Third-quarter worldwide sales of $6.8 billion increased 28.8% in Q3.
-- Third-quarter reported sales growth of 28.8 percent; comparable operational sales growth of 5.6 percent
|
| Abbott Reports Third-Quarter 2017 Results |
| [18-October-2017] |
| ABBOTT PARK, Ill., Oct. 18, 2017 /PRNewswire/ -- Abbott Laboratories today announced financial results for the third quarter ended Sept. 30, 2017.
"We're very pleased with our performance and the steady cadence of innovative new product launches that are contributing to growth," said Miles D. White, chairman and chief executive officer, Abbott. "We're well-positioned to achieve the upper end of our initial full-year EPS guidance range." * See note on comparable operational growth below. THIRD-QUARTER BUSINESS OVERVIEW Comparable operational sales growth excludes the impact of exchange and for Total Abbott and Medical Devices, also includes prior year results for St. Jude Medical, which was acquired on Jan. 4, 2017, and excludes prior year and current year results for the Abbott Medical Optics (AMO) and St. Jude Medical vascular closure businesses, which were divested during the first quarter 2017. Comparable operational sales growth also reflects a reduction to St. Jude Medical's historic sales related to administrative fees paid to conform to Abbott's presentation, as further described in Form 8-K issued on April 18, 2017. Following are sales by business segment and commentary for the third quarter and first nine months of 2017: Total Company
-------------
($ in millions)
% Change vs. 3Q16
-----------------
Sales 3Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total * 2,313 4,516 6,829 40.6 23.5 28.8 2.0 7.6 5.6
----- ----- ----- ---- ---- ---- --- --- ---
Nutrition 759 1,009 1,768 0.5 1.0 0.8 0.5 1.1 0.8
Diagnostics 369 910 1,279 2.0 6.9 5.4 2.0 6.6 5.2
Established Pharmaceuticals -- 1,171 1,171 n/a 15.7 15.7 n/a 14.3 14.3
Medical Devices 1,177 1,420 2,597 126.8 79.5 98.2 3.1 7.8 5.6
* Total Abbott sales from continuing operations include Other Sales of $14 million. In 2016, the AMO business, which was divested during the first quarter 2017, was reported as part of the Medical Devices group. Comparable operational growth rates above exclude
results from the AMO business.
% Change vs. 9M16
-----------------
Sales 9M17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total * 6,997 12,804 19,801 44.8 19.8 27.6 3.0 4.5 3.9
----- ------ ------ ---- ---- ---- --- --- ---
Nutrition 2,262 2,879 5,141 1.7 (2.2) (0.5) 1.7 (1.1) 0.1
Diagnostics 1,125 2,585 3,710 6.0 3.6 4.3 6.0 4.7 5.1
Established Pharmaceuticals -- 3,142 3,142 n/a 9.1 9.1 n/a 8.0 8.0
Medical Devices 3,504 4,084 7,588 130.5 73.2 95.6 2.8 5.8 4.4
* In 2017, total Abbott sales
from continuing operations
include Other Sales of $220
million, including sales of
$175 million from the AMO
business, which was divested
during the first quarter 2017.
In 2016, the AMO business was
reported as part of the
Medical Devices group.
Comparable operational growth
rates above exclude results
from the AMO business.
n/a = Not Applicable.
Note: 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.
Third-quarter 2017 worldwide sales of $6.8 billion increased 28.8 percent on a reported basis. On a comparable operational basis, worldwide sales increased 5.6 percent. Refer to tables titled "Non-GAAP Reconciliation of Comparable Historical Revenue" for a reconciliation of comparable historical revenue.
Nutrition
---------
($ in millions)
% Change vs. 3Q16
-----------------
Sales 3Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 759 1,009 1,768 0.5 1.0 0.8 0.5 1.1 0.8
--- ----- ----- --- --- --- --- --- ---
Pediatric 436 539 975 5.2 (2.4) 0.8 5.2 (2.6) 0.7
Adult 323 470 793 (5.3) 5.2 0.7 (5.3) 5.6 0.9
% Change vs. 9M16
-----------------
Sales 9M17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 2,262 2,879 5,141 1.7 (2.2) (0.5) 1.7 (1.1) 0.1
----- ----- ----- --- ---- ---- --- ---- ---
Pediatric 1,327 1,562 2,889 6.8 (6.1) (0.6) 6.8 (5.1) -
Adult 935 1,317 2,252 (4.8) 3.0 (0.3) (4.8) 4.1 0.3
Worldwide Nutrition sales increased 0.8 percent on a reported and operational basis in the third quarter. Worldwide Pediatric Nutrition sales increased 0.8 percent on a reported basis in the third quarter, including a favorable 0.1 percent effect of foreign exchange, and increased 0.7 percent on an operational basis. Sales growth in the quarter was led by above-market growth in the U.S. with continued strong performance across Abbott's portfolio of infant and pediatric nutrition products. As expected, sales growth in China improved sequentially versus the prior quarter, which was offset by continued challenging market conditions in certain other international countries. Worldwide Adult Nutrition sales increased 0.7 percent on a reported basis in the third quarter, including an unfavorable 0.2 percent effect of foreign exchange, and increased 0.9 percent on an operational basis. International sales growth of 5.2 percent on a reported basis and 5.6 percent on an operational basis was led by growth of Ensure®, Abbott's market-leading complete and balanced nutrition brand, and Glucerna®, Abbott's market-leading diabetes-specific nutrition brand. As expected, U.S. sales growth was impacted by competitive and market dynamics.
