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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to
Commission File No. 1-2189
ABBOTT LABORATORIES
An Illinois Corporation
I.R.S. Employer Identification No.
36-0698440
100 Abbott Park Road
Abbott Park, Illinois 60064-6400
Telephone: (224) 667-6100
Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name of Each Exchange on Which Registered
Common Shares, Without Par ValueABT
New York Stock Exchange
Chicago Stock Exchange, Inc.
Indicate by check mark whether the registrant: (l) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of l934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 229.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes x No o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer x
Accelerated Filer o
Non-Accelerated Filer o
Smaller reporting company o
Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes o No x
As of June 30, 2022, Abbott Laboratories had 1,751,219,743 common shares without par value outstanding.

Abbott Laboratories
Table of Contents
2


Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
(Unaudited)
(dollars in millions except per share data; shares in thousands)
Three Months Ended Six Months Ended
June 30June 30
2022202120222021
Net sales$11,257 $10,223 $23,152 $20,679 
Cost of products sold, excluding amortization of intangible assets4,933 4,947 9,920 9,348 
Amortization of intangible assets507 504 1,019 1,013 
Research and development684 654 1,381 1,308 
Selling, general and administrative2,757 2,726 5,544 5,509 
Total operating cost and expenses8,881 8,831 17,864 17,178 
Operating earnings2,376 1,392 5,288 3,501 
Interest expense132 134 263 269 
Interest (income)(26)(11)(40)(22)
Net foreign exchange (gain) loss— — (3)3 
Other (income) expense, net(82)(79)(160)(140)
Earnings before taxes2,352 1,348 5,228 3,391 
Taxes on earnings334 159 763 409 
Net Earnings$2,018 $1,189 $4,465 $2,982 
Basic Earnings Per Common Share$1.15 $0.67 $2.53 $1.67 
Diluted Earnings Per Common Share$1.14 $0.66 $2.51 $1.66 
Average Number of Common Shares Outstanding Used for Basic Earnings Per Common Share1,753,865 1,779,203 1,757,858 1,778,049 
Dilutive Common Stock Options11,598 14,076 12,115 14,369 
Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options1,765,463 1,793,279 1,769,973 1,792,418 
Outstanding Common Stock Options Having No Dilutive Effect5,419 2,720 2,655 2,694 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
3
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Comprehensive Income
(Unaudited)
(dollars in millions)
Three Months EndedSix Months Ended
June 30June 30
2022202120222021
Net Earnings$2,018 $1,189 $4,465 $2,982 
Foreign currency translation gain (loss) adjustments(315)165 (421)(371)
Net actuarial gains (losses) and amortization of net actuarial losses and prior service costs and credits, net of taxes of $12 and $25 in 2022 and $18 and $36 in 2021
54 48 116 133 
Net gains (losses) for derivative instruments designated as cash flow hedges and other, net of taxes of $61 and $46 in 2022 and $2 and $48 in 2021
29 6 (27)118 
Other comprehensive income (loss)(232)219 (332)(120)
Comprehensive Income$1,786 $1,408 $4,133 $2,862 
June 30,
2022		December 31,
2021
Supplemental Accumulated Other Comprehensive Income (Loss) Information, net of tax:
Cumulative foreign currency translation (loss) adjustments$(6,260)$(5,839)
Net actuarial (losses) and prior service (costs) and credits(2,554)(2,670)
Cumulative gains (losses) on derivative instruments designated as cash flow hedges and other108 135 
Accumulated other comprehensive income (loss)$(8,706)$(8,374)
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
4
Abbott Laboratories and Subsidiaries
Condensed Consolidated Balance Sheet
(Unaudited)
(dollars in millions)
June 30,
2022		December 31,
2021
Assets
Current Assets:
Cash and cash equivalents$8,937 $9,799 
Short-term investments353 450 
Trade receivables, less allowances of $572 in 2022 and $519 in 2021
7,199 6,487 
Inventories:
Finished products3,570 3,081 
Work in process710 694 
Materials1,619 1,382 
Total inventories5,899 5,157 
Prepaid expenses and other receivables2,568 2,346 
Total Current Assets24,956 24,239 
Investments734 816 
Property and equipment, at cost19,458 19,364 
Less: accumulated depreciation and amortization10,640 10,405 
Net property and equipment8,818 8,959 
Intangible assets, net of amortization11,592 12,739 
Goodwill22,744 23,231 
Deferred income taxes and other assets5,358 5,212 
$74,202 $75,196 
Liabilities and Shareholders’ Investment
Current Liabilities:
Trade accounts payable$4,493 $4,408 
Salaries, wages and commissions1,315 1,625 
Other accrued liabilities5,400 5,181 
Dividends payable824 831 
Income taxes payable355 306 
Current portion of long-term debt5 754 
Total Current Liabilities12,392 13,105 
Long-term debt16,755 17,296 
Post-employment obligations, deferred income taxes and other long-term liabilities8,339 8,771 
Commitments and Contingencies
Shareholders’ Investment:
Preferred shares, one dollar par value Authorized — 1,000,000 shares, none issued
— — 
Common shares, without par value Authorized — 2,400,000,000 shares
Issued at stated capital amount — Shares: 2022: 1,985,676,735; 2021: 1,985,273,421
24,429 24,470 
Common shares held in treasury, at cost — Shares: 2022: 234,456,992; 2021: 221,191,228
(13,720)(11,822)
Earnings employed in the business34,487 31,528 
Accumulated other comprehensive income (loss)(8,706)(8,374)
Total Abbott Shareholders’ Investment36,490 35,802 
Noncontrolling Interests in Subsidiaries226 222 
Total Shareholders’ Investment36,716 36,024 
$74,202 $75,196 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
5
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Three Months Ended June 30
20222021
Common Shares:
Balance at March 31
Shares: 2022: 1,985,525,053; 2021: 1,982,205,491
$24,304 $24,023 
Issued under incentive stock programs  
Shares: 2022: 151,682; 2021: 347,997
10 18 
Share-based compensation125 119 
Issuance of restricted stock awards(10)(7)
Balance at June 30  
Shares: 2022: 1,985,676,735; 2021: 1,982,553,488
$24,429 $24,153 
Common Shares Held in Treasury:
Balance at March 31
Shares: 2022: 234,582,764; 2021: 205,385,343
$(13,726)$(9,845)
Issued under incentive stock programs  
Shares: 2022: 135,663; 2021: 159,644
7 8 
Purchased  
Shares: 2022: 9,891; 2021: 4,510,440
(1)(503)
Balance at June 30  
Shares: 2022: 234,456,992; 2021: 209,736,139
$(13,720)$(10,340)
Earnings Employed in the Business:
Balance at March 31$33,295 $28,669 
Net earnings2,018 1,189 
Cash dividends declared on common shares (per share — 2022: $0.47; 2021: $0.45)
(827)(801)
Effect of common and treasury share transactions1 (4)
Balance at June 30$34,487 $29,053 
Accumulated Other Comprehensive Income (Loss):
Balance at March 31$(8,474)$(9,285)
Other comprehensive income (loss)(232)219 
Balance at June 30$(8,706)$(9,066)
Noncontrolling Interests in Subsidiaries:
Balance at March 31$230 $226 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases(4)3 
Balance at June 30$226 $229 
The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
6
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Shareholders’ Investment
(Unaudited)
(in millions except shares and per share data)
Six Months Ended June 30
20222021
Common Shares:
Balance at January 1
Shares: 2022: 1,985,273,421; 2021: 1,981,156,896
$24,470 $24,145 
Issued under incentive stock programs
Shares: 2022: 403,314; 2021: 1,396,592
24 65 
Share-based compensation449 423 
Issuance of restricted stock awards(514)(480)
Balance at June 30
Shares: 2022: 1,985,676,735; 2021: 1,982,553,488
$24,429 $24,153 
Common Shares Held in Treasury:
Balance at January 1
Shares: 2022: 221,191,228; 2021: 209,926,622
$(11,822)$(10,042)
Issued under incentive stock programs
Shares: 2022: 4,280,139; 2021: 4,978,431
230 239 
Purchased
Shares: 2022: 17,545,903; 2021: 4,787,948
(2,128)(537)
Balance at June 30
Shares: 2022: 234,456,992; 2021: 209,736,139
$(13,720)$(10,340)
Earnings Employed in the Business:
Balance at January 1$31,528 $27,627 
Net earnings4,465 2,982 
Cash dividends declared on common shares (per share — 2022: $0.94; 2021: $0.90)
(1,653)(1,604)
Effect of common and treasury share transactions147 48 
Balance at June 30$34,487 $29,053 
Accumulated Other Comprehensive Income (Loss):
Balance at January 1$(8,374)$(8,946)
Other comprehensive income (loss)(332)(120)
Balance at June 30$(8,706)$(9,066)
Noncontrolling Interests in Subsidiaries:
Balance at January 1$222 $219 
Noncontrolling Interests’ share of income, business combinations, net of distributions and share repurchases4 10 
Balance at June 30$226 $229 
The accompanying notes to condensed consolidated financial statements are an integral part of this statement.
7
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Cash Flows
(Unaudited)
(dollars in millions)
Six Months Ended June 30
20222021
Cash Flow From (Used in) Operating Activities:
Net earnings$4,465 $2,982 
Adjustments to reconcile net earnings to net cash from operating activities —
Depreciation626 795 
Amortization of intangible assets1,019 1,013 
Share-based compensation447 420 
Trade receivables(939)200 
Inventories(1,030)(542)
Other, net(113)(103)
Net Cash From Operating Activities4,475 4,765 
Cash Flow From (Used in) Investing Activities:
Acquisitions of property and equipment(700)(810)
Acquisitions of businesses and technologies, net of cash acquired— (15)
Proceeds from business dispositions48 48 
Sales (purchases) of other investment securities, net18 81 
Other10 10 
Net Cash From (Used in) Investing Activities(624)(686)
Cash Flow From (Used in) Financing Activities:
Net borrowings (repayments) of short-term debt and other13 20 
Proceeds from issuance of long-term debt6 — 
Repayments of long-term debt(752)(5)
Purchases of common shares(2,312)(746)
Proceeds from stock options exercised69 103 
Dividends paid(1,660)(1,603)
Net Cash From (Used in) Financing Activities(4,636)(2,231)
Effect of exchange rate changes on cash and cash equivalents(77)(28)
Net Increase (Decrease) in Cash and Cash Equivalents(862)1,820 
Cash and Cash Equivalents, Beginning of Year9,799 6,838 
Cash and Cash Equivalents, End of Period$8,937 $8,658 
The accompanying notes to the condensed consolidated financial statements are an integral part of this statement.
8
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)

