Abbott Laboratories Reports Third-Quarter 2014 Results
ABBOTT PARK, Ill., Oct. 22, 2014 /PRNewswire/ -- Abbott today announced financial results for the third quarter ended Sept. 30, 2014.
Diluted EPS, excluding specified items, was $0.62 in the third quarter, representing growth of 12.7 percent, and above the previous guidance range of $0.59 to $0.61. This includes results from the developed markets branded generics pharmaceuticals business, now presented as discontinued operations due to the pending sale of this business to Mylan. Reported diluted EPS under GAAP was $0.36. See page 2 for additional information on how results from the developed markets branded generics pharmaceuticals business are being reported.
Abbott is raising the mid-point of its full-year 2014 adjusted EPS guidance, including results from both continuing and discontinued operations, to $2.25 to $2.27 from $2.19 to $2.29, reflecting double-digit growth. Projected full-year 2014 EPS under GAAP is $1.22 to $1.24, including results from both continuing and discontinued operations. Third-quarter worldwide sales of $5.1 billion from continuing operations, which exclude the sales from the developed markets branded generics pharmaceuticals business, increased 6.7 percent on an operational basis and 5.8 percent on a reported basis.
Worldwide sales of $5.6 billion from both continuing and discontinued operations increased 5.6 percent on an operational basis and 4.7 percent on a reported basis in the third quarter. In September, Abbott completed its acquisition of CFR Pharmaceuticals, more than doubling Abbott's branded generics pharmaceuticals presence in Latin America.
In its Medical Devices business, Abbott received European approval for its revolutionary FreeStyle® Libre Flash Glucose Monitoring System that eliminates routine finger pricks and finger-prick calibration. Abbott also announced positive one-year results from the ABSORB II randomized clinical trial, demonstrating that the Absorb Bioresorbable Vascular Scaffold is comparable to XIENCE, Abbott's leading drug-eluting stent.
"We reported another quarter of sequential sales growth, including improved performance in our branded generics pharmaceuticals and nutrition businesses, and we are particularly pleased with the growth in our vision care business," said Miles D. White, chairman and chief executive officer, Abbott.
Third-Quarter Business Overview
Note regarding presentation of financial results beginning this quarter: On July 14, 2014, Abbott announced the sale of its developed markets branded generics pharmaceuticals business to Mylan. In accordance with GAAP, financial results from the developed markets branded generics pharmaceuticals business have been excluded from continuing operations and are reported as discontinued operations in the Earnings and EPS lines of the Consolidated Statement of Earnings. Prior year and year-to-date results also have been adjusted to report the developed markets branded generics pharmaceuticals business as discontinued operations. As a result, Sales and Consolidated Statement of Earnings reflect the remaining business at Abbott, reported as continuing operations.
Following are sales by business segment from continuing operations and commentary for the third quarter and the first nine months of the year:
To read full press release, please click here.
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Diluted EPS, excluding specified items, was $0.62 in the third quarter, representing growth of 12.7 percent, and above the previous guidance range of $0.59 to $0.61. This includes results from the developed markets branded generics pharmaceuticals business, now presented as discontinued operations due to the pending sale of this business to Mylan. Reported diluted EPS under GAAP was $0.36. See page 2 for additional information on how results from the developed markets branded generics pharmaceuticals business are being reported.
Abbott is raising the mid-point of its full-year 2014 adjusted EPS guidance, including results from both continuing and discontinued operations, to $2.25 to $2.27 from $2.19 to $2.29, reflecting double-digit growth. Projected full-year 2014 EPS under GAAP is $1.22 to $1.24, including results from both continuing and discontinued operations. Third-quarter worldwide sales of $5.1 billion from continuing operations, which exclude the sales from the developed markets branded generics pharmaceuticals business, increased 6.7 percent on an operational basis and 5.8 percent on a reported basis.
Worldwide sales of $5.6 billion from both continuing and discontinued operations increased 5.6 percent on an operational basis and 4.7 percent on a reported basis in the third quarter. In September, Abbott completed its acquisition of CFR Pharmaceuticals, more than doubling Abbott's branded generics pharmaceuticals presence in Latin America.
In its Medical Devices business, Abbott received European approval for its revolutionary FreeStyle® Libre Flash Glucose Monitoring System that eliminates routine finger pricks and finger-prick calibration. Abbott also announced positive one-year results from the ABSORB II randomized clinical trial, demonstrating that the Absorb Bioresorbable Vascular Scaffold is comparable to XIENCE, Abbott's leading drug-eluting stent.
"We reported another quarter of sequential sales growth, including improved performance in our branded generics pharmaceuticals and nutrition businesses, and we are particularly pleased with the growth in our vision care business," said Miles D. White, chairman and chief executive officer, Abbott.
Third-Quarter Business Overview
Note regarding presentation of financial results beginning this quarter: On July 14, 2014, Abbott announced the sale of its developed markets branded generics pharmaceuticals business to Mylan. In accordance with GAAP, financial results from the developed markets branded generics pharmaceuticals business have been excluded from continuing operations and are reported as discontinued operations in the Earnings and EPS lines of the Consolidated Statement of Earnings. Prior year and year-to-date results also have been adjusted to report the developed markets branded generics pharmaceuticals business as discontinued operations. As a result, Sales and Consolidated Statement of Earnings reflect the remaining business at Abbott, reported as continuing operations.
Following are sales by business segment from continuing operations and commentary for the third quarter and the first nine months of the year:
To read full press release, please click here.
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