- Sales growth of 13.8 percent; organic sales growth of 17.5
percent
- Global COVID-19 testing-related sales of $3.3 billion in the first quarter
- Excluding COVID-19 testing-related sales, first-quarter
reported sales growth of 3.9 percent and organic sales growth of
7.7 percent
- GAAP diluted EPS growth of 37.0 percent; adjusted diluted
EPS growth of 31.1 percent
- Continues to strengthen portfolio with new product approvals
and expanded reimbursement coverage
ABBOTT
PARK, Ill., April 20,
2022 /PRNewswire/ -- Abbott (NYSE: ABT) today
announced financial results for the first quarter ended
March 31, 2022.
- First-quarter sales of $11.9
billion increased 13.8 percent on a reported basis and 17.5
percent on an organic basis, which excludes the impact of foreign
exchange.
- First-quarter GAAP diluted EPS1 was
$1.37 and adjusted diluted EPS, which
excludes specified items, was $1.73.
- Global COVID-19 testing-related sales were $3.3 billion in the first quarter.
- Abbott projects full-year 2022 diluted EPS on a GAAP basis of
at least $3.35 and projected adjusted
diluted EPS of at least $4.70 remains
unchanged.
- 2022 guidance includes projected COVID-19 testing-related sales
of approximately $4.5 billion, which
Abbott expects to largely occur in the first half of the year and
will update on a quarterly basis.
- In February, Abbott initiated a voluntary recall of certain
infant formula products manufactured at one of its U.S. facilities.
Abbott is working closely with the U.S. Food and Drug
Administration (FDA) and has begun implementing corrective actions
and enhancements to the facility.
- In February, Abbott received FDA approval for an expanded
indication for its CardioMEMS™ HF system, a small
implantable sensor and remote monitoring system that can detect
early warning signs of worsening heart failure.
- In March, Abbott announced its FreeStyle
Libre® system is the first and only continuous
glucose monitoring (CGM) system to gain expanded reimbursement in
Japan to now include all people
with diabetes who use insulin.
- In April, Abbott announced FDA approval for its
Aveir™ single-chamber leadless pacemaker for
the treatment of patients in the U.S. with slow heart rhythms.
Unlike traditional pacemakers, leadless pacemakers do not require
an incision in the chest to implant or leads (wires) to deliver
therapy.
"Our diversified business continues to perform well in a
challenging environment," said Robert B.
Ford, chairman and chief executive officer, Abbott. "We're
particularly pleased with the strong performance we're achieving in
Medical Devices and Established Pharmaceuticals."
FIRST-QUARTER BUSINESS
OVERVIEW
Note: Management believes that measuring sales growth rates
on an organic basis is an appropriate way for investors to best
understand the underlying performance of the business. Organic
sales growth excludes the impact of foreign exchange.
Following are sales by business segment and commentary for
the first quarter 2022:
Total
Company
($ in
millions)
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q21
|
|
|
Sales
1Q22
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
*
|
|
4,937
|
|
6,958
|
|
11,895
|
|
28.6
|
|
5.1
|
|
13.8
|
|
28.6
|
|
11.1
|
|
17.5
|
Nutrition
|
|
677
|
|
1,217
|
|
1,894
|
|
(19.0)
|
|
1.4
|
|
(7.0)
|
|
(19.0)
|
|
5.8
|
|
(4.4)
|
Diagnostics
|
|
2,741
|
|
2,545
|
|
5,286
|
|
67.0
|
|
7.3
|
|
31.7
|
|
67.0
|
|
13.0
|
|
35.1
|
Established
Pharmaceuticals
|
|
--
|
|
1,147
|
|
1,147
|
|
n/a
|
|
7.1
|
|
7.1
|
|
n/a
|
|
13.4
|
|
13.4
|
Medical
Devices
|
|
1,516
|
|
2,049
|
|
3,565
|
|
12.2
|
|
4.1
|
|
7.4
|
|
12.2
|
|
11.0
|
|
11.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Total Q1 2022 Abbott
sales include Other Sales of approximately $3
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.
|
First-quarter 2022 worldwide sales of $11.9 billion increased 13.8 percent on a
reported basis and 17.5 percent on an organic basis.
