Abbott Laboratories (ABT) 10-K risk factor changes: FY2024 vs FY2023

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

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

Abbott could also experience negative effects on its reported results of operations from acquisition or disposition-related charges, amortization of expenses related to intangibles and charges for impairment of [removed: long-term] [added: long-lived] assets.

Abbott is subject to [removed: certain regional] [added: numerous data privacy] and [removed: local] data protection laws [added: and regulations globally, including data protection laws] that prohibit or restrict the transfer of protected data across country borders.

For additional information concerning data privacy and security regulation, see the discussion in “Regulation” under Item 1, “Business.” A breach [added: or unauthorized disclosure] of protected personal information could result in adverse consequences, including regulatory inquiries or litigation, increased costs and expenses, reputational damage, lost revenue, and fines or penalties.

Abbott’s research and development efforts [removed: may not succeed in developing] [added: to develop] commercially successful products and [removed: technologies,] [added: technologies and its efforts to develop and maintain new business and operating models necessary to support data-driven healthcare solutions may not succeed, either of] which may cause Abbott’s revenue and profitability to decline.

Abbott has [removed: significant] indebtedness, which could adversely affect its business, including decreasing its business flexibility.

As of December 31, [removed: 2023,] [added: 2024,] Abbott's consolidated indebtedness was approximately [removed: $14.7] [added: $14.1] billion.

This consolidated indebtedness could have the effect, among other things, of reducing Abbott's flexibility to respond to changing business [removed: and economic conditions, and reducing funds available for working capital, capital expenditures, acquisitions, and other general corporate purposes.]

In addition, no assurance can be given that Abbott will remain in compliance with applicable FDA and other regulatory requirements once [removed: approval] [added: approval, clearance,] or marketing authorization has been obtained for a product.

These requirements include, among other things, regulations regarding manufacturing practices, product labeling, [removed: and advertising] [added: postmarket changes to products, advertising,] and postmarketing reporting, including adverse event reports and field alerts.

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 any actual or potential issues; the inability to obtain future [removed: pre-market approvals] [added: product approvals, clearances,] or marketing authorizations; and withdrawals or suspensions of current products from the market.

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

Abbott’s industry is subject to various international, supranational, federal, and state laws and regulations pertaining to government benefit program reimbursement, price reporting and regulation, and [removed: health care] [added: healthcare] fraud and abuse, including anti-kickback and false claims laws, and international and individual state laws relating to pricing and sales and marketing practices.

Violations of these laws may be punishable by criminal and/or civil sanctions, including, in some instances, substantial fines, imprisonment, and exclusion from participation in government [removed: health care] [added: healthcare] programs, including Medicare, Medicaid, and Veterans Administration health programs in the U.S. These laws and regulations are broad in scope and they are subject to evolving interpretations, which could require Abbott to incur substantial costs associated with compliance or to alter one or more of its sales or marketing practices.

[removed: In addition, violations of these laws, or allegations of such] violations, could disrupt Abbott’s business and result in a material adverse effect on Abbott’s revenues, profitability, and financial condition.

Changes in the [removed: health care] [added: healthcare] regulatory environment may adversely impact the demand for and price of Abbott’s products.

Both in the U.S. and internationally, government authorities may enact changes in regulatory requirements, make legislative or administrative reforms to existing reimbursement programs, make adverse decisions relating to Abbott’s products’ coverage or reimbursement, or make changes to patient access to [removed: health care,] [added: healthcare,] all of which could adversely impact the demand for and usage of Abbott’s products or the prices that Abbott’s customers are willing to pay for them.

Further, in the U.S., a number of the provisions of the Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 address access to [removed: health care] [added: healthcare] products and services.

Future rulemaking could affect rebates, prices or the rate of price increases for [removed: health care] [added: healthcare] products and services, or required reporting and disclosure.

For additional information concerning [removed: health care] [added: healthcare] regulation, see the discussion in “Regulation” under Item 1, “Business.”

[removed: Health care] [added: Healthcare] products typically receive regulatory approval based on data obtained in controlled clinical trials of limited duration.

Cost containment efforts by governments and private organizations are described in greater detail in the section captioned “Regulation.” To the extent these cost containment efforts are not offset by greater patient access to [removed: health care] [added: healthcare] or other factors, Abbott’s future revenues and operating income will be reduced.

Resolving an intellectual property infringement claim can be costly and time [removed: consuming and may require Abbott to enter into license agreements.]

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

Sales outside of the United States in [removed: 2023] [added: 2024] made up approximately 61 percent of Abbott’s net sales.

Adverse changes in tax laws, regulations [removed: and] [added: or] 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.

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

Financial instability and fiscal deficits in these countries may result in additional austerity measures to reduce costs, including [removed: health care.][added: healthcare.]

Deterioration in the quality of sovereign debt, including credit downgrades, could increase Abbott’s collection risk where a significant amount of Abbott’s receivables in these countries are with governmental [removed: health care] [added: healthcare] systems or where Abbott’s customers depend on payment by government [removed: health care] [added: healthcare] systems.

Abbott is subject to risks related to public health crises, such as widespread outbreaks of infectious [removed: diseases like the COVID-19 pandemic,] [added: diseases,] which [removed: had] [added: could have] 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 [removed: diseases like the COVID-19 pandemic,] [added: diseases,] may negatively impact certain Abbott's operations.

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

- potential penalties or other adverse consequences for violations of anti-corruption, anti-bribery, [added: anti-competition,] and other similar laws and regulations, including the Foreign Corrupt Practices Act and the U.K. Bribery Act.

- changes in or interpretations of laws and regulations, including changes in accounting standards, taxation requirements, product approval standards, product labeling standards, [added: manufacturing standards,] source and use laws, and environmental laws;

- differences between the fair value measurement of assets and liabilities and their actual value, particularly for pensions, retiree [removed: health care,] [added: healthcare,] stock compensation, intangibles, goodwill, and contingent consideration; and for contingent liabilities such as litigation, the absence of a recorded amount, or an amount recorded at the minimum, compared to the actual amount;

- legal [removed: difficulties,] [added: challenges,] any of which could preclude or delay commercialization of products or adversely affect profitability, including claims asserting statutory or regulatory violations, and adverse litigation decisions.

In addition, Abbott is developing new business and operating models necessary to support the creation of data-driven healthcare solutions such as data-centric prevention and treatment strategies, new products and technologies that incorporate data insights, and product technology strategies that focus on connectivity and data creation management.

Even if Abbott successfully develops such new data-driven healthcare solutions, they may be rendered obsolete by competitors' innovations, the nature of the data and insights generated, or changing customer preferences.

Failure to develop and maintain business and operating models necessary to support data-driven healthcare solutions may negatively impact the demand for Abbott products and technologies, causing Abbott's revenues and profitability to decline.

and economic conditions, and reducing funds available for working capital, capital expenditures, acquisitions, and other general corporate purposes.

For example, in February 2022, Abbott initiated a voluntary recall of certain powder infant formula products manufactured at its facility in Sturgis, Michigan at which time it temporarily stopped manufacturing at the facility.

In May 2022, Abbott entered into a consent decree with the FDA.

In addition, violations of these laws, or allegations of such

consuming and may require Abbott to enter into license agreements.

Sales outside of the U.S. in 2024 made up approximately 61 percent of Abbott’s net sales.

Abbott is a large, global corporation and is subject to complex and evolving tax rules, both in the U.S. and internationally.

Furthermore, such widespread outbreaks may impact, and during the COVID-19 pandemic impacted, the broader

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

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

In addition, the COVID-19 pandemic contributed to global supply chain disruptions, which 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 (EUA) for several COVID‑19 related products in 2020 and 2021, including Abbott diagnostic tests.

EUAs are authorized pursuant to an EUA Declaration under the U.S. Food, Drug, and Cosmetic Act and remain in effect until the Secretary of the U.S. Department of Health and Human Services terminates the EUA Declaration or unless sooner terminated or revoked.

Abbott is actively pursuing the FDA’s customary regulatory approval process for various COVID-19 diagnostic 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.

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.

Abbott 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.

Further, the COVID-19 pandemic has shifted to an endemic state, resulting in significantly lower demand for COVID-19 tests.

A more detailed discussion on the impact 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 Operations, of this report.

[removed: In 2023,] Abbott’s COVID-19 testing-related sales totaled [removed: approximately $1.6 billion, of which $730] [added: $747] million [removed: occurred] in [removed: the first quarter of 2023.][added: 2024, $1.6 billion in 2023 and $8.4 billion in 2022.]

Sales in emerging markets, which represent approximately [removed: 38] [added: 37] percent of total company sales, increased [removed: 5.4] [added: 8.2] percent in [removed: 2023] [added: 2024] and [removed: 5.6] [added: 5.4] percent in [removed: 2022,] [added: 2023,] excluding the impact of foreign exchange.

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

In [added: February 2022, Abbott’s] U.S. Pediatric [removed: Nutritionals, Abbott initiated] [added: Nutrition business was impacted by] a voluntary recall [removed: in February 2022] of certain infant powder formula products manufactured at its facility in Sturgis, [removed: Michigan and stopped production] [added: Michigan,] at [added: which time] the [added: company temporarily stopped operations at that] facility.

[removed: In] [added: Beginning in] the fourth quarter of [removed: 2023,] [added: 2023 and through 2024,] Abbott [removed: returned to having the] [added: has regained and maintained its] market-leading position in the U.S., as measured on a volume basis.

The decrease in 2023 from [removed: 2021] [added: 2022] reflects the unfavorable effects of lower COVID-19 testing-related sales, foreign exchange, and higher costs for various manufacturing inputs.

In [removed: both 2023 and 2022,] [added: 2023,] these unfavorable effects were partially offset by the favorable impact of 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: 15.1] [added: 13.7] percent in [removed: 2023] [added: 2024] and [removed: 8.1] [added: 15.1] percent in [removed: 2022.][added: 2023.]

[removed: In 2023, operating] [added: Operating] earnings for the Medical Devices segment increased [added: 16.0 percent in 2024 and] 19.6 [removed: percent.][added: percent in 2023.]

The operating margin profile for the Medical Devices segment [removed: decreased] [added: increased] from [removed: 31.3] [added: 30.0] percent in [removed: 2021] [added: 2022] to [removed: 30.0] [added: 31.4] percent in [removed: 2022] [added: 2023] and then increased to [removed: 31.4] [added: 32.4] percent in [removed: 2023.][added: 2024.]

The increase in [removed: 2023] [added: 2024] from 2022 reflects the impact of higher sales volumes across the Medical Devices businesses.

In [removed: 2023,] [added: 2024,] key product approvals in the Medical Devices segment included:

- [removed: FDA approval of Abbott’s AVEIR™ dual-chamber] [added: CE Mark for the Aveir® dual chamber (DR)] leadless pacemaker system, [added: which is] the world's first dual chamber leadless [removed: pacing] [added: pacemaker] system that treats people with abnormal or slow heart rhythms, and

In Abbott’s Diagnostics segment, sales decreased [removed: 38.2] [added: 3.9] percent in [removed: 2023] [added: 2024] and [removed: increased 10.4] [added: 38.2] percent in [removed: 2022,] [added: 2023,] excluding the impact of foreign exchange.

[removed: As was discussed above, the] [added: The 2024 and] 2023 sales [removed: decrease was] [added: decreases were] driven by [added: continued] lower demand for [removed: Abbott's] [added: the company's portfolio of] COVID-19 tests, partially offset by higher [added: volume of] routine [removed: diagnostics testing] [added: diagnostic tests] in the [removed: core laboratory business.][added: Rapid Diagnostics and Core Laboratory businesses and the continued deployment of Abbott's Alinity® testing platform.]