Diagnostics
-----------
($ in millions)
% Change vs. 3Q16
-----------------
Sales 3Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 369 910 1,279 2.0 6.9 5.4 2.0 6.6 5.2
--- --- ----- --- --- --- --- --- ---
Core Laboratory 230 803 1,033 4.6 6.0 5.7 4.6 5.9 5.6
Molecular 37 78 115 (13.8) 12.7 2.7 (13.8) 10.1 1.1
Point of Care 102 29 131 2.9 17.4 5.8 2.9 16.7 5.6
% Change vs. 9M16
-----------------
Sales 9M17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 1,125 2,585 3,710 6.0 3.6 4.3 6.0 4.7 5.1
----- ----- ----- --- --- --- --- --- ---
Core Laboratory 678 2,286 2,964 10.1 2.8 4.3 10.1 4.1 5.4
Molecular 123 218 341 (12.3) 9.6 0.6 (12.3) 8.9 0.1
Point of Care 324 81 405 6.1 12.3 7.3 6.1 12.7 7.4
Worldwide Diagnostics sales increased 5.4 percent on a reported basis in the third quarter, including a favorable 0.2 percent effect of foreign exchange, and increased 5.2 percent on an operational basis. Core Laboratory Diagnostics sales increased 5.7 percent on a reported basis in the third quarter, including a favorable 0.1 percent effect of foreign exchange, and increased 5.6 percent on an operational basis. Growth in the quarter was led by continued share gains globally. Internationally, Abbott continued the early roll-out of its recently launched Alinity™ systems for the core laboratory, including "Alinity c" for clinical chemistry, "Alinity i" for immunoassay diagnostics and "Alinity s" for blood and plasma screening. Abbott expects to initiate the launch of its Alinity systems in the U.S. in 2018. Molecular Diagnostics sales increased 2.7 percent on a reported basis in the third quarter, including a favorable 1.6 percent effect of foreign exchange, and increased 1.1 percent on an operational basis. Continued growth in infectious disease testing, Abbott's core area of focus in the molecular diagnostics market, was offset by a planned scale down in other testing areas. Point of Care Diagnostics sales increased 5.8 percent on a reported basis in the third quarter, including a favorable 0.2 percent effect of foreign exchange, and increased 5.6 percent on an operational basis as this business continues to build and expand its presence in targeted developed and emerging markets.
Established Pharmaceuticals
---------------------------
($ in millions)
% Change vs. 3Q16
-----------------
Sales 3Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total -- 1,171 1,171 n/a 15.7 15.7 n/a 14.3 14.3
--- ----- ----- ---- ---- ---- ---- ---- ----
Key Emerging
Markets -- 885 885 n/a 18.5 18.5 n/a 18.0 18.0
Other -- 286 286 n/a 7.6 7.6 n/a 4.0 4.0
% Change vs. 9M16
-----------------
Sales 9M17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total -- 3,142 3,142 n/a 9.1 9.1 n/a 8.0 8.0
--- ----- ----- ---- --- --- ---- --- ---
Key Emerging
Markets -- 2,413 2,413 n/a 13.0 13.0 n/a 11.6 11.6
Other -- 729 729 n/a (2.3) (2.3) n/a (2.5) (2.5)
Established Pharmaceuticals sales increased 15.7 percent on a reported basis in the third quarter, including a favorable 1.4 percent effect of foreign exchange, and increased 14.3 percent on an operational basis. Key Emerging Markets comprise several countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these key geographies increased 18.5 percent on a reported basis and 18.0 percent on an operational basis in the third quarter, led by strong growth across several countries, including double-digit growth in Brazil, Russia, India and China. As expected, sales in India were positively impacted by purchasing patterns following the implementation of a new Goods and Services Tax system that lowered second quarter sales in that country. Total Established Pharmaceuticals, Key Emerging Markets, and India sales growth increased double-digits with and without this impact.
Medical Devices
---------------
($ in millions)
% Change vs. 3Q16
-----------------
Sales 3Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 1,177 1,420 2,597 126.8 79.5 98.2 3.1 7.8 5.6
----- ----- ----- ----- ---- ---- --- --- ---
Cardiovascular and Neuromodulation 1,093 1,131 2,224 258.2 180.7 214.1 4.6 2.8 3.6
Rhythm Management 250 261 511 n/m n/m n/m (15.6) (8.4) (12.1)
Electrophysiology 147 195 342 n/m n/m n/m 7.9 12.9 10.7
Heart Failure 131 39 170 n/m n/m n/m 10.7 27.4 14.0
Vascular 292 432 724 11.1 21.5 17.1 (0.6) 0.7 0.2
Structural Heart 109 160 269 172.3 242.5 210.1 13.7 9.1 11.0
Neuromodulation 164 44 208 n/m n/m n/m 55.9 19.6 46.8
Diabetes Care 84 289 373 (13.0) 37.6 21.7 (13.0) 33.9 19.1
% Change vs. 9M16
-----------------
Sales 9M17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 3,504 4,084 7,588 130.5 73.2 95.6 2.8 5.8 4.4
----- ----- ----- ----- ---- ---- --- --- ---
Cardiovascular and Neuromodulation 3,264 3,323 6,587 247.1 169.2 202.9 2.9 1.6 2.3
Rhythm Management 783 791 1,574 n/m n/m n/m (15.7) (5.7) (10.9)
Electrophysiology 446 555 1,001 n/m n/m n/m 10.4 10.7 10.5
Heart Failure 363 108 471 n/m n/m n/m 0.3 10.4 2.5
Vascular 891 1,267 2,158 9.1 16.4 13.3 (2.3) (1.9) (2.1)
Structural Heart 320 473 793 177.8 227.5 205.5 14.8 9.8 11.7
Neuromodulation 461 129 590 n/m n/m n/m 61.0 17.4 49.0
Diabetes Care 240 761 1,001 0.4 28.2 20.2 0.4 29.2 21.0
n/m = Percent change is not
meaningful.
