Abbott Laboratories(ABT)

Abbott closed its $20.6bn Exact Sciences acquisition eight days before quarter-end, and the deal costs cut GAAP EPS to $0.61 while underlying sales grew just 3.7% — Medical Devices up 8.1% ex-FX against Nutrition down 7.7%.

Reported sales grew 13.0% but organic growth was 4.8%; the Exact Sciences acquisition drives most of the gap, and $658M of quarterly intangible amortization plus a $385M litigation reserve explain why GAAP EPS ($0.53) is less than half of adjusted EPS ($1.31).