Worldwide sales, excluding COVID-19 testing-related sales,
increased 3.9 percent on a reported basis and 7.7 percent on an
organic basis in the quarter.2
Nutrition
($ in
millions)
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q21
|
|
|
Sales
1Q22
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
677
|
|
1,217
|
|
1,894
|
|
(19.0)
|
|
1.4
|
|
(7.0)
|
|
(19.0)
|
|
5.8
|
|
(4.4)
|
Pediatric
|
|
338
|
|
509
|
|
847
|
|
(33.6)
|
|
(8.8)
|
|
(20.6)
|
|
(33.6)
|
|
(5.4)
|
|
(18.8)
|
Adult
|
|
339
|
|
708
|
|
1,047
|
|
3.7
|
|
10.3
|
|
8.0
|
|
3.7
|
|
15.6
|
|
11.5
|
Worldwide Nutrition sales decreased 7.0 percent on a reported
basis and 4.4 percent on an organic basis in the first quarter.
During the quarter, sales were negatively impacted by a voluntary
recall of certain powder formulas manufactured at one of Abbott's
U.S. plants. Excluding the U.S. sales associated with these
products in the current and prior years, worldwide Nutrition sales
increased 5.0 percent on a reported basis and 8.0 percent on an
organic basis in the first quarter.3
In Adult Nutrition, 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 sales growth of 8.0 percent on a reported
basis and 11.5 percent on an organic basis.
Worldwide Pediatric Nutrition sales decreased 20.6 percent on a
reported basis and 18.8 percent on an organic basis.
Internationally, Pediatric Nutrition sales were unfavorably
impacted primarily by challenging market conditions in China.
Diagnostics
($ in
millions)
|
|
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q21
|
|
|
|
|
Sales
1Q22
|
|
Reported
|
|
Organic
|
|
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
|
Total
|
|
2,741
|
|
2,545
|
|
5,286
|
|
67.0
|
|
7.3
|
|
31.7
|
|
67.0
|
|
13.0
|
|
35.1
|
|
|
Core
Laboratory
|
|
268
|
|
916
|
|
1,184
|
|
(1.2)
|
|
0.5
|
|
0.1
|
|
(1.2)
|
|
5.8
|
|
4.2
|
|
|
Molecular
|
|
172
|
|
248
|
|
420
|
|
(1.8)
|
|
(8.5)
|
|
(5.9)
|
|
(1.8)
|
|
(3.8)
|
|
(3.0)
|
|
|
Point of
Care
|
|
91
|
|
37
|
|
128
|
|
(1.0)
|
|
0.5
|
|
(0.6)
|
|
(1.0)
|
|
3.8
|
|
0.4
|
|
|
Rapid
Diagnostics
|
|
2,210
|
|
1,344
|
|
3,554
|
|
100.4
|
|
16.6
|
|
57.5
|
|
100.4
|
|
23.0
|
|
60.8
|
|
|
Worldwide Diagnostics sales increased 31.7 percent on a reported
basis and 35.1 percent on an organic basis in the first quarter.
Global COVID-19 testing-related sales were $3.3 billion in the quarter, led by sales of
rapid testing products.
