ABBOTT PARK, Ill., Jan. 29, 2015 /PRNewswire/ -- Abbott today announced financial results for the fourth quarter ended Dec. 31, 2014.
- Diluted EPS, excluding specified items, was $0.71 in the fourth quarter and $2.28 for the full year, above Abbott's previous guidance range and reflecting 13.4 percent growth. This includes results from both continuing and discontinued operations. Reported diluted EPS under GAAP was $0.59 in the fourth quarter and $1.49 for the full year. See page 2 for additional detail regarding financial results from discontinued operations.
- Fourth-quarter worldwide sales of $5.4 billion from continuing operations increased 10.2 percent on an operational basis, including double-digit growth in emerging markets. Worldwide sales increased 5.6 percent on a reported basis, including an unfavorable 4.6 percent effect of foreign exchange.
- For full-year 2014, Abbott expanded its adjusted operating margin ratio from continuing operations by 200 basis points over the prior year, primarily driven by continued improvements in Diagnostics, Nutrition and Vascular. The operating margin ratio from continuing operations under GAAP improved by 190 basis points over prior year.
- Abbott issues full-year 2015 EPS guidance for continuing operations, excluding specified items, of $2.10 to $2.20. Projected full-year 2015 EPS for continuing operations under GAAP is $1.33 to $1.43.
- In December, Abbott completed its acquisitions of Topera, Inc., a medical device company focused on developing innovative electrophysiology technologies, and Veropharm, a leading Russian pharmaceutical company.
- In Diagnostics, Abbott received European approval for its IRIDICA infectious disease testing platform and U.S. FDA clearance for a heart failure test on its ARCHITECT platform. In Medical Devices in the U.S., Abbott received FDA approval for its TECNIS® Multifocal Low Add intraocular lens (IOL) and launched its new XIENCE Alpine drug-eluting stent system, designed for complex interventions.
"We ended 2014 with good momentum, well positioned for a step-up in operational sales growth in 2015," said Miles D. White, chairman and chief executive officer, Abbott. "While we'll need to manage through currency headwinds again in 2015, we're targeting another year of top-tier earnings growth."
Fourth-Quarter Business Overview
Note regarding presentation of financial results: Financial results from Abbott's developed markets branded generics pharmaceuticals and Animal Health businesses have been excluded from continuing operations and are reported as discontinued operations in the Earnings and EPS lines of the Consolidated Statement of Earnings due to the pending sale of these businesses to Mylan and Zoetis, respectively. Prior year and year-to-date results also have been adjusted to report the developed markets branded generics pharmaceuticals business and Animal Health business as discontinued operations.
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