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Abbott Reports Strong Ongoing Third Quarter Results; Confirms Double-Digit Ongoing Earnings Growth Outlook for 2011


News provided by

Abbott

19 Oct, 2011, 11:41 GMT

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ABBOTT PARK, Illinois, October 19, 2011 /PRNewswire/ --

-- Third Quarter Ongoing EPS of $1.18, Up 12.4 Percent --

-- Worldwide Sales Increased 13.2 Percent --

-- 21.0 Percent Sales Growth in Emerging Markets --

Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2011.

  • Diluted earnings per share, excluding specified items, were $1.18, at the high end of Abbott's previous guidance range, reflecting 12.4 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.19, net of specified items, including a $1.5 billion pre-tax reserve related to previously disclosed litigation.  
  • Worldwide sales increased 13.2 percent to $9.8 billion, including a favorable 5.3 percent effect of foreign exchange. Proprietary Pharmaceuticals sales increased 13.5 percent in the quarter. Durable Growth Business sales increased 15.3 percent, including double-digit growth in Nutritionals, Established Pharmaceuticals, Core Laboratory Diagnostics and Diabetes Care. Innovation-Driven Device Business sales increased 6.0 percent, including double-digit growth in Molecular Diagnostics.
  • Emerging markets sales were $2.6 billion, up 21.0 percent from the prior year and representing 26.1 percent of total sales, with strong growth across all of Abbott's operating divisions.
  • The gross margin ratio was 60.4 percent in the third quarter, above Abbott's previous guidance, driven by favorable product mix.
  • Abbott is confirming its guidance for double-digit ongoing earnings-per-share growth for 2011 and is narrowing its previous guidance range. Abbott's ongoing earnings-per-share guidance for full-year 2011 is $4.64 to $4.66, excluding specified items, reflecting 11.5 percent growth at the midpoint of the range.

"Strong performance across our businesses allowed Abbott to continue to deliver superior results," said Miles D. White, chairman and chief executive officer, Abbott. "We also experienced strong growth in emerging markets and success in our broad-based pipeline, including several new product approvals, regulatory submissions and clinical trial initiations."

The following is a summary of third-quarter 2011 sales by major business category.

 
                                       Sales ($ in millions)
                                     U.S.     Int'l     Total
 
    Total Sales                     4,088    5,729       9,817
 
    Durable Growth:
 
    Nutritionals                      682      855       1,537
 
    Established Pharmaceuticals (a)    --    1,389       1,389
 
    Core Laboratory Diagnostics       158      681         839
 
    Diabetes Care                     146      208         354
 
    Point of Care Diagnostics          57       17          74
 
    Subtotal                        1,043    3,150       4,193
 
    Proprietary Pharmaceuticals     2,420    1,878       4,298
 
    Innovation-Driven Devices:
 
    Vascular                          389      439         828
 
    Medical Optics                     97      172         269
 
    Molecular Diagnostics              54       57         111
 
    Subtotal                          540      668       1,208
 
    Other Sales (b)                    85       33         118
 
 
                                             % Change vs. 3Q10
                                                   Int'l
                                      U.S.     Operational     Reported
 
    Total Sales                        5.8             9.6         19.1
 
    Durable Growth:
 
    Nutritionals                       9.0            10.0         15.7
 
    Established Pharmaceuticals (a)   n/a             13.1         22.6
 
    Core Laboratory Diagnostics        4.4             4.4         13.3
 
    Diabetes Care                      8.3             2.6         13.5
 
    Point of Care Diagnostics          6.7             8.6         14.8
 
    Subtotal                           8.0             9.5         17.9
 
    Proprietary Pharmaceuticals        6.9            11.8         23.2
 
    Innovation-Driven Devices:
 
    Vascular                         (5.5)             4.7         15.8
 
    Medical Optics                   (6.8)             6.4         14.8
 
    Molecular Diagnostics             15.9             8.8         18.6
 
    Subtotal                         (3.9)             5.5         15.8
 
    Other Sales (b)                   18.4           (18.5)       (17.9)
 
 
                                           % Change vs. 3Q10
                                                 Total
                                     Operational        Reported
 
    Total Sales                              7.9            13.2
 
    Durable Growth:
 
    Nutritionals                             9.5            12.6
 
    Established Pharmaceuticals (a)         13.1            22.6
 
    Core Laboratory Diagnostics              4.4            11.5
 
    Diabetes Care                            5.0            11.3
 
    Point of Care Diagnostics                7.1             8.4
 
    Subtotal                                 9.1            15.3
 
    Proprietary Pharmaceuticals              8.9            13.5
 
    Innovation-Driven Devices:
 
    Vascular                               (0.6)             4.7
 
    Medical Optics                           1.0             6.0
 
    Molecular Diagnostics                   12.2            17.2
 
    Subtotal                                 0.8             6.0
 
    Other Sales (b)                          5.0             5.3
    Notes:   1) See "Consolidated Statement of Earnings" for more
             information.
             2) "Operational" growth reflects percentage change over the
             prior year excluding the impact of exchange rates.
 