Sales in Core Laboratory and Molecular Diagnostics were impacted
by year-over-year declines in COVID-19 testing-related sales in
these businesses. Excluding COVID-19 testing-related sales, Core
Laboratory Diagnostics sales and Molecular Diagnostics sales
increased 2.4 percent and 24.8 percent, respectively, on a reported
basis in the first quarter and 6.6 percent and 29.0 percent,
respectively, on an organic basis.4
Established
Pharmaceuticals
($ in
millions)
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q21
|
|
|
Sales
1Q22
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
--
|
|
1,147
|
|
1,147
|
|
n/a
|
|
7.1
|
|
7.1
|
|
n/a
|
|
13.4
|
|
13.4
|
Key Emerging
Markets
|
|
--
|
|
902
|
|
902
|
|
n/a
|
|
9.8
|
|
9.8
|
|
n/a
|
|
17.1
|
|
17.1
|
Other
|
|
--
|
|
245
|
|
245
|
|
n/a
|
|
(1.7)
|
|
(1.7)
|
|
n/a
|
|
1.2
|
|
1.2
|
Established Pharmaceuticals sales increased 7.1 percent on a
reported basis in the first quarter and increased 13.4 percent on
an organic basis.
Key Emerging Markets include several emerging countries that
represent the most attractive long-term growth opportunities for
Abbott's branded generics product portfolio. Sales in these
geographies increased 9.8 percent on a reported basis in the
quarter and increased 17.1 percent on an organic basis, led by
double-digit growth on a reported and organic basis in several
geographies and therapeutic areas, including gastroenterology,
respiratory and central nervous system/pain management.
Other sales decreased 1.7 percent on a reported basis and
increased 1.2 percent on an organic basis in the quarter.
Medical
Devices
($ in
millions)
|
|
|
|
|
|
|
|
|
|
% Change vs.
1Q21
|
|
|
Sales
1Q22
|
|
Reported
|
|
Organic
|
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
|
U.S.
|
|
Int'l
|
|
Total
|
Total
|
|
1,516
|
|
2,049
|
|
3,565
|
|
12.2
|
|
4.1
|
|
7.4
|
|
12.2
|
|
11.0
|
|
11.5
|
Rhythm
Management
|
|
248
|
|
276
|
|
524
|
|
3.1
|
|
(0.8)
|
|
1.0
|
|
3.1
|
|
5.2
|
|
4.2
|
Electrophysiology
|
|
216
|
|
269
|
|
485
|
|
20.2
|
|
7.2
|
|
12.6
|
|
20.2
|
|
14.4
|
|
16.8
|
Heart
Failure
|
|
167
|
|
54
|
|
221
|
|
15.3
|
|
11.0
|
|
14.2
|
|
15.3
|
|
18.8
|
|
16.2
|
Vascular
|
|
209
|
|
410
|
|
619
|
|
(5.1)
|
|
(1.3)
|
|
(2.6)
|
|
(5.1)
|
|
4.2
|
|
1.0
|
Structural
Heart
|
|
190
|
|
221
|
|
411
|
|
13.0
|
|
6.0
|
|
9.1
|
|
13.0
|
|
14.5
|
|
13.8
|
Neuromodulation
|
|
143
|
|
36
|
|
179
|
|
(1.3)
|
|
(9.5)
|
|
(3.1)
|
|
(1.3)
|
|
(2.1)
|
|
(1.5)
|
Diabetes
Care
|
|
343
|
|
783
|
|
1,126
|
|
35.6
|
|
7.7
|
|
14.9
|
|
35.6
|
|
15.1
|
|
20.4
|
Worldwide Medical Devices sales increased 7.4 percent on a
reported basis and 11.5 percent on an organic basis in the first
quarter. Strong growth in the quarter was driven by double-digit
organic growth in Electrophysiology, Heart Failure, Structural
Heart and Diabetes Care.
In Diabetes Care, FreeStyle Libre sales were approximately
$1.0 billion in the quarter, which
represents sales growth of 20.4 percent on a reported basis and
26.2 percent on an organic basis.
ABBOTT'S EARNINGS-PER-SHARE
GUIDANCE
Abbott projects full-year 2022 diluted earnings per share under
GAAP of at least $3.35. Abbott
forecasts specified items for the full-year 2022 of $1.35 per share primarily related to intangible
amortization, costs related to a voluntary recall, expenses
associated with acquisitions, restructurings and cost reduction
initiatives and other net expenses. Excluding specified items,
projected adjusted diluted earnings per share of at least
$4.70 remains unchanged for the
full-year 2022.