In [removed: 2023,] [added: 2024,] operating earnings for the Diagnostics segment decreased [removed: 63.4] [added: 14.8] percent.

The operating margin profile decreased from [removed: 40.2] [added: 40.3] percent in [removed: 2021] [added: 2022] to [removed: 24.4] [added: 22.2] percent in [removed: 2023] [added: 2024] 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 [removed: the] [added: lab] performance [removed: and safety of diagnostics testing.][added: by consolidating multiple analytical instruments into a unified workflow.]

In Abbott’s Nutritional Products segment, total pediatric nutrition sales, excluding the impact of foreign exchange, increased [added: 3.7 percent in 2024 and] 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 [added: 2022, as discussed below, and] the [removed: prior year.][added: continued favorable impact of price increase initiatives.]

Excluding the impact of foreign exchange, total adult nutrition sales increased [removed: 8.8] [added: 8.0] percent in [removed: 2023] [added: 2024] and [removed: 4.8] [added: 8.8] percent in [removed: 2022,] [added: 2023,] led by the continued growth of Abbott's Ensure® and Glucerna® [removed: products across several countries.][added: products.]

In [removed: 2023,] [added: 2024,] operating earnings for the Nutritional Products segment increased [removed: 88.9] [added: 12.9] percent compared to [removed: 2022.][added: 2023.]

Operating [removed: margins] [added: margin profile] for this segment [removed: decreased] [added: increased] from [removed: 21.3] [added: 9.5] percent in [removed: 2021] [added: 2022] to [removed: 9.5] [added: 16.4] percent in [removed: 2022] [added: 2023] and then increased to [removed: 16.4] [added: 17.9] percent in [removed: 2023.][added: 2024.]

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

Excluding the impact of foreign exchange, Established Pharmaceutical sales increased [removed: 10.9] [added: 9.2] percent in [removed: 2023] [added: 2024] and [removed: 10.6] [added: 10.9] percent in [removed: 2022.][added: 2023.]

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

In [removed: 2023,] [added: 2024,] operating earnings for the Established Pharmaceutical Products segment increased [removed: 15.0] [added: 2.2] percent.

Operating [removed: margins] [added: margin profile] increased from [removed: 18.8] [added: 21.4] percent in [removed: 2021] [added: 2022] to [removed: 23.8] [added: 23.7] percent in [removed: 2023] [added: 2024] primarily due to the impact of [removed: gross] margin improvement initiatives and higher sales, partially offset by inflation on various product inputs.

With respect to Abbott’s financial position, at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Abbott’s cash and cash equivalents and short-term investments total approximately [removed: $7.3] [added: $8.0] billion and [removed: $10.2] [added: $7.3] billion, respectively.

Abbott’s long-term debt totals [removed: $14.7] [added: $14.1] billion and [removed: $16.8] [added: $14.7] billion at December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

Abbott declared dividends of [removed: $2.08] [added: $2.24] per share in [removed: 2023] [added: 2024] and [removed: $1.92] [added: $2.08] per share in [removed: 2022,] [added: 2023,] an increase of [removed: 8.3] [added: 7.7] percent.

Dividends paid totaled [removed: $3.556] [added: $3.8] billion [added: in 2024] compared to [removed: $3.309] [added: $3.6] billion in [removed: 2022.][added: 2023.]

In December [removed: 2022,] [added: 2024,] Abbott increased the company’s quarterly dividend by [removed: 8.5] [added: 7.3] percent to [removed: $0.51] [added: $0.59] per share from [removed: $0.47] [added: $0.55] per share, effective with the dividend paid in February [removed: 2023.][added: 2025.]

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

In [removed: 2024,] [added: 2025,] Abbott will focus on continuing to invest in product development areas that provide the opportunity for strong sustainable growth over the next several years.

In its diagnostics business, Abbott's focus will include driving sales growth from its Alinity suite of diagnostics instruments [added: along with GLP track integration] and its portfolio of rapid diagnostic testing systems.

*Sales Rebates* — In [removed: 2023, 49] [added: 2024, 48] percent of Abbott’s consolidated gross revenues were subject to various forms of rebates and allowances that Abbott recorded as reductions of revenues at the time of sale.

Most of these rebates and allowances in [removed: 2023] [added: 2024] are in the Nutritional Products and Diabetes Care businesses.

Rebates and chargebacks charged against gross sales in [added: 2024,] 2023, [removed: 2022,] and [removed: 2021] [added: 2022] amounted to [added: $4.4 billion in 2024 and $3.9 billion in 2023 and 2022, or 18.6 percent, 17.4 percent, and 17.6 percent of gross sales, respectively, based on gross sales of] approximately [added: $23.5 billion, $22.7 billion, and $22.4 billion, respectively, subject to rebate.]

A one-percentage point increase in the percentage of rebates to related gross sales would decrease net sales by approximately [removed: $227] [added: $235] million in [removed: 2023.][added: 2024.]

Other allowances charged against gross sales were approximately [removed: $263] [added: $319] million, [removed: $280] [added: $263] million, and [removed: $268] [added: $280] million for cash discounts in [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] respectively, and [removed: $169] [added: $211] million, [removed: $379] [added: $169] million, and [removed: $211] [added: $379] million for returns in [added: 2024,] 2023, [removed: 2022,] and [removed: 2021,] [added: 2022,] respectively.

Abbott’s sales growth in 2024 was primarily driven by the Medical Devices, Established Pharmaceutical and Nutritional businesses.

The growth is the result of a productive research and development (R&D) pipeline and a combination of the introduction of new products and indication expansions across various businesses.

Sales growth was negatively impacted by continued year-over-year decline in COVID-19 testing-related sales, as the COVID-19 pandemic shifted to an endemic state.

Abbott’s operating margin profile increased in 2024 to 16.3 percent from 16.2 percent in 2023.

The increase in 2024 reflects the favorable impact of margin improvement initiatives, partially offset by foreign exchange and inflation.

In 2022, operating margin as a percentage of sales was 19.2 percent.

In Medical Devices, sales in 2024 and 2023 increased across all businesses, with double-digit growth in Diabetes Care, Structural Heart, Electrophysiology, and Heart Failure.

In 2023, Neuromodulation sales also increased double digits.

Growth was led by Diabetes Care where sales of Abbott's continuous glucose monitoring (CGM) systems continued to increase and totaled $6.4 billion in 2024 and $5.3 billion in 2023.

- U.S. Food and Drug Administration (FDA) clearance for two new over-the-counter CGM systems, Lingo® and Libre Rio™, which are based on Abbott's FreeStyle Libre® CGM technology,

- FDA approval of the Esprit™ below-the-knee (BTK) system, which is designed to keep arteries open in people living with peripheral artery disease and deliver a drug to support vessel healing prior to completely dissolving,

- FDA approval of TriClip®, which provides a minimally invasive treatment option for patients with tricuspid regurgitation, or a leaky tricuspid heart valve,

- FDA clearance for Advisor® HD Grid X Mapping Catheter, Sensor Enabled™, which will further support mapping of both pulsed field ablation (PFA) and radiofrequency (RF) ablation cases.

Abbott continues to build out its test menu for the Alinity testing platform.

In the first quarter of 2024, Abbott received FDA clearance of its i-STAT™ traumatic brain injury (TBI) cartridge for use with the i-STAT Alinity instrument, a whole blood point-of-care test to help assess mild TBI.

U.S. Adult Nutritionals sales were partially offset by the discontinuation of the ZonePerfect® product line.

The increase in 2024 reflects the favorable effects of higher sales, the favorable impact of price increases and a continued focus on margin improvement initiatives.

Abbott took various actions to mitigate the impact of the recall on the supply of formula in the U.S. Abbott resumed operations later in 2022 and made significant progress through 2023 to increase production of infant formula in the U.S and recover market share.

The sales increase in 2024 was led by higher revenue in several countries in Latin America, Southeast Asia and the Middle East and across several therapeutic areas, including respiratory, gastroenterology, cardiometabolic and central nervous system/pain management.

The

| 2024 vs. 2023 | | | 4.6 | | | | | | 3.5 | | | | | | 3.7 | | | | | | (2.6) | | |

| 2024 vs. 2023 | | | 5.6 | | | | | | 1.9 | | | | | | 3.7 | | | | | | — | | |

| 2024 vs. 2023 | | | 3.9 | | | | | | 4.6 | | | | | | 3.5 | | | | | | (4.2) | | |

| 2024 vs. 2023 | | | 2.5 | | | | | | 8.2 | | | | | | 1.0 | | | | | | (6.7) | | |

| 2024 vs. 2023 | | | 3.2 | | | | | | 7.7 | | | | | | (1.7) | | | | | | (2.8) | | |

| 2024 vs. 2023 | | | (6.5) | | | | | | 1.4 | | | | | | (5.3) | | | | | | (2.6) | | |

| 2024 vs. 2023 | | | 12.4 | | | | | | 1.4 | | | | | | 12.3 | | | | | | (1.3) | | |

| Established Pharmaceutical Products— | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Key Emerging Markets | | | $ | 3,858 | | | | | $ | 3,807 | | | | | 1.3 | | % | | | | (8.2) | | % | | | | 9.5 | | % |

| Other | | | 1,336 | | | | | | 1,259 | | | | | | 6.1 | | | | | | (2.3) | | | | | | 8.4 | | |

| Nutritional Products — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| International Pediatric Nutritionals | | | 1,815 | | | | | | 1,957 | | | | | | (7.3) | | | | | | (3.0) | | | | | | (4.3) | | |

| U.S. Pediatric Nutritionals | | | 2,208 | | | | | | 1,977 | | | | | | 11.7 | | | | | | — | | | | | | 11.7 | | |

| International Adult Nutritionals | | | 2,909 | | | | | | 2,784 | | | | | | 4.5 | | | | | | (6.0) | | | | | | 10.5 | | |

| U.S. Adult Nutritionals | | | 1,481 | | | | | | 1,436 | | | | | | 3.2 | | | | | | — | | | | | | 3.2 | | |

| Diagnostic Products — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Core Laboratory | | | 5,235 | | | | | | 5,159 | | | | | | 1.5 | | | | | | (4.1) | | | | | | 5.6 | | |

| Molecular | | | 521 | | | | | | 574 | | | | | | (9.2) | | | | | | (0.7) | | | | | | (8.5) | | |

| Point of Care | | | 588 | | | | | | 565 | | | | | | 4.1 | | | | | | — | | | | | | 4.1 | | |

| Rapid Diagnostics | | | 2,997 | | | | | | 3,690 | | | | | | (18.8) | | | | | | (1.0) | | | | | | (17.8) | | |

Over the period from 2020 through 2023, the coronavirus (COVID-19) pandemic affected Abbott’s diversified health care businesses in various ways.

Abbott’s Diagnostics segment experienced the most significant change in sales from 2020 to 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 businesses.) After mobilizing its teams across multiple fronts in 2020 and 2021, Abbott developed and launched multiple types of new diagnostic tests to detect COVID-19.

Tests were launched in the U.S. pursuant to Emergency Use Authorizations (EUA) and in countries outside of the U.S. pursuant to CE Marks.

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.

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

Demand for COVID-19 tests was volatile during the pandemic as the number of COVID-19 cases, especially in the U.S., fluctuated during this period.

In 2023, the pandemic shifted to an endemic state and the U.S. federal public health emergency expired, resulting in significantly lower demand for COVID-19 tests.

