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Abbott Laboratories (ABT) SEC Filing 10-Q Quarterly Report for the period ending Wednesday, March 31, 2021

Abbott Laboratories

CIK: 1800 Ticker: ABT

 

Exhibit 99.1

 

  News Release

 

 

 

Abbott Reports First-Quarter 2021 Results

 

-Sales growth of 35.3 percent; organic sales growth of 32.9 percent
-GAAP diluted EPS growth from continuing operations of 233.3 percent; adjusted diluted EPS growth of 103.1 percent
-All four major businesses achieved strong sales growth in the quarter
-Projected full-year EPS remains unchanged; reflects growth of more than 35 percent

 
 

ABBOTT PARK, Ill., April  20, 2021 — Abbott today announced financial results for the first quarter ended March 31, 2021.

 

·First-quarter sales of $10.5 billion increased 35.3 percent on a reported basis and 32.9 percent on an organic basis, which excludes the impact of foreign exchange.

 

·First-quarter GAAP diluted EPS was $1.00 and adjusted diluted EPS, which excludes specified items, was $1.32, reflecting 103.1 percent growth versus the prior year.1

 

·Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of at least $3.74. Projected full-year adjusted diluted EPS from continuing operations of at least $5.00 remains unchanged and reflects growth of more than 35 percent versus the prior year.2

 

·Global COVID-19 testing-related sales were $2.2 billion in the first quarter, led by combined sales of $1.8 billion from Abbott's BinaxNOW, Panbio and ID NOW rapid testing platforms.

 

·First-quarter sales increased 7.6 percent on a reported basis and 5.7 percent on an organic basis, excluding COVID-19 testing-related sales.

 

·In January, the U.S. Centers for Medicare & Medicaid Services expanded reimbursement coverage eligibility for Abbott's revolutionary MitraClip device, which significantly increases the number of people who can benefit from this market-leading, minimally invasive heart device.

 

·In March, Abbott announced the U.S. launch of NeuroSphere Virtual Clinic, a first-of-its-kind technology that allows patients to communicate with physicians, ensure proper settings and functionality, and receive new treatment settings remotely as needed.

 

·In April, Abbott announced U.S. Food and Drug Administration (FDA) Emergency Use Authorization (EUA) of its BinaxNOW COVID-19 Ag Self Test for individuals with or without symptoms and without the need of a prescription.

 

"We're off to a very strong start to the year, with all four of our major businesses achieving strong growth," said Robert B. Ford, president and chief executive officer, Abbott. "We're particularly pleased with the growing momentum of several recently launched products and continue to forecast more than 35 percent EPS growth for the year."

 

—more—

 


The following information was filed by Abbott Laboratories (ABT) on Tuesday, April 20, 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-Q Quarterly 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-Q Quarterly Report:

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) (Loss) (Tables)
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 Program
Incentive Stock Programs (Tables)
Incentive Stock Programs - General (Details)
Incentive Stock Programs - Options (Details)
Litigation And Environmental Matters
Litigation And Environmental Matters (Details)
New Accounting Standards
New Accounting Standards (Policies)
Post-Employment Benefits
Post-Employment Benefits (Tables)
Post-Employment Benefits - (Details)
Restructuring Plans
Restructuring Plans (Tables)
Restructuring Plans - Activity (Details)
Restructuring Plans - Plans (Details)
Revenue
Revenue (Details)
Revenue (Tables)
Revenue - Other Contract Assets And Liabilities (Details)
Revenue - Practical Expedient (Details)
Revenue - Remaining Performance Obligations (Details)
Segment Information
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Supplemental Financial Information
Supplemental Financial Information (Tables)
Supplemental Financial Information - Allowance For Doubtful Accounts (Details)
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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: 0001104659-21-061693
Submitted to the SEC: Wed May 05 2021 4:01:22 PM EST
Accepted by the SEC: Wed May 05 2021
Period: Wednesday, March 31, 2021
Industry: Pharmaceutical Preparations

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