What changed in this filing

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Item 1. Business

2024-02-16 compared with 2023-02-17 · 29 added, 26 removed, 205 unchanged (21% of the section changed)

22 unchanged sentences

and Sevedol™, for the treatment of severe migraines;

• respiratory drugs and vaccines, including the anti-infective clarithromycin (sold under the trademarks Biaxin™, Klacid™, and Klaricid™);

• respiratory drugs and vaccines, including the anti-infective clarithromycin (sold under the trademarks Klacid™, Claribid™, and Klaricid™);

and Influvac™, an influenza vaccine.

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and products for oncology with the Vysis ® FISH product line of genomic-based tests;

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

• point-of-care systems, including the i-STAT ® and i-STAT ® Alinity ® and cartridges for testing blood gas, chemistry, electrolytes, coagulation and immunoassay;

• rapid diagnostics lateral flow testing products in the area of infectious diseases such as SARS-CoV-2, including the BinaxNOW ® and Panbio ® rapid testing platforms, influenza, HIV, hepatitis, and tropical diseases such as malaria and dengue fever;

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cardiometabolic testing, including Afinion ® and Cholestech LDX ® platforms and tests;

a toxicology business for drug and alcohol testing;

and consumer self-testing;

and a toxicology business for drug and alcohol testing;

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

6 unchanged sentences

The principal products included in the Nutritional Products segment are:

• various forms of infant formula and follow-on formula, including Similac ® , Similac ® 360 Total Care ® , Similac Pro-Advance ® , Similac ® Advance ® , Similac ® 360 Total Care ® Sensitive, Similac Pro-Sensitive ® , 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™;

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

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

10 unchanged sentences

Medical devices are manufactured, marketed and sold worldwide.

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

Outside the United States, sales are made either directly to customers or through distributors, depending on the market served.

The principal products included in the Medical Devices segment are:

• rhythm management products, including Assurity MRI ® and Endurity MRI ® pacemaker systems, and Aveir ® VR single-chamber VR leadless pacemaker system;

• rhythm management products, including Assurity MRI ® and Endurity MRI ® pacemaker systems, and Aveir ® single-chamber (VR and AR) and Aveir ® dual chamber (DR) leadless pacemaker systems;

Ellipse ® , Fortify Assura ® , and Gallant ® implantable cardioverter defibrillators and Gallant and Quadra Assura MP ® implantable cardioverter defibrillator with cardiac resynchronization therapy and MultiPoint™ Pacing technology;

and Confirm Rx ® and Jot Dx ® implantable cardiac monitors;

and Confirm Rx ® , Jot Dx ® and Assert-IQ ® implantable cardiac monitors;

• electrophysiology products, including the TactiFlex ® and TactiCath ® families of ablation catheters, and FlexAbility ® irrigated ablation catheters;

3 unchanged sentences

and ViewFlex ® family of intracardiac echocardiography catheters;

• heart failure related products, including the HeartMate ® left ventricular assist device family, the CardioMEMS ® HF System pulmonary artery sensor, a heart failure monitoring system, and the CentriMag ® System, an acute mechanical circulatory support system;

• heart failure related products, including the HeartMate ® left ventricular assist device family;

the CardioMEMS ® HF System pulmonary artery sensor, a heart failure monitoring system;

the CentriMag ® System, an acute mechanical circulatory support system;

and patient self-testing products and services;

• vascular products, including the XIENCE ® family of drug-eluting coronary stent systems developed on the Multi-Link Vision ® platform;

1 unchanged sentence

Acculink ® /Accunet ® and Xact ® /Emboshield NAV6 ® , carotid stent systems;

the OPTIS ® integrated systems with Ultreon™ 1.0 Software, compatible with the Dragonfly OPTIS ® imaging catheter and PressureWire ® fractional flow reserve measurement systems;

and the JETi ® peripheral thrombectomy systems for clot removal;

the OPTIS ® integrated systems with Ultreon™ 1.0 and 2.0 Software, compatible with the Dragonfly OPTIS ® and OpStar ® imaging catheters and PressureWire ® fractional flow reserve measurement systems;

the JETi ® peripheral thrombectomy systems for clot removal;

and Diamondback 360 ® coronary and peripheral orbital atherectomy systems;