    (a) Established Pharmaceuticals includes sales of branded generics
        outside of the United States.
    (b) Includes sales primarily from Contract Pharmaceutical Manufacturing
        and Animal Health.
 
    n/a = Not applicable
 

The following is a summary of nine-month 2011 sales by major business category.

 
                                               
                                       Sales ($ in millions)
                                     U.S.     Int'l     Total
 
    Total Sales                     11,543    16,931    28,474
 
    Durable Growth:
 
    Nutritionals                     1,974     2,476     4,450
 
    Established Pharmaceuticals (a)     --     4,024     4,024
 
    Core Laboratory Diagnostics        464     2,044     2,508
 
    Diabetes Care                      407       606     1,013
 
    Point of Care Diagnostics          172        50       222
 
    Subtotal                         3,017     9,200    12,217
 
    Proprietary Pharmaceuticals      6,649     5,593    12,242
 
    Innovation-Driven Devices:
 
    Vascular                         1,173     1,334     2,507
 
    Medical Optics                     298       528       826
 
    Molecular Diagnostics              145       171       316
 
    Subtotal                         1,616     2,033     3,649
 
    Other Sales (b)                    261       105       366
 
 
                                               % Change vs. 9M10
                                                     Int'l
                                      U.S.     Operational     Reported
 
    Total Sales                        5.8            11.8         18.5
 
    Durable Growth:
 
    Nutritionals                       1.4            10.0         15.1
 
    Established Pharmaceuticals (a)    n/a            24.3         31.3
 
    Core Laboratory Diagnostics        4.5             3.5          9.7
 
    Diabetes Care                      6.0             2.4          9.4
 
    Point of Care Diagnostics         10.2            10.4         15.3
 
    Subtotal                           2.9            13.5         19.8
 
    Proprietary Pharmaceuticals        9.2            10.2         17.4
 
    Innovation-Driven Devices:
 
    Vascular                         (7.0)            12.0         20.2
 
    Medical Optics                   (2.0)             2.4         10.1
 
    Molecular Diagnostics              8.0            17.8         24.8
 
    Subtotal                         (5.0)             9.8         17.8
 
    Other Sales (b)                   40.6          (17.9)       (17.0)
 
 
                                           % Change vs. 9M10
                                                 Total
                                     Operational        Reported
 
    Total Sales                              9.2            13.0
 
    Durable Growth:
 
    Nutritionals                             5.9             8.6
 
    Established Pharmaceuticals (a)         24.3            31.3
 
    Core Laboratory Diagnostics              3.7             8.7
 
    Diabetes Care                            3.8             8.0
 
    Point of Care Diagnostics               10.2            11.3
 
    Subtotal                                10.7            15.2
 
    Proprietary Pharmaceuticals              9.6            12.8
 
    Innovation-Driven Devices:
 
    Vascular                                 1.9             5.7
 
    Medical Optics                           0.7             5.4
 
    Molecular Diagnostics                   12.9            16.4
 
    Subtotal                                 2.5             6.5
 
    Other Sales (b)                         16.9            17.3
     Notes:  1) See "Consolidated Statement of Earnings" for more
                information.
             2) "Operational" growth reflects percentage change over the
                prior year excluding the impact of exchange rates.
 
    (a) Established Pharmaceuticals includes sales of branded generics
        outside of the United States.
    (b) Includes sales primarily from Contract Pharmaceutical Manufacturing
        and Animal Health.
 
    n/a = Not applicable
 

The following is a summary of third-quarter 2011 sales for select products.

 
                                             
                                    Sales ($ in  millions)
                                   U.S.     Int'l     Total
 
    HUMIRA                           894    1,217     2,111
 
    Pediatric Nutritionals           322      495       817
 
    Adult Nutritionals               355      360       715
 
    Coronary Stents                  243      278       521
 
    TRILIPIX/TriCor (fenofibrate)    346       73       419
 
    Kaletra                           81      216       297
 
    Niaspan                          245       --       245
 
    Lupron                           146       67       213
 
    Synthroid                        130       30       160
 
 
                                             % Change vs. 3Q10
                                                    Int'l
                                   U.S.        Operational    Reported
 
    HUMIRA                          18.1              18.6        32.0
 
    Pediatric Nutritionals          23.5              13.9        18.4
 
    Adult Nutritionals             (1.1)               4.8        12.1
 
    Coronary Stents                (6.2)               2.5        13.0
 
    TRILIPIX/TriCor (fenofibrate)    1.3               1.1         7.7
 
    Kaletra                        (7.1)            (16.5)      (10.3)
 
    Niaspan                          8.9               n/a         n/a
 
    Lupron                          17.6             (5.9)         3.1

    Synthroid                        9.6              16.0        23.7
 
 
                                        % Change vs. 3Q10
                                              Total
                                   Operational     Reported
 
    HUMIRA                                18.4         25.7
 
    Pediatric Nutritionals                17.6         20.4
 
    Adult Nutritionals                     1.6          5.1
 
    Coronary Stents                      (1.9)          3.2
 
    TRILIPIX/TriCor (fenofibrate)          1.3          2.4
 
    Kaletra                             (14.0)         (9.4)
 
    Niaspan                                8.9          8.9
 
    Lupron                                 9.6         12.7
 
    Synthroid                             10.7         12.0
 

The following is a summary of nine-month 2011 sales for select products.