Worldwide Medical Devices sales increased 98.2 percent on a reported basis in the third quarter. On a comparable operational basis, sales increased 5.6 percent. Refer to tables titled "Non-GAAP Reconciliation of Comparable Historical Revenue" for a reconciliation of comparable historical revenue. In Cardiovascular and Neuromodulation, worldwide sales were led by double-digit growth in Electrophysiology, Structural Heart, Heart Failure and Neuromodulation. Growth in Structural Heart was driven by the continued double-digit growth of MitraClip®, Abbott's market-leading device for the minimally-invasive treatment of mitral regurgitation. In Heart Failure, during the third quarter, Abbott received U.S. FDA approval for its HeartMate 3 system, which helps a weak heart pump blood through the body for patients with advanced heart failure. In Neuromodulation, another quarter of strong double-digit growth was led by several recently launched products for the treatment of chronic pain and movement disorders. As expected, Rhythm Management sales in the U.S. were impacted by continued competitive dynamics in the magnetic resonance (MR)-conditional category of products. In the quarter, Abbott received FDA approval for MR-conditional labeling for its Ellipse implantable cardioverter defibrillator (ICD), which significantly enhances its competitive position in this category of the market. Worldwide Diabetes Care sales increased 21.7 percent on a reported basis in the third quarter, including a favorable 2.6 percent effect of foreign exchange, and increased 19.1 percent on an operational basis. Strong double-digit international sales growth was led by FreeStyle Libre, Abbott's revolutionary sensor-based glucose monitoring system. In September, Abbott received U.S. FDA approval for FreeStyle Libre as a replacement1 for finger stick blood glucose monitoring. This revolutionary technology is the only system available that comes factory-calibrated, thus eliminating the need for daily finger sticks that are required to calibrate other systems currently available. During the quarter, Abbott also obtained national reimbursement for FreeStyle Libre in Japan and the United Kingdom for people with diabetes, both Type 1 and Type 2, on insulin therapy. ABBOTT NARROWS FULL-YEAR EARNINGS-PER-SHARE GUIDANCE Abbott is narrowing its full-year 2017 earnings per share guidance range, which continues to reflect double-digit growth. Abbott now projects its earning per share from continuing operations under Generally Accepted Accounting Principles (GAAP) to be $0.97 to $0.99 for the full year 2017. Projected diluted earnings per share from continuing operations on an adjusted basis is now $2.48 to $2.50 for the full year 2017, which represents an increase at the mid-point of the guidance range. Abbott forecasts net specified items for the full year 2017 of approximately $1.51 per share. Specified items include acquisition-related expenses, intangible amortization expense, charges associated with cost reduction initiatives and other expenses, partially offset by a gain on the sale of the AMO business. Abbott is issuing fourth-quarter 2017 guidance for diluted earnings per share from continuing operations under GAAP of $0.28 to $0.30. Abbott forecasts specified items for the fourth quarter 2017 of $0.44 primarily related to intangible amortization, acquisition-related expenses, cost reduction initiatives and other expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $0.72 to $0.74 for the fourth quarter. ABBOTT DECLARES 375TH QUARTERLY DIVIDEND On Sept. 14, 2017, the board of directors of Abbott declared the company's quarterly dividend of $0.265 per share. Abbott's cash dividend is payable Nov. 15, 2017, to shareholders of record at the close of business on Oct. 13, 2017. Abbott has increased its dividend payout for 45 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which tracks companies that have annually increased their dividend for at least 25 consecutive years. About Abbott: Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews. Abbott will webcast its live third-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the call will be available later that day. -- Private Securities Litigation Reform Act of 1995 -- Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. 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, 2016, 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, except as required by law. 1 Finger sticks are required for treatment decisions when you see Check Blood Glucose symbol, when symptoms do not match system readings, when you suspect readings may be inaccurate, or when you experience symptoms that may be due to high or low blood glucose. Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Third Quarter Ended September 30, 2017 and 2016
(in millions, except per share data)
(unaudited)
3Q17 3Q16 % Change
---- ---- --------
Net Sales $6,829 $5,302 28.8
Cost of products sold,
excluding amortization
expense 2,857 2,285 25.1
Amortization of intangible
assets 501 140 n/m
Research and development 562 352 59.3
Selling, general, and
administrative 2,099 1,628 28.9
Total Operating Cost and
Expenses 6,019 4,405 36.7
----- -----
Operating earnings 810 897 (9.7)
Interest expense, net 182 95 90.7
Net foreign exchange (gain)
loss (6) 9 n/m
Other expense, net 8 972 (99.2) 1)
--- ---
Earnings (Loss) from
Continuing Operations before
taxes 626 (179) n/m
Tax expense on Earnings
(Loss) from Continuing
Operations 65 178 (63.5) 2)
Earnings (Loss) from
Continuing Operations 561 (357) n/m
Earnings from Discontinued
Operations, net of taxes 42 28 53.1
Gain on Sale of Discontinued
Operations, net of taxes -- --
--- ---
Net Earnings from
Discontinued Operations, net
of taxes 42 28 53.1
--- ---
Net Earnings (Loss) $603 $(329) n/m
==== =====
Earnings from Continuing
Operations, excluding
Specified Items, as described
below $1,158 $883 31.1 3)
====== ====
Diluted Earnings (Loss) per
Common Share from:
Continuing Operations $0.32 $(0.24) n/m
Discontinued Operations 0.02 0.02 --
---- ----
Total $0.34 $(0.22) n/m
===== ======
Diluted Earnings per Common
Share from Continuing
Operations, excluding
Specified Items, as
described below $0.66 $0.59 11.9 3)
===== =====
Average Number of Common
Shares Outstanding
Plus Dilutive Common Stock
Options 1,754 1,476 4)
NOTES:
See tables below for an
explanation of certain non-
GAAP financial information.
n/m = Percent change is not
meaningful.
