ABBOTT PARK, Ill., Oct. 20, 2021
/PRNewswire/ -- Abbott (NYSE: ABT) today announced financial
results for the third quarter ended Sept.
30, 2021.
- Third-quarter sales of $10.9
billion increased 23.4 percent on a reported basis and 22.4
percent on an organic basis, which excludes the impact of foreign
exchange.
- Third-quarter GAAP diluted EPS was $1.17 and adjusted diluted EPS, which excludes
specified items, was $1.40,
reflecting 42.9 percent growth versus the prior
year.1
- Abbott projects full-year 2021 diluted EPS from continuing
operations on a GAAP basis of $3.55
to $3.65 and full-year adjusted
diluted EPS from continuing operations of $5.00 to $5.10,
reflecting growth of 38.4 percent at the mid-point versus prior
year.2
- In August, Abbott announced U.S. FDA approval of its
Amplatzer® Amulet® device, which offers
immediate closure of the left atrial appendage – an area in the
heart where blood clots can form.
- In August, Abbott announced results of the company's GUIDE-HF
clinical trial, which showed Abbott's CardioMEMS® remote
monitoring system can improve care for more patients living with
heart failure. Abbott filed a Premarket Approval (PMA) supplement
with the FDA for consideration of an expanded indication for
CardioMEMS.
- In September, Abbott announced U.S. FDA approval of its
Portico® with FlexNav® transcatheter aortic
valve replacement (TAVR) system to treat people with symptomatic,
severe aortic stenosis who are at high or extreme risk for
open-heart surgery.
- During the third quarter, Abbott acquired Walk Vascular, LLC, a
commercial-stage medical device company with a minimally invasive
thrombectomy system designed to remove peripheral blood clots.
"We achieved another quarter of strong growth overall and across
all four of our major business areas," said Robert B. Ford, president and chief executive
officer, Abbott. "We're particularly pleased with the continued
advancements of our new product pipeline, including several recent
launches in large, high-growth markets."
THIRD-QUARTER BUSINESS OVERVIEW
Note: Management
believes that measuring sales growth rates on an organic basis is
an appropriate way for investors to best understand the underlying
performance of the business. Organic sales growth excludes the
impact of foreign exchange.
Following are sales by business segment and commentary for
the third quarter 2021:
Total Company
($ in millions)
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
|
Sales
3Q21
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
*
|
|
4,368
|
|
6,560
|
|
10,928
|
|
31.2
|
|
18.7
|
|
23.4
|
|
31.2
|
|
17.0
|
|
22.4
|
Nutrition
|
|
919
|
|
1,189
|
|
2,108
|
|
12.3
|
|
7.6
|
|
9.6
|
|
12.3
|
|
6.5
|
|
8.9
|
Diagnostics
|
|
1,947
|
|
1,965
|
|
3,912
|
|
71.8
|
|
30.5
|
|
48.2
|
|
71.8
|
|
28.0
|
|
46.8
|
Established
Pharmaceuticals
|
|
--
|
|
1,265
|
|
1,265
|
|
n/a
|
|
15.1
|
|
15.1
|
|
n/a
|
|
15.3
|
|
15.3
|
Medical
Devices
|
|
1,496
|
|
2,136
|
|
3,632
|
|
9.7
|
|
18.2
|
|
14.6
|
|
9.7
|
|
15.7
|
|
13.1
|
|
|
|
|
|
* Total Q3 2021
Abbott sales from continuing operations include Other Sales of
approximately $11 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
|
Sales
9M21
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
*
|
|
11,787
|
|
19,820
|
|
31,607
|
|
33.6
|
|
31.4
|
|
32.2
|
|
33.6
|
|
27.3
|
|
29.6
|
Nutrition
|
|
2,628
|
|
3,624
|
|
6,252
|
|
7.8
|
|
10.7
|
|
9.5
|
|
7.8
|
|
8.7
|
|
8.3
|
Diagnostics
|
|
4,743
|
|
6,430
|
|
11,173
|
|
69.8
|
|
75.3
|
|
73.0
|
|
69.8
|
|
68.7
|
|
69.2
|
Established
Pharmaceuticals
|
|
--
|
|
3,515
|
|
3,515
|
|
n/a
|
|
11.4
|
|
11.4
|
|
n/a
|
|
12.0
|
|
12.0
|
Medical
Devices
|
|
4,385
|
|
6,233
|
|
10,618
|
|
23.1
|
|
25.5
|
|
24.5
|
|
23.1
|
|
19.0
|
|
20.7
|
|
|
|
|
|
* Total 9M 2021
Abbott sales from continuing operations include Other Sales of
approximately $49 million.
|
|
|
|
|
|
n/a = Not
Applicable.
|
|
|
|
|
|
|
|
|
|
Note: In order to
compute results excluding the impact of exchange rates, current
year U.S. dollar sales are multiplied or divided, as appropriate,
by the current year average
foreign exchange rates and then those amounts are multiplied or
divided, as appropriate, by the prior year average foreign exchange
rates.
|
|
|
|
|
Third-quarter 2021 worldwide sales of $10.9 billion increased 23.4 percent on a
reported basis and 22.4 percent on an organic basis.
Compared to pre-pandemic sales in 2019, worldwide sales,
excluding COVID-19 testing-related sales3, increased
11.7 percent on both a reported and organic basis in the third
quarter.
