)] | | | [removed: [15](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_19)] [added: [15](#if8b9124f97b842119ff487ee08edb388_19)] | | |

| [Item [removed: 2.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_22)] [added: 2.](#if8b9124f97b842119ff487ee08edb388_22)] | | | [removed: [Properties](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_22)] [added: [Properties](#if8b9124f97b842119ff487ee08edb388_22)] | | | [removed: [15](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_22)] [added: [17](#if8b9124f97b842119ff487ee08edb388_22)] | | |

| [Item [removed: 3.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_25)] [added: 3.](#if8b9124f97b842119ff487ee08edb388_25)] | | | [Legal [removed: Proceedings](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_25)] [added: Proceedings](#if8b9124f97b842119ff487ee08edb388_25)] | | | [removed: [16](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_25)] [added: [18](#if8b9124f97b842119ff487ee08edb388_25)] | | |

| [Item [removed: 4.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_28)] [added: 4.](#if8b9124f97b842119ff487ee08edb388_28)] | | | [Mine Safety [removed: Disclosures](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_28)] [added: Disclosures](#if8b9124f97b842119ff487ee08edb388_28)] | | | [removed: [16](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_28)] [added: [18](#if8b9124f97b842119ff487ee08edb388_28)] | | |

| [PART [removed: II.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_31)] [added: II.](#if8b9124f97b842119ff487ee08edb388_31)] | | | | | | | | |

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| [Item [removed: 7.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_40)] [added: 7.](#if8b9124f97b842119ff487ee08edb388_40)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_40)] [added: Operations](#if8b9124f97b842119ff487ee08edb388_40)] | | | [removed: [21](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_40)] [added: [22](#if8b9124f97b842119ff487ee08edb388_40)] | | |

| [Item [removed: 7A.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_103)] [added: 7A.](#if8b9124f97b842119ff487ee08edb388_100)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_103)] [added: Risk](#if8b9124f97b842119ff487ee08edb388_100)] | | | [removed: [38](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_103)] [added: [39](#if8b9124f97b842119ff487ee08edb388_100)] | | |

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| [Item [removed: 9A.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_187)] [added: 9A.](#if8b9124f97b842119ff487ee08edb388_184)] | | | [Controls and [removed: Procedures](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_187)] [added: Procedures](#if8b9124f97b842119ff487ee08edb388_184)] | | | [removed: [78](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_187)] [added: [80](#if8b9124f97b842119ff487ee08edb388_184)] | | |

| [Item [removed: 9B.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_190)] [added: 9B.](#if8b9124f97b842119ff487ee08edb388_187)] | | | [Other [removed: Information](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_190)] [added: Information](#if8b9124f97b842119ff487ee08edb388_187)] | | | [removed: [78](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_190)] [added: [80](#if8b9124f97b842119ff487ee08edb388_187)] | | |

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| [Item [removed: 14.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_211)] [added: 14.](#if8b9124f97b842119ff487ee08edb388_208)] | | | [Principal [removed: Account](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_211)[ant](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_211) [Fees] [added: Accountant Fees] and [removed: Services](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_211)] [added: Services](#if8b9124f97b842119ff487ee08edb388_208)] | | | [removed: [80](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_211)] [added: [82](#if8b9124f97b842119ff487ee08edb388_208)] | | |

| [Item [removed: 15.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217)] [added: 15.](#if8b9124f97b842119ff487ee08edb388_214)] | | | [removed: [Exhibit](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217) [](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217)[and](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217) [Financial] [added: [Exhibit and Financial] Statement [removed: Schedules](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217)] [added: Schedules](#if8b9124f97b842119ff487ee08edb388_214)] | | | [removed: [81](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_217)] [added: [83](#if8b9124f97b842119ff487ee08edb388_214)] | | |

| [Item [removed: 16.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_220)] [added: 16.](#if8b9124f97b842119ff487ee08edb388_217)] | | | [Form 10-K [removed: Summary](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_220)] [added: Summary](#if8b9124f97b842119ff487ee08edb388_217)] | | | [removed: [88](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_220)] [added: [90](#if8b9124f97b842119ff487ee08edb388_217)] | | |

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_______________________________________________________

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

Number of common shares outstanding as of January 31, 2024: 1,735,184,289

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| [PART I.](#if8b9124f97b842119ff487ee08edb388_10) | | | | | | | | |

| Item 1C. | | | [Cybersecurit](#if8b9124f97b842119ff487ee08edb388_945)y | | | 15 | | |

| [PART III.](#if8b9124f97b842119ff487ee08edb388_193) | | | | | | | | |

| [PART IV.](#if8b9124f97b842119ff487ee08edb388_211) | | | | | | | | |

| [Signatures](#if8b9124f97b842119ff487ee08edb388_220) | | | | | | [91](#if8b9124f97b842119ff487ee08edb388_220) | | |

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________________________________________________________

Number of common shares outstanding as of January 31, 2023: 1,737,946,233

| [PART I.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_10) | | | | | | | | |

| [PART III.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_196) | | | | | | | | |

| [PART IV.](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_214) | | | | | | | | |

| [Signatures](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_223) | | | | | | [89](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_223) | | |

Risk Management and Strategy

Abbott’s cybersecurity risk management process is designed to identify and assess internal and external cybersecurity threats and vulnerabilities to and within Abbott’s business and operations, and analyze and prioritize risks from cybersecurity threats to inform strategies and action plans aimed at mitigating and managing these risks.

Abbott’s cybersecurity program utilizes a variety of technical and process controls that are designed to identify, protect against, detect, respond to, and recover from cybersecurity threats, including:

- dedicated cybersecurity professionals who are responsible for analyzing cybersecurity threats, defining cybersecurity policy and requirements, implementing protections, and monitoring and responding to cybersecurity incidents;

- periodic cybersecurity awareness training for relevant employees and contractors on Abbott policies and emerging cybersecurity threats, including phishing awareness training;

- internal and third party cybersecurity testing, including penetration testing of Abbott’s information systems and hardware;

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- cybersecurity risk assessments for Abbott’s systems and applications;

- cybersecurity monitoring and response processes intended to identify, assess, escalate, investigate, contain, and remediate incidents; and

- disaster recovery plans.

