Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Abbott Laboratories, consolidated income statement

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net sales	40,109)	43,653)	43,075)	34,608)	31,904)
Cost of products sold, excluding amortization of intangible assets	(17,975)	(19,142)	(18,537)	(15,003)	(13,231)
Amortization of intangible assets	(1,966)	(2,013)	(2,047)	(2,132)	(1,936)
Gross profit	20,168)	22,498)	22,491)	17,473)	16,737)
Research and development	(2,741)	(2,888)	(2,742)	(2,420)	(2,440)
Selling, general and administrative	(10,949)	(11,248)	(11,324)	(9,696)	(9,765)
Operating earnings	6,478)	8,362)	8,425)	5,357)	4,532)
Interest expense	(637)	(558)	(533)	(546)	(670)
Interest income	385)	183)	43)	46)	94)
Net foreign exchange gain (loss)	(41)	(2)	(1)	8)	(7)
Debt extinguishment costs	—)	—)	—)	—)	(63)
Other income (expense), net	479)	321)	277)	103)	191)
Earnings from continuing operations before taxes	6,664)	8,306)	8,211)	4,968)	4,077)
Taxes on earnings from continuing operations	(941)	(1,373)	(1,140)	(497)	(390)
Earnings from continuing operations	5,723)	6,933)	7,071)	4,471)	3,687)
Net earnings from discontinued operations, net of taxes	—)	—)	—)	24)	—)
Net earnings	5,723)	6,933)	7,071)	4,495)	3,687)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Income statement item	Description	The company
Net sales	Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.	Abbott Laboratories net sales increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Operating earnings	The net result for the period of deducting operating expenses from operating revenues.	Abbott Laboratories operating earnings decreased from 2021 to 2022 and from 2022 to 2023.
Earnings from continuing operations before taxes	Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.	Abbott Laboratories earnings from continuing operations before taxes increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net earnings	The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.	Abbott Laboratories net earnings decreased from 2021 to 2022 and from 2022 to 2023.

Abbott Laboratories (NYSE:ABT)

Income Statement