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Last10K.com | 10-Q Quarterly Report Thu Oct 31 2019
Exhibit 99.1
 | News Release |
Abbott Reports Third-Quarter 2019 Results
| · | Third-quarter sales growth of 5.5 percent; organic sales growth of 7.6 percent |
| · | Exceptional growth across key platforms of FreeStyle Libre, MitraClip and Alinity |
| · | Continues to strengthen portfolio with a steady cadence of new product approvals, reimbursement coverage and clinical data |
ABBOTT PARK, Ill., Oct. 16, 2019 — Abbott today announced financial results for the third quarter ended Sept. 30, 2019.
| · | Third-quarter worldwide sales of $8.1 billion increased 5.5 percent on a reported basis and 7.6 percent on an organic* basis. |
| · | Reported diluted EPS from continuing operations under GAAP was $0.53 in the third quarter. Adjusted diluted EPS from continuing operations, which excludes specified items, was $0.84, an increase of 12.0 percent versus prior year1. |
| · | Abbott narrowed its full-year 2019 outlook for diluted EPS from continuing operations on a GAAP basis to $2.06 to $2.08, and full-year adjusted diluted EPS from continuing operations to $3.23 to $3.25, reflecting 12.5 percent growth versus the prior year at the midpoint of the range2. |
| · | FreeStyle Libre® achieved worldwide sales of $496 million in the quarter, an increase of 63.1 percent on a reported basis and 67.6 percent on an organic basis versus the prior year. |
| · | During the third quarter, FreeStyle Libre obtained public reimbursement coverage in Ontario and Quebec, becoming the first and only sensor-based glucose monitoring system to be listed by any provincial health plan in Canada. |
| · | Worldwide sales of MitraClip® were $176 million in the quarter, an increase of 30.4 percent on a reported basis and 31.9 percent on an organic basis, including U.S. growth of 45.7 percent versus the prior year. During the third quarter, Abbott announced U.S. FDA approval of its next-generation MitraClip device, which offers enhancements and more sizes to offer doctors further options. |
| · | In September, Abbott announced data from its COAPTTM Trial that shows that MitraClip is projected to increase life-expectancy and quality of life compared to guideline-directed medical therapy alone in heart failure patients with secondary mitral regurgitation, or a leaky mitral heart valve. |
| · | During the third quarter, Abbott received U.S. FDA approval for its Alinity®-S diagnostics system, the latest technology for screening and protecting the U.S. blood and plasma supply. |
“We’re performing exceptionally well across several areas,” said Miles D. White, chairman and chief executive officer, Abbott. “We’re right on track to achieve ongoing EPS and organic sales growth at the upper-end of our initial guidance ranges for the year.”
—more—
* See note on organic growth on the next page.
The following information was filed by Abbott Laboratories (ABT) on Wednesday, October 16, 2019 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Abbott Laboratories's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed , added and changed by Abbott Laboratories.
Assess how Abbott Laboratories's management team is paid from their Annual Proxy
Abbott Laboratories's Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:
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- Board Members
- Executive Team
- Salaries, Bonuses, Perks
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Financial - Expense Highlight
Interest Expense, net Interest expense, net decreased $38 million in the third quarter of 2019 and $132 million in the first nine months of 2019 due to a reduction in interest expense resulting from the favorable impact of the euro debt refinancing in September 2018, as well as the repayment of debt in 2018 and the first quarter of 2019.
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Financial - Dividend Highlight
In each of the first three quarters of 2019, Abbott declared a quarterly dividend of $0.32 per share on its common shares, which represents an increase of approximately 14 percent over the $0.28 per share quarterly dividend declared in each of the first three quarters of 2018.
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Other - Other Highlight
Recently Issued Accounting Standards Not Yet Adopted In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses which changes the methodology to be used to measure credit losses for certain financial instruments and financial assets, including trade receivables.
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Financial - Dividend Highlight
Liquidity and Capital Resources September 30, 2019 Compared with December 31, 2018 The $247 million increase in cash and cash equivalents from $3.8 billion at December 31, 2018 to $4.1 billion at September 30, 2019 primarily reflects the favorable impact of cash generated by operating activities, partially offset by the payment of dividends, capital expenditures and the repayment of approximately $500 million of debt in the first nine months of 2019.
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Financial - Expense Highlight
The increase in the quarter is primarily due to higher selling and marketing costs to drive continued growth across various businesses, partially offset by the favorable effect of foreign exchange and lower acquisition-related integration costs.
