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CompetitorsNarrow moat

Abbott Laboratories (ABT) — moat facet

Abbott's four main competitive relationships are all different: DexCom fights it for sensor patients, a heart rival paid it, private label undercuts its formula, and Mead Johnson shares its courtroom.

Abbott does not name its competitors in its 10-K. It says its products face intense competition from rivals' products and technological advances1 and describes, segment by segment, what the competition is about: in devices, "technological innovation, price, convenience of use, service, product performance, long-term supply contracts"2; in branded generics, "the substitution of generic drugs for the brand prescribed"3.

Abbott rivals, one figure eachDexCom: 2025 revenue (head-on sensor rival)$4,662MHeart rival: payment to Abbott, 2025$89MUS Nutrition comparable growth, 1H 2026 (private label)-10.3%Mead Johnson verdict reversed, 2026 (co-defendant)$60MAbbott Form 10-K FY2025 and 2026 releases; DexCom Form 10-K FY2025
Four rivals, four different relationships.

The rivals that matter fall into four different kinds of relationship rather than four versions of one rivalry. DexCom competes head on for diabetes patients with the same kind of sensor4. An unnamed structural heart competitor paid Abbott $89 million in 2025 under a multi-year agreement5. Private-label and local formula makers compete on the shelf with no brand to pay for6. And Mead Johnson is Abbott's rival in preterm formula and its co-defendant in the lawsuits over it7.

The comparison that says most about Abbott's position is with DexCom. Abbott's sensor sales were about 1.6 times DexCom's total revenue in 20258, and both grew in the mid to high teens910. Scale gives Abbott a cost advantage in a disposable product; it does not stop a focused rival from growing.

Some of the most consequential competition is not in the devices at all. In branded generics the rival is the cheaper copy, which the page on generic substitution covers; in diagnostics it is a Chinese procurement tender, covered on the Core Laboratory page.

The October 2024 trial in Missouri shows the oddest of these relationships at work: a jury returned a unanimous verdict for Abbott and its co-defendants, who included "another infant formula manufacturer"11. The court later granted the plaintiff a new trial12. In that courtroom the rival was on Abbott's side of the table.

The picture favours Abbott where it has scale and switching costs and turns against it where a product can be copied. The ratio of Abbott's sensor sales to DexCom's revenue is the scoreboard; under 1.5 times, the largest rivalry has turned against Abbott.

Moat trajectory: Holding steady

Abbott CGM about 1.6 times DexCom revenue in 2025; nutrition losing shelf share.

The number that tests this moat
Moat Explorer calc
Abbott CGM sales relative to DexCom revenue
1.63 times (2025: $7.6bn against $4,662.0M)

How the largest rivalry stands; below 1.5 times would mean DexCom is gaining.