Nutrition
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
|
|
|
|
|
|
|
|
Sales
3Q21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
|
|
|
919
|
|
1,189
|
|
2,108
|
|
12.3
|
|
7.6
|
|
9.6
|
|
12.3
|
|
6.5
|
|
8.9
|
Pediatric
|
|
|
|
|
|
|
|
|
586
|
|
514
|
|
1,100
|
|
20.2
|
|
(0.8)
|
|
9.4
|
|
20.2
|
|
(2.2)
|
|
8.6
|
Adult
|
|
|
|
|
|
|
|
|
333
|
|
675
|
|
1,008
|
|
0.6
|
|
15.0
|
|
9.8
|
|
0.6
|
|
14.1
|
|
9.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
|
|
|
|
|
|
|
|
Sales
9M21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
|
|
|
2,628
|
|
3,624
|
|
6,252
|
|
7.8
|
|
10.7
|
|
9.5
|
|
7.8
|
|
8.7
|
|
8.3
|
Pediatric
|
|
|
|
|
|
|
|
|
1,622
|
|
1,637
|
|
3,259
|
|
8.9
|
|
0.5
|
|
4.5
|
|
8.9
|
|
(1.7)
|
|
3.4
|
Adult
|
|
|
|
|
|
|
|
|
1,006
|
|
1,987
|
|
2,993
|
|
6.0
|
|
20.9
|
|
15.5
|
|
6.0
|
|
18.9
|
|
14.2
|
Worldwide Nutrition sales increased 9.6 percent on a reported
basis and 8.9 percent on an organic basis in the third quarter.
Strong performance of Ensure®, Abbott's market-leading
complete and balanced nutrition brand, and Glucerna®,
Abbott's market-leading diabetes nutrition brand, led to global
Adult Nutrition sales growth of 9.8 percent on a reported basis and
9.3 percent on an organic basis.
Worldwide Pediatric Nutrition sales increased 9.4 percent on a
reported basis and 8.6 percent on an organic basis. Strong
performance of Abbott's market-leading oral hydration brand,
Pedialyte®, and continued share growth in infant
nutrition led to U.S. Pediatric Nutrition growth of 20.2
percent.
Diagnostics
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
|
|
|
|
|
Sales
3Q21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
1,947
|
|
1,965
|
|
3,912
|
|
71.8
|
|
30.5
|
|
48.2
|
|
71.8
|
|
28.0
|
|
46.8
|
Core
Laboratory
|
|
|
|
|
|
291
|
|
1,001
|
|
1,292
|
|
2.4
|
|
12.2
|
|
9.9
|
|
2.4
|
|
9.9
|
|
8.1
|
Molecular
|
|
|
|
|
|
162
|
|
183
|
|
345
|
|
(26.2)
|
|
(23.1)
|
|
(24.6)
|
|
(26.2)
|
|
(25.0)
|
|
(25.6)
|
Point of
Care
|
|
|
|
|
|
100
|
|
35
|
|
135
|
|
3.9
|
|
1.5
|
|
3.3
|
|
3.9
|
|
(0.1)
|
|
2.8
|
Rapid
Diagnostics
|
|
|
|
|
|
1,394
|
|
746
|
|
2,140
|
|
161.4
|
|
118.5
|
|
144.7
|
|
161.4
|
|
115.0
|
|
143.3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
|
|
|
|
|
Sales
9M21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
4,743
|
|
6,430
|
|
11,173
|
|
69.8
|
|
75.3
|
|
73.0
|
|
69.8
|
|
68.7
|
|
69.2
|
Core
Laboratory
|
|
|
|
|
|
845
|
|
2,935
|
|
3,780
|
|
0.6
|
|
26.9
|
|
19.9
|
|
0.6
|
|
22.1
|
|
16.4
|
Molecular
|
|
|
|
|
|
431
|
|
651
|
|
1,082
|
|
0.5
|
|
23.5
|
|
13.2
|
|
0.5
|
|
17.6
|
|
9.9
|
Point of
Care
|
|
|
|
|
|
289
|
|
112
|
|
401
|
|
4.0
|
|
2.5
|
|
3.6
|
|
4.0
|
|
(1.0)
|
|
2.6
|
Rapid
Diagnostics
|
|
|
|
|
|
3,178
|
|
2,732
|
|
5,910
|
|
154.9
|
|
280.1
|
|
200.7
|
|
154.9
|
|
266.6
|
|
195.8
|
Worldwide Diagnostics sales increased 48.2 percent on a reported
basis in the third quarter and increased 46.8 percent on an organic
basis. Global COVID-19 testing-related sales were $1.9 billion in the third quarter, led by
combined sales of $1.6 billion from
Abbott's BinaxNOW®, Panbio® and ID
NOW® rapid testing platforms. Excluding COVID-19
testing-related sales, worldwide diagnostics sales increased 14.1
percent on a reported basis in the third quarter and 12.5 percent
on an organic basis.4
Compared to the pre-pandemic 2019 baseline, sales in Core
Laboratory and Molecular Diagnostics, excluding COVID-19
testing-related sales, grew 5.8 percent and 14.9 percent,
respectively, on a reported basis in the third quarter and grew 4.9
percent and 13.6 percent, respectively, on an organic
basis.5
Established Pharmaceuticals
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
|
|
|
|
|
|
Sales
3Q21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
|
--
|
|
1,265
|
|
1,265
|
|
n/a
|
|
15.1
|
|
15.1
|
|
n/a
|
|
15.3
|
|
15.3
|
Key Emerging
Markets
|
|
|
|
|
|
|
--
|
|
936
|
|
936
|
|
n/a
|
|
17.1
|
|
17.1
|
|
n/a
|
|
17.9
|
|
17.9
|
Other
|
|
|
|
|
|
|
--
|
|
329
|
|
329
|
|
n/a
|
|
9.7
|
|
9.7
|
|
n/a
|
|
8.5
|
|
8.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
|
|
|
|
|
|
Sales
9M21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
|
--
|
|
3,515
|
|
3,515
|
|
n/a
|
|
11.4
|
|
11.4
|
|
n/a
|
|
12.0
|
|
12.0
|
Key Emerging
Markets
|
|
|
|
|
|
|
--
|
|
2,672
|
|
2,672
|
|
n/a
|
|
12.4
|
|
12.4
|
|
n/a
|
|
14.2
|
|
14.2
|
Other
|
|
|
|
|
|
|
--
|
|
843
|
|
843
|
|
n/a
|
|
8.1
|
|
8.1
|
|
n/a
|
|
5.4
|
|
5.4
|
Established Pharmaceuticals sales increased 15.1 percent on a
reported basis in the third quarter and increased 15.3 percent on
an organic basis.