See footnotes below.
1) 2016 Other expense, net includes a
charge of $947 million related to
an adjustment of Abbott's holdings
of Mylan N.V. ordinary shares to
reflect the share price as of
Sept. 30, 2016.
2) 2016 Tax expense on Earnings (Loss)
from Continuing Operations
includes the impact of the non-
deductible Mylan equity investment
adjustment and the recognition of
deferred taxes associated with the
sale of AMO, partially offset by a
net tax benefit of approximately
$105 million as a result of the
resolution of various tax
positions from prior years.
3) 2017 Earnings from Continuing
Operations, excluding Specified
Items, excludes net after-tax
charges of $597 million, or $0.34
per share, for intangible
amortization expense and expenses
primarily associated with
acquisitions, restructuring
actions and other expenses.
2016 Earnings from Continuing
Operations, excluding Specified
Items, excludes net after-tax
charges of $1.240 billion, or
$0.83 per share, for intangible
amortization expense, an
adjustment to the equity
investment in Mylan, expenses
primarily associated with
acquisitions, including bridge
facility fees, charges related to
cost reduction initiatives and
other expenses and the recognition
of deferred taxes associated with
the sale of AMO, partially offset
by the favorable impact of a net
tax benefit as a result of the
resolution of various tax
positions from prior years.
4) 2016 Average number of common
shares outstanding excludes
approximately 6.7 million shares
related to dilutive common stock
options, which would be
antidilutive.
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Nine Months Ended September 30, 2017 and 2016
(in millions, except per share data)
(unaudited)
9M17 9M16 % Change
---- ---- --------
Net Sales $19,801 $15,520 27.6
Cost of products sold,
excluding amortization
expense 9,074 6,712 35.2
Amortization of intangible
assets 1,415 429 n/m
Research and development 1,622 1,079 50.3
Selling, general, and
administrative 6,655 5,063 31.5
Total Operating Cost and
Expenses 18,766 13,283 41.3
------ ------
Operating earnings 1,035 2,237 (53.7)
Interest expense, net 569 203 n/m
Net foreign exchange (gain)
loss (34) 497 n/m 1)
Other (income) expense, net (1,157) 999 n/m 2)
------ ---
Earnings from Continuing
Operations before taxes 1,657 538 n/m
Tax expense on Earnings from
Continuing Operations 440 240 83.6 3)
Earnings from Continuing
Operations 1,217 298 n/m
Earnings from Discontinued
Operations, net of taxes 88 288 (69.4)
Gain on Sale of Discontinued
Operations, net of taxes -- 16 n/m
--- ---
Net Earnings from
Discontinued Operations, net
of taxes 88 304 (71.0) 4)
--- ---
Net Earnings $1,305 $602 n/m
====== ====
Earnings from Continuing
Operations, excluding
Specified Items, as described
below $3,097 $2,310 34.1 5)
====== ======
Diluted Earnings per Common
Share from:
Continuing Operations $0.69 $0.20 n/m
Discontinued Operations 0.05 0.20 (75.0) 4)
---- ----
Total $0.74 $0.40 85.0
===== =====
Diluted Earnings per Common
Share from Continuing
Operations, excluding
Specified Items, as
described below $1.76 $1.55 13.5 5)
===== =====
Average Number of Common
Shares Outstanding
Plus Dilutive Common Stock
Options 1,746 1,483
NOTES:
See tables below for an
explanation of certain non-
GAAP financial information.
n/m = Percent change is not
meaningful.
See footnotes below.
1) 2016 Net foreign exchange (gain)
loss includes a loss of $481
million related to the revaluation
of Abbott's net monetary assets in
Venezuela using the Dicom exchange
rate, which is the Venezuelan
government's official floating
exchange rate.
2) 2017 Other (income) expense, net
includes a pretax gain of $1.163
billion from the sale of the AMO
business.
2016 Other (income) expense, net
includes a charge of $947 million
related to an adjustment of
Abbott's holdings of Mylan N.V.
ordinary shares to reflect the
share price as of Sept. 30, 2016.
3) 2017 Tax expense on Earnings from
Continuing Operations includes the
tax associated with a $1.163
billion pretax gain on the sale of
the AMO business.
2016 Tax expense on Earnings from
Continuing Operations includes the
impact of a net tax benefit of
approximately $250 million as a
result of the resolution of
various tax positions from prior
years, partially offset by the
unfavorable impact of non-
deductible foreign exchange losses
related to Venezuela and an
adjustment to the equity
investment in Mylan and the
recognition of deferred taxes
associated with the sale of the
AMO business.
4) 2017 Earnings and Diluted Earnings
per Common Share from Discontinued
Operations, net of taxes primarily
relates to a net tax benefit as a
result of the resolution of
various tax positions from prior
years.
2016 Earnings and Diluted Earnings
per Common Share from Discontinued
Operations, net of taxes primarily
reflect the impact of a net tax
benefit of $289 million as a
result of the resolution of
various tax positions from prior
years.
5) 2017 Earnings and Diluted Earnings
per Common Share from Continuing
Operations, excluding Specified
Items, excludes net after-tax
charges of $1.880 billion, or
$1.07 per share, for intangible
amortization expense and other
expenses primarily associated with
acquisitions and restructuring
actions, partially offset by a
gain on the sale of the AMO
business.
2016 Earnings and Diluted Earnings
per Common Share from Continuing
Operations, excluding Specified
Items, excludes net after-tax
charges of $2.012 billion, or
$1.35 per share, for intangible
amortization expense, the foreign
exchange loss related to
Venezuela, an adjustment to the
equity investment in Mylan,
expenses associated with
acquisitions, including bridge
facility fees, other charges
related to cost reduction
initiatives and other expenses and
the recognition of deferred taxes
associated with the sale of AMO,
partially offset by the favorable
impact of a net tax benefit as a
result of the resolution of
various tax positions from prior
years.
