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Abbott Laboratories (ABT) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

Abbott Laboratories

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CIK: 1800 Ticker: ABT

Exhibit 99.1

 

News Release

 

 

Abbott Reports Strong Fourth-Quarter 2021 Results; Issues 2022 Forecast

 

-Fourth-quarter sales growth of 7.2 percent; organic sales growth of 7.7 percent
-Global COVID-19 testing-related sales of $2.3 billion in the fourth quarter
-Excluding COVID-19 testing-related sales, fourth-quarter sales growth of 9.6 percent and organic sales growth of 10.3 percent
-Full-year 2021 sales growth of 24.5 percent; organic sales growth of 22.9 percent
-Full-year 2021 GAAP diluted EPS from continuing operations growth of 58.2 percent; adjusted diluted EPS growth of 42.7 percent
-R&D pipeline continues to deliver a steady cadence of new products, including several in large, fast-growing markets

 

 

ABBOTT PARK, Ill., Jan. 26, 2022 — Abbott today announced financial results for the fourth quarter and full year ended Dec. 31, 2021, and issued its financial outlook for 2022.

·Fourth-quarter sales of $11.5 billion increased 7.2 percent on a reported basis and 7.7 percent on an organic basis, which excludes the impact of foreign exchange.
·Fourth-quarter GAAP diluted EPS was $1.11 and adjusted diluted EPS, which excludes specified items, was $1.32.
·Full-year 2021 GAAP diluted EPS from continuing operations was $3.94 and adjusted diluted EPS from continuing operations was $5.21, reflecting 42.7% growth versus the prior year.1
·Global COVID-19 testing-related sales were $2.3 billion in the fourth quarter and $7.7 billion for the full-year. Abbott has distributed more than 1.4 billion COVID-19 tests since the start of the pandemic.
·Abbott issues full-year 2022 guidance for diluted EPS from continuing operations on a GAAP basis of at least $3.43 and full-year adjusted diluted EPS from continuing operations of at least $4.70.
·Full-year 2022 guidance includes an initial COVID-19 testing-related sales forecast of $2.5 billion, which Abbott expects to occur early in the year and will update on a quarterly basis.
·Abbott's R&D pipeline continues to deliver a steady cadence of new products. Select 2021 highlights include U.S. Centers for Medicare & Medicaid Services expanded reimbursement for MitraClip®, U.S. launches of Amplatzer® Amulet®, NeuroSphere™ Virtual Clinic, and Portico® transcatheter aortic valve replacement (TAVR) system, along with the international launch of Navitor™ TAVR system.

 

"2021 was an outstanding year for Abbott," said Robert B. Ford, chairman and chief executive officer, Abbott. "We achieved more than 40 percent EPS growth, exceeding the baseline EPS guidance we set at the beginning of last year and, importantly, continued to advance our new product pipeline across the portfolio."

 

—more—

 

The following information was filed by Abbott Laboratories (ABT) on Wednesday, January 26, 2022 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)
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 - 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)
Leases
Leases (Tables)
Leases - Amounts And Location Of Operating Lease Rou Assets And Lease Liabilities (Details)
Leases - Future Minimum Lease Payments (Details)
Leases - Lessor Lease Description (Details)
Leases - Operating Leases As Lessee (Details)
Litigation And Environmental Matters
Litigation And Environmental Matters (Details)
New Accounting Standards
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 (Tables)
Restructuring Plans - 2017 To 2020 Restructuring Plans (Details)
Restructuring Plans - 2021 Restructuring Plan (Details)
Restructuring Plans - Diagnostic Products Segment (Details)
Restructuring Plans - St Jude And Alere Integrations (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: 0001104659-22-025141
Submitted to the SEC: Fri Feb 18 2022 4:02:57 PM EST
Accepted by the SEC: Fri Feb 18 2022
Period: Friday, December 31, 2021
Industry: Pharmaceutical Preparations

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