In addition, risks from cybersecurity threats are integrated into Abbott’s enterprise risk management (ERM) program.

The ERM program establishes a risk management framework that seeks to identify and assess risks that could materially impact Abbott’s business and operations.

As part of Abbott’s cybersecurity program, Abbott regularly engages with assessors and third party advisers to perform various services, including assessments of process design and operating effectiveness; security testing and attestation; periodic assessment of enterprise cybersecurity maturity; industry benchmarking; and thought leadership related to continuous improvement of processes, training, technology, and data.

Abbott’s cybersecurity program also aims to identify and assess cybersecurity risks associated with its use of third party service providers with access to Abbott’s systems and data, as well as such third party service providers’ adherence to certain cybersecurity standards and processes.

As appropriate, Abbott requires such third party service providers to agree to be subject to cybersecurity evaluations by Abbott.

A discussion of how Abbott’s business, results of operations, and financial condition could be materially adversely affected by risks from cybersecurity threats is contained in Item 1A.

Risk Factors under *“Abbott depends on sophisticated information systems and maintains protected personal data, and a significant cybersecurity incident or other disruption affecting these information systems or protected personal data could have a material adverse effect on Abbott’s business, financial condition and results of operations."*

Governance

The board of directors has risk oversight responsibility for Abbott, which it administers directly and with assistance from its committees.

Throughout the year, the board and its committees engage with management to discuss a wide range of enterprise risks.

The audit committee assists the board of directors in fulfilling its oversight responsibilities with respect to ERM, including risks from cybersecurity threats, and the steps management has taken to monitor and mitigate those risks.

The audit committee receives reports semiannually from Abbott’s Chief Information Officer (CIO) and Chief Information Security Officer (CISO) on Abbott’s cybersecurity strategy and program.

In addition, the audit committee conducts an annual review of the ERM process, including the program structure, risk assessment, and risk mitigation.

The public policy committee assists the board of directors in fulfilling its oversight responsibility with respect to product cybersecurity, and receives reports at least annually on this topic from the CIO and CISO.

The CISO leads Abbott’s cybersecurity strategy and program and its cybersecurity and privacy incident response team that is responsible for monitoring the detection of cybersecurity incidents and executing Abbott’s cybersecurity incident response process, as needed.

Pursuant to the process, the team is responsible for the investigation and resolution of cybersecurity incidents, including reporting to an Abbott senior management-level committee on detection, mitigation, and remediation of significant cybersecurity incidents.

The CISO reports to the CIO, who has overall responsibility for the cybersecurity program and organization.

Abbott has two cross-functional senior management-level committees that assess Abbott’s material risks from cybersecurity threats – one that oversees Abbott’s cybersecurity program and another that oversees the cybersecurity incident response process.

The CISO has extensive technology work experience, having served in various roles in risk management, including information security audit and assessments, developing cybersecurity strategy/programs for enterprise and product security, and cybersecurity operations focused on identification, mitigation and response to cybersecurity threats.

The CISO has also held leadership positions in several health sector industry organizations developing cybersecurity standards and best practices.

The CIO has extensive technology work experience at S&P 100 companies overseeing and executing technology strategies in complex, global, highly matrixed environments.

The CIO provides executive leadership on technology strategy, policy, and capabilities across the Abbott enterprise.

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As of December 31, [removed: 2022,] [added: 2023,] Abbott owned or leased properties totaling approximately [removed: 43] [added: 44] million square feet, of which approximately 65% is owned by Abbott.

Abbott operates [removed: 88] [added: 90] manufacturing facilities globally.

| Medical Devices | | | | | | [removed: 28] [added: 31] | | |

| Diagnostic Products | | | | | | [removed: 22] [added: 21] | | |

| Worldwide Total | | | | | | [removed: 88] [added: 90] | | |

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Abbott’s executive officers, their ages as of February [removed: 17, 2023,] [added: 16, 2024,] and the dates of their first election as officers of Abbott are listed below.

Ford, [removed: 49][added: 50]

Allen, [removed: 57][added: 58]

John [removed: M.][added: A.]

[removed: 2015] [added: 2023] to present — Executive Vice President, [removed: Ventures.][added: Finance.]

Earnhardt, [removed: 53][added: 54]

2019 to [removed: present] [added: 2023] — Executive Vice President, Medical Devices.

Funck, Jr., [removed: 61][added: 62]

2020 to [removed: present] [added: 2023] — Executive Vice President, Finance and Chief Financial Officer.

[removed: 2019] [added: 2023] to present — Executive Vice President, Core Diagnostics.

[removed: 2017 to] 2021 [added: to 2023] — Senior Vice President, [removed: International Nutrition.][added: Rapid Diagnostics.]

Moreland, [removed: 56][added: 57]

Daniel Salvadori, [removed: 44][added: 45]

Andrea Wainer, [removed: 54][added: 55]

2018 to 2021 — Divisional Vice President, [removed: EURISA, Abbott International Nutrition.][added: Controller, Rapid Diagnostics.]

Morrone, [removed: 46][added: 47]

Boudreau, [removed: 50][added: 51]

2020 to [removed: present] [added: 2023] — Vice President, Finance and Controller.

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2023 to present — Executive Vice President and Group President, Medical Devices.

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2023 to present — Senior Vice President, Finance and Chief Financial Officer.

McCoy, Jr., 54

2023 to present — Vice President, Finance and Controller.

2021 to 2023 — Vice President, Treasurer.

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Elected Corporate Officer — 2008.

Capek, 61

Elected Corporate Officer — 2006.

Elected Corporate Officer — 2019.

John F.

Ginascol, 64

2008 to 2019 — Vice President, Nutrition, Supply Chain.

Joseph Manning, 54

2021 to present — Executive Vice President, Nutritional Products.

Elected Corporate Officer — 2015.

Gregory A.

Ahlberg, 56

2020 to present — Senior Vice President, Core Laboratory Diagnostics, Commercial Operations.