How it's calculated: Abbott continuous glucose monitor sales (Form 10-K FY2025) divided by DexCom total revenue (DexCom Form 10-K FY2025).
Source: Moat Explorer calculation from Abbott filings ↗
Dig deeper
DIG DEEPER 01
DexCom: The Rival in the Sensor
DexCom competes for the same diabetes patients with the same kind of sensor; Abbott's sensor sales are 1.6 times DexCom's whole revenue.
DIG DEEPER 02
The Competitor That Paid Abbott
A structural heart rival paid Abbott $89 million in 2025 under a multi-year agreement, revenue that Abbott earned from its position rather than its…
DIG DEEPER 03
Private Label: The Rival With No Brand
Abbott's nutrition brands compete with private-label products sold by the same retailers, and in late 2025 Abbott cut prices to answer them.
DIG DEEPER 04
Mead Johnson: Rival and Co-Defendant
Abbott and Mead Johnson compete in preterm formula and are sued together; an appeals court's reversal of a $60 million verdict against Mead Johnson…
References
  1. ReportedAbbott does not name its competitors in its 10-K. It says its products face intense competition from rivals' products and technological advances and describes, segment by segment, what the competition is about: in devices, "technological innovation, price, convenience of use, service, product performance, long-term supply contracts"; in branded generics, "the substitution of generic drugs for the brand prescribed".
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1A risk factors, competition, regulation and legal proceedings. — FY2025 · publ. 20 February 2026 · source ↗
  2. ReportedAbbott does not name its competitors in its 10-K. It says its products face intense competition from rivals' products and technological advances and describes, segment by segment, what the competition is about: in devices, "technological innovation, price, convenience of use, service, product performance, long-term supply contracts"; in branded generics, "the substitution of generic drugs for the brand prescribed".
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1A risk factors, competition, regulation and legal proceedings. — FY2025 · publ. 20 February 2026 · source ↗
  3. ReportedAbbott does not name its competitors in its 10-K. It says its products face intense competition from rivals' products and technological advances and describes, segment by segment, what the competition is about: in devices, "technological innovation, price, convenience of use, service, product performance, long-term supply contracts"; in branded generics, "the substitution of generic drugs for the brand prescribed".
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1A risk factors, competition, regulation and legal proceedings. — FY2025 · publ. 20 February 2026 · source ↗
  4. ReportedDexCom competes head on for diabetes patients with the same kind of sensor.
    DexCom, Inc. Form 10-K for 2025 - total revenue of $4,662.0 million, of which $3,959.0 million through distributors, and the list of continuous glucose monitor competitors headed by the Diabetes Care division of Abbott Laboratories. — FY2025 · publ. February 2026 · source ↗
  5. ReportedAn unnamed structural heart competitor paid Abbott $89 million in 2025 under a multi-year agreement.
    Abbott Laboratories second-quarter 2026 earnings release, Form 8-K exhibit 99.1 - sales by segment and business, comparable growth, income statement, specified items, guidance and the 410th consecutive quarterly dividend - Medical Devices sales by business, continuous glucose monitors, Amulet and TECTONIC. — Q2 2026 · publ. 16 July 2026 · source ↗