 
                                      Sales ($ in millions)
                                     U.S.    Int'l     Total
 
    HUMIRA                          2,349    3,405     5,754
 
    Pediatric Nutritionals            931    1,420     2,351
 
    Adult Nutritionals              1,030    1,056     2,086
 
    Coronary Stents                   721      849     1,570
 
    TRILIPIX/TriCor (fenofibrate)     963      246     1,209
 
    Kaletra                           226      656       882
 
    Niaspan                           718       --       718
 
    Lupron                            401      201       602
 
    Synthroid                         387       87       474
 
 
                                             % Change vs. 9M10
                                                     Int'l
                                    U.S.     Operational   Reported
 
    HUMIRA                           17.7           18.6       27.3
 
    Pediatric Nutritionals            2.9           10.6       14.8
 
    Adult Nutritionals                1.9            9.2       15.4
 
    Coronary Stents                 (9.7)           13.6       22.3
 
    TRILIPIX/TriCor (fenofibrate)     2.7           44.0       52.2
 
    Kaletra                        (10.6)           (5.7)      (0.9)
 
    Niaspan                          12.2            n/a        n/a
 
    Lupron                           13.6           (3.8)       2.9
 
    Synthroid                        21.0            8.8       15.8
 
 
                                        % Change vs. 9M10
                                              Total
                                   Operational     Reported
 
    HUMIRA                                18.2         23.2
 
    Pediatric Nutritionals                 7.4          9.8
 
    Adult Nutritionals                     5.3          8.3
 
    Coronary Stents                        1.2          5.2
 
    TRILIPIX/TriCor (fenofibrate)          8.8         10.0
 
    Kaletra                              (7.0)        (3.5)
 
    Niaspan                               12.2         12.2
 
    Lupron                                 7.4          9.8
 
    Synthroid                             18.7         20.0
    Notes: 1) See "Consolidated Statement of Earnings" for more information.
           2) "Operational" growth reflects percentage change over the prior
           year excluding the impact of exchange rates.
 
    n/a = Not applicable
 

Business Highlights

Reported Positive Top-Line Results From Daclizumab Multiple Sclerosis Trial
Announced positive top-line results from SELECT, a global, registrational Phase 2b clinical trial designed to evaluate the investigational biologic daclizumab in people with relapsing-remitting multiple sclerosis over one year. The study demonstrated significant reductions in annualized relapse rate and met key secondary endpoints.

Received U.S. Approval for ALK Genetic Test and Launched Test in Europe
Received approval from the U.S. Food and Drug Administration (FDA) for a new molecular diagnostic test designed to detect rearrangements of the anaplastic lymphoma kinase (ALK) gene in non-small-cell lung cancer (NSCLC). The new Abbott Vysis ALK Break Apart FISH Probe test is designed to identify ALK-positive NSCLC patients for Pfizer's approved NSCLC therapy, XALKORI® (crizotinib), an oral first-in-class ALK inhibitor. Abbott also announced the launch of its ALK test in Europe and New Zealand.

Received FDA Approval for Two Three-Month Strengths of Lupron Depot-PED
The FDA approved two new strengths for three-month administration of Lupron Depot-PED® (leuprolide acetate for depot suspension), expanding dosing options for children with central precocious puberty.

Initiated Two Clinical Trials for ABSORB Bioresorbable Vascular Scaffold (BVS)
Announced the initiation of ABSORB BTK, an international clinical trial evaluating the safety and efficacy of the ABSORB™ BVS for the treatment of below-the-knee (BTK) critical limb ischemia, a severe form of peripheral artery disease. Additionally, the first patient in Japan has been treated with Abbott's ABSORB BVS as part of the ABSORB EXTEND clinical trial, which is now enrolling patients in 20 countries in Europe, Latin America and Asia Pacific.

Announced Expansion of Nutrition Manufacturing Capacity in China
Abbott will build a state-of-the-art nutrition manufacturing facility in Jiaxing, China to meet growing demand. The facility represents Abbott's largest investment in China to date and will manufacture premium powdered milk products for Chinese infants and children.

Received FDA Approval for RX Herculink Elite Renal Stent System
The FDA approved Abbott's RX Herculink Elite® Renal Stent System for the treatment of renal artery stenosis in patients with uncontrolled hypertension.

Announced Plans for New Formulations of Two HIV Medicines
Announced plans to develop two new formulations of Kaletra® (lopinavir/ritonavir) and Norvir® (ritonavir) for people living with HIV-1. Abbott is currently investigating a new powder formulation of Norvir as well as a co-formulation of three HIV medicines - lopinavir, ritonavir and 3TC (lamivudine).