2017 to 2020 —Vice President, Diagnostics, Commercial Operations, Europe, Middle East and Africa.

Elected Corporate Officer — 2017.

Christopher J.

Calamari, 52

2021 to present — Senior Vice President, U.S. Nutrition.

2017 to 2021 — Vice President, Pediatric Nutrition.

Michael D.

Dale, 63

2019 to present — Senior Vice President, Structural Heart.

2017 to 2019 — Vice President, Structural Heart.

Sammy Karam, 61

2019 to present — Senior Vice President, Established Pharmaceuticals, Emerging Markets.

2014 to 2019 — Divisional Vice President, Global Marketing Commercial Execution, Established Pharmaceuticals.

Fernando Mateus, 48

2021 to present — Senior Vice President, International Nutrition.

2016 to 2018 — Chief Executive Officer, Exeltis USA, Inc. (a subsidiary of Exeltis, a women’s health company focused on respiratory, dermatology, and endocrinology).

Elected Corporate Officer — 2021.

2021 to present — Senior Vice President, Rapid Diagnostics.

Michael J.

Pederson, 61

2021 to present — Senior Vice President, Electrophysiology.

2019 to 2021 — Senior Vice President, Electrophysiology and Heart Failure.

2017 to 2019 — Senior Vice President, Cardiac Arrhythmias and Heart Failure.

Julie L.

Tyler, 53

2021 to present — Senior Vice President, Abbott Vascular.

April 2021 to July 2021 — Divisional Vice President, U.S. Commercial, Abbott Diabetes Care.

There were [removed: 33,984] [added: 32,449] shareholders of record of Abbott common shares as of January 31, [removed: 2023.][added: 2024.]

The Illinois Department of Commerce and Economic Opportunity (DCEO) [added: has] designated Abbott as an Illinois High Impact Business (HIB) through June [removed: 2023.][added: 2043.]

Abbott certified that the HIB requirements were met for the calendar year ending December 31, [removed: 2022.][added: 2023.]

| October 1, 2023 — October 31, 2023 | | | | | | — | | | (1) | | | $ | — | | | | | — | | | | | | $ | 1,709,092,863 | | (2) | | |

| November 1, 2023 — November 30, 2023 | | | | | | — | | | (1) | | | $ | — | | | | | — | | | | | | $ | 1,709,092,863 | | (2) | | |

| December 1, 2023 — December 31, 2023 | | | | | | 2,772,057 | | | (1) | | | $ | 108.223 | | | | | 2,772,057 | | | | | | $ | 1,409,092,884 | | (2) | | |

| Total | | | | | | 2,772,057 | | | (1) | | | $ | 108.223 | | | | | 2,772,057 | | | | | | $ | 1,409,092,884 | | (2) | | |

Abbott intends to apply to the DCEO for a renewal of its HIB designation.

| October 1, 2022 — October 31, 2022 | | | | | | 2,000,000 | | | (1) | | | $ | 98.258 | | | | | 2,000,000 | | | | | | $ | 2,919,279,803 | | (2) | | |

| November 1, 2022 — November 30, 2022 | | | | | | 800,000 | | | (1) | | | $ | 98.103 | | | | | 800,000 | | | | | | $ | 2,840,797,543 | | (2) | | |

| December 1, 2022 — December 31, 2022 | | | | | | 3,750,000 | | | (1) | | | $ | 108.455 | | | | | 3,750,000 | | | | | | $ | 2,434,092,348 | | (2) | | |

| Total | | | | | | 6,550,000 | | | (1) | | | $ | 104.077 | | | | | 6,550,000 | | | | | | $ | 2,434,092,348 | | (2) | | |

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| [Consolidated Statement of [removed: Earnings](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_109)] [added: Earnings](#if8b9124f97b842119ff487ee08edb388_106)] | | | [removed: [41](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_109)] [added: [42](#if8b9124f97b842119ff487ee08edb388_106)] | | |

| [Consolidated Statement of Comprehensive [removed: Income](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_112)] [added: Income](#if8b9124f97b842119ff487ee08edb388_109)] | | | [removed: [42](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_112)] [added: [43](#if8b9124f97b842119ff487ee08edb388_109)] | | |

| [Consolidated Statement of Cash [removed: Flows](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_115)] [added: Flows](#if8b9124f97b842119ff487ee08edb388_112)] | | | [removed: [43](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_115)] [added: [44](#if8b9124f97b842119ff487ee08edb388_112)] | | |

| [Consolidated Balance [removed: Sheet](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_118)] [added: Sheet](#if8b9124f97b842119ff487ee08edb388_115)] | | | [removed: [44](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_118)] [added: [45](#if8b9124f97b842119ff487ee08edb388_115)] | | |

| [Consolidated Statement of Shareholders’ [removed: Investment](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_121)] [added: Investment](#if8b9124f97b842119ff487ee08edb388_118)] | | | [removed: [46](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_121)] [added: [47](#if8b9124f97b842119ff487ee08edb388_118)] | | |

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_124) | | | [47](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_124) | | |][added: Statements (Continued)]

| [Management Report on Internal Control Over Financial [removed: Reporting](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_178)] [added: Reporting](#if8b9124f97b842119ff487ee08edb388_175)] | | | [removed: [74](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_178)] [added: [76](#if8b9124f97b842119ff487ee08edb388_175)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_181)] [added: Firm](#if8b9124f97b842119ff487ee08edb388_178)] (PCAOB ID: 42) | | | [removed: [75](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_181)] [added: [77](#if8b9124f97b842119ff487ee08edb388_178)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_229)] [added: Firm](#if8b9124f97b842119ff487ee08edb388_226)] | | | [removed: [91](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_229)] [added: [93](#if8b9124f97b842119ff487ee08edb388_226)] | | |

| | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | | | | | [removed: 2020] [added: 2021] | | |

| Net Sales | | | $ | [removed: 43,653] [added: 40,109] | | | | | $ | [removed: 43,075] [added: 43,653] | | | | | $ | [removed: 34,608] [added: 43,075] | |

| Cost of products sold, excluding amortization of intangible assets | | | [removed: 19,142] [added: 17,975] | | | | | | [removed: 18,537] [added: 19,142] | | | | | | [removed: 15,003] [added: 18,537] | | |