Key Emerging Markets include India, Brazil, Russia and China along with several additional emerging
countries that represent the most attractive long-term growth
opportunities for Abbott's branded generics product portfolio.
Sales in these geographies increased 17.1 percent on a reported
basis in the quarter and increased 17.9 percent on an organic
basis. Organic sales growth was led by strong growth across several
geographies, including China,
Russia and India.
Other sales increased 9.7 percent on a reported basis in the
quarter and increased 8.5 percent on an organic basis.
Medical Devices
($ in millions)
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
3Q20
|
|
|
|
|
|
|
Sales
3Q21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
1,496
|
|
2,136
|
|
3,632
|
|
9.7
|
|
18.2
|
|
14.6
|
|
9.7
|
|
15.7
|
|
13.1
|
Rhythm
Management
|
|
|
|
|
|
266
|
|
305
|
|
571
|
|
9.6
|
|
15.3
|
|
12.6
|
|
9.6
|
|
12.7
|
|
11.2
|
Electrophysiology
|
|
|
|
|
|
192
|
|
293
|
|
485
|
|
(0.1)
|
|
17.6
|
|
9.9
|
|
(0.1)
|
|
15.9
|
|
8.9
|
Heart
Failure
|
|
|
|
|
|
170
|
|
59
|
|
229
|
|
17.6
|
|
28.0
|
|
20.1
|
|
17.6
|
|
25.4
|
|
19.5
|
Vascular
|
|
|
|
|
|
219
|
|
425
|
|
644
|
|
(4.3)
|
|
6.3
|
|
2.5
|
|
(4.3)
|
|
3.9
|
|
0.9
|
Structural
Heart
|
|
|
|
|
|
177
|
|
215
|
|
392
|
|
11.2
|
|
10.9
|
|
11.0
|
|
11.2
|
|
9.2
|
|
10.1
|
Neuromodulation
|
|
|
|
|
|
149
|
|
41
|
|
190
|
|
(12.5)
|
|
13.8
|
|
(7.9)
|
|
(12.5)
|
|
11.5
|
|
(8.3)
|
Diabetes
Care
|
|
|
|
|
|
323
|
|
798
|
|
1,121
|
|
43.1
|
|
29.4
|
|
33.0
|
|
43.1
|
|
26.0
|
|
30.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
9M20
|
|
|
|
|
|
|
Sales
9M21
|
|
Reported
|
|
Organic
|
|
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
|
|
|
|
4,385
|
|
6,233
|
|
10,618
|
|
23.1
|
|
25.5
|
|
24.5
|
|
23.1
|
|
19.0
|
|
20.7
|
Rhythm
Management
|
|
|
|
|
|
776
|
|
881
|
|
1,657
|
|
18.5
|
|
21.2
|
|
19.9
|
|
18.5
|
|
14.9
|
|
16.6
|
Electrophysiology
|
|
|
|
|
|
580
|
|
823
|
|
1,403
|
|
21.8
|
|
26.2
|
|
24.4
|
|
21.8
|
|
20.9
|
|
21.3
|
Heart
Failure
|
|
|
|
|
|
483
|
|
167
|
|
650
|
|
17.5
|
|
18.7
|
|
17.8
|
|
17.5
|
|
12.5
|
|
16.2
|
Vascular
|
|
|
|
|
|
684
|
|
1,292
|
|
1,976
|
|
8.9
|
|
16.7
|
|
13.9
|
|
8.9
|
|
11.2
|
|
10.4
|
Structural
Heart
|
|
|
|
|
|
537
|
|
654
|
|
1,191
|
|
39.0
|
|
28.8
|
|
33.2
|
|
39.0
|
|
22.3
|
|
29.5
|
Neuromodulation
|
|
|
|
|
|
460
|
|
124
|
|
584
|
|
17.4
|
|
28.3
|
|
19.6
|
|
17.4
|
|
20.8
|
|
18.1
|
Diabetes
Care
|
|
|
|
|
|
865
|
|
2,292
|
|
3,157
|
|
41.0
|
|
32.0
|
|
34.3
|
|
41.0
|
|
24.3
|
|
28.7
|
Worldwide Medical Devices sales increased 14.6 percent on a
reported basis in the third quarter and increased 13.1 percent on
an organic basis. Strong growth in the quarter was driven by
continued recovery from the COVID-19 pandemic and strong growth in
Diabetes Care.
Compared to pre-pandemic sales in 2019, Medical Devices sales
increased 18.5 percent on a reported basis and 16.1 percent on an
organic basis in the third quarter, led by double-digit growth in
Electrophysiology, Heart Failure, Structural Heart and Diabetes
Care.6
In Diabetes Care, FreeStyle Libre® and Libre
Sense™ sales were $968
million in the quarter, which represents sales growth of
41.6 percent on a reported basis and 38.8 percent on an organic
basis.