  6. ReportedPrivate-label and local formula makers compete on the shelf with no brand to pay for.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 and MD&A for Nutritional Products: pediatric and adult nutrition in the US and abroad. — FY2025 · publ. 20 February 2026 · source ↗
  7. ReportedAnd Mead Johnson is Abbott's rival in preterm formula and its co-defendant in the lawsuits over it.
    Abbott Laboratories release of 20 August 2026, Form 8-K exhibit 99.1 - agreements to resolve the Gill case and NEC claims on behalf of about 2,000 other infants for about $670 million; the $495 million Gill verdict; three federal MDL bellwether wins; about 1,700 lawsuits remaining on behalf of about 12,700 infants. — August 2026 · publ. 20 August 2026 · source ↗
  8. Moat Explorer calcAbbott's sensor sales were about 1.6 times DexCom's total revenue in 2025, and both grew in the mid to high teens.
    Moat Explorer calculation from Abbott Laboratories reported figures ($ millions unless stated; calendar years). Medical Devices: share of total reportable segment operating earnings 3,011 / 6,916 = 43.5% (2017), 4,533 / 13,422 = 33.8% (2021), 7,212 / 11,800 = 61.1% (2025); first half 2026 3,862 / 6,122 = 63.1%. Share of segment sales 21,387 / 44,311 = 48.3% (2025); first half 2026 11,392 / 23,750 = 48.0%. Segment margin 3,011 / 10,325 = 29.2% (2017), 3,038 / 11,787 = 25.8% (2020), 4,533 / 14,485 = 31.3% (2021), 7,212 / 21,387 = 33.7% (2025); Q2 2026 1,969 / 5,853 = 33.6%, Q2 2025 1,796 / 5,369 = 33.5%. Sales growth 2017-2025 (21,387 / 10,325)^(1/8) - 1 = 9.5% a year; operating earnings 2025 7,212 / 6,153 - 1 = +17.2%; sales 2025 21,387 / 18,986 - 1 = +12.6%. Diabetes Care 7,998 / 1,414 = 5.66 times (2017 to 2025); share of Medical Devices 1,414 / 10,325 = 13.7% (2017), 2,524 / 12,239 = 20.6% (2019), 4,328 / 14,485 = 29.9% (2021), 5,761 / 16,887 = 34.1% (2023), 7,998 / 21,387 = 37.4% (2025); share of company 7,998 / 44,328 = 18.0%; CGM share of Diabetes Care 7.6bn / 7.998bn = 95%. CGM growth 2019-2025 (7.6 / 1.842)^(1/6) - 1 = 26.6% a year. Abbott CGM sales over DexCom revenue 7,600 / 4,662.0 = 1.63 times. DexCom distributor share 3,959.0 / 4,662.0 = 84.9%. Product lines 2017 to 2025: Electrophysiology 2,764 / 1,353 = 2.04 times; Structural Heart 2,523 / 1,083 = 2.33 times; Heart Failure 1,448 / 643 = 2.25 times; Rhythm Management 2,649 / 2,132 - 1 = +24.2%; Neuromodulation 1,010 / 808 - 1 = +25.0%; Vascular 2,995 / 2,892 - 1 = +3.6%. Rhythm Management, Heart Failure, Vascular and Neuromodulation together 2,649 + 1,448 + 2,995 + 1,010 = 8,102 (2025) against 2,390 + 1,279 + 2,837 + 962 = 7,468 (2024), +8.5%. Diagnostics: margin 1,912 / 7,713 = 24.8% (2019), 6,237 / 15,526 = 40.2% (2021), 6,640 / 16,469 = 40.3% (2022), 2,433 / 9,988 = 24.4% (2023), 1,740 / 8,937 = 19.5% (2025); Q2 2026 499 / 3,092 = 16.1%, Q2 2025 372 / 2,173 = 17.1%. Share of segment operating earnings 6,640 / 12,831 = 51.7% (2022), 1,740 / 11,800 = 14.7% (2025). Sales 2025 8,937 / 9,341 - 1 = -4.3%. COVID testing share of Diagnostics sales 2022 8.4bn / 16.469bn = 51%, about half. Core Laboratory 5,360 / 4,063 - 1 = +31.9%. Rapid Diagnostics 2,454 / 10,061 - 1 = -75.6% (2022 to 2025). Point of Care 606 / 550 - 1 = +10.2%. Molecular 2020 peak 1,438 / 463 = 3.11 times 2017. Cancer Diagnostics share of Diagnostics Q2 2026 919 / 3,092 = 29.7%. Exact Sciences US share of 2025 sales 3,145 / 3,247 = 96.9%; purchase price over 2025 