| Amortization of intangible assets | | | [removed: 2,013] [added: 1,966] | | | | | | [removed: 2,047] [added: 2,013] | | | | | | [removed: 2,132] [added: 2,047] | | |

| Research and development | | | [removed: 2,888] [added: 2,741] | | | | | | [removed: 2,742] [added: 2,888] | | | | | | [removed: 2,420] [added: 2,742] | | |

| Selling, general and administrative | | | [removed: 11,248] [added: 10,949] | | | | | | [removed: 11,324] [added: 11,248] | | | | | | [removed: 9,696] [added: 11,324] | | |

| Total Operating Cost and Expenses | | | [removed: 35,291] [added: 33,631] | | | | | | [removed: 34,650] [added: 35,291] | | | | | | [removed: 29,251] [added: 34,650] | | |

| Operating Earnings | | | [removed: 8,362] [added: 6,478] | | | | | | [removed: 8,425] [added: 8,362] | | | | | | [removed: 5,357] [added: 8,425] | | |

| Interest expense | | | [removed: 558] [added: 637] | | | | | | [removed: 533] [added: 558] | | | | | | [removed: 546] [added: 533] | | |

| Interest income | | | [removed: (183)] [added: (385)] | | | | | | [removed: (43)] [added: (183)] | | | | | | [removed: (46)] [added: (43)] | | |

| Net foreign exchange (gain) loss | | | [removed: 2] [added: 41] | | | | | | [removed: 1] [added: 2] | | | | | | [removed: (8)] [added: 1] | | |

| Other (income) expense, net | | | [removed: (321)] [added: (479)] | | | | | | [removed: (277)] [added: (321)] | | | | | | [removed: (103)] [added: (277)] | | |

| Earnings [removed: from Continuing Operations Before] [added: before] Taxes | | | [removed: 8,306] [added: 6,664] | | | | | | [removed: 8,211] [added: 8,306] | | | | | | [removed: 4,968] [added: 8,211] | | |

| Taxes on Earnings [removed: from Continuing Operations] | | | [removed: 1,373] [added: 941] | | | | | | [removed: 1,140] [added: 1,373] | | | | | | [removed: 497] [added: 1,140] | | |

| Net Earnings | | | $ | [removed: 6,933] [added: 5,723] | | | | | $ | [removed: 7,071] [added: 6,933] | | | | | $ | [removed: 4,495] [added: 7,071] | |

| Basic Earnings Per Common Share [removed: --] | | | [added: $] | [added: 3.28] | | | | | [added: $] | [added: 3.94] | | | | | [added: $] | [added: 3.97] | |

| Diluted Earnings Per Common Share [removed: --] | | | [added: $] | [added: 3.26] | | | | | [added: $] | [added: 3.91] | | | | | [added: $] | [added: 3.94] | |

| Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share | | | [removed: 1,753] [added: 1,740] | | | | | | [removed: 1,775] [added: 1,753] | | | | | | [removed: 1,773] [added: 1,775] | | |

| Dilutive Common Stock Options | | | [removed: 11] [added: 9] | | | | | | [removed: 14] [added: 11] | | | | | | [removed: 13] [added: 14] | | |

| Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | | | [removed: 1,764] [added: 1,749] | | | | | | [removed: 1,789] [added: 1,764] | | | | | | [removed: 1,786] [added: 1,789] | | |

| Outstanding Common Stock Options Having No Dilutive Effect | | | [removed: 3] [added: 5] | | | | | | [removed: —] [added: 3] | | | | | | [removed: 9] [added: —] | | |

| Foreign currency translation gain (loss) adjustments | | | [removed: (894)] [added: 229] | | | | | | [removed: (980)] [added: (894)] | | | | | | [removed: 65] [added: (980)] | | |

| Net actuarial gains (losses) and prior service cost and credits and amortization of net actuarial losses and prior service cost and credits, net of taxes of [added: $31 in 2023,] $330 in [removed: 2022,] [added: 2022 and] $340 in 2021 [removed: and $(79) in 2020] | | | [removed: 1,177] [added: 117] | | | | | | [removed: 1,201] [added: 1,177] | | | | | | [removed: (331)] [added: 1,201] | | |

| Net gains (losses) on derivative instruments designated as cash flow hedges, net of taxes of [added: $(66) in 2023,] $11 in [removed: 2022,] [added: 2022 and] $63 in 2021 [removed: and $(87) in 2020] | | | [removed: 40] [added: (134)] | | | | | | [removed: 351] [added: 40] | | | | | | [removed: (215)] [added: 351] | | |

| Other Comprehensive Income (Loss) | | | [removed: 323] [added: 212] | | | | | | [removed: 572] [added: 323] | | | | | | [removed: (481)] [added: 572] | | |

| Comprehensive Income | | | $ | [removed: 7,256] [added: 5,935] | | | | | $ | [removed: 7,643] [added: 7,256] | | | | | $ | [removed: 4,014] [added: 7,643] | |

| Cumulative foreign currency translation (loss) adjustments | | | $ | [removed: (6,733)] [added: (6,504)] | | | | | $ | [removed: (5,839)] [added: (6,733)] | | | | | $ | [removed: (4,859)] [added: (5,839)] | |

| Net actuarial (losses) and prior service (cost) and credits | | | [removed: (1,493)] [added: (1,376)] | | | | | | [removed: (2,670)] [added: (1,493)] | | | | | | [removed: (3,871)] [added: (2,670)] | | |

| Cumulative gains (losses) on derivative instruments designated as cash flow hedges | | | [removed: 175] [added: 41] | | | | | | [removed: 135] [added: 175] | | | | | | [removed: (216)] [added: 135] | | |

| Accumulated other comprehensive income (loss) | | | $ | [removed: (8,051)] [added: (7,839)] | | | | | $ | [removed: (8,374)] [added: (8,051)] | | | | | $ | [removed: (8,946)] [added: (8,374)] | |

| Depreciation | | | [removed: 1,254] [added: 1,277] | | | | | | [removed: 1,491] [added: 1,254] | | | | | | [removed: 1,195] [added: 1,491] | | |

| [Notes to Consolidated Financial Statements](#if8b9124f97b842119ff487ee08edb388_121) | | | [48](#if8b9124f97b842119ff487ee08edb388_121) | | |