Note 1 — Basis of Presentation

The accompanying unaudited, condensed consolidated financial statements have been prepared pursuant to rules and regulations of the Securities and Exchange Commission and, therefore, do not include all information and footnote disclosures normally included in audited financial statements. However, in the opinion of management, all adjustments (which include only normal adjustments) necessary to present fairly the results of operations, financial position and cash flows have been made. It is suggested that these statements be read in conjunction with the financial statements included in Abbott’s Annual Report on Form 10-K for the year ended December 31, 2021. The condensed consolidated financial statements include the accounts of the parent company and subsidiaries, after elimination of intercompany transactions.

Note 2 — Revenue

Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Abbott has four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices.

The following tables provide detail by sales category:

Three Months Ended June 30, 2022Three Months Ended June 30, 2021
(in millions)U.S.Int’lTotalU.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $931 $931 $— $915 $915 
Other— 292 292 — 265 265 
Total— 1,223 1,223 — 1,180 1,180 
Nutritionals —    
Pediatric Nutritionals413 512 925 528 565 1,093 
Adult Nutritionals348 680 1,028 345 670 1,015 
Total761 1,192 1,953 873 1,235 2,108 
Diagnostics —     
Core Laboratory287 934 1,221 283 1,023 1,306 
Molecular71 141 212 94 196 290 
Point of Care101 38 139 97 40 137 
Rapid Diagnostics2,010 740 2,750 681 833 1,514 
Total2,469 1,853 4,322 1,155 2,092 3,247 
Medical Devices —    
Rhythm Management264 284 548 269 298 567 
Electrophysiology226 260 486 209 278 487 
Heart Failure179 62 241 168 59 227 
Vascular228 425 653 246 451 697 
Structural Heart207 233 440 191 231 422 
Neuromodulation157 40 197 166 44 210 
Diabetes Care 399 793 1,192 289 767 1,056 
Total1,660 2,097 3,757 1,538 2,128 3,666 
Other2 — 2 15 7 22 
Total$4,892 $6,365 $11,257 $3,581 $6,642 $10,223 
9
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 2 — Revenue (Continued)
Six Months Ended June 30, 2022Six Months Ended June 30, 2021
(in millions)U.S.Int’lTotal U.S.Int’lTotal
Established Pharmaceutical Products —
Key Emerging Markets$— $1,833 $1,833 $— $1,736 $1,736 
Other— 537 537 — 514 514 
Total— 2,370 2,370 — 2,250 2,250 
Nutritionals —    
Pediatric Nutritionals751 1,021 1,772 1,036 1,123 2,159 
Adult Nutritionals687 1,388 2,075 673 1,312 1,985 
Total1,438 2,409 3,847 1,709 2,435 4,144 
Diagnostics —
Core Laboratory555 1,850 2,405 554 1,934 2,488 
Molecular243 389 632 269 468 737 
Point of Care192 75 267 189 77 266 
Rapid Diagnostics4,220 2,084 6,304 1,784 1,986 3,770 
Total5,210 4,398 9,608 2,796 4,465 7,261 
Medical Devices —
Rhythm Management512 560 1,072 510 576 1,086 
Electrophysiology442 529 971 388 530 918 
Heart Failure346 116 462 313 108 421 
Vascular437 835 1,272 465 867 1,332 
Structural Heart397 454 851 360 439 799 
Neuromodulation300 76 376 311 83 394 
Diabetes Care742 1,576 2,318 542 1,494 2,036 
Total3,176 4,146 7,322 2,889 4,097 6,986 
Other5 — 5 25 13 38 
Total$9,829 $13,323 $23,152 $7,419 $13,260 $20,679 

Remaining Performance Obligations

As of June 30, 2022, the estimated revenue expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) was approximately $3.9 billion in the Diagnostics segment and approximately $436 million in the Medical Devices segment. Abbott expects to recognize revenue on approximately 60 percent of these remaining performance obligations over the next 24 months, approximately 16 percent over the subsequent 12 months and the remainder thereafter.

These performance obligations primarily reflect the future sale of reagents/consumables in contracts with minimum purchase obligations, extended warranty or service obligations related to previously sold equipment, and remote monitoring services related to previously implanted devices. Abbott has applied the practical expedient described in Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 606-10-50-14 and has not included remaining performance obligations related to contracts with original expected durations of one year or less in the amounts above.

