Abbott Laboratories

Second-quarter comparable sales increased 4.8%, an acceleration versus the prior two quarters, and adjusted EPS was $1.31. Adjusted gross margin was 58.0% of sales, up 100 basis points year over year; adjusted R&D was 6.9% of sales and adjusted SG&A was 28.6% of sales. On the outlook, Abbott reaffirmed full-year comparable sales growth guidance of 6.5% to 7.5%, raised full-year EPS guidance to $5.45 to $5.60, and guided third-quarter adjusted EPS to $1.38 to $1.46. FX was a 0.8% tailwind to second-quarter sales, and management expects about a 1% positive impact on full-year sales, with roughly a 1% negative impact in Q3.

Robert Ford said the quarter showed building momentum and a clear path to faster second-half growth. He emphasized that the company is seeing strong underlying demand in healthcare, especially in diagnostics and cardio, and said Abbott is not seeing signs of a U.S. procedure-volume slowdown in its businesses. He also pointed to a steady cadence of launches over the next 12 months and several future trials that could support growth beyond 2026.

Philip Boudreau said Q2 sales rose 4.8% on a comparable basis and adjusted EPS was $1.31, with FX adding 0.8% to sales. He highlighted adjusted gross margin of 58.0%, up 100 basis points from last year, driven by favorable mix, the addition of Exact Sciences, and operational improvements. He also noted adjusted R&D at 6.9% of sales and adjusted SG&A at 28.6% of sales, and said Abbott expects exchange to be a 1% full-year sales tailwind despite about a 1% headwind in Q3.

Analysts focused on whether U.S. procedure volumes were weakening, but management said Abbott is not seeing that in its diagnostics data or device businesses and argued that Medicare and the inelastic nature of many procedures make the portfolio less exposed to Medicaid-related swings. Questions also centered on the second-half growth acceleration, and management said the lift is expected mainly from Nutrition, electrophysiology, Core Lab, and cancer diagnostics. On Libre, management said the U.S. type 2 reimbursement opportunity could be a multibillion-dollar catalyst but timing is hard to forecast, while international reimbursement expansion and the new dual glucose-ketone sensor could further accelerate CGM growth. Analysts also pressed on Exact Sciences, EP, structural heart, and Amulet 360; management said care-gap programs should ramp in the second half, EP should outperform the market as Bolt and Tactiflex roll out, structural heart should improve by year-end, and Amulet 360 has strong feedback and is intended to help Abbott regain share in a $2 billion market.