ABBOTT DECLARES 393RD
CONSECUTIVE QUARTERLY DIVIDEND
On Feb. 18, 2022, the board of
directors of Abbott declared the company's quarterly dividend of
$0.47 per share. Abbott's cash
dividend is payable May 16, 2022 to
shareholders of record at the close of business on April 15, 2022.
Abbott has increased its dividend payout for 50 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 113,000 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 first-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,
2021, 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
|
All amounts reported
relate to continuing operations only as there are no discontinued
operations in the periods presented.
|
2
|
In the first quarter of
2022, COVID-19 testing-related sales were $3.304 billion. In the
first quarter of 2021, total worldwide sales were $10.456 billion,
which included COVID-19 testing-related sales of $2.185
billion.
|
3
|
In the first quarter of
2022, U.S. sales of certain powder formulas were $59 million. In
the first quarter of 2021, worldwide Nutrition sales were $2.036
billion, which included $288 million of U.S. sales of certain
powder formulas.
|
4
|
In the first quarter of
2022, Core Laboratory and Molecular Diagnostics COVID-19
testing-related sales were $28 million and $246 million,
respectively. In the first quarter of 2021, worldwide Core
Laboratory and Molecular Diagnostics sales were $1.182 billion and
$447 million, respectively. Core Laboratory and Molecular
Diagnostics COVID-19 testing-related sales in the first quarter of
2021 were $54 million and $307 million, respectively.
|
Abbott Laboratories and
Subsidiaries
Condensed Consolidated
Statement of Earnings
First Quarter Ended
March 31, 2022 and 2021
(in millions, except
per share data)
(unaudited)
|
|
|
|
1Q22
|
|
1Q21
|
|
%
Change
|
|
Net Sales
|
|
$11,895
|
|
$10,456
|
|
13.8
|
|
|
|
|
|
|
|
|
|
Cost of products sold,
excluding amortization expense
|
|
4,987
|
|
4,401
|
|
13.3
|
|
Amortization of
intangible assets
|
|
512
|
|
509
|
|
0.5
|
|
Research and
development
|
|
697
|
|
654
|
|
6.5
|
|
Selling, general, and
administrative
|
|
2,787
|
|
2,783
|
|
0.2
|
|
Total Operating Cost
and Expenses
|
|
8,983
|
|
8,347
|
|
7.6
|
|
|
|
|
|
|
|
|
|
Operating
Earnings
|
|
2,912
|
|
2,109
|
|
38.1
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
|
117
|
|
124
|
|
(5.7)
|
|
Net foreign exchange
(gain) loss
|
|
(3)
|
|
3
|
|
n/m
|
|
Other (income) expense,
net
|
|
(78)
|
|
(61)
|
|
28.6
|
|
Earnings before
taxes
|
|
2,876
|
|
2,043
|
|
40.8
|
|
Taxes on
earnings
|
|
429
|
|
250
|
|
72.0
|
1)
|
|
|
|
|
|
|
|
|
Net Earnings
|
|
$2,447
|
|
$1,793
|
|
36.5
|
|
|
|
|
|
|
|
|
|
Net Earnings Excluding
Specified Items, as described below
|
|
$3,077
|
|
$2,368
|
|
30.0
|
2)
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share
|
|
$1.37
|
|
$1.00
|
|
37.0
|
|
|
|
|
|
|
|
|
|
Diluted Earnings per
Common Share,
|
|
|
|
|
|
|
|
excluding Specified
Items, as described below
|
|
$1.73
|
|
$1.32
|
|
31.1
|
2)
|
|
|
|
|
|
|
|
|
Average Number of
Common Shares Outstanding
|
|
|
|
|
|
|
|
Plus Dilutive Common
Stock Options
|
|
1,775
|
|
1,792
|
|
|
|
|
NOTES:
|
See tables titled
"Non-GAAP Reconciliation of Financial Information" for an
explanation of certain non-GAAP financial information.
