Abbott Laboratories (ABT)

Comment l'entreprise gagne de l'argent

Abbott sells physical products, one unit at a time, under short-term receivable arrangements: there is no subscription and no licensing engine of consequence. Revenue comes from devices and implants bought by hospitals, surgery centres and physicians; from diagnostic instruments placed with laboratories and the recurring reagent and test cartridges those instruments consume; from glucose sensors that a patient replaces every one to two weeks and that are largely reimbursed by insurers and health systems; from nutrition sold through retailers, hospitals and government programmes; and from branded generic medicines distributed in emerging markets through wholesalers and pharmacies. The filing states that what gets sold is driven by patent protection, technology and inclusion of products in contracts, while net selling prices are set mainly by price controls, competition and rebates.

Chiffre d'affaires par segment

Abbott's advantage is real but uneven across the four segments. In diagnostics the company places Alinity analysers inside laboratories that then buy Abbott's reagents and test menus for years, which makes changing supplier a disruptive project rather than a purchase decision. In diabetes care, a patient trained on FreeStyle Libre, with the app and the reimbursement code already in place, rarely moves; sensors are consumed continuously, and CGM sales reached $7.6 billion in 2025. Implantable cardiac devices carry the same stickiness through surgeon familiarity and long-lived implants, and nutrition adds recognised consumer brands. Against that, Abbott itself writes in its risk factors that its products face intense competition and that competitors' products may be safer, more effective or cheaper, and that cost containment by governments and payers pushes prices down — evidence that the advantage limits erosion rather than eliminating it.

Most of what Abbott sells is bought because someone is ill, diabetic or newborn, not because the economy is strong: routine laboratory tests, cardiac implants, infant and adult nutrition and chronic medicines do not wait for a recovery. The swings visible in the 2025 filing come from other sources. Diagnostics revenue fell for a third year — down 4.5 percent in 2025 excluding currency — as COVID-19 testing normalised (those sales were $1.6 billion in 2023, $747 million in 2024 and $297 million in 2025) and as volume-based procurement programmes squeezed China. Medical Devices grew 11.9 percent excluding currency on continuous glucose monitoring, heart failure, electrophysiology and structural heart. Nutrition was roughly flat, with price increases offsetting lower volumes. So the honest picture is a defensive demand base with product-cycle, reimbursement and currency swings on top — not economic cyclicality.

Principaux risques

• Disruption of a large, complex global supply chain — Abbott states that its results depend on managing a large and complex global supply chain and that disruptions to it could negatively affect operations. It cites the pandemic period and macroeconomic pressures such as inflation and labour shortages, which hurt the cost and availability of certain raw materials, supplies and services.
• Regulatory compliance and enforcement action — Products are subject to rigorous FDA and international regulation; approvals may be delayed or denied, and non-compliance can bring warning letters, fines, injunctions, recalls, consent decrees, seizures or a partial shutdown of production. Abbott gives its own example: the February 2022 voluntary recall of powder infant formula made in Sturgis, Michigan, the temporary halt of manufacturing there, and the consent decree entered with the FDA in May 2022.
• Product safety concerns and self-insured liability claims — New safety signals can force label warnings, a narrower approved use or a halt in sales. Abbott is routinely the subject of product liability claims, and states that product liability losses are self-insured and could have a material adverse effect on profitability, cash flows and financial condition. The filing discloses 1,760 lawsuits pending as of 31 January 2026 alleging that preterm infants developed necrotizing enterocolitis after being given a cow's-milk-based preterm formula; Abbott won summary judgment in the first federal bellwether case in May 2025.
• Cost containment and changes in the healthcare regulatory environment — Abbott says its businesses have experienced downward pressure on product pricing from cost containment efforts by governments and private organisations, and that unless offset by wider patient access, future revenues and operating earnings will be reduced. Changes to reimbursement programmes or adverse coverage decisions can also cut demand and the prices customers will pay.
• Geopolitical and macroeconomic exposure, including tariffs — With about 61 percent of 2025 net sales made outside the United States, Abbott is exposed to trade protection measures and tariffs, sanctions, price controls, restrictions on converting or repatriating local currency, inflation and interest rates, and to war and political instability. The filing notes US tariffs already imposed, the possibility of retaliation, and supply chain and currency effects from the Russia-Ukraine conflict.
• Research and development that may not succeed — To stay competitive Abbott must keep launching new products and technologies, committing substantial funds with no assurance of commercial success; failure can occur at any point in the process. Abbott adds that competitors' new products and technological advances — including disruptive technologies such as artificial intelligence and new treatments for disease — could change the competitive landscape and reduce demand for certain of its products.
• Cybersecurity incidents and protected personal data — Abbott's information systems and connected products have been and are expected to remain targets of malware and other attacks. The company also collects and processes protected health information and is subject to data protection laws worldwide; a significant incident or a breach could bring regulatory inquiries or litigation, manufacturing and product availability problems, reputational damage, lost revenue and fines.

The 10-K states plainly that Abbott has no single customer that, if lost, would have a material adverse effect on the company, and it discloses no revenue share for any customer or group of customers. The filing also says no material portion of the business is subject to renegotiation or termination at the election of a government, and that there are no significant seasonal aspects to the business. Sales run through many channels at once — hospitals, laboratories, surgery centres, retailers, wholesalers, distributors, government agencies and consumers — across more than a hundred countries.