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

| Net earnings | | | $ | 5,723 | | | | | $ | 6,933 | | | | | $ | 7,071 | |

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

| | | | 2023 | | | | | | 2022 | | |

| | | | 21,933 | | | | | | 20,212 | | |

| | | | $ | 73,214 | | | | | $ | 74,438 | |

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

| | | | 2023 | | | | | | 2022 | | |

| Common shares held in treasury, at cost — Shares: 2023: 253,807,494; 2022: 248,724,257 | | | (15,981) | | | | | | (15,229) | | |

| | | | $ | 73,214 | | | | | $ | 74,438 | |

[Table](#if8b9124f97b842119ff487ee08edb388_7) [of Contents](#if8b9124f97b842119ff487ee08edb388_7)

| Net earnings | | | 5,723 | | | | | | 6,933 | | | | | | 7,071 | | |

| Other comprehensive income (loss) | | | 212 | | | | | | 323 | | | | | | 572 | | |

Abbott adopted the standard on January 1, 2023.

In November 2023, the FASB issued ASU 2023-07, *Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures*, which expands the breadth and frequency of required segment disclosures.

The guidance is required to be applied retrospectively to all periods presented in the financial statements.

The standard becomes effective for Abbott for full year 2024 reporting and for interim periods beginning in the first quarter of 2025.

Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which requires an entity to disclose annually additional information related to the company's income tax rate reconciliation and income taxes paid during the period.

The guidance should be applied prospectively with the option to apply the standard retrospectively.

Abbott is currently evaluating the impact of this new standard on its consolidated financial statements.

| | | | | | | 2023 | | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | | | | | 2021 | | | | | | | | | | | | | | |

| Key Emerging Markets | | | | | | $ | — | | | | | $ | 3,807 | | | | | $ | 3,807 | | | | | $ | — | | | | | $ | 3,766 | | | | | $ | 3,766 | | | | | $ | — | | | | | $ | 3,565 | | | | | $ | 3,565 | |

| Other | | | | | | — | | | | | | 1,259 | | | | | | 1,259 | | | | | | — | | | | | | 1,146 | | | | | | 1,146 | | | | | | — | | | | | | 1,153 | | | | | | 1,153 | | |

| Rapid Diagnostics | | | | | | 2,518 | | | | | | 1,172 | | | | | | 3,690 | | | | | | 6,652 | | | | | | 3,409 | | | | | | 10,061 | | | | | | 4,916 | | | | | | 3,519 | | | | | | 8,435 | | |

| Total | | | | | | 4,329 | | | | | | 5,659 | | | | | | 9,988 | | | | | | 8,531 | | | | | | 7,938 | | | | | | 16,469 | | | | | | 7,011 | | | | | | 8,515 | | | | | | 15,526 | | |

| Heart Failure | | | | | | 888 | | | | | | 273 | | | | | | 1,161 | | | | | | 809 | | | | | | 226 | | | | | | 1,035 | | | | | | 772 | | | | | | 235 | | | | | | 1,007 | | |

| Total | | | | | | 7,696 | | | | | | 9,191 | | | | | | 16,887 | | | | | | 6,681 | | | | | | 8,121 | | | | | | 14,802 | | | | | | 6,041 | | | | | | 8,444 | | | | | | 14,485 | | |

Note: The Acelis Connected Health business was internally transferred from Rapid Diagnostics to Heart Failure on January 1, 2023.

As a result, $115 million of sales in 2022 and $118 million of sales in 2021 were moved from Rapid Diagnostics to Heart Failure.

The amounts as of December 31, 2023 and 2022 were not significant.

| Balance at December 31, 2023 | | | $ | 545 | |

| Balance at December 31, 2023 | | | $ | 241 | |

The increase in Abbott’s long-term investments as of December 31, 2023 versus the balance as of December 31, 2022 is primarily due to investments acquired as part of a business acquisition and other additional investments, partially offset by the impact of equity method investment losses.

| (in millions) | | | | | | December 31, 2023 | | | | | | December 31, 2022 | | |

| (in millions) | | | | | | December 31, 2023 | | | | | | December 31, 2022 | | |

| Balance at December 31, 2023 | | | | | | $ | (6,504) | | | | | $ | (1,376) | | | | | $ | 41 | | | | | $ | (7,839) | |

| Earnings from Continuing Operations | | | 6,933 | | | | | | 7,071 | | | | | | 4,471 | | |

| Net Earnings from Discontinued Operations, net of taxes | | | — | | | | | | — | | | | | | 24 | | |

| Continuing Operations | | | $ | 3.94 | | | | | $ | 3.97 | | | | | $ | 2.51 | |

| Discontinued Operations | | | — | | | | | | — | | | | | | 0.01 | | |

| Net Earnings | | | $ | 3.94 | | | | | $ | 3.97 | | | | | $ | 2.52 | |

| Continuing Operations | | | $ | 3.91 | | | | | $ | 3.94 | | | | | $ | 2.49 | |

| Net Earnings | | | $ | 3.91 | | | | | $ | 3.94 | | | | | $ | 2.50 | |

| | | | 20,212 | | | | | | 19,364 | | |

| | | | $ | 74,438 | | | | | $ | 75,196 | |

| Shares: 2022: 221,191,228; 2021: 209,926,622; 2020: 214,351,838 | | | $ | (11,822) | | | | | $ | (10,042) | | | | | $ | (10,147) | |

| Impact of adoption of new accounting standards | | | — | | | | | | — | | | | | | (5) | | |

Sales of product rights for marketable products are recorded as revenue upon disposition of the rights.