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

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

Across Abbott’s cardiovascular and neuromodulation businesses, procedure volumes were negatively impacted 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 and in routine diagnostic testing in 2022 and 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 over the 2021 to 2023 period.

Abbott’s nutritional and diabetes care businesses were the least affected by the pandemic.

While Abbott’s total sales over the last three years were most significantly affected by the impacts of the COVID-19 pandemic, sales over this period also reflect the introduction of new products across various businesses, as well as higher sales of various existing products.

On May 16, 2022, Abbott entered into a consent decree with the U.S. Food and Drug Administration (FDA) on the steps necessary to resume production and maintain the Sturgis facility and operations.

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

Subsequently, Abbott restarted Similac® production.

The consent decree does not affect any other Abbott plants or operations.

In 2022, Abbott took various actions to mitigate the impact of the recall on the supply of formula in the U.S. 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.

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

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

Over the last three years, Abbott’s operating margin as a percentage of sales decreased from 19.6 percent in 2021 to 19.2 percent in 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 businesses.

While Abbott 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 experienced inflationary pressures on various raw materials, packaging materials and transportation costs over the last three years, the impact of such cost increases was partially mitigated by price increases in certain businesses and the impact of continued gross margin improvement initiatives.

The sales increases in 2023 and 2022 were driven by growth in Diabetes Care, Electrophysiology, Heart Failure, and Structural Heart.

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

The decrease in 2022 from 2021 reflects various factors, including the impacts of inflationary pressures and supply chain challenges related to various manufacturing inputs and processes.

- 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.

The 2022 sales growth 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.

Abbott has regulatory approvals in the U.S., Europe, China, and other markets for the “Alinity c” and “Alinity i” instruments and has continued to build out its test menu for clinical chemistry and immunoassay diagnostics.

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

Abbott has also obtained regulatory approvals in the U.S., Europe and other markets for the “Alinity s” (blood screening) and “Alinity m” (molecular) instruments and several testing assays.

In 2022, pediatric nutrition sales decreased 16.6 percent as a result of the voluntary recall and manufacturing stoppage discussed above, as well as challenging market dynamics in China.

In December 2022, Abbott initiated steps to exit its pediatric nutrition business in China.

The fair value of equity securities held by Abbott with a readily determinable fair value was approximately [removed: $12] [added: $10] million and [removed: $9] [added: $12] million as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

A hypothetical 20 percent decrease in the share prices of these investments would decrease their fair value at December 31, [removed: 2023] [added: 2024] 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: $314] [added: $313] million and [removed: $298] [added: $314] million as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

The carrying value of these investments was [removed: $88] [added: $91] million and [removed: $83] [added: $88] million as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively.

At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Abbott had interest rate hedge contracts with notional values totaling $2.2 billion [removed: 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: 2023] [added: 2024] and [removed: 2022] [added: 2023] amounted to [removed: $14.8] [added: $13.7] billion and [removed: $16.3] [added: $14.8] billion, respectively (average interest rates of [removed: 3.6%] [added: 3.8%] and [removed: 3.5%] [added: 3.6%] as of December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] respectively) with maturities through 2046.

At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] the fair value of current and long-term investment securities amounted to approximately $1.2 [removed: billion and $1.1 billion, respectively.][added: billion.]

At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Abbott held [removed: $7.3] [added: $7.0] billion and [removed: $7.7] [added: $7.3] billion of notional values, respectively, of such contracts.

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

Contracts held at December 31, [removed: 2022 matured in 2023 or] [added: 2024] will mature in [removed: 2024] [added: 2025 or 2026] depending [removed: upon] [added: on] the contract.

At December 31, [removed: 2023] [added: 2024] and [removed: 2022,] [added: 2023,] Abbott held [removed: $13.8] [added: $16.2] billion and [removed: $12.0] [added: $13.8] billion of notional values, respectively, of such contracts, which mature within 13 months.

Abbott has designated a yen-denominated, 5-year term loan of approximately [removed: $419] [added: $583] million and [removed: $446] [added: $419] million as of December 31, [removed: 2023] [added: 2024] and December 31, [removed: 2022,] [added: 2023,] respectively, as a hedge of the net investment in certain foreign subsidiaries.

The change in the value of the [removed: debt, which] [added: debt] is due to [added: net incremental borrowing of $201 million, discussed in Note 10 — Debt and Lines of Credit, as well as] changes in foreign exchange rates, [removed: is] recorded in Accumulated other comprehensive income (loss), net of tax.

The following table reflects the total foreign currency forward exchange contracts outstanding at December 31, [removed: 2023] [added: 2024] and [removed: 2022:][added: 2023:]

| Chinese Yuan | | | | | | [removed: 2,115] [added: 1,926] | | | | | | [removed: 7.0785] [added: 7.1132] | | | | | | [removed: 3] [added: 22] | | | | | | [removed: 2,264] [added: 2,115] | | | | | | [removed: 6.8825] [added: 7.0785] | | | | | | [removed: 12] [added: 3] | | |

| Japanese Yen | | | | | | [removed: 1,635] [added: 1,479] | | | | | | [removed: 138.2288] [added: 149.1298] | | | | | | [removed: 24] [added: 51] | | | | | | [removed: 1,797] [added: 1,635] | | | | | | [removed: 133.0344] [added: 138.2288] | | | | | | [removed: (7)] [added: 24] | | |

| All other currencies | | | | | | [removed: 8,189] [added: 8,832] | | | | | | n/a | | | | | | [removed: (54)] [added: 50] | | | | | | [removed: 8,029] [added: 8,189] | | | | | | n/a | | | | | | [removed: 89] [added: (54)] | | |

| | | | | | | 2024 | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | |

| Euro | | | | | | $ | 10,954 | | | | | 1.0848 | | | | | | $ | 136 | | | | | $ | 9,221 | | | | | 1.0865 | | | | | | $ | (35) | |

| Total | | | | | | $ | 23,191 | | | | | | | | | | | $ | 259 | | | | | $ | 21,160 | | | | | | | | | | | $ | (62) | |

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

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

| Euro | | | | | | $ | 9,221 | | | | | 1.0865 | | | | | | $ | (35) | | | | | $ | 7,656 | | | | | 1.0664 | | | | | | $ | 92 | |

| Total | | | | | | $ | 21,160 | | | | | | | | | | | $ | (62) | | | | | $ | 19,746 | | | | | | | | | | | $ | 186 | |

Abbott’s* principal business is the discovery, development, manufacture, and sale of a broad and diversified line of [removed: health care] [added: healthcare] products.

These products are generally sold directly to wholesalers, distributors, government agencies, [removed: health care] [added: healthcare] facilities, pharmacies, and independent retailers from Abbott-owned distribution centers or public warehouses, depending on the market served.

- cardiovascular and metabolic products, including Lipanthyl™ and TriCor™, for the treatment of dyslipidemia; [removed: Teveten™ and Teveten™ Plus,] [added: Omacor™,] for the treatment of [removed: essential hypertension, and] [added: hypertriglyceridemia;] Physiotens™, for the treatment of hypertension; and Synthroid™, for the treatment of hypothyroidism;

- pain and central nervous system products, including Serc™, for the treatment of Ménière’s disease and vestibular vertigo; Brufen™, for the treatment of pain, fever, and inflammation; and Sevedol™, for the treatment of severe migraines; [removed: and]

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

Competition in the Established Pharmaceutical Products segment is generally from other [removed: health care] [added: healthcare] and pharmaceutical companies.

These products are generally marketed and sold directly to consumers and to institutions, wholesalers, retailers, [removed: health care] [added: healthcare] facilities, government agencies, and third-party distributors from Abbott-owned distribution centers or third-party distributors.

- various forms of infant formula and follow-on formula, including Similac®, Similac® 360 Total Care®, Similac Pro-Advance®, Similac® Advance®, [removed: Similac®] [added: Similac] 360 Total Care® Sensitive, [removed: 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® [removed: (with NutriVigor™),] [added: NutriVigor™,] Ensure® Max Protein, Ensure® High Protein, Glucerna®, [removed: Glucerna®] [added: Glucerna] Hunger Smart®, ProSure™, PediaSure®, PediaSure SideKicks®, PediaSure® Peptide, Juven®, Abound™, [removed: Pedialyte®] and [removed: Zone Perfect®;] [added: Pedialyte®;] and

- nutritional products used in enteral feeding in [removed: health care] [added: healthcare] institutions, including Jevity®, Glucerna® 1.2 Cal, Glucerna® 1.5 Cal, Osmolite®, Oxepa®, Freego™ (Enteral Pump) and Freego™ sets, Nepro®, and Vital®.

Primary marketing efforts for nutritional products are directed toward consumers or [removed: to securing the recommendation of Abbott’s brand of products by] physicians or other [removed: health care] [added: healthcare] professionals.

Competition for nutritional products in the segment is generally from other diversified consumer and [removed: health care] [added: healthcare] manufacturers.

These products include a broad line of rhythm management, electrophysiology, heart failure, vascular and structural heart devices for the treatment of cardiovascular diseases, and diabetes care [removed: products for people with diabetes,] [added: and continuous glucose monitoring products,] as well as neuromodulation devices for the management of chronic pain and movement disorders.

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

- 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 [removed: Ultreon™] [added: Ultreon®] 1.0 and 2.0 Software, compatible with the Dragonfly OPTIS® and OpStar® imaging catheters and PressureWire® fractional flow reserve measurement systems; [removed: the JETi® peripheral thrombectomy systems for clot removal; and] Diamondback 360® coronary and peripheral orbital atherectomy systems; [added: and Esprit™ BTK everolimus eluting resorbable scaffold system;]

- continuous glucose and blood glucose monitoring systems under the FreeStyle® brand such as the FreeStyle Libre® system, including sensors, data management decision software, test strips, and accessories for people with diabetes; and [added: the Lingo® continuous glucose monitoring system, including sensors and data management decision software for people’s health and wellness; and]

- neuromodulation products, including spinal cord stimulators Proclaim® Plus and Proclaim® XR recharge-free implantable pulse generators (IPG) and 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 [removed: Infinity® Deep Brain Stimulation System] [added: non-rechargeable Infinity™ deep brain stimulation (DBS) system and the rechargeable Liberta RC™ DBS system, each] with directional lead technology for the treatment of movement disorders.

These, and various patents that expire during the period [removed: 2024] [added: from 2025] to [removed: 2044,] [added: 2045,] in the aggregate, are believed to be of material importance in the operation of Abbott’s business.

Abbott has no single customer that, if the customer [removed: were] [added: was] lost, would have a material adverse effect on Abbott.

Abbott’s capital and operating expenditures for pollution control in [removed: 2023] [added: 2024] were not material and are not expected to be material in [removed: 2024.][added: 2025.]

As of December 31, [removed: 2023,] [added: 2024,] Abbott employed approximately 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: 42%] [added: 43%] of its managers.

Abbott is committed to [removed: developing] [added: fostering] a workplace that is inclusive for all.

Abbott ties executive compensation to human capital [removed: management, including diversity outcomes,] [added: management] to sustain an inclusive culture and the fair and balanced treatment of Abbott’s employees.

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

Over [removed: 28,000] [added: 40,000] Abbott employees across 75 countries took part in [removed: 2023.][added: 2024.]

The development, manufacture, marketing, sale, promotion, and distribution of Abbott’s products are subject to comprehensive government regulation by the U.S. Food and Drug Administration (FDA) and similar [added: national and] international regulatory agencies.