Received CE Mark for Healon EndoCoat Protective Gel for Cataract Surgery
Expanded the Healon® family of ophthalmic viscosurgical devices (OVDs) with the European CE Mark of Healon EndoCoat OVD. The product is intended for use as a surgical aid in cataract extraction, intraocular lens (IOL) implantation, corneal transplantation, and glaucoma filtration surgery.

Abbott confirms double-digit ongoing earnings-per-share growth for 2011

Abbott is confirming its guidance for double-digit ongoing earnings-per-share growth for the full-year 2011 and is narrowing its previous guidance range. Abbott's ongoing earnings-per-share guidance for full-year 2011 is $4.64 to $4.66, excluding specified items, reflecting 11.5 percent growth at the midpoint.

Abbott forecasts specified items for the full-year 2011 of approximately $1.54 per share, primarily associated with a $1.5 billion pre-tax reserve related to previously disclosed litigation, acquisition integration/cost reduction initiatives, other litigation reserves, and in-process R&D, partially offset by the favorable impact of the resolution of various international and U.S. tax positions. Including these specified items, projected earnings per share under Generally Accepted Accounting Principles (GAAP) would be $3.10 to $3.12 for the full-year 2011.

Abbott declares 351st quarterly dividend

On Sept. 15, 2011, the board of directors of Abbott declared the company's quarterly common dividend of 48 cents per share. The cash dividend is payable Nov. 15, 2011, to shareholders of record at the close of business on Oct. 14, 2011. This marks the 351st 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 nearly 90,000 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.

-Private Securities Litigation Reform Act of 1995 -

A Caution Concerning Forward-Looking Statements

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, 2010, 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.

 
                      Abbott Laboratories and Subsidiaries
                       Consolidated Statement of Earnings 
                 Third Quarter Ended September 30, 2011 and 2010 
                      (in millions, except per share data) 
                                   (unaudited)
 
                                               2011       2010   % Change
 
    Net Sales                               $ 9,817    $ 8,675      13.2
 
    Cost of products sold                     3,973      3,742       6.2  1)
    Research and development                  1,010      1,079      (6.4) 2)
    Selling, general and administrative       4,239      2,673      58.6  3)
    Total Operating Cost and Expenses         9,222      7,494      23.1
 
    Operating earnings                          595      1,181     (49.6)
 
    Net interest expense                        104        133     (22.5)
    Net foreign exchange (gain) loss            (5)        (21)      n/m
    Other (income) expense, net                 (5)          5       n/m
    Earnings before taxes                       501      1,064     (52.9)
    Taxes on earnings                           198        173      14.4
    Net Earnings                              $ 303      $ 891     (66.0)
 
    Net Earnings Excluding Specified Items,
    as described below                      $ 1,850    $ 1,632      13.4  4)
 
    Diluted Earnings per Common Share        $ 0.19     $ 0.57     (66.7)
 
    Diluted Earnings Per Common Share,
    Excluding Specified Items,
    as described below                       $ 1.18     $ 1.05      12.4  4)
 
    Average Number of Common Shares
    Outstanding Plus Dilutive
    Common Stock Options and Awards           1,568      1,554
 
    1)          2011 Cost of products sold includes approximately $415
                million of non-cash intangible amortization.
 
    2)          Research and development expense as reported in both periods
                was impacted by specified items as noted in Footnote 4.
                Excluding specified items, ongoing research and development
                expense increased 8.2 percent.
 
    3)          2011 Selling, general and administrative expense includes
                $1.5 billion of litigation reserves related to ongoing
                settlement discussions in the previously disclosed
                investigation by the U.S. Department of Justice, through the
                U.S. Attorney for the Western District of Virginia, related
                to Depakote. The discussions are ongoing, and until
                concluded, there can be no certainty about definitive
                resolution.
 
    4)          2011 Net Earnings Excluding Specified Items excludes
                after-tax charges of $1.4 billion, or $0.92 per share,
                related to litigation reserves (see Footnote 3 above), $75
                million, or $0.05 per share, associated with the acquisition
                of Solvay Pharmaceuticals and $78 million, or $0.05 per
                share, for previously announced cost reduction initiatives
                and other. These items were partially offset by a favorable
                adjustment to tax expense of $51 million, or $0.03 per share,
                as a result of the resolution of various prior years'
                international and U.S. tax positions.
 
                2010 Net Earnings Excluding Specified Items excludes
                after-tax charges of $513 million, or $0.33 per share,
                associated primarily with the acquisition of Solvay
                Pharmaceuticals, including restructuring plans, as well as
                cost reduction initiatives, $70 million, or $0.05 per share,
                for costs of a nutritional product recall and the withdrawal
                of sibutramine, and $158 million, or $0.10 per share, for
                impairment of the intangible asset related to sibutramine.
 
    NOTE: See attached questions and answers section for further explanation
    of Consolidated Statement of Earnings line items.
 
    n/m = Percent change is not meaningful.
 