Net earnings allocated to common shares in 2022, 2021 and 2020 were $6.905 billion, $7.042 billion and $4.473 billion, respectively.

| | | | | | | | | |

| --- | --- | --- | --- | --- | --- | --- | --- | --- |

| Key Emerging Markets | | | | | | $ | — | | | | | $ | 3,728 | | | | | $ | 3,728 | | | | | $ | — | | | | | $ | 3,539 | | | | | $ | 3,539 | | | | | $ | — | | | | | $ | 3,209 | | | | | $ | 3,209 | |

| Other | | | | | | — | | | | | | 1,184 | | | | | | 1,184 | | | | | | — | | | | | | 1,179 | | | | | | 1,179 | | | | | | — | | | | | | 1,094 | | | | | | 1,094 | | |

| Rapid Diagnostics | | | | | | 6,767 | | | | | | 3,409 | | | | | | 10,176 | | | | | | 5,034 | | | | | | 3,519 | | | | | | 8,553 | | | | | | 2,618 | | | | | | 1,758 | | | | | | 4,376 | | |

| Total | | | | | | 8,646 | | | | | | 7,938 | | | | | | 16,584 | | | | | | 7,129 | | | | | | 8,515 | | | | | | 15,644 | | | | | | 4,774 | | | | | | 6,031 | | | | | | 10,805 | | |

| Heart Failure | | | | | | 694 | | | | | | 226 | | | | | | 920 | | | | | | 654 | | | | | | 235 | | | | | | 889 | | | | | | 547 | | | | | | 193 | | | | | | 740 | | |

| Total | | | | | | 6,566 | | | | | | 8,121 | | | | | | 14,687 | | | | | | 5,923 | | | | | | 8,444 | | | | | | 14,367 | | | | | | 4,931 | | | | | | 6,856 | | | | | | 11,787 | | |

| Other | | | | | | 11 | | | | | | — | | | | | | 11 | | | | | | 34 | | | | | | 18 | | | | | | 52 | | | | | | 38 | | | | | | 28 | | | | | | 66 | | |

| Balance at December 31, 2020 | | | $ | 405 | |

| Balance at December 31, 2020 | | | $ | 288 | |

The decrease in Abbott’s long-term investments as of December 31, 2022 versus the balance as of December 31, 2021 primarily relates to a decrease in the fair value of investments held in a rabbi trust, the impact of asset impairments and a distribution from an investment held in a joint venture, partially offset by increased investment in long-term time deposits.

________________________________________________________

| Balance at December 31, 2020 | | | | | | $ | (4,859) | | | | | $ | (3,871) | | | | | $ | (216) | | | | | $ | (8,946) | |

| (in millions) | | | | | | | | |

In the second quarter of 2021, Abbott recorded charges of $499 million under this plan in Cost of products sold.

The charge recognized in the second quarter included fixed asset write-downs of $80 million, inventory-related charges of $248 million, and other exit costs, which included contract cancellations and employee-related costs of $171 million.

In the second half of 2021, as the Delta and Omicron variants of COVID-19 spread and the number of new COVID-19 cases increased significantly, particularly in the U.S., demand for rapid COVID-19 tests increased significantly.

As a result, in the second half of 2021, Abbott sold approximately $181 million of inventory that was previously estimated to have no net realizable value under the second quarter restructuring action.

In addition, the estimate of other exit costs was reduced by a net $58 million as Abbott fulfilled its purchase obligations under certain contracts for which a liability was recorded in the second quarter or Abbott settled with the counterparty in the second half of 2021.

The following summarizes the activity for these restructuring actions and the status of the related accruals as of December 31, 2022:

| Restructuring charges recorded in 2021 | | | | | | $ | 68 | |

| Outstanding at December 31, 2021 | | | | | | 27,199,851 | | | | | | $ | 65.16 | | | | | 5.7 | | | | | | $ | 2,056 | |

| Granted | | | | | | 2,634,647 | | | | | | 117.54 | | | | | | | | | | | | | | |

| Exercised | | | | | | (1,520,074) | | | | | | 53.06 | | | | | | | | | | | | | | |

| Lapsed | | | | | | (26,378) | | | | | | 110.72 | | | | | | | | | | | | | | |

| Exercisable at December 31, 2022 | | | | | | 22,553,089 | | | | | | $ | 59.87 | | | | | 4.5 | | | | | | $ | 1,139 | |

Ford, and the Chief Financial Officer, [removed: Robert E.][added: Philip P.]

[removed: Funck, Jr.,] [added: Boudreau,] evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Commission under the Securities Exchange Act of 1934 (the Exchange Act) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

*Management’s annual report on internal control over financial reporting.* Management’s report on Abbott’s internal control over financial reporting is included on page [removed: 74] [added: 76] hereof.

The report of Abbott’s independent registered public accounting firm related to their assessment of the effectiveness of internal control over financial reporting is included on page [removed: 77] [added: 79] hereof.

*Changes in internal control over financial reporting.* During the quarter ended December 31, [removed: 2022,] [added: 2023,] there were no changes in Abbott’s internal control over financial reporting (as defined in Rule 13a-15(f) under the Exchange Act) that have materially affected, or are reasonably likely to materially affect, Abbott’s internal control over financial reporting.

Incorporated herein by reference are [removed: “Nominees for Election as Directors,”] [added: “Election of Directors (Item 1 on Proxy Card),”] “Committees of the Board of Directors,” and “Procedure for Recommendation and Nomination of Directors and Transaction of Business at Annual Meeting” to be included in the [removed: 2023] [added: 2024] Abbott Laboratories Proxy Statement.

The [removed: 2023] [added: 2024] Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

Also incorporated herein by reference is the text found under the caption, “Information About Our Executive Officers” on pages [removed: 17 through] 19 [added: through 20] hereof.

The material required by this Item 11 will be included in the [removed: 2023] [added: 2024] Proxy Statement under the headings “Director Compensation” and “Executive Compensation”, and such material is incorporated herein by reference.

