Current Report Filing (8-k)
June 03 2021 - 4:22PM
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ABT
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Common Shares, Without Par Value
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ABT
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the
Securities Exchange Act of 1934
May 27, 2021
Date of Report (Date of earliest event reported)
ABBOTT LABORATORIES
(Exact name of registrant as specified in
charter)
Illinois
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1-2189
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36-0698440
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(State or other Jurisdiction
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(Commission File Number)
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(IRS Employer
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of Incorporation)
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Identification No.)
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100 Abbott Park Road
Abbott Park,Illinois 60064-6400
(Address of principal executive offices)(Zip
Code)
Registrant’s telephone number, including
area code: (224) 667-6100
Check the appropriate box below if the Form 8-K filing
is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities Registered Pursuant to Section 12(b) of
the Act:
Title of Each Class
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Trading Symbol(s)
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Name of Each Exchange
on Which Registered
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Common Shares, Without Par Value
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ABT
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New York Stock Exchange
Chicago Stock Exchange, Inc.
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Indicate by check mark whether the registrant is an emerging
growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of
the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ¨
If an emerging
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with
any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
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Item 2.05.
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Costs Associated With Exit or Disposal Activities.
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On May 27, 2021, Abbott Laboratories (“Abbott”) approved
a restructuring plan to align its manufacturing network for COVID-19 diagnostic tests with recent changes in projected testing demand.
The significant changes in projected testing demand have been driven by several factors, including significant reductions in cases in
the U.S. and other major developed countries, accelerated rollout of COVID-19 vaccines globally and, most recently, U.S. health authority
guidance on testing for fully vaccinated individuals.
Abbott estimates the pre-tax costs to be incurred to implement this
plan to be approximately $550 million to $700 million. The costs are expected to be incurred during the remainder of 2021 with the majority
of the costs expected to be recorded in the second quarter of 2021. The costs will be treated as specified items.
The costs will include fixed asset write-downs of $100 million to $135
million, inventory-related charges of $220 million to $265 million, and other exit costs, which include contract cancellations and employee-related
costs, of $230 million to $300 million. Non-cash charges included in the total are estimated to be $320 million to $400 million, reflecting
the fixed asset write-downs and inventory-related charges. The other exit costs are expected to result in future cash outlays.
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Item 7.01
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Regulation FD Disclosure.
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On June 1, 2021, Abbott issued a press release providing an update
to its financial outlook for the full year 2021.
Furnished as Exhibit 99.1, and incorporated herein by reference,
is the news release issued by Abbott announcing its updated financial outlook. In that news release, Abbott provides forecasts of
a non-GAAP financial measure, adjusted diluted earnings per share from continuing operations, which adjusts for factors that are unusual
or unpredictable, such as expenses primarily associated with restructuring and cost reduction initiatives, including those outlined in
Item 2.05 above, and expenses associated with acquisitions. This non-GAAP financial measure also excludes intangible amortization
expense to provide greater visibility on the results of operations excluding these costs, similar to how Abbott’s management internally
assesses performance. Abbott’s management believes the presentation of this non-GAAP financial measure provides useful information
to investors regarding Abbott’s results of operations as this non-GAAP financial measure allows investors to better evaluate ongoing
business performance. Abbott’s management also uses this non-GAAP financial measure internally to monitor performance of the
businesses. Abbott, however, cautions investors to consider non-GAAP financial measures in addition to, and not as a substitute
for, financial measures prepared in accordance with GAAP.
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Item 9.01
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Financial Statements and Exhibits.
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104
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Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document).
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SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ABBOTT LABORATORIES
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Date: June 3, 2021
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By:
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/s/ Robert E. Funck,
Jr.
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Robert E. Funck, Jr.
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Executive Vice President, Finance and Chief Financial Officer
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