Abbott Reports 17.4 Percent Sales Growth and 12.3 Percent Ongoing Earnings-Per-Share Growth in First Quarter

- Worldwide Durable Growth Business Sales Increased 24.3 Percent-

- Worldwide Proprietary Pharmaceuticals Sales Increased 11.7 Percent -

- Worldwide Innovation-Driven Device Business Sales Increased 10.7 Percent -

- Confirms Strong Ongoing Earnings-Per-Share Outlook for 2011 -

ABBOTT PARK, Ill., April 20, 2011 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2011.

  • Diluted earnings per share, excluding specified items, were $0.91, reflecting 12.3 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.55, including costs associated with acquisition integration, cost-reduction initiatives and acquired in-process R&D.  
  • Worldwide sales increased 17.4 percent to more than $9 billion, including a favorable 1.3 percent effect of foreign exchange, which was driven by double-digit growth in each of Abbott's three major business categories.
  • Durable Growth Business sales increased 24.3 percent, driven by strong Established Pharmaceuticals sales growth, including the contribution from the Solvay Pharmaceuticals and Piramal Healthcare Solutions acquisitions, and International Nutritionals sales growth of 15.8 percent.
  • Proprietary Pharmaceuticals sales increased 11.7 percent, including strong performance across several major global brands.
  • Innovation-Driven Device Business sales increased 10.7 percent, driven by double-digit growth in Vascular and Molecular Diagnostics.
  • Emerging markets sales were $2.3 billion, up 38.4 percent from the prior year, with strong growth across all of Abbott's operating divisions and including the impact of acquisitions.
  • Abbott is confirming ongoing earnings-per-share guidance for the full-year 2011, reflecting double-digit growth over 2010 at the midpoint of the range.  


 

"Stronger-than-expected sales helped us deliver 12 percent ongoing earnings-per-share growth in the first quarter," said Miles White, chairman and chief executive officer. "Growth was balanced across our three key strategic business categories – Durable Growth, Proprietary Pharmaceuticals and Innovation-Driven Devices, reflecting healthy performance across our global operations, including continued rapid growth in emerging markets."

The following is a summary of first-quarter 2011 sales by major business category.


 
 

 

 

 

 

 

 

 

 

% Change vs. 1Q10


 
 

 

Sales ($ in millions)


 

 

 

 

 

Int'l


 

 

Total


 
 

 

U.S.


 

Int'l


 

Total


 

 

U.S.


 

 

Operational


 

Reported


 

 

Operational


 

Reported


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Total Sales                    

3,517


 

5,524


 

9,041


 

 

8.1


 

 

22.1


 

24.3


 

 

16.1


 

17.4


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Durable Growth:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Nutritionals

637


 

786


 

1,423


 

 

(0.8)


 

 

11.9


 

15.8


 

 

5.8


 

7.8


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Established Pharmaceuticals(a)

--


 

1,295


 

1,295


 

 

n/a


 

 

77.8


 

80.7


 

 

77.8


 

80.7


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Core Laboratory Diagnostics

154


 

659


 

813


 

 

4.6


 

 

5.4


 

7.1


 

 

5.2


 

6.6


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Diabetes Care

129


 

196


 

325


 

 

5.3


 

 

12.4


 

13.9


 

 

9.4


 

10.3


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Point of Care Diagnostics

55


 

16


 

71


 

 

6.5


 

 

12.4


 

14.9


 

 

7.8


 

8.3


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

      Subtotal

975


 

2,952


 

3,927


 

 

1.2


 

 

31.7


 

34.4


 

 

22.4


 

24.3


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Proprietary Pharmaceuticals

1,926


 

1,857


 

3,783


 

 

12.7


 

 

9.7


 

10.7


 

 

11.2


 

11.7


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

Innovation Driven Devices:


 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Vascular

389


 

456


 

845


 

 

(6.0)


 

 

33.4


 

36.9


 

 

11.5


 

13.1


 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 
 

   Medical Optics

99


 

169


 

268


 

 

(2.0)


 

 

1.4


 

5.6


 

 
       

Posted: April 2011


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