sales 20.6bn / 3.247bn = 6.3 times. China net sales 1,907 / 2,253 - 1 = -15.4% (2023 to 2025); China share of company 2,253 / 40,109 = 5.6% (2023), 1,907 / 44,328 = 4.3% (2025). Nutrition: margin 1,741 / 6,975 = 25.0% (2015), 1,705 / 7,409 = 23.0% (2019), 1,763 / 8,294 = 21.3% (2021), 706 / 7,459 = 9.5% (2022), 1,333 / 8,154 = 16.3% (2023), 1,558 / 8,451 = 18.4% (2025); Q2 2026 368 / 2,144 = 17.2%, Q2 2025 418 / 2,212 = 18.9%. Q2 operating earnings 368 / 418 - 1 = -12.0%. Sales 2021 to 2025 8,451 / 8,294 - 1 = +1.9%. Share of company sales 6,925 / 27,390 = 25.3% (2017), 7,409 / 31,904 = 23.2% (2019), 8,294 / 43,075 = 19.3% (2021), 8,154 / 40,109 = 20.3% (2023), 8,451 / 44,328 = 19.1% (2025). US Pediatric 2022 1,562 / 2,192 - 1 = -28.7%. International Adult 3,029 / 1,782 - 1 = +70.0% (2017 to 2025); share of Nutrition 3,029 / 8,451 = 35.8%. International Pediatric 1,816 / 2,112 - 1 = -14.0%. Sturgis: recalled brands 479 / 1,200 - 1 = -60%; Nutrition operating earnings 706 / 1,763 - 1 = -60%. Established Pharmaceuticals: margin 658 / 3,720 = 17.7% (2015), 848 / 4,287 = 19.8% (2017), 904 / 4,486 = 20.2% (2019), 889 / 4,718 = 18.8% (2021), 1,206 / 5,066 = 23.8% (2023), 1,290 / 5,536 = 23.3% (2025); Q2 2026 382 / 1,499 = 25.5%. Sales 5,536 / 3,720 - 1 = +48.8% (2015 to 2025); (5,536 / 4,287)^(1/8) - 1 = 3.2% a year (2017 to 2025). Key Emerging Markets share 4,167 / 5,536 = 75.3%. Segment sales growth 2025: Medical Devices +12.6%, Established Pharmaceuticals 5,536 / 5,194 - 1 = +6.6%, Nutrition 8,451 / 8,413 - 1 = +0.5%, Diagnostics -4.3%; net sales 44,328 / 41,950 - 1 = +5.7%. US share of 2025 net sales 17,126 / 44,328 = 38.6%; international share Q2 2026 7,377 / 12,593 = 58.6%. Further: Structural Heart compensation payments 89 / 2,523 = 3.5% of 2025 line sales. Diabetes Care added 7,998 - 6,805 = 1,193 in 2025. One point of CGM growth on 7.6bn = about 76. Medical Devices share of segment assets 10,689 / (3,540 + 4,791 + 8,273 + 10,689 = 27,293) = 39.2%. Total debt over total assets 32,608 / 109,215 = 29.9% (30 June 2026), 12,929 / 86,713 = 14.9% (end 2025). Net debt over Abbott shareholders' investment 27,005 / 51,110 = 0.53. Market value 173.21 / 217.86 - 1 = -20.5% (end 2025 to 5 October 2026). Second pass: US Structural Heart first half 2026 449 / 1,175 = 38.2%. Rapid Diagnostics 2,454 / 4,376 = 56% of 2020. Diagnostics Q2 2026 operating earnings 499 / 372 - 1 = +34.1%. Nutrition sales (8,451 / 6,925)^(1/8) - 1 = 2.5% a year (2017 to 2025); 8,451 / 7,409 - 1 = +14.1% (2019 to 2025). US Adult Nutrition 1,448 / 1,254 - 1 = +15.5% (2017 to 2025). Adult nutrition 3,029 + 1,448 = 4,477; pediatric 2,158 + 1,816 = 3,974 (2025). Total segment operating earnings 11,800 / 13,422 - 1 = -12.1% (2021 to 2025); Medical Devices 7,212 / 4,533 - 1 = +59.1%. First half 2026 dividends over operating cash flow 2,200 / 3,803 = 57.9%. DexCom revenue 2023 3,095.6 + 526.7 = 3,622.3; 4,662.0 / 3,622.3 - 1 = +28.7%; Abbott CGM 7.6 / 5.3 - 1 = +43.4% (2023 to 2025). US share of first half 2026 sales 9,490 / 23,757 = 39.9%. Diagnostics RPO 6,200 / 8,937 = 69% of 2025 Diagnostics sales; 6,200 / 5,360 = 1.16 times Core Laboratory sales. Libre 7.6 / 1.128 = 6.7 times (2018 to 2025). Medical Devices and Established Pharmaceuticals RPO 455 + 243 = 698, / 6,898 = 10.1%. Cash, debt and dividends: free cash flow 9,566 - 2,171 = 7,395 (2025), 8,558 - 2,207 = 6,351 (2024), 7,261 - 2,202 = 5,059 (2023); after dividends 7,395 - 4,116 = 3,279, about $3.3 billion. Dividends paid over free cash flow 