The [removed: 2023] [added: 2024] Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

The following table presents information as of December 31, [removed: 2022] [added: 2023] about our compensation plans under which Abbott common shares have been authorized for issuance.

| Equity compensation plans [added: not] approved by security holders [removed: (1)] | | | | | | [removed: 27,979,003] [added: —] | | | | | | [removed: $] [added: —] | [removed: 71.10] | | | | | [removed: 96,933,656] [added: —] | | |

| Equity compensation plans [removed: not] approved by security holders [added: (1)] | | | | | | [removed: 0] [added: 28,569,075] | | | | | | [removed: —] [added: $] | [added: 74.52] | | | | | [removed: 0] [added: 82,923,001] | | |

As of December 31, [removed: 2022,] [added: 2023,] an aggregate of [removed: 9,639,706] [added: 8,565,087] common shares were available for future issuance under the Employee Stock Purchase Plan, including shares subject to purchase during the current purchase cycle.

For additional information concerning the Abbott Laboratories 2009 Incentive Stock Program, the Abbott Laboratories 2017 Incentive Stock Program, and the Abbott Laboratories 2017 Employee Stock Purchase Plan for Non-U.S. Employees, see the discussion in Note [removed: 8] [added: 9] entitled “Incentive Stock Program” of the Notes to Consolidated Financial Statements included under Item 8, “Financial Statements and Supplementary Data.”

Incorporated herein by reference is the material under the headings “Security Ownership of Executive Officers and Directors” and “Information Concerning Security Ownership” in the [removed: 2023] [added: 2024] Proxy Statement.

The [removed: 2023] [added: 2024] Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

| Total (1) | | | | | | 28,569,075 | | | | | | $ | 74.52 | | | | | 82,923,001 | | |

| Total (1)(2) | | | | | | 27,979,003 | | | | | | $ | 71.10 | | | | | 96,933,656 | | |

(2)Not included in the table: *St. Jude Medical, Inc. Plans*.

In 2017, in connection with the acquisition of St. Jude Medical, Inc., options outstanding under the St. Jude Medical, Inc. 2007 Stock Incentive Plan, as Amended and Restated (2014) were assumed by Abbott and converted into Abbott options of substantially equivalent value.

As of December 31, 2022, 309,043 options remained outstanding under these plans.

These options have a weighted average purchase price of $29.61.

No further awards will be granted under these plans.

The material to be included in the [removed: 2023] [added: 2024] Proxy Statement under the headings “The Board of Directors,” “Committees of the Board of Directors,” and “Approval Process for Related Person Transactions” is incorporated herein by reference.

The [removed: 2023] [added: 2024] Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

The material to be included in the [removed: 2023] [added: 2024] Proxy Statement under the headings “Audit Fees and Non-Audit Fees” and “Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of the Independent Auditor” is incorporated herein by reference.

The [removed: 2023] [added: 2024] Proxy Statement will be filed on or about March [removed: 17, 2023.][added: 15, 2024.]

(1)*Financial Statements:* See Item 8, “Financial Statements and Supplementary Data,” on page [removed: 40] [added: 41] hereof, for a list of financial statements.

| [Valuation and Qualifying Accounts (Schedule [removed: II)](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_226)] [added: II)](#if8b9124f97b842119ff487ee08edb388_223)] | | | | | | [removed: [90](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_226)] [added: [92](#if8b9124f97b842119ff487ee08edb388_223)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_229)] [added: Firm](#if8b9124f97b842119ff487ee08edb388_226)] | | | | | | [removed: [91](#i9fb00ae5e49d4896ae5ec2cd75f5ec9b_229)] [added: [93](#if8b9124f97b842119ff487ee08edb388_226)] | | |

| 3.2 | | | * | | | [Amended and Restated [removed: B](https://www.sec.gov/Archives/edgar/data/1800/000110465922125832/tm2232123d1_ex3-1.htm)[y](https://www.sec.gov/Archives/edgar/data/1800/000110465922125832/tm2232123d1_ex3-1.htm)[\-Laws] [added: By-Laws] of Abbott Laboratories, effective as of [removed: December 9, 2022,] [added: April 28, 2023,] filed as Exhibit 3.1 to the Abbott Laboratories Current Report on Form 8-K filed on [removed: December 9, 2022.](https://www.sec.gov/Archives/edgar/data/1800/000110465922125832/tm2232123d1_ex3-1.htm)] [added: February 17, 2023.](https://www.sec.gov/Archives/edgar/data/1800/000110465923023291/tm236955d1_ex3-1.htm)] | | |

| 4.12 | | | * | | | [Form of [removed: 3.400%] [added: 3.750%] Notes due [removed: 2023,] [added: 2026,] filed as Exhibit [removed: 4.4] [added: 4.5] to the Abbott Laboratories Current Report on Form 8-K dated November 22, [removed: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d4.htm)] [added: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d5.htm)] | | |

| 4.13 | | | * | | | [Form of [removed: 3.750%] [added: 4.750%] Notes due [removed: 2026,] [added: 2036,] filed as Exhibit [removed: 4.5] [added: 4.6] to the Abbott Laboratories Current Report on Form 8-K dated November 22, [removed: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d5.htm)] [added: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d6.htm)] | | |

| 4.14 | | | * | | | [Form of [removed: 4.750%] [added: 4.900%] Notes due [removed: 2036,] [added: 2046,] filed as Exhibit [removed: 4.6] [added: 4.7] to the Abbott Laboratories Current Report on Form 8-K dated November 22, [removed: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d6.htm)] [added: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d7.htm)] | | |

| [removed: 4.15] [added: 4.16] | | | * | | | [Form of [removed: 4.900%] [added: 3.875%] Notes due [removed: 2046,] [added: 2025,] filed as Exhibit [removed: 4.7] [added: 4.5] to the Abbott Laboratories Current Report on Form 8-K dated [removed: November] [added: March] 22, [removed: 2016.](https://www.sec.gov/Archives/edgar/data/1800/000110465916158757/a16-21553_4ex4d7.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917018578/a17-4288_6ex4d5.htm)] | | |

| [removed: 4.16] [added: 4.15] | | | * | | | [Officers’ Certificate Pursuant to Sections 3.1 and 3.3 of the Indenture with respect to 2.350% Notes due 2019, 2.900% Notes due 2021, 3.400% Notes due 2023, 3.750% Notes due 2026, 4.750% Notes due 2036 and 4.900% Notes due 2046 (including forms of notes), filed as Exhibit 4.22 to the Abbott Laboratories 2016 Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746917000744/a2230875zex-4_22.htm) | | |