NON-GAAP RECONCILIATION OF FINANCIAL INFORMATION FROM CONTINUING OPERATIONS Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information From Continuing Operations
Third Quarter Ended September 30, 2017 and 2016
(in millions, except per share data)
(unaudited)
3Q17
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible Amortization $501 $(501) --
Gross Margin 3,471 580 $4,051 59.3%
R&D 562 (91) 471 6.9%
SG&A 2,099 (90) 2,009 29.4%
Other expense, net 8 1 9
Earnings (Loss) from
Continuing Operations before
taxes 626 760 1,386
Tax expense on Earnings (Loss)
from Continuing Operations 65 163 228
Earnings (Loss) from
Continuing Operations 561 597 1,158
Diluted Earnings (Loss) per
Share from Continuing
Operations $0.32 $0.34 $0.66
Specified items reflect intangible amortization expense of $501 million and other expenses of $259 million, primarily associated with acquisitions, restructuring actions and other expenses. See tables titled "Details of Specified Items" for additional details regarding specified items. 3Q16
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible Amortization $140 $(140) --
Gross Margin 2,877 158 $3,035 57.3%
R&D 352 (22) 330 6.2%
SG&A 1,628 (53) 1,575 29.7%
Interest expense, net 95 (70) 25
Net foreign exchange (gain)
loss 9 (4) 5
Other expense, net 972 (957) 15
Earnings (Loss) from
Continuing Operations before
taxes (179) 1,264 1,085
Tax expense on Earnings (Loss)
from Continuing Operations 178 24 202
Earnings (Loss) from
Continuing Operations (357) 1,240 883
Diluted Earnings (Loss) per
Share from Continuing
Operations $(0.24) $0.83 $0.59
Specified items reflect intangible amortization expense of $140 million, an adjustment to the equity investment in Mylan of $947 million, and other expenses of $177 million, primarily associated with acquisitions, including bridge facility fees, charges related to cost reduction initiatives and other expenses and the recognition of approximately $130 million of deferred taxes associated with the sale of AMO, partially offset by a net tax benefit of approximately $105 million as a result of the resolution of various tax positions from prior years. See tables titled "Details of Specified Items" for additional details regarding specified items. Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information From Continuing Operations
Nine Months Ended September 30, 2017 and 2016
(in millions, except per share data)
(unaudited)
9M17
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible Amortization $1,415 $(1,415) --
Gross Margin 9,312 2,459 $11,771 59.5%
R&D 1,622 (146) 1,476 7.5%
SG&A 6,655 (595) 6,060 30.6%
Interest expense, net 569 (19) 550
Other (income) expense, net (1,157) 1,167 10
Earnings from Continuing
Operations before taxes 1,657 2,052 3,709
Tax expense on Earnings from
Continuing Operations 440 172 612
Earnings from Continuing
Operations 1,217 1,880 3,097
Diluted Earnings per Share
from Continuing Operations $0.69 $1.07 $1.76
Specified items reflect intangible amortization expense of $1.415 billion and other expenses of $1.800 billion, primarily associated with acquisitions, including approximately $840 million of inventory step-up amortization related to St. Jude Medical, charges related to restructuring actions and other expenses, partially offset by a gain of $1.163 billion from the sale of the AMO business. See tables titled "Details of Specified Items" for additional details regarding specified items. 9M16
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible
Amortization $429 $(429) --
Gross
Margin 8,379 500 $8,879 57.2%
R&D 1,079 (68) 1,011 6.5%
SG&A 5,063 (150) 4,913 31.7%
Interest
expense,
net 203 (139) 64
Net
foreign
exchange
(gain)
loss 497 (481) 16
Other
(income)
expense,
net 999 (962) 37
Earnings
from
Continuing
Operations
before
taxes 538 2,300 2,838
Tax
expense
on
Earnings
from
Continuing
Operations 240 288 528
Earnings
from
Continuing
Operations 298 2,012 2,310
Diluted
Earnings
per
Share
from
Continuing
Operations $0.20 $1.35 $1.55
Specified items reflect intangible amortization expense of $429 million, an adjustment to the equity investment in Mylan of $947 million, the impact of the foreign exchange loss in Venezuela of $481 million, and other expenses of $443 million, primarily associated with acquisitions, including bridge facility fees, and charges related to cost reduction initiatives and other expenses and the recognition of approximately $130 million of deferred taxes associated with the sale of AMO, partially offset by a net tax benefit of approximately $250 million as a result of the resolution of various tax positions from prior years. See tables titled "Details of Specified Items" for additional details regarding specified items. RECONCILIATION OF TAX RATE FOR CONTINUING OPERATIONS 3Q17
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $626 $65 10.4% 1)
Specified items 760 163
--- ---
Excluding specified items $1,386 $228 16.5%
3Q16
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $(179) $178 (99.5%)
Specified items 1,264 24
----- ---
Excluding specified items $1,085 $202 18.6%
1) Reported tax rate on a GAAP basis
for the third quarter of 2017
includes the impact of
approximately $30 million in excess
tax benefits associated with share-
based compensation.
A reconciliation of the year-to-date tax rates for continuing operations for 2017 and 2016 is shown below: 9M17
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $1,657 $440 26.6% 2)
Specified items 2,052 172
----- ---
Excluding specified items $3,709 $612 16.5%
9M16
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $538 $240 44.5%
Specified items 2,300 288
----- ---
Excluding specified items $2,838 $528 18.6%
2) Reported tax rate on a GAAP basis
for 2017 includes the impact of
taxes associated with a $1.163
billion pre-tax gain on the sale
of the AMO business and the impact
of approximately $90 million in
excess tax benefits associated with
share-based compensation.