During the quarter, Abbott continued to strengthen its Medical
Devices portfolio with several new products, including:
- U.S. FDA approval of Amplatzer Amulet Left Atrial Appendage
Occluder to treat people with atrial fibrillation who are at risk
of ischemic stroke.
- U.S. FDA approval of Portico with FlexNav transcatheter aortic
valve replacement (TAVR) system to treat people with symptomatic,
severe aortic stenosis who are at high risk for open-heart
surgery.
- U.S. FDA approval of Amplatzer™ Talisman™
PFO Occlusion System to treat people with a patent foramen ovale –
a small opening between the upper chambers of the heart – who are
at risk of recurrent ischemic stroke.
- Abbott acquired Walk Vascular, LLC, a commercial-stage medical
device company with a minimally invasive thrombectomy system
designed to remove peripheral blood clots.
ABBOTT'S EARNINGS-PER-SHARE GUIDANCE
Abbott projects 2021 diluted earnings per share from continuing
operations under GAAP of $3.55 to
$3.65. Abbott forecasts specified
items for the full-year 2021 of $1.45
per share primarily related to intangible amortization,
restructuring and cost reduction initiatives, including expenses to
align its COVID-19 testing-related business with changes during the
year in current and projected testing demand, expenses associated
with acquisitions and other net expenses. Excluding specified
items, projected adjusted diluted earnings per share from
continuing operations would be $5.00
to $5.10 for full-year 2021.
ABBOTT DECLARES 391ST CONSECUTIVE QUARTERLY
DIVIDEND
On Sept. 15, 2021,
the board of directors of Abbott declared the company's quarterly
dividend of $0.45 per share. Abbott's
cash dividend is payable Nov. 15,
2021 to shareholders of record at the close of business on
Oct. 15, 2021.
Abbott has increased its dividend payout for 49 consecutive
years and is a member of the S&P 500 Dividend Aristocrats
Index, which tracks companies that have annually increased their
dividend for at least 25 consecutive years.
About Abbott:
Abbott is a global healthcare leader that helps people live more
fully at all stages of life. Our portfolio of life-changing
technologies spans the spectrum of healthcare, with leading
businesses and products in diagnostics, medical devices,
nutritionals and branded generic medicines. Our 109,000 colleagues
serve people in more than 160 countries.
Connect with us at www.abbott.com, on LinkedIn at
www.linkedin.com/company/abbott-/, on Facebook at
www.facebook.com/Abbott and on Twitter @AbbottNews.
Abbott will live-webcast its third-quarter earnings conference
call through its Investor Relations website at
www.abbottinvestor.com at 8 a.m.
Central time today. An archived edition of the webcast will
be available later that day.
— 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" in our Annual Report on
Form 10-K for the year ended Dec. 31,
2020, and are incorporated herein by reference. Abbott
undertakes no obligation to release publicly any revisions to
forward-looking statements as a result of subsequent events or
developments, except as required by law.
1
|
Third-quarter 2021
diluted EPS from continuing operations on a GAAP basis reflects
69.6 percent growth.
|
2
|
Full-year 2021
guidance for diluted EPS from continuing operations on a GAAP basis
reflects growth of 44.5 percent at the mid-point versus prior
year.
|
3
|
In the third quarter
of 2019, worldwide sales were $8.076 billion. In the third quarter
of 2021, COVID-19 testing-related sales were $1.908 billion. In the
nine months of 2019, worldwide sales were $23.590 billion. In the
nine months of 2021, COVID-19 testing-related sales were $5.360
billion.
|
4
|
In the third quarter
of 2020, Diagnostics sales were $2.64 billion, which included
COVID-19 testing-related sales of $0.9 billion.
|
5
|
In the third quarter
of 2019, Core Laboratory and Molecular Diagnostics sales were
$1.177 billion and $111 million, respectively. In the third quarter
of 2021, COVID-19 testing-related sales for Core Laboratory and
Molecular Diagnostics were $47 million and $218 million,
respectively.
|
6
|
In the third quarter
of 2019, Medical Devices sales were $3.065 billion.
|
Abbott Laboratories
and Subsidiaries
|
Condensed
Consolidated Statement of Earnings
|
Third Quarter Ended
September 30, 2021 and 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
3Q21
|
|
3Q20
|
|
%
Change
|
|
Net Sales
|
|
$10,928
|
|
$8,853
|
|
23.4
|
|
|
|
|
|
|
|
|
|
Cost of products
sold, excluding amortization expense
|
|
4,423
|
|
3,966
|
|
11.5
|
|
Amortization of
intangible assets
|
|
520
|
|
510
|
|
1.8
|
|
Research and
development
|
|
672
|
|
580
|
|
16.1
|
|
Selling, general, and
administrative
|
|
2,767
|
|
2,302
|
|
20.2
|
|
Total Operating Cost
and Expenses
|
|
8,382
|
|
7,358
|
|
13.9
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
2,546
|
|
1,495
|
|
70.2
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
123
|
|
127
|
|
(3.3)
|
|
Net foreign exchange
(gain) loss
|
|
4
|
|
(7)
|
|
n/m
|
|
Other (income)
expense, net
|
|
(74)
|
|
(46)
|
|
63.1
|
|
Earnings from
Continuing Operations before taxes
|
|
2,493
|
|
1,421
|
|
75.3
|
|
|
|
|
|
|
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
393
|
|
189
|
|
107.3
|
1)
|
Earnings from
Continuing Operations
|
|
2,100
|
|
1,232
|
|
70.4
|
|
|
|
|
|
|
|
|
|
Earnings from
Discontinued Operations, net of taxes
|
|
--
|
|
--
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
$2,100
|
|
$1,232
|
|
70.4
|
|
|
|
|
|
|
|
|
|
Earnings from
Continuing Operations, excluding
|
|
|
|
|
|
|
|
Specified Items, as
described below
|
|
$2,518
|
|
$1,760
|
|
43.1
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share from:
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$1.17
|
|
$0.69
|
|
69.6
|
|
Discontinued
Operations
|
|
--
|
|
--
|
|
n/m
|
|
Total
|
|
$1.17
|
|
$0.69
|
|
69.6
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share from Continuing
|
|
|
|
|
|
|
|
Operations, excluding
Specified Items, as described below
|
|
$1.40
|
|
$0.98
|
|
42.9
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
|
|
|
|
|
|
|
|
Plus Dilutive Common
Stock Options
|
|
1,789
|
|
1,788
|
|
|
|
|
NOTES:
See tables titled "Non-GAAP Reconciliation of Financial
Information From Continuing Operations" for an explanation of
certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes below.