10
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 2 — Revenue (Continued)
Other Contract Assets and Liabilities

Abbott discloses Trade receivables separately in the Condensed Consolidated Balance Sheet at the net amount expected to be collected. Contract assets primarily relate to Abbott’s conditional right to consideration for work completed but not billed at the reporting date. Contract assets at the beginning and end of the period, as well as the changes in the balance, were not significant.

Contract liabilities primarily relate to payments received from customers in advance of performance under the contract. Abbott’s contract liabilities arise primarily in the Medical Devices reportable segment when payment is received upfront for various multi-period extended service arrangements.

Changes in the contract liabilities during the period are as follows:

(in millions)
Contract Liabilities:
Balance at December 31, 2021$520 
Unearned revenue from cash received during the period294 
Revenue recognized related to contract liability balance(324)
Balance at June 30, 2022$490 

Note 3 — Supplemental Financial Information

Shares of unvested restricted stock that contain non-forfeitable rights to dividends are treated as participating securities and are included in the computation of earnings per share under the two-class method. Under the two-class method, net earnings are allocated between common shares and participating securities. Net earnings allocated to common shares for the three months ended June 30, 2022 and 2021 were $2.009 billion and $1.184 billion, respectively, and for the six months ended June 30, 2022 and 2021 were $4.447 billion and $2.969 billion, respectively.

Other, net in Net cash from operating activities in the Condensed Consolidated Statement of Cash Flows for the first six months of 2022 includes $348 million of pension contributions and the payment of cash taxes of approximately $657 million. The first six months of 2021 includes $80 million of pension contributions and the payment of cash taxes of approximately $715 million.

The following summarizes the activity for the first six months of 2022 related to the allowance for doubtful accounts as of June 30, 2022:

(in millions)
Allowance for Doubtful Accounts:
Balance at December 31, 2021$313 
Provisions/charges to income9 
Amounts charged off and other deductions(34)
Balance at June 30, 2022$288 

The allowance for doubtful accounts reflects the current estimate of credit losses expected to be incurred over the life of the accounts receivable. Abbott considers various factors in establishing, monitoring, and adjusting its allowance for doubtful accounts, including the aging of the accounts and aging trends, the historical level of charge-offs, and specific exposures related to particular customers. Abbott also monitors other risk factors and forward-looking information, such as country risk, when determining credit limits for customers and establishing adequate allowances.
11
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 3 — Supplemental Financial Information (Continued)
The components of long-term investments as of June 30, 2022 and December 31, 2021 are as follows:

(in millions)June 30,
2022		December 31,
2021
Long-term Investments:
Equity securities$620 $748 
Other114 68 
Total$734 $816 

The decrease in Abbott’s long-term investments as of June 30, 2022 versus the balance as of December 31, 2021 primarily relates to a decrease in the value of investments held in a rabbi trust and the impact of equity method investment losses partially offset by an investment in long-term time deposits.

Abbott’s equity securities as of June 30, 2022, include $303 million of investments in mutual funds that are held in a rabbi trust and were acquired as part of the St. Jude Medical, Inc. (St. Jude Medical) business acquisition. These investments, which are specifically designated as available for the purpose of paying benefits under a deferred compensation plan, are not available for general corporate purposes and are subject to creditor claims in the event of insolvency.

Abbott also holds certain investments as of June 30, 2022 with a carrying value of $227 million that are accounted for under the equity method of accounting and other equity investments with a carrying value of approximately $82 million that do not have a readily determinable fair value.

Note 4 — Changes In Accumulated Other Comprehensive Income (Loss)

The changes in accumulated other comprehensive income (loss), net of income taxes, are as follows:

Three Months Ended June 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments		Net Actuarial (Losses) and
Prior Service (Costs) and
Credits		Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)202220212022202120222021
Balance at March 31$(5,945)$(5,395)$(2,608)$(3,786)$79 $(104)
Other comprehensive income (loss) before reclassifications(315)165 13 (12)45 (28)
Amounts reclassified from accumulated other comprehensive income— — 41 60 (16)34 
Net current period comprehensive income (loss)(315)165 54 48 29 6 
Balance at June 30$(6,260)$(5,230)$(2,554)$(3,738)$108 $(98)
12
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 4 — Changes In Accumulated Other Comprehensive Income (Loss) (Continued)
Six Months Ended June 30
Cumulative Foreign
Currency Translation
(Loss) Adjustments		Net Actuarial (Losses) and
Prior Service (Costs) and
Credits		Cumulative Gains (Losses)
on Derivative Instruments
Designated as Cash Flow
Hedges and Other
(in millions)20222021202220212022 2021
Balance at January 1$(5,839)$(4,859)$(2,670)$(3,871)$135 $(216)
Other comprehensive income (loss) before reclassifications(421)(371)30 10 11 68 
Amounts reclassified from accumulated other comprehensive income — — 86 123 (38)50 
Net current period comprehensive income (loss)(421)(371)116 133 (27)118 
Balance at June 30$(6,260)$(5,230)$(2,554)$(3,738)$108 $(98)

Reclassified amounts for cash flow hedges are recorded as Cost of products sold. Net actuarial losses and prior service cost are included as a component of net periodic benefit costs; see Note 11 for additional details.

Note 5 — Goodwill and Intangible Assets

The total amount of goodwill reported was $22.7 billion at June 30, 2022 and $23.2 billion at December 31, 2021. Foreign currency translation adjustments decreased goodwill by approximately $486 million in the first six months of 2022. The amount of goodwill related to reportable segments at June 30, 2022 was $2.7 billion for the Established Pharmaceutical Products segment, $286 million for the Nutritional Products segment, $3.6 billion for the Diagnostic Products segment, and $16.1 billion for the Medical Devices segment. There was no reduction of goodwill relating to impairments in the first six months of 2022.

The gross amount of amortizable intangible assets, primarily product rights and technology, was $27.3 billion and $27.7 billion as of June 30, 2022 and December 31, 2021, respectively. Accumulated amortization was $16.6 billion and $15.9 billion as of June 30, 2022 and December 31, 2021, respectively. Foreign currency translation adjustments decreased intangible assets by $122 million in the first six months of 2022. Abbott’s estimated annual amortization expense for intangible assets is approximately $2.1 billion in 2022, $2.0 billion in 2023, $1.9 billion in 2024, $1.7 billion in 2025 and $1.6 billion in 2026.

Indefinite-lived intangible assets, which relate to in-process R&D (IPR&D) acquired in a business combination, were approximately $919 million as of June 30, 2022 and December 31, 2021.

Note 6 — Restructuring Plans

On May 27, 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 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. In the second quarter of 2021, Abbott recorded charges of $499 million under this plan in Cost of products sold. The charge recognized in the second quarter included fixed asset write-downs of $80 million, inventory-related charges of $248 million, and other exit costs, which included contract cancellations and employee-related costs of $171 million.

13
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 6 — Restructuring Plans (Continued)
In the second half of 2021, as the Delta and Omicron variants of COVID-19 spread and the number of new COVID-19 cases increased significantly, particularly in the U.S., demand for rapid COVID-19 tests increased significantly. As a result, in the second half of 2021, Abbott sold approximately $181 million of inventory that was previously estimated to have no net realizable value under the second quarter of 2021 restructuring action. In addition, the estimate of other exit costs was reduced by a net $58 million as Abbott fulfilled its purchase obligations under certain contracts for which a liability was recorded in the second quarter of 2021 or Abbott settled with the counterparty in the second half of 2021.