 
                      Abbott Laboratories and Subsidiaries 
                       Consolidated Statement of Earnings 
                  Nine Months Ended September 30, 2011 and 2010 
                      (in millions, except per share data) 
                                   (unaudited)
 
                                              2011        2010    % Change
 
    Net Sales                             $ 28,474    $ 25,199       13.0
 
    Cost of products sold                   11,702      10,620       10.2  1)
    Research and development                 2,978       2,667       11.7
    Acquired in-process research and
    development                                273          75        n/m
    Selling, general and administrative      9,851       7,579       30.0  1)
    Total Operating Cost and Expenses       24,804      20,941       18.4
 
    Operating earnings                       3,670       4,258      (13.8)
 
    Net interest expense                       343         319        7.6
    Net foreign exchange (gain) loss          (48)           8        n/m
    Other (income) expense, net                130         (14)       n/m  2)
    Earnings before taxes                    3,245       3,945      (17.7)
    Taxes on earnings                          135         760        n/m  3)
    Net Earnings                           $ 3,110     $ 3,185       (2.4)
 
    Net Earnings Excluding Specified
    Items, as described below              $ 5,037     $ 4,476       12.5  4)
 
    Diluted Earnings per Common Share       $ 1.98      $ 2.04       (2.9)
 
    Diluted Earnings Per Common Share,
    Excluding Specified Items,
    as described below                      $ 3.21      $ 2.87       11.8  4)
 
    Average Number of Common Shares
    Outstanding Plus Dilutive
    Common Stock Options and Awards          1,564       1,556
 
    1)          2011 Cost of products sold includes approximately $1.3
                billion of non-cash intangible amortization. 2011 Selling,
                general and administrative expense includes $1.5 billion of
                litigation reserves related to ongoing settlement discussions
                in the previously disclosed investigation by the U.S.
                Department of Justice, through the U.S. Attorney for the
                Western District of Virginia, related to Depakote. The
                discussions are ongoing, and until concluded, there can be no
                certainty about definitive resolution.
 
    2)          Other (income) expense, net for 2011 includes a charge of
                $137 million for the impact of Abbott's change to a calendar
                year end for the international operations that were
                previously reported on a November 30 year-end. This is being
                treated as a specified item as noted below.
 
    3)          2011 Taxes on earnings includes a favorable adjustment to tax
                expense of $570 million, or $0.36 per share, as a result of
                the resolution of various prior years' international and U.S.
                tax positions. This favorable item is classified as a
                specified item and excluded from ongoing results, as
                discussed below.
 
    4)          2011 Net Earnings Excluding Specified Items excludes
                after-tax charges of $1.4 billion, or $0.92 per share,
                related to litigation reserves (see Footnote 1 above), $216
                million, or $0.14 per share, associated with the acquisition
                of Solvay Pharmaceuticals, $109 million, or $0.07 per share,
                for previously announced restructuring in the pharmaceutical
                business, $161 million, or $0.10 per share, for previously
                announced cost reduction initiatives and other, $137 million,
                or $0.09 per share, for the 2009 and 2010 impact of the
                change to a calendar year end for international operations,
                $273 million, or $0.17 per share, relating to acquired
                in-process research and development related to the Reata and
                Biotest collaborations, $76 million, or $0.05 per share, for
                the impairment of an R&D intangible asset, and $80 million,
                or $0.05 per share, for other litigation reserves. These
                items were partially offset by a favorable adjustment from
                the resolution of prior years' international and U.S. tax
                positions for $570 million, or $0.36 per share.
 
                2010 Net Earnings Excluding Specified Items excludes
                after-tax charges of $689 million, or $0.44 per share,
                associated primarily with the acquisition of Solvay
                Pharmaceuticals, including restructuring plans, as well as
                cost reduction initiatives, $115 million, or $0.07 per share,
                for the one-time impact of the devaluation of the Venezuelan
                bolivar on balance sheet translation, $75 million, or $0.05
                per share, relating to acquired in-process research and
                development related to the Neurocrine collaboration, $106
                million, or $0.07 per share, for a litigation reserve, $60
                million, or $0.04 per share, for specific health care reform
                impact on deferred tax assets, $88 million, or $0.06 per
                share, for costs of a nutritional product recall and the
                withdrawal of sibutramine, and $158 million, or $0.10 per
                share, for impairment of the intangible asset related to
                sibutramine.
 
    n/m = Percent change is not meaningful.
 

Questions & Answers

Q1) What drove the strong sales growth?

A1)  Beginning this year, we have characterized Abbott's major businesses into three categories, based on their underlying attributes. These include:

  • Proprietary Pharmaceuticals, including our U.S. and international proprietary pharmaceutical products. We globalized this business, creating one global division to allow for streamlined commercial efforts and coordination between functions.  
  • Durable Growth Businesses, including Nutritionals, Established Pharmaceuticals, Core Laboratory Diagnostics, Diabetes Care and Point of Care Diagnostics. These businesses are less dependent on significant R&D investment, have minimal patent risk, and operate in generally stable markets, with many products paid for directly by the consumer.
  • Innovation-Driven Device Businesses, including Vascular, Medical Optics and Molecular Diagnostics. These businesses have a relatively lower patent risk, and require a moderate level of R&D spend, resulting in new products that generate more significant revenue and profit contribution.