Government regulation by various international, supranational, federal and state agencies addresses (among other matters) the development and approval to market Abbott’s products, as well as the inspection of, and controls over, research and laboratory procedures, clinical investigations, product approvals and manufacturing, [added: postmarket changes to products,] labeling, packaging, supply chains, marketing and promotion, pricing and reimbursement, sampling, distribution, quality control, post-market surveillance, record keeping, storage, and disposal practices.

In addition, Abbott’s [removed: clinical] laboratories and associated testing services are subject to comprehensive government regulation, including registration, certification, and licensure, by federal, state, and local agencies, such as the Centers for Medicare & Medicaid Services, the Drug Enforcement Administration, the Substance Abuse and Mental Health Services Administration, and their respective foreign counterparts.

Certain of these agencies require [removed: our clinical] [added: Abbott's] laboratories to meet quality assurance, quality control, and personnel standards and undergo inspections.

Abbott’s laboratory facilities, home monitoring services, and durable medical equipment suppliers, which provide services, related products and medical devices to consumers, are subject to additional laws and regulations applicable to [removed: health care] [added: healthcare] providers and suppliers that submit claims for reimbursement [added: or payment] to third-party [removed: payors.][added: payors, including government agencies such as Medicare and Medicaid, or governments.]

In the United States, [removed: Medicare, Medicaid, and other third-party payors] [added: these entities] may from time to time conduct inquiries, claims audits, investigations, and enforcement actions relating to the claims or enrollment criteria.

Abbott is subject to laws and regulations pertaining to [removed: health care] [added: healthcare] fraud and abuse, including state and federal anti-kickback, anti-self-referral, and false claims laws in the United States.

Among other effects, [removed: health care] [added: healthcare] regulations and significant changes thereto (such as the introduction of the Medical Devices Regulation and the In Vitro Diagnostic Medical Devices Regulation in the European Union) substantially increase the time, difficulty, and costs incurred in developing, obtaining and maintaining approval to market, and marketing newly developed and existing products.

Similarly, compliance with the laws and regulations governing [removed: clinical] laboratories and testing services requires specialized expertise.

Abbott’s business can also be affected by ongoing studies of the utilization, safety, efficacy, and outcomes of [removed: health care] [added: healthcare] products and their components that are regularly conducted by industry participants, government agencies, and others.

Access to human [removed: health care] [added: healthcare] products continues to be a subject of investigation and action by governmental agencies, legislative bodies, and private organizations in many countries.

Efforts to reduce health care costs are also being made in the private sector, notably by [removed: health care] [added: healthcare] payors and providers, which have instituted various cost reduction and containment measures.

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

Many countries control the price of [removed: health care] [added: healthcare] products directly or indirectly, through reimbursement, payment, pricing, or coverage limitations.

Budgetary pressures on [removed: health care] [added: healthcare] payors may also heighten the scope and severity of pricing pressures on Abbott’s products for the foreseeable future.

- biosimilar products, including the areas of oncology and women's health.

Abbott's diversity, equity, and inclusion report provides an update on the plans, strategies, and actions undertaken to ensure that Abbott continues to attract, retain, and develop the best talent from the more than 160 countries in which it does business.

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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, Abbott's global supply chain has improved.

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

Risk Factors and in the "Financial Review” section in Item 7.

Management’s Discussion and Analysis of Financial Condition and Results of Operations.

In 2023, Abbott released the 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.

In 2023, 58% of the participants were women.

In 2023, 59% of the U.S. interns were women and 61% were minorities.

In 2023, 74% of the STEM interns were women and 84% were minorities.

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

In addition, many governments enacted policies to expedite or promote access to health care in order to slow or stop the spread of the virus.

Examples included expansion of telehealth coverages and increased reimbursements for diagnostic testing.

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.

Abbott 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.

Additionally, the Protecting Access to Medicare Act established a new payment system for clinical laboratory tests in 2018.

In October 2018, the Substance Use Disorder Prevention that Promotes Opioid Recovery and Treatment for Patients and Communities Act significantly expanded the types of healthcare providers for which reporting is required, beginning with reports filed in 2022.

Abbott is involved in various claims, legal proceedings, and investigations, including (as of January 31, [removed: 2024)] [added: 2025)] those described below.

As of January 31, [removed: 2024,] [added: 2025,] there were [removed: 993] [added: 1,490] lawsuits pending in federal and state courts in which Abbott is a party.

In addition, in December 2021, a purported class of Canadian preterm infants filed suit in British Columbia [removed: and, in October 2022, a purported class of Israeli preterm infants filed suit in Tel Aviv, both of which make] [added: that makes] similar allegations as those made in the United States against Abbott.

In January 2023, Abbott received a civil investigative demand from the United States Federal Trade Commission seeking information in connection with its investigation of companies who participate in bids for [removed: Women, Infants, and Children] [added: WIC] infant formula contracts.

In a trial held in July 2024, a jury in a Missouri state court awarded a plaintiff $495 million in damages.

Abbott stands by its products and the information it provided about them, and it appealed this jury’s verdict with the Missouri Court of Appeals in December 2024.

In a trial held in October 2024 involving Abbott and another infant formula manufacturer and the treating hospital as co-defendants, a jury in a Missouri state court returned a unanimous verdict for Abbott and its co-defendants.

In December 2024, the plaintiff filed a motion for a new trial.

As previously disclosed, DexCom, Inc. (Dexcom) and Abbott filed various patent infringement actions against each other over certain of the other company’s continuous glucose monitoring products in the U.S., Germany, the U.K, Spain, and the Unified Patent Court, which litigation commenced in 2021.

In December 2024, Abbott reached an agreement with Dexcom to settle all outstanding patent disputes between the companies in cases related to continuous glucose monitoring products.

The agreement will result in the dismissal of all pending cases in courts and patent offices worldwide.

Six shareholder derivative lawsuits against certain of Abbott’s current and former directors and officers are pending in a consolidated proceeding, *In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation*, in the U.S. District Court for the Northern District of Illinois.

The consolidated lawsuit seeks monetary damages from the defendants to Abbott.

*In re Abbott Laboratories Infant Formula Shareholder Derivative Litigation* includes: *Thomas P.

DiNapoli, Controller of the State of New York, as Administrative Head of the New York State and Local Retirement System, and as Trustee of the New York State Common Retirement Fund,* and *International Brotherhood of Teamsters Local No. 710 Pension Fund* *and Southeastern Pennsylvania Transportation Authority,* both filed in June 2023; *David Hamilton* filed in April 2023; *Matthew Steele* filed in February 2023; *Ilene Lippman* filed in January 2023; and *Leon Martin* filed in October 2022.

In August 2024, the court granted in part and denied in part the defendants’ motion to dismiss, allowing the securities and breach of fiduciary duty claims to move forward.

In September 2024, Abbott’s board of directors established an independent and disinterested special litigation committee to investigate and evaluate the asserted claims.

In November 2024, the special litigation committee filed a motion to stay the case in order to conduct its investigation.

In February 2025, the court granted in part and denied in part the committee's motion, allowing written discovery to proceed.

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

In June and July 2021, DexCom, Inc. (DexCom) initiated patent infringement litigation against Abbott over certain of Abbott's continuous glucose monitoring products, including those under the FreeStyle brand, in the U.S. District Court for the Eastern District of Texas and in the Regional Court of Mannheim in Germany.

In both jurisdictions, DexCom seeks injunctive relief and monetary damages.

In all cases, Abbott asserts that it has a license to each of Dexcom' s asserted patents and that the patents are invalid and not infringed.

In July 2021, Abbott sued DexCom for patent infringement over certain of DexCom’s continuous glucose monitoring products in the U.S. District Court for the District of Delaware, the Regional Courts of Mannheim and Dusseldorf in Germany, and the High Court of Justice in the United Kingdom.

Abbott seeks injunctive relief and monetary damages.

In December 2021, Abbott filed a breach of contract suit against DexCom in the U.S. District Court for the District of Delaware alleging that DexCom breached the parties' 2014 Settlement and License Agreement by asserting infringement of patents against Abbott that DexCom previously licensed to Abbott.

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.

Abbott’s first U.S. patent infringement trial against DexCom is scheduled for March 2024.

| For the fiscal year ended December 31, [removed: 2023] [added: 2024] | | | Commission file number 1-2189 | | |

| 100 Abbott Park Road Abbott Park, Illinois 60064-6400 | | | [removed: (I.R.S.] [added: (I.R.S.] employer identification [removed: number) (224) 667-6100 (telephone number)] [added: number) (224) 667-6100 (telephone number)] | | |

The aggregate market value of the [removed: 1,698,507,928 shares] [added: 1,704,109,171 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 [removed: 30, 2023),] [added: 28, 2024),] was [removed: $185,171,334,310.][added: $177,073,983,959.]

Portions of the [removed: 2024] [added: 2025] Abbott Laboratories Proxy Statement are incorporated by reference into Part III.

The Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

| [Item [removed: 1.](#if8b9124f97b842119ff487ee08edb388_13)] [added: 1.](#i63142880791147bea8fe7cb5ab7c0329_13)] | | | [removed: [Business](#if8b9124f97b842119ff487ee08edb388_13)] [added: [Business](#i63142880791147bea8fe7cb5ab7c0329_13)] | | | [removed: [1](#if8b9124f97b842119ff487ee08edb388_13)] [added: [1](#i63142880791147bea8fe7cb5ab7c0329_13)] | | |

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| [Item [removed: 1B.](#if8b9124f97b842119ff487ee08edb388_19)] [added: 1B.](#i63142880791147bea8fe7cb5ab7c0329_19)] | | | [Unresolved Staff [removed: Comments](#if8b9124f97b842119ff487ee08edb388_19)] [added: Comments](#i63142880791147bea8fe7cb5ab7c0329_19)] | | | [removed: [15](#if8b9124f97b842119ff487ee08edb388_19)] [added: [15](#i63142880791147bea8fe7cb5ab7c0329_19)] | | |

| Item 1C. | | | [removed: [Cybersecurit](#if8b9124f97b842119ff487ee08edb388_945)y] [added: [Cybersecurit](#i63142880791147bea8fe7cb5ab7c0329_22)y] | | | 15 | | |

| [Item [removed: 2.](#if8b9124f97b842119ff487ee08edb388_22)] [added: 2.](#i63142880791147bea8fe7cb5ab7c0329_25)] | | | [removed: [Properties](#if8b9124f97b842119ff487ee08edb388_22)] [added: [Properties](#i63142880791147bea8fe7cb5ab7c0329_25)] | | | [removed: [17](#if8b9124f97b842119ff487ee08edb388_22)] [added: 17] | | |

| [Item [removed: 3.](#if8b9124f97b842119ff487ee08edb388_25)] [added: 3.](#i63142880791147bea8fe7cb5ab7c0329_28)] | | | [Legal [removed: Proceedings](#if8b9124f97b842119ff487ee08edb388_25)] [added: Proceedings](#i63142880791147bea8fe7cb5ab7c0329_28)] | | | [removed: [18](#if8b9124f97b842119ff487ee08edb388_25)] [added: [18](#i63142880791147bea8fe7cb5ab7c0329_28)] | | |

| [Item [removed: 4.](#if8b9124f97b842119ff487ee08edb388_28)] [added: 4.](#i63142880791147bea8fe7cb5ab7c0329_31)] | | | [Mine Safety [removed: Disclosures](#if8b9124f97b842119ff487ee08edb388_28)] [added: Disclosures](#i63142880791147bea8fe7cb5ab7c0329_31)] | | | [removed: [18](#if8b9124f97b842119ff487ee08edb388_28)] [added: [18](#i63142880791147bea8fe7cb5ab7c0329_31)] | | |

| [PART [removed: II.](#if8b9124f97b842119ff487ee08edb388_31)] [added: II.](#i63142880791147bea8fe7cb5ab7c0329_34)] | | | | | | | | |