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Comparable Historical Revenue
Third Quarter Ended September 30, 2017 and 2016
($ in millions) (unaudited)
3Q17 3Q16 % Change vs. 3Q16
---- ---- -----------------
Abbott Divested Comparable Abbott Acquired AMO Comparable Comparable
Reported Businesses Revenue Reported St. Jude Revenue
Businessa)
---------
Reported Reported Operationalb)
-------- -------- ------------
Total Company 6,829 -- 6,829 5,302 1,425 (296) 6,431 28.8 6.2 5.6
U.S. 2,313 -- 2,313 1,645 742 (118) 2,269 40.6 2.0 2.0
Int'l 4,516 -- 4,516 3,657 683 (178) 4,162 23.5 8.5 7.6
Total Medical Devices 2,597 -- 2,597 1,310 1,425 (296) 2,439 98.2 6.5 5.6
U.S. 1,177 -- 1,177 519 742 (118) 1,143 126.8 3.1 3.1
Int'l 1,420 -- 1,420 791 683 (178) 1,296 79.5 9.5 7.8
Cardiovascular and Neuromodulation 2,224 -- 2,224 708 1,425 -- 2,133 214.1 4.3 3.6
U.S. 1,093 -- 1,093 305 742 -- 1,047 258.2 4.6 4.6
Int'l 1,131 -- 1,131 403 683 -- 1,086 180.7 4.0 2.8
Rhythm Management 511 -- 511 -- 577 -- 577 n/m (11.4) (12.1)
U.S. 250 -- 250 -- 297 -- 297 n/m (15.6) (15.6)
Int'l 261 -- 261 -- 280 -- 280 n/m (7.1) (8.4)
Electrophysiology 342 -- 342 3 306 -- 309 n/m 10.6 10.7
U.S. 147 -- 147 3 133 -- 136 n/m 7.9 7.9
Int'l 195 -- 195 -- 173 -- 173 n/m 12.7 12.9
Heart Failure 170 -- 170 -- 148 -- 148 n/m 14.8 14.0
U.S. 131 -- 131 -- 118 -- 118 n/m 10.7 10.7
Int'l 39 -- 39 -- 30 -- 30 n/m 31.2 27.4
Vascular 724 -- 724 618 101 -- 719 17.1 0.8 0.2
U.S. 292 -- 292 262 32 -- 294 11.1 (0.6) (0.6)
Int'l 432 -- 432 356 69 -- 425 21.5 1.8 0.7
Structural Heart 269 -- 269 87 152 -- 239 210.1 12.4 11.0
U.S. 109 -- 109 40 56 -- 96 172.3 13.7 13.7
Int'l 160 -- 160 47 96 -- 143 242.5 11.6 9.1
Neuromodulation 208 -- 208 -- 141 -- 141 n/m 47.7 46.8
U.S. 164 -- 164 -- 106 -- 106 n/m 55.9 55.9
Int'l 44 -- 44 -- 35 -- 35 n/m 23.0 19.6
a) Reflects reported actuals for St.
Jude Medical, excluding results
from the vascular closure business,
as well as a reduction to St. Jude
Medical sales related to the
reclassification of fees paid to
group purchasing organizations from
the Selling, general, and
administrative line.
b) 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.
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Comparable Historical Revenue
Nine Months Ended September 30, 2017 and 2016
($ in millions) (unaudited)
9M17 9M16 % Change vs. 9M16
---- ---- -----------------
Abbott Divested Comparable Abbott Acquired AMO Comparable Comparable
Reported Businessesa) Revenue Reported St. Jude Revenue
Businessb)
---------
Reported Reported Operationalc)
-------- -------- ------------
Total Company 19,801 (187) 19,614 15,520 4,282 (872) 18,930 27.6 3.6 3.9
U.S. 6,997 (84) 6,913 4,831 2,227 (342) 6,716 44.8 3.0 3.0
Int'l 12,804 (103) 12,701 10,689 2,055 (530) 12,214 19.8 4.0 4.5
Total Medical Devices 7,588 (12) 7,576 3,879 4,282 (872) 7,289 95.6 3.9 4.4
U.S. 3,504 (6) 3,498 1,520 2,227 (342) 3,405 130.5 2.8 2.8
Int'l 4,084 (6) 4,078 2,359 2,055 (530) 3,884 73.2 5.0 5.8
Cardiovascular and Neuromodulation 6,587 (12) 6,575 2,175 4,282 -- 6,457 202.9 1.8 2.3
U.S. 3,264 (6) 3,258 940 2,227 -- 3,167 247.1 2.9 2.9
Int'l 3,323 (6) 3,317 1,235 2,055 -- 3,290 169.2 0.8 1.6
Rhythm Management 1,574 -- 1,574 -- 1,773 -- 1,773 n/m (11.3) (10.9)
U.S. 783 -- 783 -- 929 -- 929 n/m (15.7) (15.7)
Int'l 791 -- 791 -- 844 -- 844 n/m (6.5) (5.7)
Electrophysiology 1,001 -- 1,001 10 900 -- 910 n/m 10.0 10.5
U.S. 446 -- 446 10 395 -- 405 n/m 10.4 10.4
Int'l 555 -- 555 -- 505 -- 505 n/m 9.7 10.7
Heart Failure 471 -- 471 -- 461 -- 461 n/m 2.3 2.5
U.S. 363 -- 363 -- 361 -- 361 n/m 0.3 0.3
Int'l 108 -- 108 -- 100 -- 100 n/m 9.8 10.4
Vascular 2,158 (12) 2,146 1,905 299 -- 2,204 13.3 (2.5) (2.1)
U.S. 891 (6) 885 815 91 -- 906 9.1 (2.3) (2.3)
Int'l 1,267 (6) 1,261 1,090 208 -- 1,298 16.4 (2.7) (1.9)
Structural Heart 793 -- 793 260 452 -- 712 205.5 11.3 11.7
U.S. 320 -- 320 115 164 -- 279 177.8 14.8 14.8
Int'l 473 -- 473 145 288 -- 433 227.5 9.0 9.8
Neuromodulation 590 -- 590 -- 397 -- 397 n/m 48.8 49.0
U.S. 461 -- 461 -- 287 -- 287 n/m 61.0 61.0
Int'l 129 -- 129 -- 110 -- 110 n/m 16.8 17.4
a) Reflects sales related to the AMO
and St. Jude Medical vascular
closure businesses prior to
divesting in the first quarter
2017.
b) Reflects reported actuals for St.