|
|
|
1)
|
2020 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $20 million in excess tax benefits associated with
share-based compensation.
|
|
|
2)
|
2021 Net Earnings and
Diluted Earnings per Common Share from Continuing Operations,
excluding Specified Items, excludes net after-tax charges of $418
million, or $0.23 per share, for intangible amortization and other
expenses primarily associated with restructuring actions and
acquisitions, partially offset by a change in estimate to the
restructuring actions recognized in the second quarter related to
Abbott's manufacturing network for COVID-19 diagnostic tests to
reflect current and projected demand.
|
|
|
|
2020 Net Earnings and
Diluted Earnings per Common Share from Continuing Operations,
excluding Specified Items, excludes net after-tax charges of $528
million, or $0.29 per share, for intangible amortization and
impairment expenses and other net expenses primarily associated
with acquisitions, restructuring actions and income from a
litigation settlement.
|
Abbott Laboratories
and Subsidiaries
|
Condensed
Consolidated Statement of Earnings
|
Nine Months Ended
September 30, 2021 and 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
9M21
|
|
9M20
|
|
%
Change
|
|
Net Sales
|
|
$31,607
|
|
$23,907
|
|
32.2
|
|
|
|
|
|
|
|
|
|
Cost of products
sold, excluding amortization expense
|
|
13,771
|
|
10,510
|
|
31.0
|
|
Amortization of
intangible assets
|
|
1,533
|
|
1,624
|
|
(5.7)
|
|
Research and
development
|
|
1,980
|
|
1,722
|
|
15.0
|
|
Selling, general, and
administrative
|
|
8,276
|
|
7,126
|
|
16.1
|
|
Total Operating Cost
and Expenses
|
|
25,560
|
|
20,982
|
|
21.8
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
6,047
|
|
2,925
|
|
106.7
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
370
|
|
373
|
|
(0.7)
|
|
Net foreign exchange
(gain) loss
|
|
7
|
|
(3)
|
|
n/m
|
|
Other (income)
expense, net
|
|
(214)
|
|
(25)
|
|
n/m
|
|
Earnings from
Continuing Operations before taxes
|
|
5,884
|
|
2,580
|
|
128.0
|
|
|
|
|
|
|
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
802
|
|
267
|
|
n/m
|
1)
|
Earnings from
Continuing Operations
|
|
5,082
|
|
2,313
|
|
119.7
|
|
|
|
|
|
|
|
|
|
Earnings from
Discontinued Operations, net of taxes
|
|
--
|
|
20
|
|
n/m
|
|
|
|
|
|
|
|
|
|
Net
Earnings
|
|
$5,082
|
|
$2,333
|
|
117.8
|
|
|
|
|
|
|
|
|
|
Earnings from
Continuing Operations, excluding
|
|
|
|
|
|
|
|
Specified Items, as
described below
|
|
$7,001
|
|
$3,940
|
|
77.7
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share from:
|
|
|
|
|
|
|
|
Continuing
Operations
|
|
$2.83
|
|
$1.29
|
|
119.4
|
|
Discontinued
Operations
|
|
--
|
|
0.01
|
|
n/m
|
|
Total
|
|
$2.83
|
|
$1.30
|
|
117.7
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share from Continuing
|
|
|
|
|
|
|
|
Operations, excluding
Specified Items, as described below
|
|
$3.89
|
|
$2.20
|
|
76.8
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
|
|
|
|
|
|
|
|
Plus Dilutive Common
Stock Options
|
|
1,791
|
|
1,785
|
|
|
|
|
NOTES:
See tables titled "Non-GAAP Reconciliation of Financial
Information From Continuing Operations" for an explanation of
certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes below.
|
|
|
1)
|
2021 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $97 million in excess tax benefits associated with
share-based compensation.
|
|
|
|
2020 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $80 million of net tax benefits as a result of the
resolution of various tax positions related to prior years and
approximately $87 million in excess tax benefits associated with
share-based compensation.
|
|
|
2)
|
2021 Net Earnings and
Diluted Earnings per Common Share from Continuing Operations,
excluding Specified Items, excludes net after-tax charges of $1.919
billion, or $1.06 per share, for intangible amortization and other
net expenses primarily associated with restructuring actions,
certain litigation and acquisitions.
|
|
|
|
2020 Net Earnings and
Diluted Earnings per Common Share from Continuing Operations,
excluding Specified Items, excludes net after-tax charges of $1.627
billion, or $0.91 per share, for intangible amortization expense,
impairment charges and other net expense primarily associated with
acquisitions, restructuring actions and income from a litigation
settlement.