The following summarizes the activity related to this restructuring action and the status of the related accruals as of June 30, 2022:

(in millions)Inventory-
Related
Charges		Fixed Asset
Write-Downs		Other Exit
Costs		Total
Restructuring charges recorded in 2021$248 $80 $113 $441 
Payments— — (90)(90)
Other non-cash(248)(80)— (328)
Accrued balance at December 31, 2021— — 23 23 
Payments and other adjustments— — (10)(10)
Accrued balance at June 30, 2022$— $— $13 $13 

In 2021, Abbott management approved plans to streamline operations in order to reduce costs and improve efficiencies in Abbott’s diagnostic, established pharmaceutical, nutritional, and medical device businesses. Abbott recorded employee-related severance and other charges of approximately $68 million in 2021 of which approximately $16 million was recorded in Cost of products sold, approximately $4 million was recorded in Research and development, and approximately $48 million was recorded in Selling, general and administrative expense.

The following summarizes the activity for these restructurings:

(in millions)
Restructuring charges recorded in 2021$68 
Payments and other adjustments(7)
Accrued balance at December 31, 202161 
Payments and other adjustments(30)
Accrued balance at June 30, 2022$31 

Note 7 — Incentive Stock Programs

In the first six months of 2022, Abbott granted 2,627,843 stock options, 514,205 restricted stock awards and 5,390,484 restricted stock units under its incentive stock program. At June 30, 2022, approximately 87 million shares were reserved for future grants. Information regarding the number of options outstanding and exercisable at June 30, 2022 is as follows:

OutstandingExercisable
Number of shares 29,318,781 23,516,664 
Weighted average remaining life (years)
5.64.8
Weighted average exercise price $69.99 $59.40 
Aggregate intrinsic value (in millions)
$1,199 $1,172 

14
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 7 — Incentive Stock Programs (Continued)
The total unrecognized share-based compensation cost at June 30, 2022 amounted to approximately $713 million which is expected to be recognized over the next three years.

Note 8 — Debt and Lines of Credit

On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

Note 9 — Financial Instruments, Derivatives and Fair Value Measures

Certain Abbott foreign subsidiaries enter into foreign currency forward exchange contracts to manage exposures to changes in foreign exchange rates primarily for anticipated intercompany purchases by those subsidiaries whose functional currencies are not the U.S. dollar. These contracts, with gross notional amounts totaling $8.4 billion at June 30, 2022 and $8.6 billion at December 31, 2021, are designated as cash flow hedges of the variability of the cash flows due to changes in foreign exchange rates and are recorded at fair value. Accumulated gains and losses as of June 30, 2022 will be included in Cost of products sold at the time the products are sold, generally through the next twelve to eighteen months.

Abbott enters into foreign currency forward exchange contracts to manage currency exposures for foreign currency denominated third-party trade payables and receivables, and for intercompany loans and trade accounts payable where the receivable or payable is denominated in a currency other than the functional currency of the entity. For intercompany loans, the contracts require Abbott to sell or buy foreign currencies, primarily European currencies, in exchange for primarily U.S. dollars and other European currencies. For intercompany and trade payables and receivables, the currency exposures are primarily the U.S. dollar and European currencies. At June 30, 2022 and December 31, 2021, Abbott held the gross notional amounts of $11.3 billion and $12.2 billion, respectively, of such foreign currency forward exchange contracts.

Abbott has designated a yen-denominated, 5-year term loan of approximately $437 million and $521 million as of June 30, 2022 and December 31, 2021, respectively, as a hedge of the net investment in certain foreign subsidiaries. The change in the value of the debt, which is due to changes in foreign exchange rates, is recorded in Accumulated other comprehensive income (loss), net of tax.

Abbott is a party to interest rate hedge contracts totaling approximately $2.9 billion at June 30, 2022 and December 31, 2021 to manage its exposure to changes in the fair value of fixed-rate debt. These contracts are designated as fair value hedges of the variability of the fair value of fixed-rate debt due to changes in the long-term benchmark interest rates. The effect of the hedge is to change a fixed-rate interest obligation to a variable rate for that portion of the debt. Abbott records the contracts at fair value and adjusts the carrying amount of the fixed-rate debt by an offsetting amount.

15
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the amounts and location of certain derivative financial instruments as of June 30, 2022 and December 31, 2021:

Fair Value - AssetsFair Value - Liabilities
(in millions)June 30,
2022		Dec. 31,
2021		Balance Sheet CaptionJune 30,
2022		Dec. 31,
2021		Balance Sheet Caption
Interest rate swaps designated as fair value hedges$— $87 Deferred income taxes and other assets$81 $— Post-employment obligations, deferred income taxes and other long-term liabilities
Foreign currency forward exchange contracts:
Hedging instruments462 222 Prepaid expenses and other receivables83 65 Other accrued liabilities
Others not designated as hedges101 70 Prepaid expenses and other receivables89 32 Other accrued liabilities
Debt designated as a hedge of net investment in a foreign subsidiary— — n/a437 521 Long-term debt
$563 $379 $690 $618 

The following table summarizes the activity for foreign currency forward exchange contracts designated as cash flow hedges and certain other derivative financial instruments, as well as the amounts and location of income (expense) and gain (loss) reclassified into income for the three and six months ended June 30, 2022 and 2021.

Gain (loss) Recognized in Other
Comprehensive Income (loss)		Income (expense) and Gain (loss)
Reclassified into Income
Three Months
Ended June 30		Six Months
Ended June 30		Three Months
Ended June 30		Six Months
Ended June 30
(in millions)20222021202220212022202120222021Income Statement Caption
Foreign currency forward exchange contracts designated as cash flow hedges$141 $(88)$92 $46 $43 $(92)$70 $(115)Cost of products sold
Debt designated as a hedge of net investment in a foreign subsidiary54 2 84 37 — — — — n/a
Interest rate swaps designated as fair value hedgesn/an/an/an/a(47)2 (168)(67)Interest expense

16
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
Gains of $303 million and losses of $16 million were recognized in the three months ended June 30, 2022 and 2021, respectively, related to foreign currency forward exchange contracts not designated as a hedge. Gains of $252 million and $33 million were recognized in the six months ended June 30, 2022 and 2021, respectively, related to foreign currency forward exchange contracts not designated as a hedge. These amounts are reported in the Condensed Consolidated Statement of Earnings on the Net foreign exchange (gain) loss line.

The carrying values and fair values of certain financial instruments as of June 30, 2022 and December 31, 2021 are shown in the following table. The carrying values of all other financial instruments approximate their estimated fair values. The counterparties to financial instruments consist of select major international financial institutions. Abbott does not expect any losses from non-performance by these counterparties.

June 30, 2022December 31, 2021
(in millions)Carrying
Value		Fair
Value		Carrying
Value		Fair
Value
Long-term Investment Securities:
Equity securities$620 $620 $748 $748 
Other114 114 68 68 
Total Long-term Debt(16,760)(17,033)(18,050)(21,152)
Foreign Currency Forward Exchange Contracts:   
Receivable position563 563 292 292 
(Payable) position(172)(172)(97)(97)
Interest Rate Hedge Contracts:    
Receivable position— — 87 87 
(Payable) position(81)(81)— — 

The fair value of the debt was determined based on significant other observable inputs, including current interest rates.

