Abbott Laboratories (ABT) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

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Abbott Laboratories
Ticker: ABT CIK: 1800

Exhibit 99.1

News Release

Abbott Reports Fourth-Quarter 2020 Results; Issues Strong Double-Digit Growth Forecast for 2021

Sales of $10.7 billion, including $2.4 billion of COVID-19 diagnostic testing-related sales

Sales growth of 28.7 percent; organic sales growth of 28.4 percent

GAAP diluted EPS from continuing operations growth of 103.4 percent; adjusted diluted EPS growth of 52.6 percent

Delivered more than 300 million COVID-19 diagnostics tests in fourth quarter 2020

R&D pipeline continues to be highly productive, delivering ground-breaking innovations and a steady cadence of important new products across all business areas

Issues 2021 EPS growth forecast of more than 35 percent

ABBOTT PARK, Ill., Jan. 27, 2021 — Abbott today announced financial results for the fourth quarter and full year ended Dec. 31, 2020, and issued its financial outlook for 2021.

Fourth-quarter sales of $10.7 billion increased 28.7 percent on a reported basis and 28.4 percent on an organic basis, which excludes the impact of foreign exchange.

Fourth-quarter GAAP diluted EPS was $1.20 and adjusted diluted EPS, which excludes specified items, was $1.45, reflecting 52.6 percent growth versus the prior year.1

Full-year 2020 GAAP diluted EPS from continuing operations was $2.49 and adjusted diluted EPS from continuing operations was $3.65, at the upper-end of guidance range issued in January 2020.2

Abbott issues full-year 2021 guidance for diluted EPS from continuing operations on a GAAP basis of at least $3.74 and full-year adjusted diluted EPS from continuing operations of at least $5.00, reflecting growth of more than 35 percent versus the prior year.3

In the fourth quarter, global COVID-19 testing-related sales were $2.4 billion, led by combined sales of $1.9 billion from Abbott's BinaxNOW™, Panbio™ and ID NOW™ rapid testing platforms.

R&D pipeline continued to be highly productive in 2020: U.S. approval of FreeStyle® Libre 2 and CE Mark of FreeStyle Libre 3 and Libre Sense Glucose Sport Biosensor; CE Mark of MitraClip® G4, TriClip™ and Tendyne™ heart valve devices; U.S. approval of Gallant™ cardiac rhythm devices; CE Mark of EnSite™ X 3D cardiac mapping system; portfolio expansions in Nutrition and Established Pharmaceuticals.

"Despite challenging conditions, we achieved double-digit EPS growth, delivered ground-breaking innovation and advanced our new product pipeline in 2020," said Robert B. Ford, president and chief executive officer, Abbott. "We exited the year with a lot of momentum and are forecasting EPS growth of more than 35 percent in 2021."

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The following information was filed by Abbott Laboratories (ABT) on Wednesday, January 27, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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