|
Abbott Laboratories
and Subsidiaries
|
Non-GAAP
Reconciliation of Financial Information From Continuing
Operations
|
Third Quarter Ended
September 30, 2021 and 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
3Q21
|
|
|
As
Reported (GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
520
|
|
$
(520)
|
|
$
--
|
|
|
Gross
Margin
|
|
5,985
|
|
445
|
|
6,430
|
|
58.8%
|
R&D
|
|
672
|
|
(21)
|
|
651
|
|
6.0%
|
SG&A
|
|
2,767
|
|
(30)
|
|
2,737
|
|
25.0%
|
Other (income)
expense, net
|
|
(74)
|
|
7
|
|
(67)
|
|
|
Earnings from
Continuing Operations before taxes
|
|
2,493
|
|
489
|
|
2,982
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
393
|
|
71
|
|
464
|
|
|
Earnings from
Continuing Operations
|
|
2,100
|
|
418
|
|
2,518
|
|
|
Diluted Earnings per
Share from Continuing Operations
|
|
$1.17
|
|
$0.23
|
|
$1.40
|
|
|
|
Specified items
reflect intangible amortization expense of $520 million and
net pretax income of $31 million, primarily associated with a
change in estimate to the restructuring actions recognized in the
second quarter, partially offset by costs associated with
acquisitions and other expenses. See tables titled "Details of
Specified Items" for additional details regarding specified
items.
|
|
|
|
3Q20
|
|
|
As
Reported (GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
510
|
|
$
(510)
|
|
$
--
|
|
|
Gross
Margin
|
|
4,377
|
|
705
|
|
5,082
|
|
57.4%
|
R&D
|
|
580
|
|
(21)
|
|
559
|
|
6.3%
|
SG&A
|
|
2,302
|
|
63
|
|
2,365
|
|
26.7%
|
Other (income)
expense, net
|
|
(46)
|
|
(1)
|
|
(47)
|
|
|
Earnings from
Continuing Operations before taxes
|
|
1,421
|
|
664
|
|
2,085
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
189
|
|
136
|
|
325
|
|
|
Earnings from
Continuing Operations
|
|
1,232
|
|
528
|
|
1,760
|
|
|
Diluted Earnings per
Share from Continuing Operations
|
|
$0.69
|
|
$0.29
|
|
$0.98
|
|
|
|
Specified items
reflect intangible amortization expense of $510 million and other
net expenses of $154 million, primarily associated with
acquisitions, restructuring actions and other expenses and
litigation settlement income. See tables titled "Details of
Specified Items" for additional details regarding specified
items.
|
Abbott Laboratories
and Subsidiaries
|
Non-GAAP
Reconciliation of Financial Information From Continuing
Operations
|
Nine Months Ended
September 30, 2021 and 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
9M21
|
|
|
As
Reported (GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
1,533
|
|
$
(1,533)
|
|
$
--
|
|
|
Gross
Margin
|
|
16,303
|
|
2,042
|
|
18,345
|
|
58.0%
|
R&D
|
|
1,980
|
|
(67)
|
|
1,913
|
|
6.1%
|
SG&A
|
|
8,276
|
|
(274)
|
|
8,002
|
|
25.3%
|
Other (income)
expense, net
|
|
(214)
|
|
30
|
|
(184)
|
|
|
Earnings from
Continuing Operations before taxes
|
|
5,884
|
|
2,353
|
|
8,237
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
802
|
|
434
|
|
1,236
|
|
|
Earnings from
Continuing Operations
|
|
5,082
|
|
1,919
|
|
7,001
|
|
|
Diluted Earnings per
Share from Continuing Operations
|
|
$2.83
|
|
$1.06
|
|
$3.89
|
|
|
|
Specified items
reflect intangible amortization expense of $1.533 billion and other
net expenses of $820 million, primarily associated with
restructuring actions, certain litigation, acquisitions and other
expenses. See tables titled "Details of Specified Items" for
additional details regarding specified items.
|
|
|
|
9M20
|
|
|
As
Reported (GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
1,624
|
|
$
(1,624)
|
|
$
--
|
|
|
Gross
Margin
|
|
11,773
|
|
1,895
|
|
13,668
|
|
57.2%
|
R&D
|
|
1,722
|
|
(64)
|
|
1,658
|
|
6.9%
|
SG&A
|
|
7,126
|
|
(19)
|
|
7,107
|
|
29.7%
|
Other (income)
expense, net
|
|
(25)
|
|
(111)
|
|
(136)
|
|
|
Earnings from
Continuing Operations before taxes
|
|
2,580
|
|
2,089
|
|
4,669
|
|
|
Tax expense on
Earnings from Continuing Operations
|
|
267
|
|
462
|
|
729
|
|
|
Earnings from
Continuing Operations
|
|
2,313
|
|
1,627
|
|
3,940
|
|
|
Diluted Earnings per
Share from Continuing Operations
|
|
$1.29
|
|
$0.91
|
|
$2.20
|
|
|
|
Specified items
reflect intangible amortization expense of $1.624 billion and other
net expenses of $465 million, primarily associated with
acquisitions, restructuring actions and other expenses and
litigation settlement income. See tables titled "Details of
Specified Items" for additional details regarding specified
items.
|
A reconciliation of the third-quarter tax rates for continuing
operations for 2021 and 2020 is shown below:
|
|
|
3Q21
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
As reported
(GAAP)
|
|
$2,493
|
|
$
393
|
|
15.7%
|
|
Specified
items
|
|
489
|
|
71
|
|
|
|
Excluding
specified items
|
|
$2,982
|
|
$464
|
|
15.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q20
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
As reported
(GAAP)
|
|
$1,421
|
|
$189
|
|
13.3%
|
1)
|
Specified
items
|
|
664
|
|
136
|
|
|
|
Excluding
specified items
|
|
$2,085
|
|
$325
|
|
15.6%
|
|
|
|
1)
|
2020 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $20 million in excess tax benefits associated with
share-based compensation.