|
n/m = Percent change is
not meaningful.
|
See footnotes
below.
|
|
|
1)
|
2022 Taxes on Earnings
includes the recognition of approximately $30 million of net tax
expense as a result of the resolution of various tax positions
related to prior years and approximately $30 million in excess tax
benefits associated with share-based compensation.
|
|
|
|
2021 Taxes on Earnings
includes the recognition of approximately $80 million in excess tax
benefits associated with share-based compensation.
|
|
|
2)
|
2022 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $630 million, or $0.36 per share,
for intangible amortization, charges related to a voluntary recall
and other net expenses primarily associated with
acquisitions.
|
|
|
|
2021 Net Earnings and
Diluted Earnings per Common Share, excluding Specified Items,
excludes net after-tax charges of $575 million, or $0.32 per share,
for intangible amortization and other net expenses primarily
associated with certain litigation, acquisitions and restructuring
actions.
|
Abbott Laboratories
and Subsidiaries
Non-GAAP
Reconciliation of Financial Information
First Quarter Ended
March 31, 2022 and 2021
(in millions,
except per share data)
(unaudited)
|
|
|
|
1Q22
|
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
512
|
|
$ (512)
|
|
$
--
|
|
|
Gross Margin
|
|
6,396
|
|
636
|
|
7,032
|
|
59.1%
|
R&D
|
|
697
|
|
(33)
|
|
664
|
|
5.6%
|
SG&A
|
|
2,787
|
|
(39)
|
|
2,748
|
|
23.1%
|
Other (income) expense,
net
|
|
(78)
|
|
(15)
|
|
(93)
|
|
|
Earnings before
taxes
|
|
2,876
|
|
723
|
|
3,599
|
|
|
Taxes on
Earnings
|
|
429
|
|
93
|
|
522
|
|
|
Net Earnings
|
|
2,447
|
|
630
|
|
3,077
|
|
|
Diluted Earnings per
Share
|
|
$1.37
|
|
$0.36
|
|
$1.73
|
|
|
|
Specified items reflect
intangible amortization expense of $512 million and other net
expenses of $211 million that includes costs associated with a
product recall, acquisitions, and other net expenses. See tables
titled "Details of Specified Items" for additional details
regarding specified items.
|
|
|
|
1Q21
|
|
|
As
Reported
(GAAP)
|
|
Specified
Items
|
|
As
Adjusted
|
|
% to
Sales
|
|
|
|
|
|
|
|
|
|
Intangible
Amortization
|
|
$
509
|
|
$ (509)
|
|
$
--
|
|
|
Gross Margin
|
|
5,546
|
|
549
|
|
6,095
|
|
58.3%
|
R&D
|
|
654
|
|
(28)
|
|
626
|
|
6.0%
|
SG&A
|
|
2,783
|
|
(154)
|
|
2,629
|
|
25.1%
|
Other (income) expense,
net
|
|
(61)
|
|
(12)
|
|
(73)
|
|
|
Earnings before
taxes
|
|
2,043
|
|
743
|
|
2,786
|
|
|
Taxes on
Earnings
|
|
250
|
|
168
|
|
418
|
|
|
Net Earnings
|
|
1,793
|
|
575
|
|
2,368
|
|
|
Diluted Earnings per
Share
|
|
$1.00
|
|
$0.32
|
|
$1.32
|
|
|
|
Specified items reflect
intangible amortization expense of $509 million and other net
expenses of $234 million, primarily associated with certain
litigation, acquisitions, restructuring actions and other expenses.
