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Abbott Laboratories (ABT) SEC Filing 10-K Annual report for the fiscal year ending Friday, December 31, 2010

Abbott Laboratories

CIK: 1800 Ticker: ABT

Exhibit 99.1

 

 

Abbott Reports Double-Digit Sales and Ongoing Earnings Growth in Fourth Quarter; Issues Strong Ongoing Earnings Outlook for 2011

 

 

 

 

 

 

Worldwide Sales Increased 13.4 Percent

 

Fourth Quarter Ongoing EPS Growth of 10.2 Percent

 

Worldwide Pharmaceutical Sales Increased 22.5 Percent

 

Worldwide Vascular Products Sales Increased 13.7 Percent

 

U.S. Diagnostics Sales Increased 8.5 Percent

 

 

 

Financial:

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ABBOTT PARK, Ill., Jan. 26, 2011 — Abbott today announced financial results for the fourth quarter ended Dec. 31, 2010.

 

 

·                  Diluted earnings per share, excluding specified items, were $1.30, reflecting 10.2 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.92, primarily reflecting costs associated with recently announced restructuring actions for the integration of the Solvay Pharmaceuticals acquisition and in process R&D related to the Reata collaboration.

 

·                  Worldwide sales increased 13.4 percent to nearly $10 billion, including an unfavorable 0.4 percent effect of foreign exchange rates. Growth in the quarter was driven by worldwide pharmaceutical sales, which increased 22.5 percent, including the contribution from the Solvay and Piramal acquisitions, as well as worldwide vascular products sales, which increased 13.7 percent.

 

·                  Fourth quarter results included strong investment spending, with an increased level of R&D spending, as well as an adjusted gross margin ratio of 60.6 percent, which increased 230 basis points over the prior year.

 

·                  In response to changes in the healthcare industry, including U.S. Health Care Reform and the challenging regulatory environment, today Abbott announced a restructuring in its U.S. pharmaceutical business to streamline commercial and manufacturing operations, improve efficiencies and reduce costs.

 

·                  Abbott is issuing ongoing earnings-per-share guidance for the full-year 2011 that reflects double-digit growth over 2010 at the midpoint of the range.

 

 

“Despite a very challenging environment, 2010 was another productive year for Abbott,” said Miles D. White, chairman and chief executive officer, Abbott. “We took decisive long-term strategic actions to expand our emerging markets presence and late-stage pipeline to better position Abbott for sustainable long-term growth. We anticipate again delivering double-digit ongoing earnings-per-share growth in 2011.”

 


The following information was filed by Abbott Laboratories (ABT) on Wednesday, January 26, 2011 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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SEC Filing Tools
Ticker: ABT
CIK: 1800
Form Type: 10-K Annual Report
Accession Number: 0001047469-11-001056
Submitted to the SEC: Fri Feb 18 2011 3:03:18 PM EST
Accepted by the SEC: Fri Feb 18 2011
Period: Friday, December 31, 2010
Industry: Pharmaceutical Preparations

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