17
Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 9 — Financial Instruments, Derivatives and Fair Value Measures (Continued)
The following table summarizes the bases used to measure certain assets and liabilities at fair value on a recurring basis in the balance sheet:

Basis of Fair Value Measurement
(in millions)Outstanding
Balances		Quoted
Prices in
Active
Markets		Significant
Other
Observable
Inputs		Significant
Unobservable
Inputs
June 30, 2022:
Equity securities$311 $311 $— $— 
Foreign currency forward exchange contracts563 — 563 — 
Total Assets$874 $311 $563 $— 
Fair value of hedged long-term debt$2,759 $— $2,759 $— 
Interest rate swap derivative financial instruments81 — 81 — 
Foreign currency forward exchange contracts172 — 172 — 
Contingent consideration related to business combinations136 — — 136 
Total Liabilities$3,148 $— $3,012 $136 
December 31, 2021:
Equity securities$402 $402 $— $— 
Interest rate swap derivative financial instruments 87 — 87 — 
Foreign currency forward exchange contracts292 — 292 — 
Total Assets$781 $402 $379 $— 
Fair value of hedged long-term debt$2,926 $— $2,926 $— 
Foreign currency forward exchange contracts97 — 97 — 
Contingent consideration related to business combinations130 — — 130 
Total Liabilities$3,153 $— $3,023 $130 

The fair value of foreign currency forward exchange contracts is determined using a market approach, which utilizes values for comparable derivative instruments. The fair value of debt was determined based on the face value of the debt adjusted for the fair value of the interest rate swaps, which is based on a discounted cash flow analysis using significant other observable inputs. The fair value of the contingent consideration was determined based on independent appraisals at the time of acquisition, adjusted for the time value of money and other changes in fair value.

Note 10 — Litigation and Environmental Matters

Abbott has been identified as a potentially responsible party for investigation and cleanup costs at a number of locations in the United States and Puerto Rico under federal and state remediation laws and is investigating potential contamination at a number of company-owned locations. Abbott has recorded an estimated cleanup cost for each site for which management believes Abbott has a probable loss exposure. No individual site cleanup exposure is expected to exceed $4 million, and the aggregate cleanup exposure is not expected to exceed $10 million.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 10 — Litigation and Environmental Matters (Continued)
Abbott is involved in various claims and legal proceedings, and Abbott estimates the range of possible loss for its legal proceedings and environmental exposures to be from approximately $30 million to $45 million. The recorded accrual balance at June 30, 2022 for these proceedings and exposures was approximately $40 million. This accrual represents management’s best estimate of probable loss, as defined by FASB ASC No. 450, “Contingencies.” Within the next year, legal proceedings may occur that may result in a change in the estimated loss accrued by Abbott. While it is not feasible to predict the outcome of all such proceedings and exposures with certainty, management believes that their ultimate disposition should not have a material adverse effect on Abbott’s financial position, cash flows, or results of operations.

Note 11 — Post-Employment Benefits

Retirement plans consist of defined benefit, defined contribution, and medical and dental plans. Net periodic benefit costs, other than service costs, are recognized in the Other (income) expense, net line of the Condensed Consolidated Statement of Earnings. Net cost recognized for the three and six months ended June 30 for Abbott’s major defined benefit plans and post-employment medical and dental benefit plans is as follows:

Defined Benefit PlansMedical and Dental Plans
Three Months
Ended June 30		Six Months
Ended June 30		Three Months
Ended June 30		Six Months
Ended June 30
(in millions)20222021202220212022202120222021
Service cost - benefits earned during the period$94 $96 $190 $196 $12 $14 $25 $28 
Interest cost on projected benefit obligations75 62 151 124 8 9 18 17 
Expected return on plan assets(234)(211)(470)(422)(8)(7)(15)(14)
Net amortization of:
Actuarial loss, net57 78 116 159 1 7 6 14 
Prior service cost (credit)1 1 1 1 (6)(7)(12)(14)
Net cost (credit)$(7)$26 $(12)$58 $7 $16 $22 $31 

Abbott funds its domestic defined benefit plans according to Internal Revenue Service funding limitations. International pension plans are funded according to similar regulations. In the first six months of 2022 and 2021, $348 million and $80 million, respectively, were contributed to defined benefit plans. In the first six months of 2022, $28 million was contributed to the post-employment medical and dental plans. No contributions were made to the post-employment medical and dental plans in the first six months of 2021.

Note 12 — Taxes on Earnings

Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first six months of 2022 and 2021, taxes on earnings include approximately $32 million and $90 million, respectively, in excess tax benefits associated with share-based compensation. In the first six months of 2022, taxes on earnings also include approximately $27 million of tax expense as the result of the resolution of various tax positions related to prior years.

Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $90 million to $115 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.
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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 13 — Segment Information

Abbott’s principal business is the discovery, development, manufacture and sale of a broad line of health care products. Abbott’s products are generally sold directly to retailers, wholesalers, hospitals, health care facilities, laboratories, physicians’ offices and government agencies throughout the world.

Abbott’s reportable segments are as follows:

Established Pharmaceutical Products — International sales of a broad line of branded generic pharmaceutical products.

Nutritional Products — Worldwide sales of a broad line of adult and pediatric nutritional products.

Diagnostic Products — Worldwide sales of diagnostic systems and tests for blood banks, hospitals, commercial laboratories, physician offices and alternate-care testing sites. For segment reporting purposes, the Core Laboratory Diagnostics, Rapid Diagnostics, Molecular Diagnostics and Point of Care Diagnostics divisions are aggregated and reported as the Diagnostic Products segment.

Medical Devices — Worldwide sales of rhythm management, electrophysiology, heart failure, vascular, structural heart, neuromodulation and diabetes care products. For segment reporting purposes, the Cardiac Rhythm Management, Electrophysiology, Heart Failure, Vascular, Structural Heart, Neuromodulation and Diabetes Care divisions are aggregated and reported as the Medical Devices segment.

Abbott’s underlying accounting records are maintained on a legal entity basis for government and public reporting requirements. Segment disclosures are on a performance basis consistent with internal management reporting. Intersegment transfers of inventory are recorded at standard cost and are not a measure of segment operating earnings. The cost of some corporate functions and the cost of certain employee benefits are charged to segments at predetermined rates that approximate cost. Remaining costs, if any, are not allocated to segments. In addition, intangible asset amortization is not allocated to operating segments, and intangible assets and goodwill are not included in the measure of each segment’s assets.

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Abbott Laboratories and Subsidiaries
Notes to the Condensed Consolidated Financial Statements
June 30, 2022
(Unaudited)
Note 13 — Segment Information (Continued)
The following segment information has been prepared in accordance with the internal accounting policies of Abbott, as described above, and is not presented in accordance with generally accepted accounting principles applied to the consolidated financial statements.

