Abbott 4000-word in-depth research report

$Abbott Laboratories(ABT.US)$Medtronic(MDT.US) $Johnson & Johnson(JNJ.US) Research on Abbott (ABT.US) concludes that its anti-cyclical healthcare demand, multi-business synergy, and strong R&D have built a solid moat in the healthcare sector.
🎯 Core logic: Rooted in healthcare, it operates in diagnostics (61%, "razor-razorblade" model with instruments + high-margin consumables), medical devices (26%, e.g., cardiac devices relying on R&D iteration and physician training), nutrition (10%, global leader in infant nutrition), and pharmaceuticals. Its business model leverages innovation ($2.7B annual R&D) and cross-business synergies (tech & channel sharing) to address health needs, with vertical integration in R&D (core tech in-house), manufacturing (>70% key components), and distribution (global hospital/retail coverage), controlling the value chain.
📈 Financial highlights: Stable 50%-56% gross margin (2025Q2: 56.4%, above peers); 20.1% 5-yr avg ROE (2024: 31.1%, >15% ex-items); debt ratio down from 54.5% (2020) to 39.5% (2025Q2, below avg); 5-yr positive operating cash flow (2024: $8.56B, covering net profit); 2025Q2 revenue +7.4% YoY (organic +7.5%), double-digit device growth; R&D at 6%-7% of revenue (above peers), new products generating ~$500M quarterly.