Abbott Reports Double Digit Earnings Per Share Growth in the Third Quarter
- Third-Quarter Ongoing EPS of $1.30 (GAAP EPS of $1.21), an Increase of 10.2 Percent and Exceeding the Company's Quarterly Guidance Range -
- Announces Initiation of Phase 3 HCV Trial Following Positive Phase 2b Results -
- Narrows Full-Year 2012 Ongoing EPS Guidance Range -
- On Track to Separate into Two Leading Health Care Companies on Jan. 1 -
ABBOTT PARK, Ill., Oct. 17, 2012 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2012.
Diluted earnings per share, excluding specified items, were $1.30, reflecting 10.2 percent growth, exceeding Abbott's guidance range. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $1.21, including specified items.
Excluding foreign exchange, worldwide sales increased 4.1 percent. Reported sales decreased 0.4 percent, including an unfavorable 4.5 percent effect of foreign exchange.
Abbott is announcing the initiation of a Phase 3 clinical trial evaluating our interferon-free hepatitis C (HCV) program in genotype 1 (GT1) patients, following positive results from the Phase 2b Aviator study, the largest and most comprehensive HCV trial to date. Initial results from Aviator showed sustained virological response at 12 weeks post treatment (SVR12) in 99 percent of treatment-naive and 93 percent of null responders for GT1 patients taking a combination of ABT-450/r, ABT-267, ABT-333 and ribavirin.
Abbott is narrowing its ongoing earnings-per-share guidance for 2012 to $5.06 to $5.08 from $5.00 to $5.10, reflecting another year of expected strong performance. Including specified items, projected earnings per share under GAAP would be $3.83 to $3.85 for the full-year 2012.
"Abbott delivered another quarter of strong results with ongoing earnings per share up more than 10 percent, despite a challenging global economy," said Miles D. White, chairman and chief executive officer, Abbott. "There were several product launches across pharmaceuticals, vascular and diagnostics, which will contribute to future growth. In addition, we remain on track to separate into two leading health care companies on January 1, 2013."
The following is a summary of Third-Quarter 2012 sales by major business category.
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% Change vs. 3Q11 |
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Sales ($ in millions) 3Q12 |
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Int'l |
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Total |
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U.S. |
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Int'l |
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Total |
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U.S. |
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Operational |
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Reported |
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Operational |
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Reported |
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Total Sales |
4,214 |
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5,559 |
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9,773 |
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3.1 |
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4.7 |
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(3.0) |
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4.1 |
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(0.4) |
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Proprietary Pharmaceuticals |
2,600 |
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1,818 |
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4,418 |
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7.4 |
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5.1 |
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(4.1) |
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6.4 |
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2.4 |
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Nutritionals |
715 |
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890 |
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1,605 |
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5.0 |
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7.4 |
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4.1 |
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6.3 |
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4.5 |
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Established Pharmaceuticals |
-- |
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1,272 |
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1,272 |
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n/a |
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2.3 |
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(7.3) |
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2.3 |
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(7.3) |
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Core Laboratory Diagnostics |
162 |
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692 |
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854 |
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2.7 |
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8.3 |
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1.5 |
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7.2 |
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1.7 |
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Molecular Diagnostics |
47 |
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55 |
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102 |
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(13.6) |
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4.7 |
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(3.4) |
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(4.3) |
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(8.4) |
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Point of Care Diagnostics |
69 |
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17 |
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86 |
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19.3 |
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6.0 |
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3.6 |
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16.3 |
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15.8 |
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Vasculara |
296 |
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447 |
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743 |
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(24.0)a |
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9.3 |
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2.0 |
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(6.3)a |
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(10.2)a |
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Diabetes Care |
135 |
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182 |
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317 |
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(7.1) |
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(5.5) |
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(12.5) |
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(6.2) |
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(10.3) |
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Medical Optics |
95 |
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162 |
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257 |
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(1.4) |
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(1.2) |
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(5.9) |
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(1.3) |
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(4.3) |
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Other Sales |
95 |
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24 |
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119 |
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12.2 |
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(14.3) |
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(28.6) |
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4.7 |
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0.7 |
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Posted: October 2012