 Net Sales to External CustomersOperating Earnings
Three Months
Ended June 30		Six Months
Ended June 30		Three Months
Ended June 30		Six Months
Ended June 30
(in millions)20222021202220212022 2021 2022 2021
Established Pharmaceutical Products$1,223 $1,180 $2,370 $2,250 $258 $220 $500 $389 
Nutritional Products1,953 2,108 3,847 4,144 230 490 481 957 
Diagnostic Products4,322 3,247 9,608 7,261 1,710 1,076 4,279 2,777 
Medical Devices3,757 3,666 7,322 6,986 1,155 1,208 2,233 2,215 
Total Reportable Segments11,255 10,201 23,147 20,641 3,353 2,994 7,493 6,338 
Other 2 22 5 38 
Net sales$11,257 $10,223 $23,152 $20,679 
Corporate functions and benefit plan costs(123)(132)(237)(246)
Net interest expense (106)(123)(223)(247)
Share-based compensation (a) (142)(132)(447)(420)
Amortization of intangible assets(507)(504)(1,019)(1,013)
Other, net (b)(123)(755)(339)(1,021)
Earnings before taxes$2,352 $1,348 $5,228 $3,391 
______________________________________
(a)
Approximately 45 percent of the annual net cost of share-based awards will typically be recognized in the first quarter due to the timing of the granting of share-based awards.
(b)
Other, net for the three and six months ended June 30, 2022 includes $42 million and $162 million, respectively, of charges related to a voluntary recall within the Nutritional Products segment. Other, net for the three and six months ended June 30, 2022 and 2021 also includes integration costs associated with the acquisition of Alere and restructuring charges. Restructuring charges in 2021 include Abbott’s restructuring plan for its COVID-19 test manufacturing network. Other, net for the three and six months ended June 30, 2021 also includes costs related to certain litigation.
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Item 2.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review — Results of Operations

Abbott’s revenues are derived primarily from the sale of a broad line of health care products under short-term receivable arrangements. Patent protection and licenses, technological and performance features, and inclusion of Abbott’s products under a contract most impact which products are sold; price controls, competition and rebates most impact the net selling prices of products; and foreign currency translation impacts the measurement of net sales and costs. Abbott’s primary products are medical devices, diagnostic testing products, nutritional products and branded generic pharmaceuticals.

The following tables detail sales by reportable segment for the three and six months ended June 30. Percent changes are versus the prior year and are based on unrounded numbers.

Net Sales to External Customers
(in millions)Three Months Ended
June 30, 2022		Three Months Ended
June 30, 2021		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$1,223 $1,180 3.7 %(5.5)%9.2 %
Nutritional Products1,953 2,108 (7.4)(2.9)(4.5)
Diagnostic Products4,322 3,247 33.1 (3.8)36.9 
Medical Devices3,757 3,666 2.5 (5.0)7.5 
Total Reportable Segments11,255 10,201 10.3 (4.3)14.6 
Other2 22 n/mn/mn/m
Net Sales$11,257 $10,223 10.1 (4.2)14.3 
Total U.S.$4,892 $3,581 36.6 — 36.6 
Total International$6,365 $6,642 (4.2)(6.5)2.3 

Net Sales to External Customers
(in millions)Six Months Ended
June 30, 2022		Six Months Ended
June 30, 2021		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products$2,370 $2,250 5.3 %(5.9)%11.2 %
Nutritional Products3,847 4,144 (7.2)(2.8)(4.4)
Diagnostic Products9,608 7,261 32.3 (3.6)35.9 
Medical Devices7,322 6,986 4.8 (4.6)9.4 
Total Reportable Segments23,147 20,641 12.1 (4.0)16.1 
Other5 38 n/mn/mn/m
Net Sales$23,152 $20,679 12.0 (3.9)15.9 
Total U.S.$9,829 $7,419 32.5 — 32.5 
Total International$13,323 $13,260 0.5 (6.2)6.7 

Notes:
In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates.

n/m = Percent change is not meaningful
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The 14.3 percent increase in total net sales during the second quarter of 2022, excluding the impact of foreign exchange, reflected demand for Abbott’s rapid diagnostic tests to detect COVID-19 as well as growth in the Medical Devices and Established Pharmaceutical Products segments partially offset by lower Nutritional Products sales. Abbott’s COVID-19 testing-related sales totaled approximately $2.3 billion during the second quarter of 2022 and approximately $1.3 billion during the second quarter of 2021. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales decreased 0.3 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 4.1 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the second quarter as the relatively stronger U.S. dollar decreased total international sales by 6.5 percent and total sales by 4.2 percent.

The 15.9 percent increase in total net sales during the first six months of 2022, excluding the impact of foreign exchange, reflected demand for Abbott’s rapid diagnostic tests to detect COVID-19 as well as growth in the Medical Devices and Established Pharmaceutical Products segments partially offset by lower Nutritional Products sales. Abbott’s COVID-19 testing-related sales totaled approximately $5.6 billion during the first six months of 2022 and approximately $3.5 billion during the first six months of 2021. Excluding the impact of COVID-19 testing-related sales, Abbott’s total net sales increased 1.7 percent. Excluding the impacts of COVID-19 testing-related sales and foreign exchange, Abbott’s total net sales increased 5.9 percent. Abbott’s net sales were unfavorably impacted by changes in foreign exchange rates in the first six months as the relatively stronger U.S. dollar decreased total international sales by 6.2 percent and total sales by 3.9 percent.

Due to the unpredictability of the duration and impact of the current COVID-19 pandemic, the future extent to which the COVID-19 pandemic will have a material effect on Abbott’s business, financial condition or results of operations is uncertain.

The table below provides detail by sales category for the six months ended June 30. Percent changes are versus the prior year and are based on unrounded numbers.

(in millions)June 30,
2022		June 30,
2021		Total
Change		Impact of
Foreign
Exchange		Total Change
Excl. Foreign
Exchange
Established Pharmaceutical Products —
Key Emerging Markets$1,833 $1,736 5.6 %(6.2)%11.8 %
Other Emerging Markets537 514 4.5 (4.7)9.2 
Nutritionals —
International Pediatric Nutritionals1,021 1,123 (9.1)(3.5)(5.6)
U.S. Pediatric Nutritionals751 1,036 (27.5)— (27.5)
International Adult Nutritionals1,388 1,312 5.8 (5.7)11.5 
U.S. Adult Nutritionals687 673 2.1 — 2.1 
Diagnostics —
Core Laboratory2,405 2,488 (3.4)(4.7)1.3 
Molecular632 737 (14.2)(2.9)(11.3)
Point of Care267 266 0.4 (1.0)1.4 
Rapid Diagnostics6,304 3,770 67.2 (3.2)70.4 
Medical Devices —
Rhythm Management1,072 1,086 (1.3)(3.8)2.5 
Electrophysiology971 918 5.8 (4.7)10.5 
Heart Failure462 421 9.7 (2.2)11.9 
Vascular1,272 1,332 (4.5)(4.1)(0.4)
Structural Heart851 799 6.5 (5.2)11.7 
Neuromodulation376 394 (4.6)(1.7)(2.9)
Diabetes Care2,318 2,036 13.8 (6.0)19.8 
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Excluding the unfavorable effect of foreign exchange, sales in the Key Emerging Markets for Established Pharmaceutical Products increased 11.8 percent in the first six months of 2022, led by double-digit growth in several countries and therapeutic areas, including gastroenterology, central nervous system/pain management, and respiratory products. Other Emerging Markets, excluding the effect of foreign exchange, increased by 9.2 percent in the first six months of 2022.

International Pediatric Nutritional sales, excluding the effect of foreign exchange, decreased 5.6 percent in the first six months of 2022 versus the comparable 2021 period and the decrease reflects lower sales due to challenging market dynamics in the infant category in Greater China partially offset by higher volumes sold in various countries in Southeast Asia, Latin America and the Middle East. International Adult Nutritional sales, excluding the effect of foreign exchange, increased 11.5 percent, reflecting double digit growth of the Ensure® and Glucerna® brands in several countries in Southeast Asia and China. In the first six months of 2022, U.S. Adult Nutritional sales increased 2.1 percent.

In U.S. Pediatric Nutritionals, Abbott initiated a voluntary recall in February 2022 of certain infant powder formula products manufactured at its facility in Sturgis, Michigan and stopped production at the facility. The 27.5 percent decrease in U.S. Pediatric Nutritional sales in the first six months of 2022 reflects the impact of the recall and production stoppage partially offset by increased demand for Abbott’s Pedialyte® products. U.S. sales of certain infant powder formulas associated with the recall were $175 million in the first six months of 2022 and $568 million in the first six months of 2021.