Jude Medical, excluding results
from the vascular closure business,
as well as a reduction to St. Jude
Medical sales related to the
reclassification of fees paid to
group purchasing organizations from
the Selling, general, and
administrative line.
c) 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.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Third Quarter Ended September 30, 2017
(in millions, except per share data)
(unaudited)
Acquisition or Restructuring Intangible Other (c) Total
Divestiture- and Cost Amortization Specifieds
related (a) Reduction
Initiatives (b)
--------------
Gross Margin $26 $53 $501 $ - $580
R&D (11) (74) -- (6) (91)
SG&A (84) (7) -- 1 (90)
Other (income) expense,
net 16 -- -- (15) 1
--- --- --- --- ---
Earnings from
Continuing Operations
before taxes $105 $134 $501 $20 760
---- ---- ---- ---
Tax expense on Earnings
from Continuing
Operations (d) 163
---
Earnings from
Continuing Operations $597
====
Diluted Earnings per
Share from Continuing
Operations $0.34
=====
The table above provides additional details
regarding the specified items described on
tables titled "Non-GAAP Reconciliation of
Financial Information From Continuing
Operations".
a) Acquisition-related expenses
include costs for legal,
accounting, tax, and other services
related to business acquisitions,
integration costs which represent
incremental costs directly related
to integrating the acquired
businesses and include expenditures
for consulting, retention,
severance, and the integration of
systems, processes and business
activities, fair value adjustments
to contingent consideration related
to a business acquisition, and
inventory step-up amortization.
The specified items in interest
expense include amortization
expense associated with
acquisition-related bridge
facility fees. Divestiture-related
expenses include incremental costs
to separate the divested businesses
as well as bankers' fees and costs
for legal, accounting, tax, and
other services related to the
divestitures.
b) Restructuring and cost reduction
initiative expenses include
severance, outplacement, inventory
write-downs, asset impairments,
accelerated depreciation, and other
direct costs associated with
specific restructuring plans and
cost reduction initiatives.
Restructuring and cost reduction
plans consist of distinct
initiatives to streamline
operations including the
consolidation and rationalization
of business activities and
facilities, workforce reductions,
the transfer of product lines
between manufacturing facilities,
and the transfer of other business
activities between sites. Any gains
related to the divestiture of a
facility as part of a restructuring
program are also included in this
category.
c) Other expense primarily relates to
the impairment of a financial
instrument and the acquisition of
an R&D asset.
d) Reflects the net tax benefit
associated with the specified items
and excess tax benefits associated
with share-based compensation.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Third Quarter Ended September 30, 2016
(in millions, except per share data)
(unaudited)
Acquisition or Restructuring Mylan Equity Venezuela Intangible Other Total
Divestiture- and Cost Investment Devaluation Amortization (d) Specifieds
related (a) Reduction Adjustment
Initiatives (b) (c)
-------------- ---
Gross Margin $3 $15 $ -- $ -- $140 $ -- $158
R&D (5) 2 -- -- -- (19) (22)
SG&A (38) (14) -- (1) -- -- (53)
Interest expense, net (70) -- -- -- -- -- (70)
Net foreign exchange
(gain) loss -- -- -- (4) -- -- (4)
Other (income) expense,
net (11) -- (947) 1 -- -- (957)
--- --- ---- --- --- --- ----
Earnings from
Continuing Operations
before taxes $127 $27 $947 $4 $140 $19 1,264
---- --- ---- --- ---- ---
Tax expense on Earnings from Continuing Operations (e) 24
---
Earnings from Continuing Operations $1,240
======
Diluted Earnings per Share from Continuing Operations $0.83
=====
The table above provides additional details
regarding the specified items described tables
titled "Non-GAAP Reconciliation of Financial
Information From Continuing Operations".
a) Acquisition-related expenses
include costs for legal,
accounting, tax, and other
services related to business
acquisitions and integration costs
which represent incremental costs
directly related to integrating
the acquired businesses and
include expenditures for
consulting, severance, and the
integration of processes and
business activities. The specified
items in interest expense include
amortization expense associated
with acquisition-related bridge
facility fees. Divestiture-
related expenses include
incremental costs to separate the
divested businesses.
b) Restructuring and cost reduction
initiative expenses include
severance, outplacement, inventory
write-downs, asset impairments,
accelerated depreciation, and
other direct costs associated with
specific restructuring plans and
cost reduction initiatives.
