Abbott Highlights Year Of Accomplishments

Abbott CEO Emphasizes Commitment to Scientific Leadership



Apr 27, 2001, 01:00 ET from Abbott Laboratories

    ABBOTT PARK, Ill., April 27 /PRNewswire/ -- At the annual meeting of
 Abbott Laboratories shareholders today, Chairman and Chief Executive Officer
 Miles D. White highlighted the company's recent acquisition of BASF's
 pharmaceutical business; the development of new products; the achievement of
 strategic goals; the strength of core businesses; and the alliance with
 Millennium Pharmaceuticals.
     "The year 2000 was a year of great accomplishments for Abbott
 Laboratories," said Mr. White.  "We delivered decisively on our three most
 important goals: we've taken Abbott's scientific capability to a new level,
 we've refocused our business on high-impact areas of medicine and we've made
 strong entries into new growth markets.  As a result, Abbott is a much
 stronger company today than it was one year ago."
     With the acquisition of BASF's pharmaceutical business, Mr. White said
 that Abbott gained global scientific talent and advanced expertise in
 monoclonal antibody technology, which is responsible for D2E7, a compound
 being studied for rheumatoid arthritis.  It is the first fully human
 monoclonal antibody to enter development and is scheduled to be filed for
 approval next year.  The addition of BASF's pharmaceutical business also
 brought an additional $300 million in pharmaceutical research and development,
 making a total of about $1 billion per year.
     Mr. White also highlighted that the company has an increasingly strong
 pharmaceutical pipeline with approximately 50 compounds in clinical
 development and more than 30 promising compounds in pre-clinical development.
 Currently, ABT-627, a compound also known as atrasentan, is entering Phase III
 clinical trials for prostate cancer.
     In the fast growing area of cardiovascular medicine, Mr. White said that
 Abbott is expanding its vascular medicine franchise to include both medical
 devices and therapeutics and will focus on high growth market segments
 including vessel closure, embolic capture, stents and vascular catheter
 technologies.  The company also is expanding its Perclose operation on a new
 15-acre site in Silicon Valley to serve as an Abbott Research Center for
 cardiovascular medicine.
     Mr. White indicated that in 2001, Abbott will continue to build on the
 momentum and performance of the prior year.  "We've focused sharply on
 Abbott's core purpose: delivering breakthrough medical technologies.  We've
 strengthened our scientific programs to make this happen.  We've increased our
 investment, accessed new technologies and added new talent, facilities and
 capabilities."
     The speech concluded with an update on Abbott's Step Forward program that
 focuses on the children around the world who have been orphaned or made
 vulnerable by AIDS.  In the past year, members of Abbott's team have spent
 time in some of the countries around the world that have been hardest hit by
 HIV and worked with governments, charities and other organizations to help
 these children, and to help slow the spread of the virus through prevention
 and education efforts.  In recent weeks, the company has committed to offer
 its two antiretroviral medications for the treatment of HIV infection,
 Norvir(R) (ritonavir) and Kaletra(TM) (lopinavir/ritonavir), as well as its
 HIV-1/2 rapid test, Determine(TM), to the world's least-developed nations at
 no profit to Abbott.
     During the meeting, shareholders defeated a proposal requesting that the
 company implement a policy of price restraints on pharmaceutical products and
 ratified the selection of Arthur Andersen LLP as auditors of the corporation
 for 2001.
     Abbott's board of directors also were elected during the annual meeting.
 Elected were 13 incumbent directors.  They are:
 
     -- Roxanne S. Austin, corporate senior vice president and chief financial
        officer, Hughes Electronics Corporation;
     -- H. Laurance Fuller, retired co-chairman of the board, BP Amoco p.l.c.;
     -- Jack M. Greenberg, chairman and chief executive officer, McDonald's
        Corporation;
     -- David A. Jones, chairman, Humana Inc.;
     -- Jeffrey M. Leiden, M.D., Ph.D., executive vice president,
        pharmaceuticals and chief scientific officer, Abbott Laboratories;
     -- The Rt. Hon. Lord Owen CH, physician, politician and businessman;
     -- Boone Powell Jr., chairman, Baylor Health Care System;
     -- Addison Barry Rand, former chairman and chief executive officer, Avis
        Group Holdings, Inc.;
     -- W. Ann Reynolds, Ph.D., president, The University of Alabama at
        Birmingham;
     -- Roy S. Roberts, retired group vice president, North American Vehicle
        Sales, Service and Marketing, General Motors Corporation;
     -- William D. Smithburg, retired chairman, president and chief executive
        officer, The Quaker Oats Company;
     -- John R. Walter, chairman of the board, Manpower, Inc.; and
     -- Miles D. White, chairman and chief executive officer, Abbott
        Laboratories.
 
