Company: BSX
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0000885725-25-000011
Chunk: 89

Company: BOSTON SCIENTIFIC CORP
Filing Date: 2025-02-18
Form: 10-K
Item: Item 7
Chunk 89
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,755 8,819 7,831 22.0%12.6%16,747 14,240 12,742 17.6%11.8%Other(1)— — (60)0.0%(100.0)%Net Sales$16,747 $14,240 $12,682 17.6%12.3%

(1)In 2022, amounts reflect sales reserves established for Italian government payback provisions, not allocated to reportable segments, which are being disputed in the Italian court system.

Refer to Executive Summary for further discussion of our net sales and a comparison of our 2024 and 2023 net sales.

In 2023, we generated net sales of $14.240 billion compared to $12.682 billion in 2022. This increase of $1.558 billion, or 12.3 percent, included operational growth of 13.1 percent and the negative impact of 80 basis points from foreign currency fluctuations. Operational net sales growth included organic net sales growth of 12.3 percent in 2023 and the positive impact of 80 basis points driven by our majority stake investment in Acotec and the acquisitions of Apollo and Relievant during the first, second and fourth quarters of 2023, respectively, as well as the divestiture of our pathology business during the second quarter of 2023 and our acquisition of Baylis Medical Company, Inc. (Baylis Medical) during the first quarter of 2022, for which there were less than a full prior period of comparable net sales. The increase in our 2023 net sales was primarily driven by acquisitions as well as the strength and diversity of our product portfolio coupled with growth in the underlying markets in which we compete and strong commercial execution. 

Gross Profit

Our gross profit was $11.490 billion in 2024 and $9.896 billion in 2023. The following is a reconciliation of our gross profit margins and a description of the drivers of the change from period to period:

Gross Profit MarginYear Ended December 31, 202268.8%Manufacturing and supply costs1.7%Sales pricing, volume and mix1.9%Net impact of foreign currency fluctuations(2.2)%All other, including inventory charges and other period expenses(0.7)%Year Ended December 31, 202369.5%Sales pricing, volume and mix0.7%All other, including