See tables titled "Details of Specified Items" for additional
details regarding specified items.
|
|
A reconciliation of the
first-quarter tax rates for 2022 and 2021 is shown
below:
|
|
|
|
|
|
|
1Q22
|
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
|
$2,876
|
|
$
429
|
|
14.9%
|
1)
|
|
Specified
items
|
|
723
|
|
93
|
|
|
|
|
Excluding specified
items
|
|
$3,599
|
|
$522
|
|
14.5%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1Q21
|
|
|
($ in
millions)
|
|
Pre-Tax
Income
|
|
Taxes on
Earnings
|
|
Tax
Rate
|
|
|
As reported
(GAAP)
|
|
$2,043
|
|
$250
|
|
12.2%
|
2)
|
|
Specified
items
|
|
743
|
|
168
|
|
|
|
|
Excluding specified
items
|
|
$2,786
|
|
$418
|
|
15.0%
|
|
|
|
1)
|
2022 Taxes on Earnings
includes the recognition of approximately $30 million of net tax
expense as a result of the resolution of various tax positions
related to prior years and approximately $30 million in excess tax
benefits associated with share-based compensation.
|
|
|
2)
|
2021 Taxes on Earnings
includes the recognition of approximately $80 million in excess tax
benefits associated with share-based compensation.
|
Abbott Laboratories
and Subsidiaries
Details of Specified
Items
First Quarter Ended
March 31, 2022
(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
|
|
$
21
|
|
$
(6)
|
|
$
512
|
|
$ 109
|
|
$ 636
|
R&D
|
|
(2)
|
|
(1)
|
|
--
|
|
(30)
|
|
(33)
|
SG&A
|
|
(11)
|
|
--
|
|
--
|
|
(28)
|
|
(39)
|
Other (income) expense,
net
|
|
(7)
|
|
--
|
|
--
|
|
(8)
|
|
(15)
|
Earnings before
taxes
|
|
$
41
|
|
$
(5)
|
|
$
512
|
|
$ 175
|
|
723
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
|
93
|
Net Earnings
|
|
|
|
|
|
|
|
|
|
$ 630
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
|
$ 0.36
|
|
|
|
|
|
|
|
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
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. The Gross Margin amount includes a
credit associated with the charges taken in the second quarter of
2021 for a restructuring plan related to Abbott's manufacturing
network for COVID-19 diagnostic tests.
|
c)
|
Other includes charges
related to a voluntary recall within the Nutrition segment and
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, excess tax benefits
associated with share-based compensation and net tax expense as a
result of the resolution of various tax positions related to prior
years.
|
Abbott Laboratories and
Subsidiaries
Details of Specified
Items
First Quarter Ended
March 31, 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
|
|
$
19
|
|
$
19
|
|
$
509
|
|
$
2
|
|
$ 549
|
R&D
|
|
(2)
|
|
--
|
|
--
|
|
(26)
|
|
(28)
|
SG&A
|
|
(13)
|
|
(1)
|
|
--
|
|
(140)
|
|
(154)
|
Other (income) expense,
net
|
|
--
|
|
1
|
|
--
|
|
(13)
|
|
(12)
|
Earnings before
taxes
|
|
$
34
|
|
$
19
|
|
$
509
|
|
$ 181
|
|
743
|
Taxes on Earnings
(d)
|
|
|
|
|
|
|
|
|
|
168
|
Net Earnings
|
|
|
|
|
|
|
|
|
|
$ 575
|
Diluted Earnings per
Share
|
|
|
|
|
|
|
|
|
|
$ 0.32
|
|
|
|
|
|
|
|
|
|
|
|
The table above
provides additional details regarding the specified items described
on tables titled "Non-GAAP Reconciliation of Financial
Information."
|
|
|
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.
|
c)
|
Other primarily relates
to the net costs related to certain litigation, the acquisition of
a research and development asset, and the impairment of an equity
investment.
|
d)
|
Reflects the net tax
benefit associated with the specified items and excess tax benefits
associated with share-based compensation.
|
View original
content:https://www.prnewswire.com/news-releases/abbott-reports-first-quarter-2022-results-301528820.html
SOURCE Abbott