ABBOTT PARK, Ill., Oct. 15 /PRNewswire-FirstCall/ -- Abbott today announced financial results for the third quarter ended Sept. 30, 2008.
"All of Abbott's businesses are performing exceptionally well, ahead of expectations," said Miles D. White, chairman and chief executive officer, Abbott. "Abbott remains well-positioned, with strong core growth franchises, including our emerging vascular business, which is rapidly becoming a significant contributor to Abbott's growth."
The following is a summary of Abbott's first nine months of 2008 sales for selected products.
Abbott raises guidance for full-year earnings per share
Based on the company's continued strong results year-to-date, and the outlook for the remainder of the year, Abbott is raising its earnings-per- share forecast for the full-year 2008 to $3.31 - $3.33 from $3.24 - $3.28, excluding specified items. Abbott's original guidance range for 2008, provided in January, was $3.20 - $3.25.
Abbott continues to forecast net specified items for the full-year 2008 of $0.08 per share, primarily associated with cost reduction initiatives and acquired in-process R&D, offset by favorable items including the gain related to the conclusion of the TAP joint venture, a favorable settlement of a prior year's tax audit, the gain on the sales of equity investments, and the gain on sale of Abbott's spine business, which is forecast to occur in the fourth quarter. Including these specified items, projected earnings per share under GAAP would be $3.23 - $3.25 for the full-year 2008.
Abbott declares quarterly dividend; double-digit increase over prior year
On September 12, 2008, the board of directors of Abbott declared the company's quarterly common dividend of 36 cents per share, a 10.8 percent increase over the prior year. The cash dividend is payable Nov. 15, 2008, to shareholders of record at the close of business on October 15, 2008. This marks the 339th consecutive dividend paid by Abbott since 1924.
About Abbott
Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 68,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com. Abbott will webcast its live third-quarter earnings conference call through its Investor Relations Web site at http://www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the call will be available after 11 a.m. Central time.
Some statements in this news release may be forward-looking statements for the purposes of the Private Securities Litigation Reform Act of 1995. We caution that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors," to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2007, and in Item 1A, "Risk Factors," to Abbott's Quarterly Report on Securities and Exchange Commission Form 10-Q for the quarter ended June 30, 2008, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments.
CONTACT: Financial, John Thomas, +1-847-938-2655, or Larry Peepo,
+1-847-935-6722, or Tina Ventura, +1-847-935-9390, or Media, Melissa Brotz,
+1-847-935-3456, or Scott Stoffel, +1-847-936-9502, all of Abbott
Web site: http://www.abbott.com/