Restructuring and cost reduction
plans consist of distinct
initiatives to streamline
operations including the
consolidation and rationalization
of business activities and
facilities, workforce reductions,
the transfer of product lines
between manufacturing facilities,
and the transfer of other business
activities between sites.
c) Mylan equity investment adjustment
expense reflects the adjustment of
Abbott's holding of Mylan N.V.
ordinary shares due to a decline
in the fair value of the
securities which was considered by
Abbott to be other than temporary.
d) Other expense relates to the
impairment of an R&D asset.
e) Reflects the net tax benefit
associated with the specified
items and a net tax benefit of
approximately $105 million
primarily as a result of the
resolution of various tax
positions from prior years,
partially offset by the
recognition of approximately $130
million of deferred taxes
associated with the sale of AMO.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Nine Months Ended September 30, 2017
(in millions, except per share data)
(unaudited)
Acquisition or Restructuring Intangible Other (c) Total
Divestiture- and Cost Amortization Specifieds
related (a) Reduction
Initiatives (b)
--------------
Gross Margin $870 $174 $1,415 $ - $2,459
R&D (37) (103) -- (6) (146)
SG&A (570) (26) -- 1 (595)
Interest expense, net (19) -- -- -- (19)
Other (income) expense,
net 1,216 (34) -- (15) 1,167
----- --- --- --- -----
Earnings from
Continuing Operations
before taxes $280 $337 $1,415 $20 2,052
---- ---- ------ ---
Tax expense on Earnings from Continuing Operations (d) 172
---
Earnings from Continuing Operations $1,880
======
Diluted Earnings per Share from Continuing Operations $1.07
=====
The table above provides additional details
regarding the specified items described on
tables titled "Non-GAAP Reconciliation of
Financial Information From Continuing
Operations".
a) Acquisition-related expenses
include bankers' fees and costs for
legal, accounting, tax, and other
services related to business
acquisitions, integration costs
which represent incremental costs
directly related to integrating the
acquired businesses and include
expenditures for consulting,
retention, severance, and the
integration of systems, processes
and business activities, fair value
adjustments to contingent
consideration related to a business
acquisition, and inventory step-up
amortization. The specified items
in interest expense include
amortization expense associated
with acquisition-related bridge
facility fees. Other (income)
expense, net includes the gain on
the sale of the AMO business.
Divestiture-related expenses
include incremental costs to
separate the divested businesses as
well as bankers' fees and costs for
legal, accounting, tax, and other
services related to the
divestitures.
b) Restructuring and cost reduction
initiative expenses include
severance, outplacement, inventory
write-downs, asset impairments,
accelerated depreciation, and other
direct costs associated with
specific restructuring plans and
cost reduction initiatives.
Restructuring and cost reduction
plans consist of distinct
initiatives to streamline
operations including the
consolidation and rationalization
of business activities and
facilities, workforce reductions,
the transfer of product lines
between manufacturing facilities,
and the transfer of other business
activities between sites. Any gains
related to the divestiture of a
facility as part of a restructuring
program are also included in this
category.
c) Other expense primarily relates to
the impairment of a financial
instrument and the acquisition of
an R&D asset.
d) Reflects the net tax benefit
associated with the specified items
and excess tax benefits associated
with share-based compensation.
Abbott Laboratories and Subsidiaries
Details of Specified Items
Nine Months Ended September 30, 2016
(in millions, except per share data)
(unaudited)
Acquisition or Restructuring Mylan Equity Venezuela Intangible Other Total
Divestiture- and Cost Investment Devaluation Amortization (e) Specifieds
related (a) Reduction Adjustment (d)
Initiatives (b) (c)
-------------- ---
Gross Margin $13 $43 $ -- $15 $429 $ -- $500
R&D (7) 1 -- -- -- (62) (68)
SG&A (79) (61) -- (10) -- -- (150)
Interest expense, net (139) -- -- -- -- -- (139)
Net foreign exchange
(gain) loss -- -- -- (481) -- -- (481)
Other (income) expense,
net (14) -- (947) (1) -- -- (962)
--- --- ---- --- --- --- ----
Earnings from
Continuing Operations
before taxes $252 $103 $947 $507 $429 $62 2,300
---- ---- ---- ---- ---- ---
Tax expense on Earnings from Continuing Operations (f) 288
---
Earnings from Continuing Operations $2,012
======
Diluted Earnings per Share from Continuing Operations $1.35
=====
The table above provides additional details
regarding the specified items described on
tables titled "Non-GAAP Reconciliation of
Financial Information From Continuing
Operations".
a) Acquisition-related expenses
include costs for legal,
accounting, tax, and other
services related to business
acquisitions and integration costs
which represent incremental costs
directly related to integrating
the acquired businesses and
include expenditures for
consulting, severance, and the
integration of processes and
business activities. The specified
items in interest expense include
amortization expense associated
with acquisition-related bridge
facility fees. Divestiture-
related expenses include
incremental costs to separate the
divested businesses.
b) Restructuring and cost reduction
initiative expenses include
severance, outplacement, inventory
write-downs, asset impairments,
accelerated depreciation, and
other direct costs associated with
specific restructuring plans and
cost reduction initiatives.
Restructuring and cost reduction
plans consist of distinct
initiatives to streamline
operations including the
consolidation and rationalization
of business activities and
facilities, workforce reductions,
the transfer of product lines
between manufacturing facilities,
and the transfer of other business
activities between sites. Any
gains related to the divestiture
of a facility as part of a
restructuring program are also
included in this category.
c) Mylan equity investment adjustment
expense reflects the adjustment of
Abbott's holding of Mylan N.V.
ordinary shares due to a decline
in the fair value of the
securities which was considered by
Abbott to be other than temporary.
d) Venezuela devaluation expenses
include the foreign exchange loss
of $480 million related to the
revaluation of Abbott's net
monetary assets in Venezuela using
the Dicom exchange rate as well as
inventory and other asset
impairments in Venezuela related
to the move to the Dicom exchange
rate. The Dicom rate is the
Venezuelan government's official
floating exchange rate.
e) Other expense relates to the
impairment of an R&D asset.
f) Reflects the net tax benefit
associated with the specified
items and a net tax benefit of
approximately $250 million
primarily as a result of the
resolution of various tax
positions from prior years,
partially offset by the
recognition of approximately $130
million of deferred taxes
associated with the sale of AMO.
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