| 4.17 | | | * | | | [Form of [removed: 3.875%] [added: 4.75%] Notes due [removed: 2025,] [added: 2043,] filed as Exhibit [removed: 4.5] [added: 4.6] to the Abbott Laboratories Current Report on Form 8-K dated March 22, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917018578/a17-4288_6ex4d5.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917018578/a17-4288_6ex4d6.htm)] | | |

| [removed: 4.18] [added: 4.31] | | | * | | | [Form of [removed: 4.75%] [added: 1.150%] Notes due [removed: 2043,] [added: 2028,] filed as Exhibit [removed: 4.6] [added: 4.3] to the Abbott Laboratories Current Report on Form 8-K [added: filed on June 24, 2020 (included in Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K] dated [removed: March] [added: June] 22, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917018578/a17-4288_6ex4d6.htm)] [added: 2020).](https://www.sec.gov/Archives/edgar/data/1800/000110465920076435/tm2022780d5_ex4-2.htm)] | | |

| [removed: 4.19] [added: 4.18] | | | * | | | [Officers’ Certificate Pursuant to Sections 3.1 and 3.3 of the Indenture with respect to 2.000% Notes due 2018, 2.800% Notes due 2020, 3.25% Notes due 2023, 3.875% Notes due 2025, and 4.75% Notes due 2043 (including form of notes), filed as Exhibit 4.7 to the Abbott Laboratories Quarterly Report on Form 10-Q for the period ended March 31, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917029430/a17-8899_1ex4d7.htm) | | |

| [removed: 4.20] [added: 4.19] | | | † | | | [Indenture, dated as of July 28, 2009, between St. Jude Medical, LLC (successor to St. Jude Medical, Inc.) and U.S. Bank National Association, as trustee, filed as Exhibit 4.1 to the St. Jude Medical, Inc. Current Report on Form 8-K dated July 28, 2009.](https://www.sec.gov/Archives/edgar/data/203077/000089710109001529/stjude093309_ex4-1.htm) | | |

| [removed: 4.21] [added: 4.20] | | | † | | | [Fourth Supplemental Indenture, dated as of April 2, 2013, between St. Jude Medical, LLC (successor to St. Jude Medical, Inc.) and U.S. Bank National Association, as trustee, relating to St. Jude Medical, LLC’s 3.25% Senior Notes due 2023 and 4.75% Senior Notes due 2043 (including forms of notes), filed as Exhibit 4.1 to the St. Jude Medical, Inc. Current Report on Form 8-K dated April 2, 2013.](https://www.sec.gov/Archives/edgar/data/203077/000089710113000487/stjude131565_ex4-1.htm) | | |

| [removed: 4.22] [added: 4.21] | | | † | | | [Fifth Supplemental Indenture, dated as of September 23, 2015, between St. Jude Medical, LLC (successor to St. Jude Medical, Inc.) and U.S. Bank National Association, as trustee, relating to St. Jude Medical, LLC’s 2.000% Senior Notes due 2018, 2.800% Senior Notes due 2020 and 3.875% Senior Notes due 2025, filed as Exhibit 4.1 to the St. Jude Medical, Inc. Current Report on Form 8-K dated September 23, 2015.](https://www.sec.gov/Archives/edgar/data/203077/000110465915066686/a15-20118_1ex4d1.htm) | | |

| [removed: 4.23] [added: 4.22] | | | † | | | [Sixth Supplemental Indenture, dated as of January 4, 2017, among St. Jude Medical, Inc., St. Jude Medical, LLC and U.S. Bank National Association, as trustee, filed as Exhibit 4.1 to the St. Jude Medical, LLC Current Report on Form 8-K dated January 4, 2017.](https://www.sec.gov/Archives/edgar/data/203077/000110465917000936/a16-23886_1ex4d1.htm) | | |

| [removed: 4.24] [added: 4.23] | | | * | | | [Form of Seventh Supplemental Indenture between St. Jude Medical, LLC and U.S. Bank National Association, as trustee, filed as Exhibit 4.3 to the Abbott Laboratories Registration Statement on Form S-4 dated February 21, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000104746917000773/a2230913zex-4_3.htm) | | |

| [removed: 4.25] [added: 4.24] | | | * | | | [Indenture dated September 27, 2018, among Abbott Ireland Financing DAC, as issuer, Abbott Laboratories, as guarantor and U.S. Bank National Association, as trustee, filed as Exhibit 4.1 to the Abbott Laboratories Current Report on Form 8-K dated September 27, 2018.](https://www.sec.gov/Archives/edgar/data/1800/000110465918059457/a18-36079_1ex4d1.htm) | | |

| [removed: 4.26] [added: 4.25] | | | * | | | [First Supplemental Indenture dated September 27, 2018, among Abbott Ireland Financing DAC, as issuer, Abbott Laboratories, as guarantor, U.S. Bank National Association, as trustee, Elavon Financial Services DAC, U.K. Branch, as paying agent and transfer agent, and Elavon Financial Services DAC, as registrar, filed as Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated September 27, 2018.](https://www.sec.gov/Archives/edgar/data/1800/000110465918059457/a18-36079_1ex4d2.htm) | | |

| [removed: 4.27] [added: 4.26] | | | * | | | [Second Supplemental Indenture dated November 19, 2019, among Abbott Ireland Financing DAC, as issuer, Abbott Laboratories, as guarantor, U.S. Bank National Association, as trustee, and Elavon Financial Services DAC, as paying agent, transfer agent and registrar, filed as Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated November 19, 2019.](https://www.sec.gov/Archives/edgar/data/1800/000110465919065447/tm1923129d1_ex4-2.htm) | | |

| [removed: 4.28] [added: 4.27] | | | * | | | [Form of [removed: 0.875%] [added: 1.500%] Note due [removed: 2023] [added: 2026] (included in Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated September 27, 2018).](https://www.sec.gov/Archives/edgar/data/1800/000110465918059457/a18-36079_1ex4d2.htm#Exhibit4_2_033809) | | |