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

Abbott Laboratories

CIK: 1800 Ticker: ABT

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."

 

—more—

 


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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Inside Abbott Laboratories's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive Income
Consolidated Statement Of Comprehensive Income (Parenthetical)
Consolidated Statement Of Earnings
Consolidated Statement Of Shareholders' Investment
Consolidated Statement Of Shareholders' Investment (Parenthetical)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss) (Details)
Accumulated Other Comprehensive Income (Loss) (Tables)
Debt And Lines Of Credit
Debt And Lines Of Credit (Tables)
Debt And Lines Of Credit - Debt Issuances And Redemptions (Details)
Debt And Lines Of Credit - Principal Payments (Details)
Debt And Lines Of Credit - Schedule (Details)
Debt And Lines Of Credit - Weighted-Average Interest Rate (Details)
Discontinued Operations And Business Dispositions
Discontinued Operations And Business Dispositions - Summary (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)K
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 Program - Expense (Details)
Incentive Stock Program - Options Fair Value (Details)
Incentive Stock Program - Restricted Awards And Units (Details)
Incentive Stock Programs
Incentive Stock Programs (Tables)
Incentive Stock Programs - General (Details)
Incentive Stock Programs - Option 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)
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - Assets (Details)
Post-Employment Benefits - Assumptions (Details)
Post-Employment Benefits - Benefit Obligation (Details)
Post-Employment Benefits - Expense (Details)
Post-Employment Benefits - Funding And Payments (Details)
Post-Employment Benefits - Stock Retirement Plan (Details)
Restructuring Plans
Restructuring Plans (Details)
Restructuring Plans (Tables)
Restructuring Plans - Table (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Assets Recognized For Costs To Obtain A Contract With A Customer (Details)
Revenue - Other Contract Assets And Liabilities (Details)
Revenue - Practical Expedient (Details)
Revenue - Remaining Performance Obligations (Details)
Schedule Ii Valuation And Qualifying Accounts
Schedule Ii Valuation And Qualifying Accounts (Details)
Segment And Geographic Area Information
Segment And Geographic Area Information (Tables)
Segment And Geographic Area Information - Depreciation And Assets (Details)
Segment And Geographic Area Information - Geographic Information (Details)
Segment And Geographic Area Information - Reconciliation (Details)
Segment And Geographic Area Information - Sales And Earnings (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Cash, Cash Equivalents And Investments (Details)
Summary Of Significant Accounting Policies - Earnings Per Share (Details)
Summary Of Significant Accounting Policies - Pensions (Details)
Summary Of Significant Accounting Policies - Property And Equipment (Details)
Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Acquired R&Amp;D (Details)
Supplemental Financial Information - Allowance For Doubtful Accounts (Details)
Supplemental Financial Information - Investments (Details)
Supplemental Financial Information - Other Accrued Liabilities (Details)
Supplemental Financial Information - Other Income And Expense (Details)
Supplemental Financial Information - Post-Employment Obligations And Other Long-Term Liabilities (Details)
Taxes On Earnings From Continuing Operations
Taxes On Earnings From Continuing Operations (Details)
Taxes On Earnings From Continuing Operations (Tables)
Taxes On Earnings From Continuing Operations - Deferred Tax Assets And Liabilities (Details)
Taxes On Earnings From Continuing Operations - Earnings And Taxes (Details)
Taxes On Earnings From Continuing Operations - Tax Rate Reconciliation (Details)
Taxes On Earnings From Continuing Operations - Unrecognized Tax Benefits (Details)
Ticker: ABT
CIK: 1800
Form Type: 10-K Annual Report
Accession Number: 0001104659-21-025751
Submitted to the SEC: Fri Feb 19 2021 4:10:04 PM EST
Accepted by the SEC: Fri Feb 19 2021
Period: Thursday, December 31, 2020
Industry: Pharmaceutical Preparations

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