ABBOTT PARK, Ill., Jan. 25, 2017 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the fourth quarter ended Dec. 31, 2016.
- Reported diluted EPS from continuing operations under GAAP was $0.51 in the fourth quarter. Excluding specified items, adjusted diluted EPS from continuing operations was $0.65 in the fourth quarter, in-line with the previous guidance range.
- Fourth-quarter worldwide sales of $5.3 billion increased 2.8 percent on a reported basis and 3.8 percent on an operational basis.
- Full-year worldwide sales increased 2.2 percent on a reported basis and 4.8 percent on an operational basis.
- Abbott issues full-year 2017 guidance range for diluted EPS from continuing operations under GAAP of $0.92 to $1.02, including intangible amortization and integration expenses related to the acquisition of St. Jude Medical. Excluding specified items, projected full-year 2017 adjusted diluted EPS from continuing operations is $2.40 to $2.50.
- In the fourth quarter, Abbott obtained CE Mark for four new major diagnostics systems, including “AlinityTM s” for blood and plasma screening, “Alinity i” for immunoassay diagnostics, “Alinity c” for clinical chemistry diagnostics and “i-STAT® Alinity” for point of care blood testing. Abbott’s Alinity family of solutions are designed to be more efficient running more tests in less space, generating test results faster and minimizing human errors while continuing to provide quality results.
- On Jan. 4, 2017, Abbott completed the acquisition of St. Jude Medical, establishing the company as a leader in the broad medical device arena and providing expanded opportunities for future growth. With the acquisition, Abbott now competes in nearly every area of the $30 billion cardiovascular device market and holds No. 1 or 2 positions across several large and high-growth cardiovascular device areas.
“2016 was a very important year for Abbott,” said Miles D. White, chairman and chief executive officer, Abbott. “We achieved our financial commitments, advanced our internal pipeline, and took important strategic steps to shape the company for balance and growth.”
FOURTH-QUARTER BUSINESS OVERVIEW
Following are sales by business segment and commentary for the fourth quarter and the full year:
Total Company
($ in millions)
% Change vs. 4Q15 | ||||||||||||||||
Sales 4Q16 | Int’l | Total | ||||||||||||||
U.S. | Int’l | Total | U.S. | Reported | Operational | Reported | Operational | |||||||||
Total * | 1,655 | 3,678 | 5,333 | 3.2 | 2.6 | 4.1 | 2.8 | 3.8 | ||||||||
Nutrition | 745 | 988 | 1,733 | 2.7 | (8.1) | (6.3) | (3.7) | (2.6) | ||||||||
Diagnostics | 375 | 881 | 1,256 | 2.0 | 3.3 | 4.8 | 2.9 | 3.9 | ||||||||
Established Pharmaceuticals | -- | 979 | 979 | n/a | 10.6 | 12.6 | 10.6 | 12.6 | ||||||||
Medical Devices | 527 | 827 | 1,354 | 4.7 | 4.2 | 4.7 | 4.4 | 4.7 | ||||||||
* Total Abbott Sales from continuing operations include Other Sales of $11 million. | ||||||||||||||||
% Change vs. 12M15 | ||||||||||||||||
Sales 12M16 | Int’l | Total | ||||||||||||||
U.S. | Int’l | Total | U.S. | Reported | Operational | Reported | Operational | |||||||||
Total * | 6,486 | 14,367 | 20,853 | 3.4 | 1.6 | 5.4 | 2.2 | 4.8 | ||||||||
Nutrition | 2,969 | 3,930 | 6,899 | 3.5 | (4.3) | (0.5) | (1.1) | 1.2 | ||||||||
Diagnostics | 1,437 | 3,376 | 4,813 | 3.2 | 3.8 | 6.5 | 3.6 | 5.5 | ||||||||
Established Pharmaceuticals | -- | 3,859 | 3,859 | n/a | 3.7 | 10.5 | 3.7 | 10.5 | ||||||||
Medical Devices | 2,047 | 3,186 | 5,233 | 3.2 | 4.1 | 5.4 | 3.8 | 4.5 | ||||||||
* Total Abbott Sales from continuing operations include Other Sales of $49 million. |
n/a = Not Applicable. |
Note: Operational growth reflects percentage change over the prior year excluding the impact of exchange rates. In order to compute results excluding the impact of exchange rates, current year U.S. dollar sales are multiplied or divided, as appropriate, by the current year average foreign exchange rates and then those amounts are multiplied or divided, as appropriate, by the prior year average foreign exchange rates. |
Fourth-quarter 2016 worldwide sales of $5.3 billion increased 2.8 percent on a reported basis, including an unfavorable 1.0 percent effect of foreign exchange, and increased 3.8 percent on an operational basis.
Full-year 2016 worldwide sales increased 2.2 percent on a reported basis and 4.8 percent on an operational basis.
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