Abbott Laboratories (NYSE:ABT) Q2 2023 Earnings Call Transcript

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So those are my two product questions. Thank you so much.

Robert Ford: Okay. Thanks. So on your Libre question, we had a really strong quarter there, Danielle. We grew 25%, yes, 30% in the U.S. I think pretty strong growth still. And internationally, we’re up 22%. So that’s very positive now that we’ve kind of put behind us some of the upgrading activities that we are doing towards the second half of last year, so you’re seeing the impact there. The basal is a great opportunity, in my comments, I referenced France. Yes, it wasn’t just like a tender award, French authorities looked at claims data. They looked at data from basal users using the product. We’ve got over about a 70% share of that market. So they looked at it and say, this is really having an impact. So that’s good.

It provides us great momentum. You look at now you’ve got U.S., Japan and France reimbursing for basal. I mean those are three of the top five markets in the world, and we’re well positioned there. U.S. coverage began in April. So, that’s playing out nicely also. So I think we got great momentum here. I’d say what’s really exciting is a lot of the upcoming launch activity and pipeline activity that we will have in the second half of this year. If you look at our integration with pumps, it’s my understanding here that sometime in this second half, we will see tandem integration with our CGM system here in the U.S., and that will be exciting. One of the things that we’ve also got rolled out and planning is, as you might remember, we got L3 approved full ICGM.

But together with that approval, we also got a 15-day claim. So we will be launching our 15-day sensor here in the U.S. second half – in the second half of this year. So that’s exciting, too. And the team is on target here to start and initiate our glucose ketone dual sense trial sometime in Q4 here. So a lot of pipeline activity in the second half, probably the one that I’m most excited about, Danielle is actually Libre 2 streaming. I think this is an incredible opportunity and what the team has been able to do. I think it’s the most exciting launch that we have in the second half year, which is really our ability to convert our entire Libre 2 base from scanning to be able to have real-time streaming through an app update. We ran our first conversion in the UK over the weekend.

There were some challenges there as we rolled it out. Team worked over the weekend. But as of – I think as of end of day, Monday, 90% of the user base was converted. And the social media post that I have been seeing are just incredibly positive. So just think about our ability here to convert our entire L2 base into a slightly small version of L3 across the world with all the manufacturing capacity we have. So I’m really excited about that. So I think Libre is on a great trajectory, great momentum. And I think that’s going to continue. Regarding your question on MitraClip, yes, I think the performance was – I think it was pretty strong, 10% growth. International was up 20%. So U.S. was more modest. And I think you pointed to some of the challenges that we are seeing.

I’m not sure it’s so much the staffing portion now, Danielle. I mean I think it was probably in the second half of last year. We’re not seeing that in the other parts of the business. I think the U.S. piece here is really our ability here to reignite and restart that referral funnel here in the U.S., which was impacted by the pandemic. And I think this is going to take a little bit of time, but it’s a key – it’s a key area of focus of the U.S. commercial team here is to really look the commercial and the clinical team to really restart those that referral process from the cardiologists into the hospitals. This is a – continues to be an attractive growth area. And you can see that where we don’t have some of these issues here in the U.S., we’re looking internationally to accelerate as a way to kind of balance it out.

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