Abbott Reports Fourth-Quarter and Full-Year 2012 Results - Fourth-Quarter Ongoing EPS of $1.51 (GAAP EPS of $0.66) -

- Full-Year Ongoing EPS of $5.07 (GAAP EPS of $3.72) -

- Completed Launch of AbbVie, a New Biopharmaceutical Company -

- Company Issues Strong Earnings Outlook for 2013 -

ABBOTT PARK, Ill., Jan. 23, 2013 /PRNewswire/ -- Abbott today announced financial results for the fourth quarter ended Dec. 31, 2012.

  • Fourth-quarter diluted earnings per share, excluding specified items, were $1.51. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.66, including specified items.
  • Full-year diluted earnings per share, excluding specified items, were $5.07, exceeding Abbott's initial guidance range. Diluted earnings per share under GAAP were $3.72, including specified items.  
  • Excluding foreign exchange, worldwide sales increased 5.6 percent. Reported sales increased 4.4 percent, including an unfavorable 1.2 percent effect of foreign exchange.
  • On Jan. 1, 2013, Abbott completed the launch of AbbVie, a new research-based biopharmaceutical company.
  • Abbott launched numerous new products across its diversified businesses in 2012, positioning the company well for future growth. Key pipeline innovations include the launch of its Absorb bioresorbable vascular scaffold; the next-generation drug-eluting stent, XIENCE Xpedition; 80 launches across its Nutrition business; new tests in Diagnostics; as well as several new product and geographic expansion initiatives in Established Pharmaceuticals, Diabetes Care and Vision Care.

"In 2012, we achieved a significant milestone in Abbott's 125-year history with the creation of AbbVie while delivering another year of strong results," said Miles D. White, chairman and chief executive officer, Abbott. "Abbott's mix of diversified healthcare businesses and pipeline is favorably aligned with key healthcare and emerging market trends, and well positioned to deliver top-tier growth in 2013."

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









% Change vs. 4Q11




Sales ($ in millions) 4Q12





Int'l



Total




U.S.


Int'l


Total



U.S.


Operational


Reported



Operational


Reported























Total Sales                    

4,669


6,168


10,837



4.4


6.6


4.4



5.6


4.4























Proprietary Pharmaceuticals 

3,020


2,122


5,142



7.6


9.6


7.0



8.5


7.4























Nutritionals 

743


972


1,715



9.4


10.5


10.8



10.0


10.2























Established Pharmaceuticals 

--


1,346


1,346



n/a


0.6


(2.4)



0.6


(2.4)























Core Laboratory Diagnostics

174


734


908



(0.3)


7.2


4.8



5.7


3.8























Molecular Diagnostics

59


72


131



(3.3)


12.5


10.4



4.9


3.8























Point of Care Diagnostics

72


18


90



19.5


(1.0)


(0.8)



14.7


14.7























Vasculara

282


478


760



(24.6)a


8.1


5.7



(6.8)a


(8.1)a























Diabetes Care

150


212


362



9.8


0.6


(1.2)



4.2


3.1























Medical Optics

100


185


285



1.5


1.2


(1.3)



1.4


(0.3)























Other Sales

69


29


98



(14.7)


4.4


2.3



(9.9)


(10.4)























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









% Change vs. 12M11




Sales ($ in millions) 12M12





Int'l



Total




U.S.


Int'l


Total



U.S.


Operational


Reported



Operational


Reported























Total Sales                    

16,784


23,090


39,874



4.8


6.1


1.1



5.5


2.6























Proprietary Pharmaceuticals 

10,158


7,854


18,012



7.4


8.9


3.0



8.2


5.5























Nutritionals 

2,907


3,564


6,471



9.5


8.1


6.3



8.7


7.7























Established Pharmaceuticals 

--


5,121


5,121



n/a


2.1


(4.4)



2.1


(4.4)























Core Laboratory Diagnostics

685


2,814


3,499



7.3


6.9


2.5



7.0


3.4























Molecular Diagnostics

201


244


445



(2.3)


8.3


3.0



3.3


0.5























Point of Care Diagnostics

274


74


348



18.1


8.9


7.6



16.0


15.7























Vascularb

1,226


1,845


3,071



(20.7)b


7.6


3.3



(5.6)b


(7.9)b























Diabetes Care

568


759


1,327



4.4


(3.0)


(7.5)



(0.1)


(2.8)























Medical Optics

399


698


1,097



0.7


0.8


(2.4)



0.8


(1.3)























Other Sales

366


117


483



6.7


(5.0)


(11.3)



3.5


1.7























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 fourth quarter, excluding the expected decline of certain royalty and supply arrangement revenues (including Promus), worldwide operational sales increased 0.7 percent, worldwide reported sales decreased 0.9 percent, and U.S. sales decreased 11.7 percent. This decline in U.S. Vascular sales primarily relates to a decrease in XIENCE sales due to market dynamics and the comparison to 4Q11 when XIENCE PRIME was launched.

b

For the full year 2012, excluding the expected decline of certain royalty and supply arrangement revenues (including Promus), worldwide operational sales increased 3.4 percent, worldwide reported sales increased 0.7 percent, and U.S. Vascular sales decreased 3.9 percent.




n/a = Not applicable

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








% Change vs. 4Q11




Sales ($ in millions) 4Q12




Int'l


Total




U.S.


Int'l


Total


U.S.


Operational


Reported


Operational


Reported





















HUMIRA

1,413


1,268


2,681


31.1


17.9


15.2


24.5


23.1





















TRILIPIX/TriCor (fenofibrate)

202


67


269


(50.7)


(3.7)


(5.2)


(43.7)


(43.9)





















AndroGel

364


9


373


40.5


7.5


10.1


39.5


39.6





















Kaletra

83


167


250


(17.0)


(9.4)


(11.4)


(12.1)


(13.4)





















Lupron

155


56


211


11.3


(17.4)


(18.1)


1.8


1.6





















Niaspan

277


--


277


7.4


n/a


n/a


7.4


7.4





















Synthroid

168


26


194


24.9


7.5


3.4


22.2


21.5





















Creon

105


83


188


3.9


13.8


11.8


8.0


7.2





















Pediatric Nutritionals

366


581


947


8.5


14.1


15.0


11.9


12.4





















Adult Nutritionals

377


391


768


11.5


5.6


5.2


8.4


8.2





















Xience Drug-Eluting Stentsc

128


272


400


(15.3)


12.6


10.3


2.0


0.5





















Other Coronary Productsd

49


101


150


(2.7)


3.0


0.1


1.0


(0.9)





















Endovasculare

59


55


114


(3.2)


11.6


9.6


3.5


2.6