Proprietary Pharmaceuticals sales increased 13.5 percent, including 4.6 percent from favorable foreign exchange, driven by strong growth across a number of key franchises in the United States and internationally. HUMIRA® was a significant contributor to growth in the quarter with U.S. sales growth of 18.1 percent and International sales growth of 32.0 percent, including 13.4 percent favorable foreign exchange. Double-digit sales growth for Lupron® and Synthroid® also contributed to the quarter.

Durable Growth Business sales increased 15.3 percent, including 6.2 percent favorable foreign exchange, driven by Established Pharmaceuticals and Nutritionals, as well as steady sales growth in our Core Laboratory Diagnostics, Diabetes Care and Point of Care Diagnostics businesses. Established Pharmaceuticals sales, which include sales of our branded generics pharmaceuticals outside of the United States, increased 22.6 percent. Worldwide Nutritional products sales growth was 12.6 percent, with 15.7 percent growth in International Nutritionals.

Innovation-Driven Devices sales increased 6.0 percent, including 5.2 percent favorable foreign exchange, driven by 17.2 percent growth in Molecular Diagnostics, 15.8 percent growth in International Vascular and 6.0 percent growth in Medical Optics.

Q2) What were emerging markets sales?

A2)  Abbott total-company emerging-markets sales were $2.6 billion, up 21.0 percent in the quarter, reflecting strong growth across all divisions. In our Established Pharmaceuticals business, we saw strong performance in Russia, India and China. In Nutritionals, we saw particularly strong growth in Asia and Latin America, where we are expanding our presence and gaining share with the introduction of new products.

In our Diagnostics business, we continue to perform well in China, where we are placing new ARCHITECT® systems and continuing to penetrate the market. And, in our Vascular business, we saw strong growth across all key emerging markets, driven by double-digit procedure volumes in many of these markets, as well as Abbott market share gains.  

Q3) What was the gross margin ratio in the quarter?

A3)  The gross margin ratio before and after specified items is shown below (dollars in millions):

 
                                                              3Q11
                                                  Cost of             Gross 
                                                  Products   Gross    Margin 
                                                    Sold     Margin   %
    As reported (GAAP)                            $3,973     $5,844    59.5%
    Adjusted for specified items:
    Restructuring/integration (acquisitions and
    other/cost reductions)                          ($86)       $86     0.9%
    As adjusted                                   $3,887     $5,930    60.4%
 

The adjusted gross margin ratio of 60.4 percent in the third quarter was above our previous outlook for the quarter, driven by favorable product mix.

Q4) What drove ongoing SG&A and R&D investment?

A4)  Both ongoing SG&A and R&D investment reflect Abbott's continued investment in programs to drive future growth. Ongoing R&D expense as a percentage of sales was 10.1 percent, reflecting continued investment in Abbott's broad-based pipeline, including programs in vascular devices, immunology, neuroscience, oncology and HCV.

Q5) What was the tax rate?

A5)  The ongoing tax rate this quarter was 15.2 percent, in line with Abbott's previous forecast.

 
                                          3Q11
                              Pre-Tax    Taxes on      Tax
                              Income     Earnings     Rate
    As reported                  $501      $198       39.6%
    Specified items            $1,680      $133        7.9%
    Excluding specified items  $2,181      $331       15.2%
 

Q6) How did specified items affect reported results?

A6)  Specified items impacted third-quarter results as follows:

 
                                                                3Q11
    (dollars in millions, except earnings-per-share)      Earnings
                                                        Pre-  After-
 
                                                       tax     tax      EPS
    As reported (GAAP)                                 $501    $303    $0.19
    Adjusted for specified items:
    Litigation reserves                              $1,500  $1,445    $0.92
    Resolution of tax positions                          --    ($51)  ($0.03)
    Restructuring/integration (acquisitions and
    other/cost reductions)                             $180    $153    $0.10
    As adjusted                                      $2,181  $1,850    $1.18
 

Litigation reserves relate to ongoing settlement discussions in the previously disclosed investigation by the U.S. Department of Justice, through the U.S. Attorney for the Western District of Virginia, related to Depakote. The discussions are ongoing, and until concluded, there can be no certainty about definitive resolution. Restructuring/integration (acquisitions and other/cost reductions) is primarily associated with restructuring and integration costs for the Solvay Pharmaceuticals acquisition. This item also includes previously announced cost reduction initiatives to improve efficiencies in the pharmaceutical, vascular, and core laboratory diagnostics businesses.

2011 Taxes on earnings includes a favorable adjustment to tax expense of $51 million, or $0.03 per share, as a result of the resolution of various prior years' international and U.S. tax positions. The impact of the remaining specified items by Consolidated Statement of Earnings line item is as follows (dollars in millions):

 
                                                    3Q11
                                   Cost of                         Other 
                                   Products                      (Income)/ 
                                     Sold       R&D       SG&A    Expense
    As reported (GAAP)              $3,973    $1,010    $4,239      ($5)
    Adjusted for specified
    items:
    Litigation reserves                                ($1,500)
    Restructuring/integration
    (acquisitions and other/
    cost reductions)                  ($86)     ($18)     ($65)    ($11)
    As adjusted                     $3,887      $992    $2,674     ($16)
 

Q7) What are the key areas of focus in Abbott's broad-based pipeline?