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, Abbott restarted partial production at the facility starting with its specialty formula EleCare® and metabolic formulas. Subsequently, Abbott restarted Similac® production. The consent decree does not affect any other Abbott plant or operation.

Abbott has taken various actions to mitigate the impact of the recall on the supply of formula in the U.S. These actions have 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, and increased production of powder infant formula at its Casa Grande, Arizona manufacturing site.

The 35.9 percent increase in Diagnostic Products sales in the first six months of 2022, excluding the impact of foreign exchange, was driven by demand for Abbott’s portfolio of COVID-19 tests in Rapid Diagnostics and growth in routine diagnostic testing in Molecular Diagnostics. In Core Laboratory Diagnostics, sales increased 1.3 percent in the first six months of 2022, excluding the effect of foreign exchange, due to the higher volume of routine diagnostic testing from the continued roll-out of the Alinity® platform and an expanded menu of tests. These increases were partially offset by lower sales of Abbott’s laboratory-based tests for the detection of COVID-19 IgG and IgM antibodies, which determine if someone was previously infected with the COVID-19 virus, as well as market disruptions in China due to COVID-19 quarantine restrictions in various cities during the second quarter of 2022. In the first six months of 2022 and 2021, Core Laboratory Diagnostics IgG and IgM antibody testing-related sales on Abbott’s ARCHITECT and Alinity i platforms were $40 million and $112 million, respectively. In the first six months of 2022, Core Laboratory Diagnostics sales decreased 0.5 percent, excluding COVID-19 testing-related sales, and increased 4.3 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

The 11.3 percent decrease in Molecular Diagnostics sales in the first six months of 2022, excluding the effect of foreign exchange, was driven by lower demand for Abbott’s laboratory-based molecular tests for COVID-19 partially offset by growth in the base business from increased routine molecular testing and an expanded menu of tests. In the first six months of 2022 and 2021, Molecular Diagnostics COVID-19 testing-related sales were $321 million and $480 million, respectively. In the first six months of 2022, Molecular Diagnostics sales increased 21.7 percent, excluding COVID-19 testing-related sales, and increased 26.0 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales.

In Rapid Diagnostics, sales increased 70.4 percent in the first six months of 2022, excluding the effect of foreign exchange, due to the demand for Abbott’s COVID-19 tests on its rapid testing platforms, including the Panbio® system, the ID NOW® platform, and the BinaxNOW® COVID-19 Ag Card test. In the first six months of 2022 and 2021, Rapid Diagnostics COVID-19 testing-related sales were $5.3 billion and $2.8 billion, respectively. In the first six months of 2022, Rapid Diagnostics sales increased 14.0 percent, excluding COVID-19 testing-related sales, and increased 16.1 percent, excluding the impact of foreign exchange and COVID-19 testing-related sales. These increases reflect higher sales of ID NOW tests for flu, strep, and respiratory syncytial virus (RSV) as well as growth in various other Rapid Diagnostics products.
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Excluding the effect of foreign exchange, total Medical Devices sales grew 9.4 percent in the first six months of 2022, driven by double-digit growth in Diabetes Care, Electrophysiology, Structural Heart and Heart Failure. Growth in Diabetes Care sales was driven by continued growth of FreeStyle Libre®, Abbott’s continuous glucose monitoring system, in the U.S. and internationally. FreeStyle Libre sales totaled $2.1 billion in the first six months of 2022, which reflected a 25.9 percent increase, excluding the effect of foreign exchange, over the first six months of 2021 when FreeStyle Libre sales totaled $1.7 billion. In May 2022, Abbott announced FDA clearance of its Freestyle Libre 3 system, which automatically delivers up-to-the-minute glucose readings and 14-day accuracy in the world's smallest and thinnest wearable sensor.

During the first six months of 2022, procedure volumes across Abbott’s cardiovascular and neuromodulation businesses were negatively impacted by elevated COVID-19 case rates early in 2022 as well as new surges of COVID-19 in several geographies, healthcare staffing challenges, and quarantine restrictions in China during the second quarter. Despite such challenges, overall volume trends improved in several businesses versus the first six months of 2021. In Electrophysiology, the 10.5 percent growth, excluding the effect of foreign exchange, reflects the increase in procedure volumes and the U.S. roll‑out of Abbott’s EnSite™ X EP System with Ensite Omnipolar Technology (OT), a new cardiac mapping platform available in the U.S., Japan and across Europe. In January 2022, Abbott announced FDA clearance for the EnSite X EP System with EnSite OT. The system leverages the Advisor™ HD Grid Catheter to provide a 360‑degree view of the heart without regard to the orientation of the catheter in the heart.

Growth in Structural Heart during the first six months of 2022, excluding the effect of foreign exchange, was 11.7 percent, driven by growth across several areas of the business, including Amplatzer® Amulet® Left Atrial Appendage Occluder, which offers immediate closure of the left atrial appendage, an area in the heart where blood clots can form and MitraClip®, Abbott's market-leading device for the minimally invasive treatment of mitral regurgitation, a leaky heart valve. In Vascular, the 0.4 percent decrease in sales, excluding the impact of foreign exchange, during the first six months of 2022 reflects the negative effect of lower average pricing for drug-eluting stents (DES) in the U.S. and a lag in the recovery of percutaneous coronary intervention case rates compared to many other cardiovascular procedures partially offset by higher endovascular sales.

In the first six months of 2022, Medical Devices received various other product approvals. In February 2022, Abbott received FDA approval for an expanded indication for its CardioMEMS™ HF system, a small implantable sensor and remote monitoring system that can detect early warning signs of worsening heart failure. In April 2022, Abbott announced FDA approval for its Aveir™ single-chamber leadless pacemaker for the treatment of patients in the U.S. with slow heart rhythms.

The gross profit margin percentage was 51.7 percent for the second quarter of 2022 compared to 46.7 percent for the second quarter of 2021 and 52.8 percent for the first six months of 2022 compared to 49.9 percent for the first six months of 2021. The increases in the quarter and the first six months of 2022 reflect the nonrecurrence of $499 million of 2021 restructuring charges. The increases in the quarter and the first six months of 2022 also reflect higher sales volume of COVID-19 rapid tests and various other products, the impact of gross margin improvement initiatives, and the favorable impact of foreign exchange on costs. These increases were partially offset by the impact of the voluntary product recall in the Nutritional business, higher manufacturing and supply chain costs, including inflation, commodities and distribution expenses, and lower COVID-19 testing-related sales in Core Laboratory and Molecular Diagnostics.

Research and development (R&D) expenses increased $30 million, or 4.8 percent, in the second quarter of 2022 and increased $73 million, or 5.6 percent, in the first six months of 2022 compared to the prior year. The increases in R&D expenses in the second quarter and the first six months of 2022 were primarily driven by higher spending on various projects to advance products in development partially offset by the favorable impact of foreign exchange.

Selling, general and administrative expenses increased $31 million, or 1.1 percent, in the second quarter of 2022, and increased $35 million, or 0.6 percent, in the first six months of 2022, due primarily to higher selling and marketing spending to drive growth across various businesses partially offset by the nonrecurrence of certain 2021 litigation costs and the favorable impact of foreign exchange.