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Revenue - Geography
22 Excluding the effect of...Read more
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Financial - Debt
In 2019, increases in inventory,...Read more
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Financial - Expense
This adjustment decreased the cumulative...Read more
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Financial - Expense
The increase in the first...Read more
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Revenue - Geography
The decrease in the first...Read more
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Revenue - Product
On April 27, 2016, the...Read more
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Financial - Income
The increase in Other (income)...Read more
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Revenue - Product
The 5.7 percent increase in...Read more
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Revenue - Product
The 4.8 percent increase in...Read more
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Revenue - Product
The 10.6 percent increase in...Read more
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Revenue - Geography
Excluding the unfavorable effect of...Read more
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Financial - Debt
Other, net in Net cash...Read more
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Financial - Cash Flow
In the Condensed Consolidated Statement...Read more
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Revenue - Product
Net sales growth in 2019,...Read more
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Revenue - Product
The increase in the Other...Read more
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Revenue - Product
The growth in Electrophysiology reflects...Read more
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Revenue - Product
The 7.0 percent decrease in...Read more
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Revenue - Product
In the U.S., the 2.2...Read more
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Other - Other
The new standard will be...Read more
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Financial - Earnings
The new lease accounting standard...Read more
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Revenue - Geography
Excluding the unfavorable effect of...Read more
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Revenue - Geography
21 Excluding the impact of...Read more
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Financial - Expense
Research and development expenses increased...Read more
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Revenue - Product
The 4.3 percent decline in...Read more
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Financial - Earnings
Taxes on Earnings from Continuing...Read more
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Revenue - Product
Abbott's net sales were unfavorably...Read more
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Other - Other
Growth in Structural Heart was...Read more
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Financial - Income
In the U.S., Abbott's federal...Read more
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M & A - Other
The increase in the third...Read more
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M & A - Other
The increase in R&D spending...Read more
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Financial - Expense
These practical expedients allowed Abbott...Read more
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Other - Other
In July 2019, Abbott received...Read more
Financial Statements, Disclosures and Schedules
Inside this 10-Q Quarterly Report
Document And Entity Information
Condensed Consolidated Balance Sheet
Condensed Consolidated Balance Sheet (Parenthetical)
Condensed Consolidated Statement Of Cash Flows
Condensed Consolidated Statement Of Comprehensive Income
Condensed Consolidated Statement Of Comprehensive Income (Parenthetical)
Condensed Consolidated Statement Of Earnings
Condensed Consolidated Statement Of Shareholders' Investment
Condensed Consolidated Statement Of Shareholders' Investment (Parenthetical)
Basis Of Presentation
Changes In Accumulated Other Comprehensive Income (Loss)
Changes In Accumulated Other Comprehensive Income (Loss) (Details)
Changes In Accumulated Other Comprehensive Income (Loss) (Tables)
Debt And Lines Of Credit
Debt And Lines Of Credit (Details)
Financial Instruments, Derivatives And Fair Value Measures
Financial Instruments, Derivatives And Fair Value Measures (Tables)
Financial Instruments, Derivatives And Fair Value Measures - Bases Of Measurement (Details)
Financial Instruments, Derivatives And Fair Value Measures - Carrying Value And Fair Value (Details)
Financial Instruments, Derivatives And Fair Value Measures - Contracts (Details)
Financial Instruments, Derivatives And Fair Value Measures - Gain Or Loss (Details)
Financial Instruments, Derivatives And Fair Value Measures - Location Of Derivative Instruments (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Goodwill (Details)
Goodwill And Intangible Assets - Intangible Assets (Details)
Incentive Stock Programs
Incentive Stock Programs (Tables)
Incentive Stock Programs - General (Details)
Incentive Stock Programs - Options Activity (Details)
Lease - Lessor Lease Description (Details)
Leases
Leases (Tables)
Leases - Amounts And Location Of Operating Lease Rou Assets And Lease Liabilities (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Operating Leases As Lessee (Details)
Litigation And Environmental Matters
Litigation And Environmental Matters (Details)
New Accounting Standards
New Accounting Standards (Details)
New Accounting Standards (Policies)
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - General (Details)
Restructuring Plans
Restructuring Plans (Details)
Restructuring Plans (Tables)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Other Contract Assets And Liabilities (Details)
Revenue - Practical Expedient (Details)
Revenue - Remaining Performance Obligations (Details)
Segment Information
Segment Information (Details)
Segment Information (Tables)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Cash Flows (Details)
Supplemental Financial Information - General (Details)
Supplemental Financial Information - Income Statement (Details)
Supplemental Financial Information - Investments (Details)
Taxes On Earnings
Taxes On Earnings (Details)
Material Contracts, Statements, Certifications & more
Abbott Laboratories provided additional information to their SEC Filing as exhibits
Ticker: ABT
CIK: 1800
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-19-058323
Submitted to the SEC: Thu Oct 31 2019 12:02:42 PM EST
Accepted by the SEC: Thu Oct 31 2019
Period: Monday, September 30, 2019
Industry: Pharmaceutical Preparations
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