4,116 / 7,395 = 55.7%; over net earnings 4,116 / 6,524 = 63.1%; 2025 dividend per share over adjusted EPS 2.40 / 5.15 = 46.6%; annual dividend 4 x 0.63 = 2.52 over trailing EPS 3.09 = 81.6%. Dividend per share 2.40 / 0.98 = 2.45 times, (2.45)^(1/10) - 1 = 9.4% a year (2015 to 2025). Total debt 3,033 + 9,896 = 12,929 (end 2025), 3,005 + 29,603 = 32,608 (30 June 2026); net debt 12,929 - 8,522 - 417 = 3,990 (end 2025), 32,608 - 5,104 - 499 = 27,005 (30 June 2026), 14,679 - 7,279 = 7,400 (end 2023), 14,125 - 7,967 = 6,158 (end 2024); 27,005 / 3,990 = 6.8 times. Remaining performance obligations 6,200 + 455 + 243 = 6,898, about $6.9 billion; Diagnostics share 6,200 / 6,898 = 90%; beyond 36 months 100% - 52% - 18% = 30%; over trailing twelve-month sales 6,898 / 46,585 = 14.8%, about 15%. Trailing twelve months to June 2026: net sales 44,328 - 21,500 + 23,757 = 46,585; net earnings 6,524 - 3,104 + 2,005 = 5,425; diluted EPS 3.72 - 1.77 + 1.14 = 3.09. Expected amortization 1.5bn (2030) / 2.6bn (2026) - 1 = -42%. Analyst target 120.26 / 100.10 - 1 = +20.1%. 2026 adjusted EPS guidance midpoints (5.55 + 5.80) / 2 = 5.675 (January), (5.38 + 5.58) / 2 = 5.48 (April), (5.45 + 5.60) / 2 = 5.525 (July). Year-end market value (stockanalysis) over net earnings and net sales: 2015 66.99bn / 4,423 = 15.15, / 20,405 = 3.283; 2016 56.55 / 1,400 = 40.39, / 20,853 = 2.712; 2017 99.34 / 477 = 208.26, / 27,390 = 3.627; 2018 127.04 / 2,368 = 53.65, / 30,578 = 4.155; 2019 153.61 / 3,687 = 41.66, / 31,904 = 4.815; 2020 194.06 / 4,495 = 43.17, / 34,608 = 5.607; 2021 248.87 / 7,071 = 35.20, / 43,075 = 5.778; 2022 191.43 / 6,933 = 27.61, / 43,653 = 4.385; 2023 191.09 / 5,723 = 33.39, / 40,109 = 4.764; 2024 196.18 / 13,402 = 14.64, / 41,950 = 4.677; 2025 217.86 / 6,524 = 33.39, / 44,328 = 4.915; 5 October 2026 173.21bn / 5,425 = 31.93, / 46,585 = 3.718 - Medical Devices, Diabetes Care and the device lines. — FY2015-Q2 2026 · publ. October 2026 · source ↗
    Method: Arithmetic on figures reported in Abbott Laboratories Forms 10-K and 10-Q and earnings releases, the DexCom Form 10-K, and stockanalysis.com market values; each operand is stated in the source line.
  9. ReportedAbbott's sensor sales were about 1.6 times DexCom's total revenue in 2025, and both grew in the mid to high teens.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
  10. ReportedAbbott's sensor sales were about 1.6 times DexCom's total revenue in 2025, and both grew in the mid to high teens.
    DexCom, Inc. Form 10-K for 2025 - total revenue of $4,662.0 million, of which $3,959.0 million through distributors, and the list of continuous glucose monitor competitors headed by the Diabetes Care division of Abbott Laboratories. — FY2025 · publ. February 2026 · source ↗
  11. ReportedThe October 2024 trial in Missouri shows the oddest of these relationships at work: a jury returned a unanimous verdict for Abbott and its co-defendants, who included "another infant formula manufacturer".
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 and MD&A for Nutritional Products: pediatric and adult nutrition in the US and abroad. — FY2025 · publ. 20 February 2026 · source ↗
  12. ReportedThe court later granted the plaintiff a new trial.
    Abbott Laboratories Form 10-K for 2025 (year ended 31 December 2025) - Item 1 business and the segment note: the four segments, sales and operating earnings, employees, manufacturing sites, customers and geography. — FY2025 · publ. 20 February 2026 · source ↗
Sources
Generated October 6, 2026