     Abbott Laboratories is a global, diversified health care company devoted
 to the discovery, development, manufacture and marketing of pharmaceuticals,
 nutritionals and medical products, including devices and diagnostics.  The
 company employs approximately 70,000 people and markets its products in more
 than 130 countries.  In 2000, the company's sales and net earnings were
 $13.7 billion and $2.8 billion, respectively, with diluted earnings per share
 of $1.78.
     Abbott's news releases and other information are available on the
 company's Web site at www.abbott.com .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X96425558
 
 

SOURCE Abbott Laboratories
    ABBOTT PARK, Ill., April 27 /PRNewswire/ -- At the annual meeting of
 Abbott Laboratories shareholders today, Chairman and Chief Executive Officer
 Miles D. White highlighted the company's recent acquisition of BASF's
 pharmaceutical business; the development of new products; the achievement of
 strategic goals; the strength of core businesses; and the alliance with
 Millennium Pharmaceuticals.
     "The year 2000 was a year of great accomplishments for Abbott
 Laboratories," said Mr. White.  "We delivered decisively on our three most
 important goals: we've taken Abbott's scientific capability to a new level,
 we've refocused our business on high-impact areas of medicine and we've made
 strong entries into new growth markets.  As a result, Abbott is a much
 stronger company today than it was one year ago."
     With the acquisition of BASF's pharmaceutical business, Mr. White said
 that Abbott gained global scientific talent and advanced expertise in
 monoclonal antibody technology, which is responsible for D2E7, a compound
 being studied for rheumatoid arthritis.  It is the first fully human
 monoclonal antibody to enter development and is scheduled to be filed for
 approval next year.  The addition of BASF's pharmaceutical business also
 brought an additional $300 million in pharmaceutical research and development,
 making a total of about $1 billion per year.
     Mr. White also highlighted that the company has an increasingly strong
 pharmaceutical pipeline with approximately 50 compounds in clinical
 development and more than 30 promising compounds in pre-clinical development.
 Currently, ABT-627, a compound also known as atrasentan, is entering Phase III
 clinical trials for prostate cancer.
     In the fast growing area of cardiovascular medicine, Mr. White said that
 Abbott is expanding its vascular medicine franchise to include both medical
 devices and therapeutics and will focus on high growth market segments
 including vessel closure, embolic capture, stents and vascular catheter
 technologies.  The company also is expanding its Perclose operation on a new
 15-acre site in Silicon Valley to serve as an Abbott Research Center for
 cardiovascular medicine.
     Mr. White indicated that in 2001, Abbott will continue to build on the
 momentum and performance of the prior year.  "We've focused sharply on
 Abbott's core purpose: delivering breakthrough medical technologies.  We've
 strengthened our scientific programs to make this happen.  We've increased our
 investment, accessed new technologies and added new talent, facilities and
 capabilities."
     The speech concluded with an update on Abbott's Step Forward program that
 focuses on the children around the world who have been orphaned or made
 vulnerable by AIDS.  In the past year, members of Abbott's team have spent
 time in some of the countries around the world that have been hardest hit by
 HIV and worked with governments, charities and other organizations to help
 these children, and to help slow the spread of the virus through prevention
 and education efforts.  In recent weeks, the company has committed to offer
 its two antiretroviral medications for the treatment of HIV infection,
 Norvir(R) (ritonavir) and Kaletra(TM) (lopinavir/ritonavir), as well as its
 HIV-1/2 rapid test, Determine(TM), to the world's least-developed nations at
 no profit to Abbott.
     During the meeting, shareholders defeated a proposal requesting that the
 company implement a policy of price restraints on pharmaceutical products and
 ratified the selection of Arthur Andersen LLP as auditors of the corporation
 for 2001.
     Abbott's board of directors also were elected during the annual meeting.
 Elected were 13 incumbent directors.  They are:
 
     -- Roxanne S. Austin, corporate senior vice president and chief financial
        officer, Hughes Electronics Corporation;
     -- H. Laurance Fuller, retired co-chairman of the board, BP Amoco p.l.c.;
     -- Jack M. Greenberg, chairman and chief executive officer, McDonald's
        Corporation;
     -- David A. Jones, chairman, Humana Inc.;
     -- Jeffrey M. Leiden, M.D., Ph.D., executive vice president,
        pharmaceuticals and chief scientific officer, Abbott Laboratories;
     -- The Rt. Hon. Lord Owen CH, physician, politician and businessman;
     -- Boone Powell Jr., chairman, Baylor Health Care System;
     -- Addison Barry Rand, former chairman and chief executive officer, Avis
        Group Holdings, Inc.;
     -- W. Ann Reynolds, Ph.D., president, The University of Alabama at
        Birmingham;
     -- Roy S. Roberts, retired group vice president, North American Vehicle
        Sales, Service and Marketing, General Motors Corporation;
     -- William D. Smithburg, retired chairman, president and chief executive
        officer, The Quaker Oats Company;
     -- John R. Walter, chairman of the board, Manpower, Inc.; and
     -- Miles D. White, chairman and chief executive officer, Abbott
        Laboratories.
 
     Abbott Laboratories is a global, diversified health care company devoted
 to the discovery, development, manufacture and marketing of pharmaceuticals,
 nutritionals and medical products, including devices and diagnostics.  The
 company employs approximately 70,000 people and markets its products in more
 than 130 countries.  In 2000, the company's sales and net earnings were
 $13.7 billion and $2.8 billion, respectively, with diluted earnings per share
 of $1.78.
     Abbott's news releases and other information are available on the
 company's Web site at www.abbott.com .
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X96425558
 
 SOURCE  Abbott Laboratories