|
A reconciliation of the year-to-date tax rates for continuing
operations for 2021 and 2020 is shown below:
|
|
|
9M21
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
As reported
(GAAP)
|
|
$5,884
|
|
$
802
|
|
13.6%
|
2)
|
Specified
items
|
|
2,353
|
|
434
|
|
|
|
Excluding
specified items
|
|
$8,237
|
|
$1,236
|
|
15.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9M20
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
As reported
(GAAP)
|
|
$2,580
|
|
$267
|
|
10.4%
|
3)
|
Specified
items
|
|
2,089
|
|
462
|
|
|
|
Excluding
specified items
|
|
$4,669
|
|
$729
|
|
15.6%
|
|
|
|
2)
|
2021 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $97 million in excess tax benefits associated with
share-based compensation.
|
|
|
3)
|
2020 Tax expense on
Earnings from Continuing Operations includes the recognition of
approximately $80 million of net tax benefits as a result of the
resolution of various tax positions related to prior years and
approximately $87 million in excess tax benefits associated with
share-based compensation.
|
Abbott Laboratories
and Subsidiaries
|
Details of Specified
Items
|
Third Quarter Ended
September 30, 2021
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
Acquisition or
Divestiture-related (a)
|
|
Restructuring and
Cost Reduction
Initiatives (b)
|
|
Intangible
Amortization
|
|
Other (c)
|
|
Total
Specifieds
|
Gross
Margin
|
|
$
16
|
|
$
(96)
|
|
$
520
|
|
$
5
|
|
$
445
|
R&D
|
|
(4)
|
|
--
|
|
--
|
|
(17)
|
|
(21)
|
SG&A
|
|
(12)
|
|
(23)
|
|
--
|
|
5
|
|
(30)
|
Other (income)
expense, net
|
|
6
|
|
--
|
|
--
|
|
1
|
|
7
|
Earnings from
Continuing Operations before taxes
|
|
$
26
|
|
$
(73)
|
|
$
520
|
|
$
16
|
|
489
|
Tax expense on
Earnings from Continuing Operations (d)
|
|
|
|
|
|
|
|
|
71
|
Earnings from
Continuing Operations
|
|
|
|
|
|
|
|
|
|
$
418
|
Diluted Earnings per
Share from Continuing Operations
|
|
|
|
|
|
|
|
|
$
0.23
|
|
The table above
provides additional details regarding the specified items described
on table titled "Non-GAAP Reconciliation of Financial Information
From Continuing Operations."
|
|
|
a)
|
Acquisition-related
expenses include integration costs, which represent incremental
costs directly related to integrating the acquired businesses and
include expenditures for the integration of systems, processes and
business activities.
|
b)
|
Restructuring and
cost reduction initiative expenses include severance, outplacement,
and other direct costs associated with specific restructuring plans
and cost reduction initiatives. Restructuring and cost reduction
plans consist of distinct initiatives to streamline operations
including the consolidation and rationalization of business
activities and facilities, workforce reductions, the transfer of
product lines between manufacturing facilities, and the transfer of
other business activities between sites. The Gross Margin amount
includes a credit associated with a change in estimate to the
charges taken in the second quarter for a restructuring plan
related to Abbott's manufacturing network for COVID-19 diagnostic
tests to reflect current and projected demand.
|
c)
|
Other includes
incremental costs to comply with the European Union's Medical
Device (MDR) and In Vitro Diagnostics Medical Device (IVDR)
Regulations for previously approved products.
|
d)
|
Reflects the net tax
benefit associated with the specified items and excess tax benefits
associated with share-based compensation.
|
Abbott Laboratories
and Subsidiaries
|
Details of Specified
Items
|
Third Quarter Ended
September 30, 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
Acquisition or
Divestiture-related (a)
|
|
Restructuring and
Cost Reduction
Initiatives (b)
|
|
Intangible
Amortization
|
|
Other (c)
|
|
Total
Specifieds
|
Gross
Margin
|
|
$
16
|
|
$
27
|
|
$
510
|
|
$
152
|
|
$
705
|
R&D
|
|
(1)
|
|
(1)
|
|
--
|
|
(19)
|
|
(21)
|
SG&A
|
|
(28)
|
|
(9)
|
|
--
|
|
100
|
|
63
|
Other (income)
expense, net
|
|
(2)
|
|
--
|
|
--
|
|
1
|
|
(1)
|
Earnings from
Continuing Operations before taxes
|
|
$
47
|
|
$
37
|
|
$
510
|
|
$
70
|
|
664
|
Tax expense on
Earnings from Continuing Operations (d)
|
|
|
|
|
|
|
|
|
136
|
Earnings from
Continuing Operations
|
|
|
|
|
|
|
|
|
|
$
528
|
Diluted Earnings per
Share from Continuing Operations
|
|
|
|
|
|
|
|
|
$
0.29
|
|
The table above
provides additional details regarding the specified items described
on table titled "Non-GAAP Reconciliation of Financial Information
From Continuing Operations."
|
|
|
a)
|
Acquisition-related
expenses include integration costs, which represent incremental
costs directly related to integrating the acquired businesses and
include expenditures for retention and the integration of systems,
processes and business activities.
|
b)
|
Restructuring and
cost reduction initiative expenses include severance, outplacement,
and other direct costs associated with specific restructuring plans
and cost reduction initiatives. Restructuring and cost reduction
plans consist of distinct initiatives to streamline operations
including the consolidation and rationalization of business
activities and facilities, workforce reductions, the transfer of
product lines between manufacturing facilities, and the transfer of
other business activities between sites.