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| [Item [removed: 7.](#if8b9124f97b842119ff487ee08edb388_40)] [added: 7.](#i63142880791147bea8fe7cb5ab7c0329_43)] | | | [Management’s Discussion and Analysis of Financial Condition and Results of [removed: Operations](#if8b9124f97b842119ff487ee08edb388_40)] [added: Operations](#i63142880791147bea8fe7cb5ab7c0329_43)] | | | [removed: [22](#if8b9124f97b842119ff487ee08edb388_40)] [added: [22](#i63142880791147bea8fe7cb5ab7c0329_43)] | | |

| [Item [removed: 7A.](#if8b9124f97b842119ff487ee08edb388_100)] [added: 7A.](#i63142880791147bea8fe7cb5ab7c0329_103)] | | | [Quantitative and Qualitative Disclosures About Market [removed: Risk](#if8b9124f97b842119ff487ee08edb388_100)] [added: Risk](#i63142880791147bea8fe7cb5ab7c0329_103)] | | | [removed: [39](#if8b9124f97b842119ff487ee08edb388_100)] [added: [38](#i63142880791147bea8fe7cb5ab7c0329_103)] | | |

| [Item [removed: 8.](#if8b9124f97b842119ff487ee08edb388_103)] [added: 8.](#i63142880791147bea8fe7cb5ab7c0329_106)] | | | [Consolidated Financial Statements and Supplementary [removed: Data](#if8b9124f97b842119ff487ee08edb388_103)] [added: Data](#i63142880791147bea8fe7cb5ab7c0329_106)] | | | [removed: [41](#if8b9124f97b842119ff487ee08edb388_103)] [added: [40](#i63142880791147bea8fe7cb5ab7c0329_106)] | | |

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| [Item [removed: 9A.](#if8b9124f97b842119ff487ee08edb388_184)] [added: 9A.](#i63142880791147bea8fe7cb5ab7c0329_187)] | | | [Controls and [removed: Procedures](#if8b9124f97b842119ff487ee08edb388_184)] [added: Procedures](#i63142880791147bea8fe7cb5ab7c0329_187)] | | | [removed: [80](#if8b9124f97b842119ff487ee08edb388_184)] [added: [80](#i63142880791147bea8fe7cb5ab7c0329_187)] | | |

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| [Item [removed: 9C.](#if8b9124f97b842119ff487ee08edb388_190)] [added: 9C.](#i63142880791147bea8fe7cb5ab7c0329_193)] | | | [Disclosure Regarding Foreign Jurisdictions that Prevent [removed: Inspections](#if8b9124f97b842119ff487ee08edb388_190)] [added: Inspections](#i63142880791147bea8fe7cb5ab7c0329_193)] | | | [removed: [80](#if8b9124f97b842119ff487ee08edb388_190)] [added: [80](#i63142880791147bea8fe7cb5ab7c0329_193)] | | |

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| [Item [removed: 11.](#if8b9124f97b842119ff487ee08edb388_199)] [added: 11.](#i63142880791147bea8fe7cb5ab7c0329_202)] | | | [Executive [removed: Compensation](#if8b9124f97b842119ff487ee08edb388_199)] [added: Compensation](#i63142880791147bea8fe7cb5ab7c0329_202)] | | | [removed: [81](#if8b9124f97b842119ff487ee08edb388_199)] [added: [81](#i63142880791147bea8fe7cb5ab7c0329_202)] | | |

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| [Item [removed: 15.](#if8b9124f97b842119ff487ee08edb388_214)] [added: 15.](#i63142880791147bea8fe7cb5ab7c0329_217)] | | | [Exhibit and Financial Statement [removed: Schedules](#if8b9124f97b842119ff487ee08edb388_214)] [added: Schedules](#i63142880791147bea8fe7cb5ab7c0329_217)] | | | [removed: [83](#if8b9124f97b842119ff487ee08edb388_214)] [added: [83](#i63142880791147bea8fe7cb5ab7c0329_217)] | | |

| [Item [removed: 16.](#if8b9124f97b842119ff487ee08edb388_217)] [added: 16.](#i63142880791147bea8fe7cb5ab7c0329_220)] | | | [Form 10-K [removed: Summary](#if8b9124f97b842119ff487ee08edb388_217)] [added: Summary](#i63142880791147bea8fe7cb5ab7c0329_220)] | | | [removed: [90](#if8b9124f97b842119ff487ee08edb388_217)] [added: [89](#i63142880791147bea8fe7cb5ab7c0329_220)] | | |

Number of common shares outstanding as of January 31, 2025: 1,734,323,411

| [PART I.](#i63142880791147bea8fe7cb5ab7c0329_10) | | | | | | | | |

| [PART III.](#i63142880791147bea8fe7cb5ab7c0329_196) | | | | | | | | |

| [PART IV.](#i63142880791147bea8fe7cb5ab7c0329_214) | | | | | | | | |

| [Signatures](#i63142880791147bea8fe7cb5ab7c0329_223) | | | | | | [90](#i63142880791147bea8fe7cb5ab7c0329_223) | | |

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

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

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

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

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

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

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

As of December 31, [removed: 2023,] [added: 2024,] Abbott owned or leased properties totaling approximately 44 million square feet, of which approximately 65% is owned by Abbott.

Abbott operates [removed: 90] [added: 89] manufacturing facilities globally.

| Medical Devices | | | | | | [removed: 31] [added: 32] | | |

| Established Pharmaceutical Products | | | | | | [removed: 24] [added: 23] | | |

| Nutritional Products | | | | | | [removed: 14] [added: 13] | | |

| Worldwide Total | | | | | | [removed: 90] [added: 89] | | |

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

Vacancies may be filled at any time by the [removed: board.][added: board of directors.]

Abbott’s executive officers, their ages as of February [removed: 16, 2024,] [added: 21, 2025,] and the dates of their first election as officers of Abbott are listed below.

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

Allen, [removed: 58][added: 59]

Earnhardt, [removed: 54][added: 55]

[removed: 2020 to] 2023 [added: to 2024] — [removed: Executive] [added: Senior] Vice President, Finance and Chief Financial Officer.

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

Morrone, [removed: 47][added: 48]

Daniel Salvadori, [removed: 45][added: 46]

Andrea Wainer, [removed: 55][added: 56]

Boudreau, [removed: 51][added: 52]

[removed: 2023] [added: 2024] to present — [removed: Senior] [added: Executive] Vice President, Finance and Chief Financial Officer.

McCoy, Jr., [removed: 54][added: 55]

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

2015 to 2018 — Executive Vice President, Medical Devices.

2008 to 2019 — President, CEO, and Director, Intersect ENT (a medical technology company focused on developing treatments for ear, nose and throat conditions).

Robert E.

Funck, Jr., 62

2023 to present — Executive Vice President, Finance.

2018 to 2020 — Senior Vice President, Finance and Controller.

2013 to 2018 — Vice President, Controller.

Elected Corporate Officer — 2005.

2013 to 2019 — Divisional Vice President, Compensation, Benefits and HR M&A.

2015 to 2019 — Vice President, Molecular Diagnostics.

There were [removed: 32,449] [added: 30,768] shareholders of record of Abbott common shares as of January 31, [removed: 2024.][added: 2025.]

Abbott certified that the HIB requirements were met for the calendar year ending December 31, [removed: 2023.][added: 2024.]

(2)On December 10, 2021, Abbott announced that its board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to [removed: time.][added: time (the "2021 Plan").]

| October 1, 2024 — October 31, 2024 | | | | | | — | | | (1) | | | $ | — | | | | | — | | | | | | $ | 7,659,092,986 | | (2) | | |

| November 1, 2024 — November 30, 2024 | | | | | | 840,000 | | | (1) | | | $ | 117.639 | | | | | 840,000 | | | | | | $ | 7,560,276,206 | | (2) | | |

| December 1, 2024 — December 31, 2024 | | | | | | 2,350,000 | | | (1) | | | $ | 113.640 | | | | | 2,350,000 | | | | | | $ | 7,293,222,352 | | (2) | | |

| Total | | | | | | 3,190,000 | | | (1) | | | $ | 114.693 | | | | | 3,190,000 | | | | | | $ | 7,293,222,352 | | (2) | | |

On October 11, 2024, the board of directors authorized the repurchase of up to $7 billion of Abbott common shares, from time to time (the "2024 Plan").

The 2024 Plan is in addition to the unused portion of the 2021 Plan.

| 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) | | |

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

| [Consolidated Statement of [removed: Earnings](#if8b9124f97b842119ff487ee08edb388_106)] [added: Earnings](#i63142880791147bea8fe7cb5ab7c0329_109)] | | | [removed: [42](#if8b9124f97b842119ff487ee08edb388_106)] [added: [41](#i63142880791147bea8fe7cb5ab7c0329_109)] | | |

| [Consolidated Statement of Comprehensive [removed: Income](#if8b9124f97b842119ff487ee08edb388_109)] [added: Income](#i63142880791147bea8fe7cb5ab7c0329_112)] | | | [removed: [43](#if8b9124f97b842119ff487ee08edb388_109)] [added: [42](#i63142880791147bea8fe7cb5ab7c0329_112)] | | |

| [Consolidated Statement of Cash [removed: Flows](#if8b9124f97b842119ff487ee08edb388_112)] [added: Flows](#i63142880791147bea8fe7cb5ab7c0329_115)] | | | [removed: [44](#if8b9124f97b842119ff487ee08edb388_112)] [added: [43](#i63142880791147bea8fe7cb5ab7c0329_115)] | | |

| [Consolidated Balance [removed: Sheet](#if8b9124f97b842119ff487ee08edb388_115)] [added: Sheet](#i63142880791147bea8fe7cb5ab7c0329_118)] | | | [removed: [45](#if8b9124f97b842119ff487ee08edb388_115)] [added: [44](#i63142880791147bea8fe7cb5ab7c0329_118)] | | |

| [Consolidated Statement of Shareholders’ [removed: Investment](#if8b9124f97b842119ff487ee08edb388_118)] [added: Investment](#i63142880791147bea8fe7cb5ab7c0329_121)] | | | [removed: [47](#if8b9124f97b842119ff487ee08edb388_118)] [added: [46](#i63142880791147bea8fe7cb5ab7c0329_121)] | | |