Other (Income) Expense, net

Other income, net increased from $79 million of income in the second quarter of 2021 to $82 million of income in the second quarter of 2022 and from $140 million of income in the first six months of 2021 to $160 million of income in the first six months of 2022. The increases in the second quarter and the first six months of 2022 were primarily due to higher income in 2022 related to the non-service cost components of net pension and post-retirement medical benefit costs
25
partially offset by the nonrecurrence of a gain on the sale of an equity method investment that occurred in the second quarter of 2021.

Interest Expense, net

Interest expense, net declined $17 million in the second quarter of 2022 and $24 million in the first six months of 2022 versus 2021 due to the impact of higher interest rates and cash and short-term investment balances on interest income and the repayment of debt in the first quarter of 2022.

Taxes on Earnings

Taxes on earnings reflect the estimated annual effective rates and include charges for interest and penalties. In the first six months of 2022 and 2021, taxes on earnings include approximately $32 million and $90 million, respectively, in excess tax benefits associated with share-based compensation. In the first six months of 2022, taxes on earnings also include approximately $27 million of tax expense as the result of the resolution of various tax positions related to prior years.

Tax authorities in various jurisdictions regularly review Abbott’s income tax filings. Abbott believes that it is reasonably possible that the recorded amount of gross unrecognized tax benefits may decrease approximately $90 million to $115 million, including cash adjustments, within the next twelve months as a result of concluding various domestic and international tax matters.

Liquidity and Capital Resources June 30, 2022 Compared with December 31, 2021

The decrease in cash and cash equivalents from $9.8 billion at December 31, 2021 to $8.9 billion at June 30, 2022 primarily reflects share repurchases, the payment of dividends, the repayment of debt and capital expenditures partially offset by the cash generated from operations in the first six months of 2022. Working capital was $12.6 billion at June 30, 2022 and $11.1 billion at December 31, 2021. The increase in working capital in 2022 primarily reflects increases in accounts receivable and inventory and a decrease in the current portion of long-term debt partially offset by a decrease in cash and cash equivalents.

In the Condensed Consolidated Statement of Cash Flows, Net cash from operating activities for the first six months of 2022 totaled approximately $4.5 billion, a decrease of $290 million from the prior year primarily due to an increased investment in working capital and the timing of pension and postretirement benefit plan contributions partially offset by higher operating earnings and a reduction in cash taxes paid. Net cash from operating activities includes $348 million of pension contributions and the payment of cash taxes of approximately $657 million in 2022. Net cash from operating activities includes $80 million of pension contributions and the payment of cash taxes of approximately $715 million in 2021.

On March 15, 2022, Abbott repaid the $750 million outstanding principal amount of its 2.55% Notes upon maturity.

In September 2019, the board of directors authorized the early redemption of up to $5 billion of outstanding long-term notes. As of June 30, 2022, $2.15 billion of the $5 billion authorization remains available.

At June 30, 2022, Abbott’s long-term debt rating was AA- by Standard & Poor’s Corporation and A1 by Moody’s Investors Service. Abbott expects to maintain an investment grade rating. Abbott has readily available financial resources, including lines of credit of $5.0 billion which expire in 2025.

In December 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott’s common shares from time to time. The new authorization was in addition to the $1.081 billion portion of the share repurchase program authorized in 2019 that was unused as of December 31, 2021. In the first quarter of 2022, Abbott repurchased 17.3 million of its common shares for $2.1 billion which fully utilized the authorization remaining under the 2019 share repurchase program and a portion of the 2021 authorization. As of June 30, 2022, $3.981 billion remains available for repurchase under the 2021 repurchase program.

In each of the first two quarters of 2022, Abbott declared a quarterly dividend of $0.47 per share on its common shares, which represents an increase of 4.4 percent over the $0.45 per share dividend declared in each of the first two quarters of 2021.

26
Legislative Issues

Abbott’s primary markets are highly competitive and subject to substantial government regulations throughout the world. Abbott expects debate to continue over the availability, method of delivery, and payment for health care products and services. It is not possible to predict the extent to which Abbott or the health care industry in general might be adversely affected by these factors in the future. A more complete discussion of these factors is contained in Item 1, Business, and Item 1A, Risk Factors, in the 2021 Annual Report on Form 10-K.

Private Securities Litigation Reform Act of 1995 — A Caution Concerning Forward-Looking Statements

Under the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, Abbott cautions that any forward-looking statements made by Abbott are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2021, and are incorporated herein by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.

27
PART I. FINANCIAL INFORMATION

Item 4.     Controls and Procedures

(a)Evaluation of disclosure controls and procedures. The Chief Executive Officer, Robert B. Ford, and Chief Financial Officer, Robert E. Funck, Jr., evaluated the effectiveness of Abbott Laboratories’ disclosure controls and procedures as of the end of the period covered by this report, and concluded that Abbott Laboratories’ disclosure controls and procedures were effective to ensure that information Abbott is required to disclose in the reports that it files or submits with the Securities and Exchange Commission (the “Commission”) under the Securities Exchange Act of 1934 (the “Exchange Act”) is recorded, processed, summarized and reported, within the time periods specified in the Commission’s rules and forms, and to ensure that information required to be disclosed by Abbott in the reports that it files or submits under the Exchange Act is accumulated and communicated to Abbott’s management, including its principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b)Changes in internal control over financial reporting. During the quarter ended June 30, 2022, 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.

PART II. OTHER INFORMATION

Item 1.     Legal Proceedings

Abbott is involved in various claims, legal proceedings and investigations as described in our Annual Report on Form 10-K for the year ended December 31, 2021 and our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022.

Item 2.     Unregistered Sales of Equity Securities and Use of Proceeds

(c)Issuer Purchases of Equity Securities

Period(a) Total
Number of
Shares (or
Units)
Purchased		(b) Average
Price Paid per
Share (or
Unit)		(c) Total Number
of Shares (or
Units) Purchased
as Part of
Publicly
Announced Plans
or Programs		(d) Maximum
Number (or
Approximate
Dollar Value) of
Shares (or Units)
that May Yet Be
Purchased Under
the Plans or
Programs
April 1, 2022 - April 30, 20220 
(1)
$0 0 $3,981,169,070 
(2)
May 1, 2022 - May 31, 20220 
(1)
0 0 3,981,169,070 
(2)
June 1, 2022 - June 30, 20220 
(1)
0 0 3,981,169,070 
(2)
Total0 
(1)
$0 0 $3,981,169,070 
(2)
______________________________________
1.These shares do not include the shares surrendered to Abbott to satisfy tax withholding obligations in connection with the vesting of restricted stock or restricted stock units.

2.On December 10, 2021, the board of directors authorized the repurchase of up to $5 billion of Abbott common shares, from time to time.

28
Item 6.     Exhibits
Exhibit No.Exhibit
31.1
31.2
Exhibits 32.1 and 32.2 are furnished herewith and should not be deemed to be “filed” under the Securities Exchange Act of 1934.
32.1
32.2
101The following financial statements and notes from the Abbott Laboratories Quarterly Report on Form 10-Q for the quarter and six months ended June 30, 2022, formatted in Inline XBRL: (i) Condensed Consolidated Statement of Earnings; (ii) Condensed Consolidated Statement of Comprehensive Income; (iii) Condensed Consolidated Balance Sheet; (iv) Condensed Consolidated Statement of Shareholders’ Investment; (v) Condensed Consolidated Statement of Cash Flows; and (vi) Notes to the Condensed Consolidated Financial Statements.
104Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document and included in Exhibit 101).
29
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
ABBOTT LABORATORIES
By:/s/ Robert E. Funck, Jr.
Robert E. Funck, Jr.
Executive Vice President, Finance
and Chief Financial Officer
Date: August 2, 2022
30
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