• structural heart products, including MitraClip ® , a mitral valve transcatheter edge-to-edge repair system;

7 unchanged sentences

• 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;

• neuromodulation products, including spinal cord stimulators Proclaim ® Elite and Proclaim ® XR Recharge-free implantable pulse generators (IPG) and Prodigy MRI ® 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;

• 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 Infinity ® Deep Brain Stimulation System with directional lead technology for the treatment of movement disorders.

5 unchanged sentences

Abbott purchases, in the ordinary course of business, raw materials and supplies essential to Abbott’s operations from numerous suppliers in the United States and around the world.

Due to disruptions to the global supply chain caused in part by the COVID-19 pandemic and macroeconomic conditions such as inflationary pressures and labor shortages, Abbott has experienced availability issues with some materials and electronic components.

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

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

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.

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

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.

5 unchanged sentences

Principal trademarks and the products they cover are discussed in the Narrative Description of Business on pages 1 through 4.

These, and various patents which expire during the period 2023 to 2043, in the aggregate, are believed to be of material importance in the operation of Abbott’s business.

These, and various patents that expire during the period 2024 to 2044, in the aggregate, are believed to be of material importance in the operation of Abbott’s business.

Abbott believes that no single patent, license, or trademark is material in relation to Abbott’s business as a whole.

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

In 2022, Abbott released the second 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, 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.

Abbott’s employee networks play an important role in building an inclusive culture across all Abbott operations.

1 unchanged sentence

Abbott has ten such networks, which are:

Early Career Network (supporting early career employees), Asian Leadership and Cultural Network, Black Business Network, Flex Network (supporting employees with part-time and flexible schedules), LA VOICE Network (supporting Hispanic and Latino employees), disABILITY Network (supporting employees with disabilities), PRIDE (supporting LGBTQ employees), Veterans Network, Women Leaders of Abbott, and Women in STEM.

Asian Leadership and Cultural Network, Black Business Network, disABILITY Network (supporting employees with disabilities), Early Career Network (supporting early career employees), Flex Network (supporting employees with part-time and flexible schedules), LA VOICE Network (supporting Hispanic and Latino employees), PRIDE (supporting LGBTQ employees), Veterans Network, Women Leaders of Abbott, and Women in STEM.

All networks are open to all Abbott employees.

13 unchanged sentences

Abbott takes a holistic approach to employee well-being.

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

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

For example, for over 20 years, Abbott has annually offered Exercise Across Abbott, which is a four-week physical wellness program that encourages employees to team up with colleagues and track how many minutes they exercise each day.

9 unchanged sentences

Certain of these agencies require our clinical laboratories to meet quality assurance, quality control, and personnel standards and undergo inspections.

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

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 include expansion of telehealth coverages and increased reimbursements for diagnostic testing.

On January 30, 2023, the U.S.

announced that it plans to end the public health emergency on May 11, 2023.

Abbott is evaluating the potential impacts of the end of the public health emergency, and it will continue to monitor further regulatory actions from relevant U.S.

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

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.

18 unchanged sentences

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

Abbott expects insurers and providers will continue attempts to reduce the cost or utilization of health care products.

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

Many countries control the price of health care products directly or indirectly, through reimbursement, payment, pricing, or coverage limitations.

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For example, the European Union, China, various other countries, and various U.S.

states (e.g., California, Virginia, and Colorado) have enacted data protection laws that contain significant compliance obligations and financial penalties for noncompliance.

states (e.g., California, Virginia, and Colorado) have enacted or are considering enacting data protection laws that contain significant compliance obligations and financial penalties for noncompliance.

In addition, regulators with general consumer protection authority, such as the Federal Trade Commission and U.S.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business