[removed: | [Notes] [added: Notes] to Consolidated Financial [removed: Statements](#if8b9124f97b842119ff487ee08edb388_121) | | | [48](#if8b9124f97b842119ff487ee08edb388_121) | | |][added: Statements (Continued)]

| [Management Report on Internal Control Over Financial [removed: Reporting](#if8b9124f97b842119ff487ee08edb388_175)] [added: Reporting](#i63142880791147bea8fe7cb5ab7c0329_178)] | | | [removed: [76](#if8b9124f97b842119ff487ee08edb388_175)] [added: [76](#i63142880791147bea8fe7cb5ab7c0329_178)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#if8b9124f97b842119ff487ee08edb388_178)] [added: Firm](#i63142880791147bea8fe7cb5ab7c0329_181)] (PCAOB ID: 42) | | | [removed: [77](#if8b9124f97b842119ff487ee08edb388_178)] [added: [77](#i63142880791147bea8fe7cb5ab7c0329_181)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#if8b9124f97b842119ff487ee08edb388_226)] [added: Firm](#i63142880791147bea8fe7cb5ab7c0329_229)] | | | [removed: [93](#if8b9124f97b842119ff487ee08edb388_226)] [added: [92](#i63142880791147bea8fe7cb5ab7c0329_229)] | | |

| | | | [removed: 2023] [added: 2024] | | | | | | [removed: 2022] [added: 2023] | | | | | | [removed: 2021] [added: 2022] | | |

| Net Sales | | | $ | [removed: 40,109] [added: 41,950] | | | | | $ | [removed: 43,653] [added: 40,109] | | | | | $ | [removed: 43,075] [added: 43,653] | |

| Cost of products sold, excluding amortization of intangible assets | | | [removed: 17,975] [added: 18,706] | | | | | | [removed: 19,142] [added: 17,975] | | | | | | [removed: 18,537] [added: 19,142] | | |

| Amortization of intangible assets | | | [removed: 1,966] [added: 1,878] | | | | | | [removed: 2,013] [added: 1,966] | | | | | | [removed: 2,047] [added: 2,013] | | |

| Research and development | | | [removed: 2,741] [added: 2,844] | | | | | | [removed: 2,888] [added: 2,741] | | | | | | [removed: 2,742] [added: 2,888] | | |

| Selling, general and administrative | | | [removed: 10,949] [added: 11,697] | | | | | | [removed: 11,248] [added: 10,949] | | | | | | [removed: 11,324] [added: 11,248] | | |

| Total Operating Cost and Expenses | | | [removed: 33,631] [added: 35,125] | | | | | | [removed: 35,291] [added: 33,631] | | | | | | [removed: 34,650] [added: 35,291] | | |

| Operating Earnings | | | [removed: 6,478] [added: 6,825] | | | | | | [removed: 8,362] [added: 6,478] | | | | | | [removed: 8,425] [added: 8,362] | | |

| Interest expense | | | [removed: 637] [added: 559] | | | | | | [removed: 558] [added: 637] | | | | | | [removed: 533] [added: 558] | | |

| Interest income | | | [removed: (385)] [added: (344)] | | | | | | [removed: (183)] [added: (385)] | | | | | | [removed: (43)] [added: (183)] | | |

| Net foreign exchange (gain) loss | | | [removed: 41] [added: (27)] | | | | | | [removed: 2] [added: 41] | | | | | | [removed: 1] [added: 2] | | |

| Other (income) expense, net | | | [removed: (479)] [added: (376)] | | | | | | [removed: (321)] [added: (479)] | | | | | | [removed: (277)] [added: (321)] | | |

| Earnings before Taxes | | | [removed: 6,664] [added: 7,013] | | | | | | [removed: 8,306] [added: 6,664] | | | | | | [removed: 8,211] [added: 8,306] | | |

| Taxes on Earnings | | | [removed: 941] [added: (6,389)] | | | | | | [removed: 1,373] [added: 941] | | | | | | [removed: 1,140] [added: 1,373] | | |

| Net Earnings | | | $ | [removed: 5,723] [added: 13,402] | | | | | $ | [removed: 6,933] [added: 5,723] | | | | | $ | [removed: 7,071] [added: 6,933] | |

| Basic Earnings Per Common Share | | | $ | [removed: 3.28] [added: 7.67] | | | | | $ | [removed: 3.94] [added: 3.28] | | | | | $ | [removed: 3.97] [added: 3.94] | |

| Diluted Earnings Per Common Share | | | $ | [removed: 3.26] [added: 7.64] | | | | | $ | [removed: 3.91] [added: 3.26] | | | | | $ | [removed: 3.94] [added: 3.91] | |

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

| Dilutive Common Stock Options | | | [removed: 9] [added: 8] | | | | | | [removed: 11] [added: 9] | | | | | | [removed: 14] [added: 11] | | |

| Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | | | [removed: 1,749] [added: 1,748] | | | | | | [removed: 1,764] [added: 1,749] | | | | | | [removed: 1,789] [added: 1,764] | | |

| Outstanding Common Stock Options Having No Dilutive Effect | | | [removed: 5] [added: 7] | | | | | | [removed: 3] [added: 5] | | | | | | [removed: —] [added: 3] | | |

| Foreign currency translation gain (loss) adjustments | | | [removed: 229] [added: (1,001)] | | | | | | [removed: (894)] [added: 229] | | | | | | [removed: (980)] [added: (894)] | | |

| 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: $228 in 2024,] $31 in [removed: 2023,] [added: 2023 and] $330 in 2022 [removed: and $340 in 2021] | | | [removed: 117] [added: 765] | | | | | | [removed: 1,177] [added: 117] | | | | | | [removed: 1,201] [added: 1,177] | | |

| Net gains (losses) on derivative instruments designated as cash flow hedges, net of taxes of [added: $48 in 2024,] $(66) in [removed: 2023,] [added: 2023 and] $11 in 2022 [removed: and $63 in 2021] | | | [removed: (134)] [added: 169] | | | | | | [removed: 40] [added: (134)] | | | | | | [removed: 351] [added: 40] | | |

| Other Comprehensive Income (Loss) | | | [removed: 212] [added: (67)] | | | | | | [removed: 323] [added: 212] | | | | | | [removed: 572] [added: 323] | | |

| Comprehensive Income | | | $ | [removed: 5,935] [added: 13,335] | | | | | $ | [removed: 7,256] [added: 5,935] | | | | | $ | [removed: 7,643] [added: 7,256] | |

| Cumulative foreign currency translation (loss) adjustments | | | $ | [removed: (6,504)] [added: (7,505)] | | | | | $ | [removed: (6,733)] [added: (6,504)] | | | | | $ | [removed: (5,839)] [added: (6,733)] | |

| Net actuarial (losses) and prior service (cost) and credits | | | [removed: (1,376)] [added: (611)] | | | | | | [removed: (1,493)] [added: (1,376)] | | | | | | [removed: (2,670)] [added: (1,493)] | | |

| Cumulative gains (losses) on derivative instruments designated as cash flow hedges | | | [removed: 41] [added: 210] | | | | | | [removed: 175] [added: 41] | | | | | | [removed: 135] [added: 175] | | |

| Accumulated other comprehensive income (loss) | | | $ | [removed: (7,839)] [added: (7,906)] | | | | | $ | [removed: (8,051)] [added: (7,839)] | | | | | $ | [removed: (8,374)] [added: (8,051)] | |

| Depreciation | | | [removed: 1,277] [added: 1,340] | | | | | | [removed: 1,254] [added: 1,277] | | | | | | [removed: 1,491] [added: 1,254] | | |

| [Notes to Consolidated Financial Statements](#i63142880791147bea8fe7cb5ab7c0329_124) | | | [47](#i63142880791147bea8fe7cb5ab7c0329_124) | | |

| Net earnings | | | $ | 13,402 | | | | | $ | 5,723 | | | | | $ | 6,933 | |

| | | | 2024 | | | | | | 2023 | | |

| | | | 22,740 | | | | | | 21,933 | | |

| | | | $ | 81,414 | | | | | $ | 73,214 | |

| | | | 2024 | | | | | | 2023 | | |

| Common shares held in treasury, at cost — Shares: 2024: 259,774,639; 2023: 253,807,494 | | | (16,844) | | | | | | (15,981) | | |

| | | | $ | 81,414 | | | | | $ | 73,214 | |

| Net earnings | | | 13,402 | | | | | | 5,723 | | | | | | 6,933 | | |

| Other comprehensive income (loss) | | | (67) | | | | | | 212 | | | | | | 323 | | |

The new standard did not have an impact on Abbott's consolidated financial statements, but required additional disclosures, retrospectively applied to all periods presented in Note 16 — Segment and geographic area information.

In November 2024, the FASB issued ASU 2024-03, *Income Statement (Subtopic 220-40): Reporting Comprehensive Income - Expense Disaggregation Disclosures*, which requires an entity to disclose on an annual and interim basis, disaggregated information about specific income statement expense categories.

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

| | | | | | | 2024 | | | | | | | | | | | | | | | | | | 2023 | | | | | | | | | | | | | | | | | | 2022 | | | | | | | | | | | | | | |

| Nutritional Products — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Diagnostic Products — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

The amounts as of December 31, 2024 and 2023 were not significant.

| Balance at December 31, 2024 | | | $ | 568 | |

In the second quarter of 2024, Abbott sold a non-core business related to its Established Pharmaceutical Products segment.

Abbott recorded a loss of approximately $143 million on the sale in Other (income) expense, net in its Consolidated Statement of Earnings.

Net assets which primarily related to inventory and net property and equipment and had a carrying value of $28 million were included in the sale.

The loss on the sale also included $116 million of cumulative foreign currency translation adjustment previously recorded in Accumulated other comprehensive income (loss).

| Balance at December 31, 2024 | | | $ | 247 | |

| (in millions) | | | | | | December 31, 2024 | | | | | | December 31, 2023 | | |

| (in millions) | | | | | | December 31, 2024 | | | | | | December 31, 2023 | | |

| Balance at December 31, 2024 | | | | | | $ | (7,505) | | | | | $ | (611) | | | | | $ | 210 | | | | | $ | (7,906) | |

In 2024, IPR&D decreased by $39 million of charges recorded on the Research and development line of the Consolidated Statement of Earnings for the impairment of an indefinite-lived intangible asset related to the Medical Devices reportable segment and was partially offset by an increase of $35 million due to the finalization of purchase accounting related to a business acquisition.

In addition, Abbott recognized inventory related charges of $34 million and fixed asset impairment charges of $12 million related to these restructuring plans.

| Restructuring charges in 2023 | | | | | | $ | 144 | |

| Payments and other adjustments | | | | | | (49) | | |

| Granted | | | | | | 1,683,097 | | | | | | 116.88 | | | | | | | | | | | | | | |

| Exercised | | | | | | (3,593,503) | | | | | | 47.26 | | | | | | | | | | | | | | |

| Lapsed | | | | | | (111,920) | | | | | | 119.40 | | | | | | | | | | | | | | |

| Outstanding at December 31, 2024 | | | | | | 26,546,749 | | | | | | $ | 80.70 | | | | | 4.6 | | | | | | $ | 906 | |

| Exercisable at December 31, 2024 | | | | | | 22,712,676 | | | | | | $ | 75.20 | | | | | 3.9 | | | | | | $ | 897 | |

| Granted | | | 5,745,647 | | | | | | 116.78 | | |

| Vested | | | (4,978,325) | | | | | | 115.35 | | |

| Forfeited | | | (536,036) | | | | | | 112.82 | | |

| Outstanding at December 31, 2024 | | | 10,509,572 | | | | | | $ | 113.48 | |

| | | | 2024 | | | | | | 2023 | | | | | | 2022 | | |

| | | | | | |

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

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

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

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

| Shares: 2023: 248,724,257; 2022: 221,191,228; 2021: 209,926,622 | | | $ | (15,229) | | | | | $ | (11,822) | | | | | $ | (10,042) | |

In December 2019, the FASB issued ASU 2019-12, *Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes*, which among other things, eliminates certain exceptions in the current rules regarding the approach for intraperiod tax allocations and the methodology for calculating income taxes in an interim period, and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill.

| Nutritionals — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Diagnostics — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |

| Balance at December 31, 2021 | | | $ | 520 | |

| Balance at December 31, 2021 | | | $ | 313 | |

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

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

| Balance at December 31, 2021 | | | | | | $ | (5,839) | | | | | $ | (2,670) | | | | | $ | 135 | | | | | $ | (8,374) | |

Allocation of the purchase price of the acquisition will be finalized when the valuation of assets and liabilities is completed.

