ABBOTT PARK, Ill., April 20, 2016 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2016.
- Adjusted diluted EPS from continuing operations, which excludes specified items, was $0.41 in the first quarter, above Abbott's previous guidance range. Reported diluted EPS from continuing operations under GAAP was $0.04 in the first quarter.
- First-quarter worldwide sales of $4.9 billion increased 5.1 percent on an operational basis and decreased 0.2 percent on a reported basis.
- Abbott is raising its full-year 2016 adjusted EPS guidance range for continuing operations to $2.14 to $2.24 from $2.10 to $2.20. Projected full-year 2016 EPS for continuing operations under GAAP is $1.36 to $1.46.
- Abbott's recent innovations and product launches contributed to sales growth in the first quarter. Select recently launched products include ElevaTM in the premium segment of the Chinese infant formula market; Abbott's portfolio of infant and toddler non-GMO nutrition products in the U.S.; MitraClip®, Abbott's structural heart product for the treatment of mitral regurgitation; Freestyle® Libre in Europe; Supera® peripheral stent in the U.S. for treatment of blockages in the superficial femoral artery; and Abbott's portfolio of TECNIS® intraocular lenses for the treatment of cataracts.
- In the first quarter, Abbott received European approval for use in children and teens of its revolutionary FreeStyle Libre Flash Glucose Monitoring System that eliminates routine finger sticks and finger-stick calibration. In Abbott Vascular, AbsorbTM, Abbott's fully dissolving vascular stent, earned a positive review from an independent U.S. Food and Drug Administration advisory committee.
"We're off to a good start to the year and are raising our full-year adjusted EPS guidance range," said Miles D. White, chairman and chief executive officer, Abbott. "All four of our businesses met or exceeded our growth expectations and underlying demand remains strong."
FIRST-QUARTER BUSINESS OVERVIEW
Following are sales by business segment and commentary for the first quarter:
Total Company
($ in millions)
% Change vs. 1Q15 | ||||||||||||||||
Sales 1Q16 | Int'l | Total | ||||||||||||||
U.S. | Int'l | Total | U.S. | Operational | Reported | Operational | Reported | |||||||||
Total * | 1,531 | 3,354 | 4,885 | 1.9 | 6.6 | (1.2) | 5.1 | (0.2) | ||||||||
Nutrition | 719 | 952 | 1,671 | 4.9 | 3.9 | (3.2) | 4.3 | 0.1 | ||||||||
Diagnostics | 339 | 779 | 1,118 | 3.7 | 8.2 | 1.8 | 6.9 | 2.3 | ||||||||
Established Pharmaceuticals | -- | 888 | 888 | n/a | 11.0 | (1.0) | 11.0 | (1.0) | ||||||||
Medical Devices | 466 | 731 | 1,197 | (3.9) | 3.5 | (1.3) | 0.5 | (2.4) | ||||||||
Note: Operational growth reflects percentage change over the prior year excluding the impact of exchange rates. | |
* Total Abbott Sales from continuing operations include Other Sales of $11 million. | |
n/a = Not Applicable. |
First-quarter 2016 worldwide sales of $4.9 billion increased 5.1 percent on an operational basis and decreased 0.2 percent on a reported basis, including an unfavorable 5.3 percent effect of foreign exchange.
U.S. sales increased 1.9 percent, led by 9.2 percent growth in Point of Care Diagnostics, 7.5 percent growth in Medical Optics, and 4.9 percent growth in Nutrition.
International sales increased 6.6 percent on an operational basis and decreased 1.2 percent on a reported basis in the first quarter. International operational sales growth was led by 11.0 percent growth in Established Pharmaceuticals, 11.0 percent growth in Diabetes Care and 8.2 percent growth in Diagnostics.
Nutrition
($ in millions)
% Change vs. 1Q15 | ||||||||||||||||
Sales 1Q16 | Int'l | Total | ||||||||||||||
U.S. | Int'l | Total | U.S. | Operational | Reported | Operational | Reported | |||||||||
Total | 719 | 952 | 1,671 | 4.9 | 3.9 | (3.2) | 4.3 | 0.1 | ||||||||
Pediatric | 403 | 564 | 967 | 4.7 | 4.1 | (2.3) | 4.4 | 0.5 | ||||||||
Adult | 316 | 388 | 704 | 5.2 | 3.6 | (4.6) | 4.3 | (0.5) | ||||||||
Worldwide Nutrition sales increased 4.3 percent in the first quarter on an operational basis and 0.1 percent on a reported basis, including an unfavorable 4.2 percent effect of foreign exchange.
Worldwide Pediatric Nutrition sales increased 4.4 percent on an operational basis and 0.5 percent on a reported basis in the quarter, including an unfavorable 3.9 percent effect of foreign exchange. In the U.S., above-market sales growth was led by recently launched infant and toddler non-GMO products, including Similac® Advance® Non-GMO and Go & Grow by Similac Non-GMO. International growth was led by market share expansion of Eleva in the premium segment of the Chinese infant formula market, as well as continued strong performance in Russia and across several countries in Latin America.
Worldwide Adult Nutrition sales increased 4.3 percent on an operational basis and decreased 0.5 percent on a reported basis in the quarter, including an unfavorable 4.8 percent effect of foreign exchange. International Adult Nutrition growth was led by continued strong growth of Ensure® and Glucerna® in Latin America and other priority geographies. U.S. Adult Nutrition sales growth of 5.2 percent was led by growth of Ensure in the retail and institutional market segments.
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