A7)  We continue to advance our broad-based pipeline. In 2011, we have launched several new products or indications, including variations of Lupron Depot, Androgel® 1.62%, Creon® infant-specific dosage, XIENCE nano™, TREK® Coronary Balloon System, the RX Herculink Elite Renal Stent System, our ALK gene molecular diagnostics test and the FreeStyle® InsuLinx Blood Glucose Monitoring System. We advanced elotuzumab and bardoxolone into Phase 3 development and submitted XIENCE PRIME™ and HUMIRA ulcerative colitis (UC) for regulatory review. Following are highlights from breakthrough research across our pharmaceuticals, medical products and nutritionals pipelines:

  • Hepatitis C
    • Abbott's antiviral program is focused on developing treatments for hepatitis C (HCV), a disease that affects more than 180 million people worldwide, with approximately 3 to 4 million people newly infected each year. Abbott's broad-based HCV programs include its partnership with Enanta Pharmaceuticals to discover protease inhibitors, as well as its internal programs focused on additional viral targets.
    • Abbott currently has three mechanisms of action in Phase 2 clinical trials, including protease, polymerase and NS5A inhibitors. Abbott is evaluating combinations of these compounds, both with and without the current standard of care, a strategy that has the potential to markedly transform current treatment practices by shortening therapy duration, improving tolerability and increasing cure rates.
  • Chronic Kidney Disease
    • Bardoxolone, an investigational treatment for chronic kidney disease (CKD), is a first-in-class anti-inflammatory and anti-oxidant that activates Nrf2, a pathway involved in the progression of CKD. A Phase 2b study was completed, and a global Phase 3 trial was recently initiated. Abbott's agreement with Reata Pharmaceuticals includes international rights to bardoxolone, excluding certain Asian markets.
  • Women's Health
    • Elagolix, a novel, first-in-class oral gonadotropin-releasing hormone (GnRH) is in development for the treatment of endometriosis-related pain and fibroids. A Phase 2 study in endometriosis was recently completed. Abbott is working in partnership with Neurocrine to finalize the Phase 3 study design in endometriosis and a Phase 2 study in uterine fibroids was recently initiated.
  • Neuroscience / Pain
    • Abbott is conducting innovative research in neuroscience, where it has developed compounds that target receptors in the brain that help regulate mood, memory and other neurological functions. Abbott has more than a dozen new molecular entities in clinical trials for conditions such as schizophrenia, pain, Alzheimer's disease, Parkinson's disease and multiple sclerosis (MS).
    • Abbott's neuroscience pipeline includes a novel, next-generation antibody, daclizumab, which entered Phase 3 development in 2010 for MS. We announced, with partner Biogen Idec, positive top-line results from SELECT, a global, registrational Phase 2b clinical trial designed to evaluate the investigational compound daclizumab high-yield process in people with relapsing-remitting multiple sclerosis over one year. The study demonstrated significant reductions in annualized relapse rate and met key secondary endpoints.
    • Abbott is pursuing compounds that could provide relief across a broad spectrum of pain states, such as chronic back pain, postoperative pain and cancer pain.
  • Oncology
    • Abbott's oncology pipeline includes therapies that represent promising, unique scientific approaches to treating cancer. Abbott is focused on the development of targeted treatments that inhibit tumor growth and improve response to common cancer therapies. Abbott currently has 11 new molecular entities in human trials for cancer.
    • The oncology pipeline includes: Elotuzumab, an anti-CD37 antibody; ABT-869, a multi-targeted kinase inhibitor; ABT-263, a Bcl-2/Bcl-xl protein antagonist; ABT-199, a Bcl-2 selective antagonist; and ABT-888, a PARP-inhibitor. Each is being studied in a variety of cancers. Additionally, Abbott is evaluating a number of other promising mechanisms, including work on EGFR, CD37, aurora kinase and cMET, among others.
    • Abbott also has several oncology collaborations, including elotuzumab, currently in Phase 3 development for multiple myeloma.
  • Immunology
    • Abbott's scientific experience with the anti-TNF biologic HUMIRA serves as a strong foundation for its continuing research in immunology. Abbott is developing a number of additional indications for HUMIRA and is working to advance its early discovery programs, including oral DMARD therapies, and other potential biologic targets. Earlier this year we submitted U.S. and European regulatory applications for HUMIRA as a treatment for UC.
    • Our agreement with Biotest brings Abbott rights to develop and commercialize BT-061, a novel anti-CD4 biologic in Phase 2 development for rheumatoid arthritis and psoriasis.
    • Additionally, Abbott's proprietary DVD-Ig technology represents an innovative approach that can target multiple disease-causing antigens with a single biologic agent. This technology could lead to combination biologics for complex conditions such as cancer or rheumatoid arthritis, where multiple pathways are involved in the disease. We expect this program to move into Phase 1 clinical trials by year end.
  • Molecular Diagnostics