If the acquisition of CSI had taken place as of the beginning of 2022, consolidated net sales and earnings would not have been significantly different from reported amounts.

In September 2021, Abbott acquired Walk Vascular, LLC (Walk Vascular), a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots.

Walk Vascular’s peripheral thrombectomy system has been incorporated into Abbott’s existing endovascular portfolio.

The purchase price, the allocation of acquired assets and liabilities, and the revenue and net income contributed by Walk Vascular since the date of acquisition are not material to Abbott’s consolidated financial statements.

In 2021, Abbott management approved a restructuring plan related to its Diagnostic Products segment to align its manufacturing network for COVID-19 diagnostic tests with changes in the second quarter of 2021 in projected testing demand driven by several factors, including significant reductions in cases in the U.S. and other major developed countries, the accelerated rollout of COVID-19 vaccines globally and the U.S. health authority’s updated guidance on testing for fully vaccinated individuals.

Charges under this plan were recorded in Cost of products sold and totaled $441 million in 2021.

| (in millions) | | | | | | Inventory- Related Charges | | | | | | Fixed Asset Write-Downs | | | | | | Other Exit Costs | | | | | | Total | | |

| Restructuring charges recorded in 2021 | | | | | | $ | 248 | | | | | $ | 80 | | | | | $ | 113 | | | | | $ | 441 | |

| Payments | | | | | | — | | | | | | — | | | | | | (90) | | | | | | (90) | | |

| Other non-cash | | | | | | (248) | | | | | | (80) | | | | | | — | | | | | | (328) | | |

Restructuring activities under the 2021 plans have been completed and there are no remaining liabilities under these plans as of December 31, 2023.

| Outstanding at December 31, 2022 | | | | | | 28,288,046 | | | | | | $ | 70.64 | | | | | 5.3 | | | | | | $ | 1,167 | |

| Granted | | | | | | 2,027,255 | | | | | | 106.03 | | | | | | | | | | | | | | |

| Exercised | | | | | | (1,664,222) | | | | | | 44.71 | | | | | | | | | | | | | | |

| Lapsed | | | | | | (82,004) | | | | | | 122.08 | | | | | | | | | | | | | | |

| Exercisable at December 31, 2023 | | | | | | 23,921,284 | | | | | | $ | 66.90 | | | | | 4.1 | | | | | | $ | 1,064 | |

| Outstanding at December 31, 2022 | | | 10,400,328 | | | | | | $ | 114.59 | |

| Granted | | | 5,455,600 | | | | | | 106.11 | | |

| Vested | | | (5,069,639) | | | | | | 109.81 | | |

| Forfeited | | | (508,003) | | | | | | 113.48 | | |

| 0.875% Notes, due 2023 | | | $ | — | | | | | $ | 1,215 | |

| 3.40% Notes, due 2023 | | | — | | | | | | 1,050 | | |

In December 2021, Abbott repaid a short-term facility for approximately $195 million.

After the repayment, Abbott has no short-term borrowings.

The lines of credit as of December 31, 2023 were a part of a Five Year Credit Agreement that Abbott entered into on November 12, 2020.

*Changes in internal control over financial reporting.* During the quarter ended December 31, [removed: 2023,] [added: 2024,] 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 “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: 2024] [added: 2025] Abbott Laboratories Proxy Statement.

The [removed: 2024] [added: 2025] Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

Abbott has [removed: adopted] a code of ethics that applies to its principal executive officer, principal financial officer, and principal accounting officer and controller.

Abbott has an insider trading policy governing the purchase, sale, and other dispositions of Abbott securities by its directors, officers and employees, as well as Abbott itself, that Abbott believes is reasonably designed to promote compliance with insider trading laws, rules and regulations, and New York Stock Exchange listing standards.

The material required by this Item 11 will be included in the [removed: 2024] [added: 2025] Proxy Statement under the headings “Director Compensation” and “Executive Compensation”, and such material is incorporated herein by reference.

The [removed: 2024] [added: 2025] Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

The following table presents information as of December 31, [removed: 2023] [added: 2024] about our compensation plans under which Abbott common shares have been authorized for issuance.

If shares are issued under any benefit under the 2009 Program and thereafter are reacquired by Abbott pursuant to rights reserved upon their issuance, or pursuant to the payment of the purchase price of shares under stock options by delivery of other common shares of Abbott, [removed: the shares subject to or reserved for that benefit, or so reacquired, may not again be used for new stock options, rights, or awards of any type authorized under the 2009 Program.]

As of December 31, [removed: 2023,] [added: 2024,] an aggregate of [removed: 8,565,087] [added: 7,461,515] common shares were available for future issuance under the Employee Stock Purchase Plan, including shares subject to purchase during the current purchase cycle.

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: 2024] [added: 2025] Proxy Statement.

The [removed: 2024] [added: 2025] Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

| Equity compensation plans approved by security holders (1) | | | | | | 26,546,749 | | | | | | $ | 80.70 | | | | | 68,436,082 | | |

| Total (1) | | | | | | 26,546,749 | | | | | | $ | 80.70 | | | | | 68,436,082 | | |

the shares subject to or reserved for that benefit, or so reacquired, may not again be used for new stock options, rights, or awards of any type authorized under the 2009 Program.

| Equity compensation plans approved by security holders (1) | | | | | | 28,569,075 | | | | | | $ | 74.52 | | | | | 82,923,001 | | |

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

The material to be included in the [removed: 2024] [added: 2025] Proxy Statement under the headings “The Board of [removed: Directors,” “Committees of the Board of Directors,”] [added: Directors] and [added: Its Committees” and] “Approval Process for Related Person Transactions” is incorporated herein by reference.

The [removed: 2024] [added: 2025] Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

The material to be included in the [removed: 2024] [added: 2025] 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: 2024] [added: 2025] Proxy Statement will be filed on or about March [removed: 15, 2024.][added: 14, 2025.]

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

| [Valuation and Qualifying Accounts (Schedule [removed: II)](#if8b9124f97b842119ff487ee08edb388_223)] [added: II)](#i63142880791147bea8fe7cb5ab7c0329_226)] | | | | | | [removed: [92](#if8b9124f97b842119ff487ee08edb388_223)] [added: [91](#i63142880791147bea8fe7cb5ab7c0329_226)] | | |

| [Report of Independent Registered Public Accounting [removed: Firm](#if8b9124f97b842119ff487ee08edb388_226)] [added: Firm](#i63142880791147bea8fe7cb5ab7c0329_229)] | | | | | | [removed: [93](#if8b9124f97b842119ff487ee08edb388_226)] [added: [92](#i63142880791147bea8fe7cb5ab7c0329_229)] | | |

| 4.28 | | | * | | | [Form of [removed: 0.100%] [added: 0.375%] Note due [removed: 2024] [added: 2027] (included in 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: 4.29] [added: 4.30] | | | * | | | [Form of [removed: 0.375% Note] [added: 1.150% Notes] due [removed: 2027] [added: 2028, filed as Exhibit 4.3 to the Abbott Laboratories Current Report on Form 8-K filed on June 24, 2020] (included in Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated [removed: November 19, 2019).](https://www.sec.gov/Archives/edgar/data/1800/000110465919065447/tm1923129d1_ex4-2.htm)] [added: June 22, 2020).](https://www.sec.gov/Archives/edgar/data/1800/000110465920076435/tm2022780d5_ex4-2.htm)] | | |

| [removed: 4.30] [added: 4.29] | | | * | | | [Officers’ Certificate Pursuant to Sections 3.1 and 3.3 of the Indenture with respect to 1.150% Notes due 2028 and 1.400% Notes due 2030, filed as Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated June 22, 2020.](https://www.sec.gov/Archives/edgar/data/1800/000110465920076435/tm2022780d5_ex4-2.htm) | | |

| 4.31 | | | * | | | [Form of [removed: 1.150%] [added: 1.400%] Notes due [removed: 2028,] [added: 2030,] filed as Exhibit [removed: 4.3] [added: 4.4] to the Abbott Laboratories Current Report on Form 8-K filed on June 24, 2020 (included in Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated June 22, 2020).](https://www.sec.gov/Archives/edgar/data/1800/000110465920076435/tm2022780d5_ex4-2.htm) | | |

| [removed: 4.33] [added: 4.32] | | | * | | | [Description of Registrant’s Securities, filed as Exhibit 4.36 to the 2021 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465922025141/abt-20211231xex4d36.htm) | | |

| [removed: 10.2] [added: 10.50] | | | * | | | [Abbott [removed: Laboratories Deferred Compensation] [added: Overseas Managers Pension] Plan, as [removed: amended,] [added: amended and restated,] filed as Exhibit [removed: 10.2] [added: 10.74] to the 2020 Abbott Laboratories Annual Report on Form [removed: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d2.htm)] [added: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d74.htm)] | | |

| [removed: 10.3] [added: 10.49] | | | * | | | [removed: [Abbott Laboratories 401(k) Supplemental] [added: [Management Savings] Plan, as amended and restated, filed as Exhibit [removed: 10.3] [added: 10.75] to the [removed: 2012] [added: 2019] Abbott Laboratories Annual Report on Form [removed: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746913001180/a2212523zex-10_3.htm)] [added: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465920023904/ex-10d75.htm)] | | |

| 10.5 | | | [added: *] | | | [1986 Abbott Laboratories Management Incentive Plan, as amended and [removed: restated.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit105_1986managementi.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit105_1986managementi.htm)[, filed as Exhibit 10.5 to the 202](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit105_1986managementi.htm)[3 Abbott Laboratories Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit105_1986managementi.htm)[.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit105_1986managementi.htm)] | | |

| 10.6 | | | [added: *] | | | [1998 Abbott Laboratories Performance Incentive Plan, as amended and [removed: restated.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit106_1998performance.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit106_1998performance.htm)[, filed a](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit106_1998performance.htm)[s Exhibit 10.6 to the 2023 Abbott Laboratories Annual Report on Form 10-K](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit106_1998performance.htm)[.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit106_1998performance.htm)] | | |

| 10.9 | | | [added: *] | | | [Abbott Laboratories 2017 Incentive Stock Program, as amended and [removed: restated.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)] [added: restated](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[, filed](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm) [as Exhibit 10.9 to the](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm) [](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[2](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[023](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm) [Abbott Laboratories](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm) [An](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[nual R](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[eport on Form 10-K](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)[.](https://www.sec.gov/Archives/edgar/data/1800/000162828024005348/exhibit109_2017incentivest.htm)] | | |

| [removed: 10.11] [added: 10.33] | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement under [added: the] Abbott Laboratories [removed: 1996] [added: 2017] Incentive Stock Program, filed as Exhibit [removed: 10.2] [added: 10.24] to the Abbott Laboratories Current Report on Form 8-K dated [removed: December 10, 2004.](https://www.sec.gov/Archives/edgar/data/1800/000110465904039818/a04-14593_1ex10d2.htm)] [added: April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d24.htm)] | | |

| 10.12 | | | * | | | [Form of [removed: Non-Employee Director] Non-Qualified Stock Option [removed: Agreement,] [added: Agreement (ratably vested),] filed as Exhibit [removed: 10.2] [added: 10.5] to the Abbott Laboratories Current Report on Form 8-K dated April 24, [removed: 2009.](https://www.sec.gov/Archives/edgar/data/1800/000110465909026063/a09-9651_1ex10d2.htm)] [added: 2009.](https://www.sec.gov/Archives/edgar/data/1800/000110465909026063/a09-9651_1ex10d5.htm)] | | |

