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Abbott Reports Fourth-Quarter 2014 Results
Fourth-Quarter EPS Above Previous Guidance Range, Including Results From Discontinued Operations
Fourth-Quarter Operational Sales Growth of 10.2 Percent, Including Double-Digit Growth in Emerging Markets
Significant Expansion of Full-Year Adjusted Operating Margin From Continuing Operations
Issues Earnings Outlook for 2015 For Continuing Operations, Reflecting Top-Tier Growth at the Mid-Point
ABBOTT PARK, III., Jan. 29, 2015 Abbott today announced financial results for the fourth quarter ended Dec. 31, 2014.
· Diluted EPS, excluding specified items, was $0.71 in the fourth quarter and $2.28 for the full year, above Abbotts previous guidance range and reflecting 13.4 percent growth. This includes results from both continuing and discontinued operations. Reported diluted EPS under GAAP was $0.59 in the fourth quarter and $1.49 for the full year. See page 2 for additional detail regarding financial results from discontinued operations.
· Fourth-quarter worldwide sales of $5.4 billion from continuing operations increased 10.2 percent on an operational basis, including double-digit growth in emerging markets. Worldwide sales increased 5.6 percent on a reported basis, including an unfavorable 4.6 percent effect of foreign exchange.
· For full-year 2014, Abbott expanded its adjusted operating margin ratio from continuing operations by 200 basis points over the prior year, primarily driven by continued improvements in Diagnostics, Nutrition and Vascular. The operating margin ratio from continuing operations under GAAP improved by 190 basis points over prior year.
· Abbott issues full-year 2015 EPS guidance for continuing operations, excluding specified items, of $2.10 to $2.20. Projected full-year 2015 EPS for continuing operations under GAAP is $1.33 to $1.43.
· In December, Abbott completed its acquisitions of Topera, Inc., a medical device company focused on developing innovative electrophysiology technologies, and Veropharm, a leading Russian pharmaceutical company.
· In Diagnostics, Abbott received European approval for its IRIDICA infectious disease testing platform and U.S. FDA clearance for a heart failure test on its ARCHITECT platform. In Medical Devices in the U.S., Abbott received FDA approval for its TECNIS® Multifocal Low Add intraocular lens (IOL) and launched its new XIENCE Alpine drug-eluting stent system, designed for complex interventions.
We ended 2014 with good momentum, well positioned for a step-up in operational sales growth in 2015, said Miles D. White, chairman and chief executive officer, Abbott. While well need to manage through currency headwinds again in 2015, were targeting another year of top-tier earnings growth.
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The following information was filed by Abbott Laboratories (ABT) on Thursday, January 29, 2015 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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