    • Abbott expects to launch more than 15 new molecular diagnostic products over the next few years, including several novel oncology and infectious disease assays. In 2011, Abbott received U.S. FDA approval and CE Mark for an ALK gene rearrangement test for non-small-cell lung cancer to be used in combination with Pfizer's XALKORI (crizotinib), an oral first-in-class anaplastic lymphoma kinase (ALK) inhibitor. Abbott also recently received FDA clearance for the Vysis EGR1 FISH Probe Kit to aid in determining the prognosis of patients with acute myeloid leukemia and chronic lymphocytic leukemia. Additionally, Abbott received FDA approval for the Abbott RealTimePCR HCV assay for measuring viral load, or the amount of hepatitis C virus in a patient's blood, as well as CE Mark for a new test to detect cytomegalovirus (CMV), a virus that can lead to complications in transplant patients and people who are immunocompromised.
  • Diagnostics
    • Abbott has launched a number of key assays on its ARCHITECT immunochemistry platform, which will significantly broaden its industry-leading menu. These tests include assays to assess ovarian cancer, vitamin deficiencies, and the first HIV combination assay approved for use in the United States. Future growth for the Core Laboratory Diagnostics business will be driven by differentiated analyzers and comprehensive automation and informatics solutions to provide high-quality results and information while enhancing laboratory productivity and reducing costs.
  • Vascular Devices
    • Abbott has one of the industry's most robust vascular pipelines and expects to deliver approximately 20 new coronary, endovascular and structural heart technologies over the next five years. Abbott is working on well-staged incremental advances, and truly game-changing technologies that have the ability to restate the market.
    • ABSORB Bioresorbable Vascular Scaffold (BVS) - Abbott received CE Mark in Europe for the world's first drug-eluting BVS for the treatment of coronary artery disease. ABSORB restores blood flow by opening a clogged vessel and providing support to the vessel until the device dissolves, leaving patients with a treated vessel free of a permanent metallic implant. Abbott has the most advanced BVS clinical program in the industry. Abbott recently initiated ABSORB BTK, an international clinical trial evaluating the safety of the ABSORB BVS for the treatment of below-the-knee (BTK) critical limb ischemia, a severe form of peripheral artery disease. Also, the company continues to expand clinical study of ABSORB to additional countries through the ABSORB EXTEND trial. Patients were recently treated with ABSORB for the first time in Japan, Hong Kong and Brazil.
    • MitraClip - MitraClip® is a minimally invasive device for the treatment of select patients with mitral regurgitation (MR), the most common valve disease in the world. Significant MR affects more than 8 million people in the United States and Europe, and is four times more prevalent than aortic stenosis. Abbott's MitraClip system is on the market in Europe and a number of other countries and is currently under U.S. FDA review.  
    • Next-generation DES - Abbott has several next-generation DES platforms in development. Our XIENCE nano DES for small vessels launched in the United States in 2011. XIENCE PRIME, our next-generation drug-eluting stent (DES), offers improved deliverability, especially in long lesions. XIENCE PRIME is on the market in Europe with an expected U.S. launch in early 2012. Our ultra-thin DES is also in development. It's designed to improve clinical outcomes by reducing vessel injury upon deployment, enabling faster healing and improved deliverability in complex anatomy.
    • Core Coronary products - Abbott is continuing to expand its position in the more-than-$2 billion core coronary market. Abbott launched its next-generation balloon dilatation catheter, TREK®, in Europe last year and in the United States and Japan in early 2011, and plans to introduce additional balloon catheter products and next-generation guide wires within the next few years.
    • Endovascular products - Abbott's endovascular business continues to grow, led by recent launches of key products, including the Armada 14 balloon line, the expanded indication for the RX ACCULINK® Carotid Stent System and R&D investments into growth segments of the market for peripheral artery disease and vessel closure. In the United States, we recently launched the RX Herculink Elite Renal Stent System for the treatment of renal artery stenosis in patients with uncontrolled hypertension.
  • Vision Care
    • Abbott expects numerous new products and technology advancements over the next five years, including the launch of a new contact lens solution that is underway in Europe and the United States. In its market-leading LASIK business, Abbott is expanding its proprietary laser platform into new vision correction applications, including cataract surgery. Abbott also continues to expand its premium and standard intraocular lenses (IOL), including Synchrony®, its next-generation IOL approved in Europe and other countries around the world. Synchrony is currently under FDA review in the United States.
  • Nutrition
    • Abbott is focused on improving six areas through nutrition: immunity, cognition, lean body mass, inflammation, metabolism and tolerance. We expect to launch a number of new products and formulations to consumers in 2011 and are currently conducting 30 well-controlled clinical trials to demonstrate proven clinical outcomes with our nutrition innovation. Abbott has introduced several new products, including Ensure® with Revigor™, PediaSure SideKicks™, ZonePerfect® Sweet & Salty nutrition bars and Glucerna® Hunger Smart™ shakes and bars.

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