| [removed: 10.13] [added: 10.11] | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement, filed as Exhibit 10.3 to the Abbott Laboratories Current Report on Form 8-K dated April 24, 2009.](https://www.sec.gov/Archives/edgar/data/1800/000110465909026063/a09-9651_1ex10d3.htm) | | |

| [removed: 10.14] [added: 10.25] | | | * | | | [Form of Non-Qualified Stock Option Agreement [removed: (ratably vested),] [added: under the Abbott Laboratories 2017 Incentive Stock Program,] filed as Exhibit [removed: 10.5] [added: 10.12] to the Abbott Laboratories Current Report on Form 8-K dated April [removed: 24, 2009.](https://www.sec.gov/Archives/edgar/data/1800/000110465909026063/a09-9651_1ex10d5.htm)] [added: 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d12.htm)] | | |

| [removed: 10.15] [added: 10.13] | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement, filed as Exhibit 10.47 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_47.htm) | | |

| [removed: 10.16] [added: 10.14] | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement for foreign non-employee directors, filed as Exhibit 10.48 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_48.htm) | | |

| [removed: 10.17] [added: 10.15] | | | * | | | [Form of Non-Qualified Stock Option Agreement, filed as Exhibit 10.58 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_58.htm) | | |

| [removed: 10.18] [added: 10.16] | | | * | | | [Form of Non-Qualified Stock Option Agreement for executive officers, filed as Exhibit 10.59 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_59.htm) | | |

| [removed: 10.19] [added: 10.17] | | | * | | | [Form of Non-Qualified Stock Option Agreement for foreign employees, filed as Exhibit 10.60 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_60.htm) | | |

| [removed: 10.20] [added: 10.18] | | | * | | | [Form of Non-Qualified Stock Option Agreement for foreign executive officers, filed as Exhibit 10.61 to the 2013 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_61.htm) | | |

| [removed: 10.21] [added: 10.35] | | | * | | | [Form of Non-Employee Director Non-Qualified Stock Option [removed: Agreement,] [added: Agreement under the Abbott Laboratories 2017 Incentive Stock Program,] filed as Exhibit [removed: 10.64] [added: 10.26] to the [removed: 2013] Abbott Laboratories [removed: Annual] [added: Current] Report on Form [removed: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_64.htm)] [added: 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d26.htm)] | | |

| [removed: 10.22] [added: 10.36] | | | * | | | [Form of Non-Employee Director Non-Qualified Stock Option Agreement for foreign non-employee [removed: directors,] [added: directors under the Abbott Laboratories 2017 Incentive Stock Program,] filed as Exhibit [removed: 10.65] [added: 10.27] to the [removed: 2013] Abbott Laboratories [removed: Annual] [added: Current] Report on Form [removed: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000104746914001176/a2218043zex-10_65.htm)] [added: 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d27.htm)] | | |

| [removed: 10.23] [added: 10.19] | | | * | | | [Form of Restricted Stock Unit Agreement (ratably vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.2 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d2.htm) | | |

| [removed: 10.24] [added: 10.20] | | | * | | | [Form of Restricted Stock Unit Agreement for foreign employees (ratably vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.3 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d3.htm) | | |

| [removed: 10.25] [added: 10.21] | | | * | | | [Form of Restricted Stock Unit Agreement (cliff vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.4 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d4.htm) | | |

| [removed: 10.26] [added: 10.22] | | | * | | | [Form of Restricted Stock Unit Agreement for foreign employees (cliff vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.5 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d5.htm) | | |

| 10.27 | | | * | | | [Form of [removed: Performance] Restricted Stock Unit Agreement for [removed: foreign employees (annual performance based)] [added: executive officers (cliff vested)] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.6] [added: 10.14] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d6.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d14.htm)] | | |

| 10.28 | | | * | | | [Form of [removed: Performance] Restricted Stock Unit Agreement for foreign [removed: employees (interim performance based)] [added: executive officers (cliff vested)] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.7] [added: 10.15] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d7.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d15.htm)] | | |

| [removed: 10.29] [added: 10.23] | | | * | | | [Form of Restricted Stock Agreement (ratably vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.8 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d8.htm) | | |

| [removed: 10.30] [added: 10.24] | | | * | | | [Form of Restricted Stock Agreement (cliff vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.9 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d9.htm) | | |

| 10.31 | | | * | | | [Form of [removed: Performance Restricted] [added: Non-Qualified] Stock [added: Option] Agreement [removed: (annual performance based)] [added: for executive officers] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.10] [added: 10.22] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d10.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d22.htm)] | | |

| [removed: 10.32] [added: 10.29] | | | * | | | [Form of [removed: Performance] Restricted Stock Agreement [removed: (interim performance based)] [added: for executive officers (ratably vested)] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.11] [added: 10.18] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d11.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d18.htm)] | | |

| [removed: 10.33] [added: 10.26] | | | * | | | [Form of Non-Qualified Stock Option Agreement [added: for foreign employees] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.12] [added: 10.13] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d12.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d13.htm)] | | |

| [removed: 10.34] [added: 10.32] | | | * | | | [Form of Non-Qualified Stock Option Agreement for foreign [removed: employees] [added: executive officers] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.13] [added: 10.23] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d13.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d23.htm)] | | |

| [removed: 10.35] [added: 10.30] | | | * | | | [Form of Restricted Stock [removed: Unit] Agreement for executive officers (cliff vested) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.14] [added: 10.19] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d14.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d19.htm)] | | |

| [removed: 10.36] [added: 10.34] | | | * | | | [Form of [added: Non-Employee Director] Restricted Stock Unit Agreement for foreign [removed: executive officers (cliff vested)] [added: non-employee directors] under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.15] [added: 10.25] to the Abbott Laboratories Current Report on Form 8-K dated April 28, [removed: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d15.htm)] [added: 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d25.htm)] | | |

| [removed: 10.37] [added: 10.41] | | | * | | | [Form of Performance Restricted Stock Unit Agreement for foreign executive officers (annual performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit [removed: 10.16] [added: 10.60] to the [added: 2020] Abbott Laboratories [removed: Current] [added: Annual] Report on Form [removed: 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d16.htm)] [added: 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d60.htm)] | | |

| 10.2 | | | | | | [Abbott Laboratories Deferred Compensation & Restoration Plan, as amended and restated.](https://www.sec.gov/Archives/edgar/data/1800/000162828025007110/abbottlaboratoriesdeferred.htm) | | |

| 10.3 | | | | | | [Abbott Laboratories 401(k) Supplemental Plan, as amended and restated.](https://www.sec.gov/Archives/edgar/data/1800/000162828025007110/supplemental401kplankspdec.htm) | | |

| 10.47 | | | | | | [Form of Extension of Agreement Regarding Change in Control by and between Abbott Laboratories and its named executive officers, extending the agreement term to December 31, 2026.](https://www.sec.gov/Archives/edgar/data/1800/000162828025007110/exhibit1047-noticeofcicext.htm) | | |

| 19 | | | | | | [Abbott Laboratories Insider Trading Policy.](https://www.sec.gov/Archives/edgar/data/1800/000162828025007110/exhibit19-abbottlabsinside.htm) | | |

| | | | | | | | | |

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

| 10-K Exhibit Table Item No. | | | | | | | | |

| 4.32 | | | * | | | [Form of 1.400% Notes due 2030, filed as Exhibit 4.4 to the Abbott Laboratories Current Report on Form 8-K filed on June 24, 2020 (included in Exhibit 4.2 to the Abbott Laboratories Current Report on Form 8-K dated June 22, 2020).](https://www.sec.gov/Archives/edgar/data/1800/000110465920076435/tm2022780d5_ex4-2.htm) | | |

| 10.45 | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.24 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d24.htm) | | |

| 10.46 | | | * | | | [Form of Non-Employee Director Restricted Stock Unit Agreement for foreign non-employee directors under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.25 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d25.htm) | | |

| 10.47 | | | * | | | [Form of Non-Employee Director Non-Qualified Stock Option Agreement under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.26 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d26.htm) | | |

| 10.48 | | | * | | | [Form of Non-Employee Director Non-Qualified Stock Option Agreement for foreign non-employee directors under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.27 to the Abbott Laboratories Current Report on Form 8-K dated April 28, 2017.](https://www.sec.gov/Archives/edgar/data/1800/000110465917027924/a17-11466_1ex10d27.htm) | | |

| 10.50 | | | * | | | [Form of Performance Restricted Stock Unit Agreement for foreign employees (interim performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.57 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d57.htm) | | |

| 10.51 | | | * | | | [Form of Performance Restricted Stock Agreement (annual performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.58 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d58.htm) | | |

| 10.52 | | | * | | | [Form of Performance Restricted Stock Agreement (interim performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.59 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d59.htm) | | |

| 10.53 | | | * | | | [Form of Performance Restricted Stock Unit Agreement for foreign executive officers (annual performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.60 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d60.htm) | | |

| 10.54 | | | * | | | [Form of Performance Restricted Stock Unit Agreement for foreign executive officers (interim performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.61 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d61.htm) | | |

| 10.55 | | | * | | | [Form of Performance Restricted Stock Agreement for executive officers (annual performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.62 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d62.htm) | | |

| 10.56 | | | * | | | [Form of Performance Restricted Stock Agreement for executive officers (interim performance based) under the Abbott Laboratories 2017 Incentive Stock Program, filed as Exhibit 10.63 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d63.htm) | | |

| 10.59 | | | * | | | [Form of Time Sharing Agreement between Abbott Laboratories Inc. and Robert B. Ford, filed as Exhibit 10.68 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d68.htm) | | |

| 10.60 | | | † | | | [St. Jude Medical, Inc. 2007 Stock Incentive Plan, as amended and restated (2014), filed as Exhibit 10.22 to St. Jude Medical, Inc. Annual Report on Form 10-K for the year ended January 3, 2015 dated February 26, 2015.](https://www.sec.gov/Archives/edgar/data/203077/000020307715000003/exhibit102201032015.htm) | | |

| 10.61 | | | † | | | [Form of Non-Qualified Stock Option Agreement (Global) and related Notice of Non-Qualified Stock Option Grant for stock options granted on or after December 10, 2012 under the St. Jude Medical, Inc. 2007 Stock Incentive Plan, filed as Exhibit 10.24 to the St. Jude Medical, Inc. Annual Report on Form 10-K for the year ended December 29, 2012 dated February 26, 2013.](https://www.sec.gov/Archives/edgar/data/203077/000020307713000003/exhibit102412292012.htm) | | |

| 10.62 | | | † | | | [Form of Non-Qualified Stock Option Agreement for Non-Employee Directors and related Notice of Non-Qualified Stock Option Grant for stock options granted on or after December 10, 2012 under the St. Jude Medical, Inc. 2007 Stock Incentive Plan, filed as Exhibit 10.25 to the St. Jude Medical, Inc. Annual Report on Form 10-K for the year ended December 29, 2012, dated February 26, 2013.](https://www.sec.gov/Archives/edgar/data/203077/000020307713000003/exhibit102512292012.htm) | | |

| 10.63 | | | * | | | [Management Savings Plan, as amended and restated, filed as Exhibit 10.75 to the 2019 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465920023904/ex-10d75.htm) | | |

| 10.64 | | | * | | | [Abbott Overseas Managers Pension Plan, as amended and restated, filed as Exhibit 10.74 to the 2020 Abbott Laboratories Annual Report on Form 10-K.](https://www.sec.gov/Archives/edgar/data/1800/000110465921025751/abt-20201231xex10d74.htm) | | |