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Exhibit 99.1
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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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