Abbott Reports Double Digit Earnings Per Share Growth in the Third Quarter - Third-Quarter Ongoing EPS of $1.30 (GAAP EPS of $1.21), an Increase of 10.2 Percent and Exceeding the Company's Quarterly Guidance Range -

- Announces Initiation of Phase 3 HCV Trial Following Positive Phase 2b Results -

- Narrows Full-Year 2012 Ongoing EPS Guidance Range -

- On Track to Separate into Two Leading Health Care Companies on Jan. 1 -

ABBOTT PARK, Ill., Oct. 17, 2012 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2012.

  • Diluted earnings per share, excluding specified items, were $1.30, reflecting 10.2 percent growth, exceeding Abbott's guidance range. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $1.21, including specified items.  
  • Excluding foreign exchange, worldwide sales increased 4.1 percent. Reported sales decreased 0.4 percent, including an unfavorable 4.5 percent effect of foreign exchange.
  • Abbott is announcing the initiation of a Phase 3 clinical trial evaluating our interferon-free hepatitis C (HCV) program in genotype 1 (GT1) patients, following positive results from the Phase 2b Aviator study, the largest and most comprehensive HCV trial to date. Initial results from Aviator showed sustained virological response at 12 weeks post treatment (SVR12) in 99 percent of treatment-naive and 93 percent of null responders for GT1 patients taking a combination of ABT-450/r, ABT-267, ABT-333 and ribavirin.
  • Abbott is narrowing its ongoing earnings-per-share guidance for 2012 to $5.06 to $5.08 from $5.00 to $5.10, reflecting another year of expected strong performance. Including specified items, projected earnings per share under GAAP would be $3.83 to $3.85 for the full-year 2012.

"Abbott delivered another quarter of strong results with ongoing earnings per share up more than 10 percent, despite a challenging global economy," said Miles D. White, chairman and chief executive officer, Abbott. "There were several product launches across pharmaceuticals, vascular and diagnostics, which will contribute to future growth. In addition, we remain on track to separate into two leading health care companies on January 1, 2013."

The following is a summary of Third-Quarter 2012 sales by major business category.







% Change vs. 3Q11





Sales ($ in millions) 3Q12





Int'l



Total





U.S.


Int'l


Total



U.S.


Operational


Reported



Operational


Reported

























Total Sales                    

4,214


5,559


9,773



3.1


4.7


(3.0)



4.1


(0.4)

























Proprietary Pharmaceuticals 

2,600


1,818


4,418



7.4


5.1


(4.1)



6.4


2.4

























Nutritionals 

715


890


1,605



5.0


7.4


4.1



6.3


4.5

























Established Pharmaceuticals 

--


1,272


1,272



n/a


2.3


(7.3)



2.3


(7.3)

























Core Laboratory Diagnostics

162


692


854



2.7


8.3


1.5



7.2


1.7

























Molecular Diagnostics

47


55


102



(13.6)


4.7


(3.4)



(4.3)


(8.4)

























Point of Care Diagnostics

69


17


86



19.3


6.0


3.6



16.3


15.8

























Vasculara

296


447


743



(24.0)a


9.3


2.0



(6.3)a


(10.2)a

























Diabetes Care

135


182


317



(7.1)


(5.5)


(12.5)



(6.2)


(10.3)

























Medical Optics

95


162


257



(1.4)


(1.2)


(5.9)



(1.3)


(4.3)

























Other Sales

95


24


119



12.2


(14.3)


(28.6)



4.7


0.7

























The following is a summary of Nine-Month 2012 sales by major business category.









% Change vs. 9M11





Sales ($ in millions) 9M12





Int'l



Total





U.S.


Int'l


Total



U.S.


Operational


Reported



Operational


Reported

























Total Sales                    

12,115


16,922


29,037



5.0


5.9


(0.1)



5.6


2.0

























Proprietary Pharmaceuticals 

7,138


5,732


12,870



7.4


8.7


1.6



8.0


4.7

























Nutritionals 

2,163


2,592


4,755



9.6


7.2


4.7



8.3


6.9

























Established Pharmaceuticals 

--


3,775


3,775



n/a


2.7


(5.0)



2.7


(5.0)

























Core Laboratory Diagnostics

511


2,080


2,591



10.2


6.8


1.7



7.4


3.3

























Molecular Diagnostics

143


171


314



(1.9)


6.7


0.2



2.7


(0.8)

























Point of Care Diagnostics

203


55


258



17.6


12.7


10.8



16.5


16.1

























Vascularb

945


1,367


2,312



(19.5)b


7.5


2.5



(5.2)b


(7.8)b

























Diabetes Care

418


547


965



2.6


(4.3)


(9.7)



(1.5)


(4.8)

























Medical Optics

299


513


812



0.4


0.7


(2.8)



0.6


(1.6)

























Other Sales

295


90


385



13.5


(7.5)


(14.9)



7.5


5.4

























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

In the third quarter, excluding the expected decline of certain royalty and supply arrangement revenues (including Promus), worldwide operational sales increased 3.9 percent, worldwide reported sales decreased 0.6 percent, and U.S. Vascular sales decreased 5.2 percent.

b

Year to date, excluding the expected decline of certain royalty and supply arrangement revenues (including Promus), worldwide operational sales increased 4.3 percent, worldwide reported sales increased 1.2 percent, and U.S. Vascular sales decreased 1.3 percent.




n/a = Not applicable

The following is a summary of Third-Quarter 2012 sales for select products.








% Change vs. 3Q11





Sales ($ in millions) 3Q12




Int'l


Total





U.S.


Int'l


Total


U.S.


Operational


Reported


Operational


Reported























HUMIRA

1,135


1,190


2,325


27.0


7.5


(2.2)


15.7


10.1























TRILIPIX/TriCor (fenofibrate)

331


73


404


(4.1)


14.3


3.6


(1.0)


(2.8)























AndroGel

279


8


287


34.1


0.1


(2.6)


32.8


32.7























Kaletra

72


195


267


(11.5)


0.4


(9.3)


(2.9)


(9.9)























Lupron

133


56


189


(9.2)


(9.1)


(14.9)


(9.2)


(11.0)























Niaspan

232


--


232


(5.3)


n/a


n/a


(5.3)


(5.3)























Synthroid

132


25


157


1.5


5.7


(5.9)


2.2


0.2























Creon

92


71


163


5.3


(3.5)


(13.7)


1.0


(4.0)























Pediatric Nutritionals

348


507


855


7.9


5.0


2.5


6.1


4.6























Adult Nutritionals