--- canonical_url: https://www.stockexpertai.com/zh/earnings/abt last_updated: 2026-05-03T21:19:36.600Z --- # Abbott Laboratories (ABT) Q4 FY2026 财报预览 > 此内容由 FMP 实时数据 + Q1 FY2026 财报电话会议记录自动生成。生成时间：2026-05-03T21:19:35.584Z。本工具为教育目的，不构成投资建议。 --- ## 快速摘要 | 字段 | 值 | 来源 | |---|---|---| | 价格 | $89.47 (▼ -1.45%) | fmp:quote | | 市值 | $155.5B | fmp:profile | | 52周区间 | $89.14 – $139.06 | fmp:quote | | 财报 | 周四 16 7月 | fmp:earnings-history | | EPS 预期 | $1.28 (+2% YoY) | fmp:earnings-estimate | | 营收预期 | $12.5B | fmp:earnings-estimate | | 超预期连胜 | 1/4 | fmp:earnings-history | | 评级 | B (overall 3/5) | fmp:ratings | | 分析师中位数目标价 | $125 (+39.7% upside) | fmp:price-target-consensus | | MoonshotScore | 50/100 | derived | | Council | 5/6 bullish | derived | | 芒格结论 | 低估 | derived | ## Abbott Laboratories — Q4 FY2026 预期 Q4 季度共识：营收 $12.5B^{[FMP est]}，EPS $1.28^{[FMP est]}。连续 1 个季度超出预期^{[FMP earnings]}。 ## 快速概览 **得分：** B · **立场：** BUY · **Council：** 5/6 · **Moonshot：** 50 = MoonshotScore 50^{[MoonshotScore]} + Council 5/6^[Council]。Form 4: 0 笔交易^{[FMP Form 4]}。 ## 观察列表 (5个指标) ### 1. Comparable Sales Growth Outlook Abbott 2026 年全年销售额增长展望为 6.5% 至 7.5%，其中包括 Exact Sciences 的全年销售额。 > "为了与我们报告的可比销售额增长保持一致，我们目前 2026 年全年销售额增长展望 6.5% 至 7.5% 也是在可比基础上。销售额增长展望包括 Exact Sciences 在上一年和当前一年的全年销售额。" > — Philip Boudreau, Executive Vice President, Finance and Chief Financial Officer, Expectation / Guide · Q1 FY2026 ### 2. Electrophysiology Growth Abbott 预计电生理学领域将实现增长，其中 Volt PFA 导管的推出将使美国增长 14%，而 TactiFlex Duo 导管的推出将使欧洲实现两位数增长。 > "在电生理学方面，13% 的增长包括本季度两次脉冲场消融导管发布所做的贡献。我们的 Volt PFA 导管的推出为美国带来了 14% 的增长，而 TactiFlex Duo 导管的推出帮助推动了欧洲的青少年中期增长。" > — Robert Ford, Chairman and Chief Executive Officer, Investor Focus · Q1 FY2026 ### 3. Earnings Per Share Dilution Abbott 全年调整后每股收益的新指导范围中点为 5.48 美元，反映了与收购 Exact Sciences 相关的 0.20 美元的稀释，而之前的指导范围中点为 5.68 美元。 > "与我们之前全年调整后每股收益指导范围中点 5.68 美元相比，我们新的指导范围中点 5.48 美元反映了与收购 Exact Sciences 相关的 0.20 美元的稀释，这与我们在宣布交易时的假设一致。" > — Philip Boudreau, Executive Vice President, Finance and Chief Financial Officer, Investor Focus · Q1 FY2026 ### 4. Exact Sciences Acquisition 预计收购 Exact Sciences 将在 2026 年增加约 30 亿美元的增量销售额，并加速 Abbott Laboratories 的长期销售增长率。 > "正如我们在收购公告时所沟通的那样，我们预计 Exact Sciences 的加入将在 2026 年增加约 30 亿美元的增量销售额，并加速 Abbott Laboratories 的长期销售增长率。" > — Robert Ford, Chairman and Chief Executive Officer, Investor Focus · Q1 FY2026 ### 5. Rhythm Management Outperformance Abbott 的节律管理销售额增长了 13%，这是连续第三个季度实现两位数增长，并继续显着跑赢市场。 > "在节律管理方面，销售额增长了 13%，这是我们连续第三个季度实现两位数增长，并继续保持着显着超越市场的记录。" > — Robert Ford, Chairman and Chief Executive Officer, Management Quote · Q1 FY2026 ## MoonshotScore 支柱 | 支柱 | 得分 | 水平 | 证据 | |---|---|---|---| | 营收增长 | 0.0 | weak | Q1 vs Q2: 增长放缓 (+%0.2，低于阈值) | | 毛利率 | 6.0 | medium | Q1: 高毛利率 (%56.3) | | 经营杠杆 | 2.0 | weak | 营业利润率健康 (%16.5) | | 现金流储备 | 10.0 | strong | FCF 非常强劲 ($0.9B，是资本支出的 2.3 倍以上) | | 研发投入强度 | 5.0 | medium | 平均研发投入 (%6.7) | | 价格动能 | 4.0 | medium | RSI 27.6 超卖，50日均线之下 | | 新闻情绪 | 8.0 | strong | 强烈买入共识 (75%) | **公式:** sum(pillar.score) / (count * 10) * 100. Each pillar deterministic from FMP. Source maps in pillar.formula. ## Council (7视角) | 名称 | 立场 | 背景 | |---|---|---| | Ray Dalio | bull | 宏观 · 目标上涨空间 +39.7% | | Ken Griffin | bear | 资金流 · 50日均线之下 | | Jim Simons | bull | 量化 · RSI 28 | | Klarman | bull | 价值 · 目标上涨空间 +39.7% | | Buffett | bull | 质量 · ROE 评分 4/5 | | Munger | bull | 估值 · 目标上涨空间 +39.7% | **公式:** Each lens uses deterministic rule on bundle data. Logged in member.contextTr. ## 芒格视角 - **结论:** 低估 - **财务健康:** Moderate - **安全边际:** Strong - **利息覆盖率:** Adequate - **ROIC vs WACC:** Healthy **公式:** verdict=upside>25?Undervalued:>0?Fairly Valued:Overvalued. Each lens deterministic from FMP ratings + priceTarget. ## 技术水平 - **RSI(14):** 27.6 — oversold (RSI 27.6) — tepki alımı potansiyeli - **50日均线:** $104 — hisse %14.0 altında — kısa vadeli direnç - **200日均线:** $121 — hisse %25.8 altında — uzun vadeli baskı - **成交量 (10日):** -3% ## 历史表现 (4个季度) | 季度 | 实际 EPS | 预期 EPS | 结果 | 反应 | |---|---|---|---|---| | Q2 FY25 | $1.26 | $1.26 | MISS | +2.6% | | Q3 FY25 | $1.30 | $1.30 | MISS | -1.4% | | Q4 FY25 | $1.50 | $1.50 | MISS | -1.1% | | Q1 FY26 | $1.15 | $1.14 | +0.9% EPS | +1.4% | Q1 (2026年4月16日): EPS $1.15 vs 预期 $1.14^[FMP]，超出 +%0.9。D+1 走势：+1.4%^{[FMP D+1]}。尽管超出预期，但股价下跌 — 市场对指引而非数据做出反应。 ## 3种情景 ### 情景 A · 超预期 **Q4 EPS > $1.28 + 资本支出纪律** 阈值：EPS > $1.28^{[FMP est]}。目标：突破中位数目标价 $125^{[FMP target]}；高目标价 $152^[FMP] 为上限。 ### 情景 B · 符合预期 **EPS ≈ $1.28 + CapEx < $399.0M** 阈值：EPS ≈ $1.28^{[FMP est]}，Q4 资本支出 < $399.0M^[FMP]。目标：在当前价 $89^[FMP] 与中位数目标价 $125^[FMP] 区间内盘整。 ### 情景 C · 未达预期 **EPS < $1.24 或 CapEx ≥ $399.0M** 阈值：EPS < $1.24^{[FMP est×0.97]}。目标：当前价 $89 低于 200日均线 $121^[FMP]，若持续拒绝，则激活 $102^[derived] 支撑位。 ## 风险提示 ### {{segment}} 低于阈值 Q1 季度：EPS $1.15 vs 预期 $1.14^[FMP]，超出预期，股价 D+1 +1.4%^[FMP]。 ### 对 OpenAI 的依赖 Q1 财报电话会议中未披露 RPO/积压集中度。 ### 内幕交易 Form 4 数据已在表格中标记 — 本页面不为此股票生成假设。 | 高管 | 操作 | 金额 | 日期 | |---|---|---|---| **净额:** — (0 笔交易 · 0 笔卖出 · 0 笔买入) · Q1 FY26 ### 资本支出冲击 Q1 季度资本支出 $399.0M^{[FMP cashflow]}。 Q1 营业利润率 %16.5^{[FMP op margin]} — Q4 的这一水平对资本支出修订风险敏感。 ## 华尔街共识 - **中位数目标价:** $125 (+39.7% upside vs current $89) - **高 / 低:** $152 / $92 - **买入 / 持有 / 卖出:** 21 / 7 / 0 - **分析师数量:** 7 (上一季度), 70 历史总数 ## 额外财报电话会议洞察 ### 1. exact_sciences_acquisition **主张:** The acquisition of Exact Sciences is forecasted to add approximately $3 billion of incremental sales in 2026 and accelerate Abbott Laboratories' long-term sales growth rate. **证据 (会议记录):** "As we communicated at the time of the acquisition announcement, we forecast the addition of Exact Sciences to add approximately $3 billion of incremental sales in 2026 and accelerate Abbott Laboratories' long-term sales growth rate." **数据:** $3 billion, 2026 ### 2. comparable_sales_growth_outlook **主张:** Abbott's full-year 2026 sales growth outlook is 6.5% to 7.5%, which includes the full-year sales of Exact Sciences. **证据 (会议记录):** "To align with our reporting of comparable sales growth, our full-year 2026 sales growth outlook of 6.5% to 7.5% is now on a comparable basis as well. The sales growth outlook includes the full-year sales of Exact Sciences in both the prior and current year." **数据:** 6.5%, 7.5%, 2026 ### 3. earnings_per_share_dilution **主张:** Abbott's new guidance range midpoint of $5.48 for full-year adjusted earnings per share reflects $0.20 of dilution related to the Exact Sciences acquisition, compared to the previous guidance range midpoint of $5.68. **证据 (会议记录):** "Compared to our previous full-year adjusted earnings per share guidance range midpoint of $5.68, our new guidance range midpoint of $5.48 reflects $0.20 of dilution related to the Exact Sciences acquisition, consistent with our assumption at the time of the announced transaction." **数据:** $5.68, $5.48, $0.20 ### 4. electrophysiology_growth **主张:** Abbott expects growth in Electrophysiology, with 14% growth in the U.S. due to the launch of the Volt PFA catheter and double-digit growth in Europe due to the launch of the TactiFlex Duo catheter. **证据 (会议记录):** "In Electrophysiology, growth of 13% included contributions from two pulsed field ablation catheter launches in the quarter. The launch of our Volt PFA catheter contributed to growth of 14% in the U.S., and the launch of our TactiFlex Duo catheter helped drive mid-teens growth in Europe." **数据:** 13%, 14% ### 5. rhythm_management_outperformance **主张:** Abbott's Rhythm Management sales grew 13%, marking the third consecutive quarter of double-digit growth and continued outperforming the market significantly. **证据 (会议记录):** "In Rhythm Management, sales grew 13%, marking the third consecutive quarter that we have delivered double-digit growth and continued our track record of significantly outperforming the market." **数据:** 13% ### 6. diabetes_care_growth_outlook **主张:** Abbott expects CGM to return to double-digit growth in the second quarter, despite the impact from a delay in the renewal process related to an international tender. **证据 (会议记录):** "As we look forward to the second quarter, we expect CGM to return to double-digit growth." **数据:** — --- *数据来源：FMP (实时查询，2026-05-03)，Q1 FY2026 财报电话会议记录 (由 Gemini 2.0 Flash 翻译成中文)。本工具为教育目的，不构成投资建议。*