|
c)
|
Other primarily
relates to the impairment of an intangible asset and the costs to
acquire R&D assets, partially offset by income from the
settlement of litigation.
|
d)
|
Reflects the net tax
benefit associated with the specified items, the resolution of
prior years' tax positions and excess tax benefits associated
with share-based compensation.
|
Abbott Laboratories
and Subsidiaries
|
Details of Specified
Items
|
Nine Months Ended
September 30, 2021
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
Acquisition or
Divestiture-related (a)
|
|
Restructuring and
Cost Reduction
Initiatives (b)
|
|
Intangible
Amortization
|
|
Other (c)
|
|
Total
Specifieds
|
Gross
Margin
|
|
$
56
|
|
$
433
|
|
$
1,533
|
|
$
20
|
|
$
2,042
|
R&D
|
|
(9)
|
|
1
|
|
--
|
|
(59)
|
|
(67)
|
SG&A
|
|
(43)
|
|
(22)
|
|
--
|
|
(209)
|
|
(274)
|
Other (income)
expense, net
|
|
3
|
|
1
|
|
--
|
|
26
|
|
30
|
Earnings from
Continuing Operations before taxes
|
|
$
105
|
|
$
453
|
|
$
1,533
|
|
$
262
|
|
2,353
|
Tax expense on
Earnings from Continuing Operations (d)
|
|
|
|
|
|
|
|
|
434
|
Earnings from
Continuing Operations
|
|
|
|
|
|
|
|
|
|
$
1,919
|
Diluted Earnings per
Share from Continuing Operations
|
|
|
|
|
|
|
|
|
$
1.06
|
|
The table above
provides additional details regarding the specified items described
on table titled "Non-GAAP Reconciliation of Financial Information
From Continuing Operations."
|
|
|
a)
|
Acquisition-related
expenses include integration costs, which represent incremental
costs directly related to integrating the acquired businesses and
include expenditures for the integration of systems, processes and
business activities.
|
b)
|
Restructuring and
cost reduction initiative expenses include severance, outplacement,
and other direct costs associated with specific restructuring plans
and cost reduction initiatives. Restructuring and cost reduction
plans consist of distinct initiatives to streamline operations
including the consolidation and rationalization of business
activities and facilities, workforce reductions, the transfer of
product lines between manufacturing facilities, and the transfer of
other business activities between sites. The Gross Margin amount
includes charges associated with a restructuring plan to align
Abbott's manufacturing network for COVID-19 diagnostic tests with
changes during the year in current and projected testing
demand.
|
c)
|
Other primarily
relates to the costs related to certain litigation, the acquisition
of a research and development asset, the impairments of an equity
investment and an intangible asset, and the gain on the disposition
of an equity method investment.
|
d)
|
Reflects the net tax
benefit associated with the specified items and excess tax benefits
associated with share-based compensation.
|
Abbott Laboratories
and Subsidiaries
|
Details of Specified
Items
|
Nine Months Ended
September 30, 2020
|
(in millions, except
per share data)
|
(unaudited)
|
|
|
|
Acquisition or
Divestiture-related (a)
|
|
Restructuring and
Cost Reduction
Initiatives (b)
|
|
Intangible
Amortization
|
|
Other (c)
|
|
Total
Specifieds
|
Gross
Margin
|
|
$
61
|
|
$
57
|
|
$
1,624
|
|
$
153
|
|
$
1,895
|
R&D
|
|
(8)
|
|
(9)
|
|
--
|
|
(47)
|
|
(64)
|
SG&A
|
|
(83)
|
|
(36)
|
|
--
|
|
100
|
|
(19)
|
Other (income)
expense, net
|
|
(3)
|
|
--
|
|
--
|
|
(108)
|
|
(111)
|
Earnings from
Continuing Operations before taxes
|
|
$
155
|
|
$
102
|
|
$
1,624
|
|
$
208
|
|
2,089
|
Tax expense on
Earnings from Continuing Operations (d)
|
|
|
|
|
|
|
|
|
462
|
Earnings from
Continuing Operations
|
|
|
|
|
|
|
|
|
|
$
1,627
|
Diluted Earnings per
Share from Continuing Operations
|
|
|
|
|
|
|
|
|
$
0.91
|
|
The table above
provides additional details regarding the specified items described
on table titled "Non-GAAP Reconciliation of Financial Information
From Continuing Operations."
|
|
|
a)
|
Acquisition-related
expenses include integration costs, which represent incremental
costs directly related to integrating the acquired businesses and
include expenditures for retention, severance, and the integration
of systems, processes and business activities.
|
b)
|
Restructuring and
cost reduction initiative expenses include severance, outplacement,
and other direct costs associated with specific restructuring plans
and cost reduction initiatives. Restructuring and cost reduction
plans consist of distinct initiatives to streamline operations
including the consolidation and rationalization of business
activities and facilities, workforce reductions, the transfer of
product lines between manufacturing facilities, and the transfer of
other business activities between sites.
|
c)
|
Other primarily
relates to impairment charges related to certain assets and the
costs to acquire R&D assets, partially offset by income from
the settlement of litigation.
|
d)
|
Reflects the net tax
benefit associated with the specified items, the resolution of
prior years' tax positions and excess tax benefits associated
with share-based compensation.
|
View original
content:https://www.prnewswire.com/news-releases/abbott-reports-third-quarter-2021-results-achieves-strong-double-digit-earnings-growth-and-raises-guidance-301404421.html
SOURCE Abbott