Abbott Laboratories Profit Exceeds Forecast; All Units Shine
- Diluted earnings per share, excluding specified items, were $1.01, reflecting 13.5 percent growth, exceeding Abbott's previously issued guidance range of $0.98 to $1.00. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.83.
- Worldwide sales increased 17.8 percent to $8.8 billion, including a favorable 2.7 percent effect of exchange rates.
- Worldwide pharmaceutical sales increased 24.5 percent, including a favorable 2.8 percent effect of exchange rates and a full quarter of sales contribution from the Solvay Pharmaceuticals acquisition.
- Worldwide vascular products sales increased 26.9 percent, including a favorable 2.3 percent effect of exchange rates, driven by strong international growth.
- Worldwide diagnostics sales increased 8.0 percent, including a favorable 3.5 percent effect of exchange rates.
- Worldwide nutritional sales increased 10.1 percent, including a favorable 2.8 percent effect of exchange rates, driven by strong double-digit growth in international nutritionals.
"Abbott's diverse sources of earnings growth led to strong financial results again this quarter, continuing Abbott's record of steady, reliable performance," said Miles D. White, chairman and chief executive officer, Abbott. "We also strengthened our emerging markets presence with the announced acquisition of Piramal Healthcare Solutions, giving Abbott the number-one position in the fast-growing Indian pharmaceutical market. This follows several other strategic actions that provide Abbott critical mass to capture the significant growth expected in emerging markets."
The following is a summary of second-quarter 2010 sales. | ||||||||
Quarter Ended 6/30/10 | ||||||||
(dollars in millions) | % Change vs. 2Q09 | |||||||
Sales | Reported | Foreign Exchange | Operational | |||||
Total Sales | $8,826 | 17.8 | 2.7 | 15.1 | ||||
Total International Sales | $5,035 | 28.1 | 5.2 | 22.9 | ||||
Total U.S. Sales | $3,791 | 6.4 | -- | 6.4 | ||||
Worldwide Pharmaceutical Sales | $4,914 | (a) | 24.5 | 2.8 | 21.7 | |||
International Pharmaceuticals | $2,798 | (a) | 40.4 | 5.5 | 34.9 | |||
U.S. Pharmaceuticals | $2,116 | (a) | 8.4 | -- | 8.4 | |||
Worldwide Nutritional Sales | $1,414 | 10.1 | 2.8 | 7.3 | ||||
International Nutritionals | $734 | 19.3 | 5.9 | 13.4 | ||||
U.S. Nutritionals | $680 | 1.7 | -- | 1.7 | ||||
Worldwide Diagnostics Sales | $948 | 8.0 | 3.5 | 4.5 | ||||
International Diagnostics | $708 | 10.3 | 4.8 | 5.5 | ||||
U.S. Diagnostics | $240 | 1.6 | -- | 1.6 | ||||
Worldwide Vascular Sales | $835 | 26.9 | 2.3 | 24.6 | ||||
International Vascular | $399 | 51.6 | 5.8 | 45.8 | ||||
U.S. Vascular | $436 | 10.5 | -- | 10.5 | ||||
Other Sales | $715 | (2.0) | 1.7 | (3.7) | ||||
Note: See "Consolidated Statement of Earnings" for more information. (a) Includes impact from the acquisition of Solvay Pharmaceuticals, which closed on Feb. 15, 2010. | ||||||||
The following is a summary of first-half 2010 sales. | ||||||||
First-Half Ended 6/30/10 | ||||||||
(dollars in millions) | % Change vs. 1H09 | |||||||
Sales | Reported | Foreign Exchange | Operational | |||||
Total Sales | $16,524 | 16.3 | 3.4 | 12.9 | ||||
Total International Sales | $9,481 | 24.0 | 6.3 | 17.7 | ||||
Total U.S. Sales | $7,043 | 7.3 | -- | 7.3 | ||||
Worldwide Pharmaceutical Sales | $9,018 | (a) |
Related links | |||||