Abbott Reports Double-Digit Sales and Earnings Growth in Fourth Quarter
Abbott (NYSE: ABT) has announced financial results for the fourth quarter ended Dec. 31, 2008:
Worldwide sales increased 10.1 percent to $8 billion, including an unfavorable 2.5 percent effect of exchange rates. Full-year 2008 sales were nearly $30 billion.
Diluted earnings per share, excluding specified items, were $1.06, reflecting 14.0 percent growth, in line with Abbott's previous forecast. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.98, up 27.3 percent.
Worldwide pharmaceutical sales increased nearly 10 percent driven by double-digit growth in HUMIRA(R), Niaspan(R), and the TriCor(R)/TRILIPIX(TM) franchise. Global HUMIRA sales in the quarter exceeded $1.3 billion; full-year 2008 global HUMIRA sales were more than $4.5 billion.
Worldwide medical products sales increased 15.6 percent; with 58.9 percent growth in global vascular sales driven by the continued success of the XIENCE V(TM) drug-eluting stent (DES), which became the market-leading DES in the U.S. during the fourth quarter. Last week, Abbott announced the acquisition of Advanced Medical Optics (AMO), strengthening and expanding Abbott's medical device business with a global market leader in ophthalmology.
Global nutritional sales increased 11.0 percent, up more than 15 percent internationally and nearly 7 percent in the U.S.
Abbott is confirming previously issued earnings-per-share guidance for the full-year 2009 of $3.65 to $3.70 under both Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis. The midpoint of this 2009 guidance range reflects double-digit growth over 2008 earnings per share.
"2008 was another highly productive and successful year for Abbott," said Miles D. White, chairman and chief executive officer, Abbott. "We significantly outperformed our original growth expectations for the year and added to our diverse portfolio with a significant number of major new product launches. The strategic actions we've taken and our ongoing business momentum position Abbott to deliver continued double-digit growth in 2009."
Abbott is confirming previously issued earnings-per-share guidance for the full-year 2009 of $3.65 to $3.70 under both Generally Accepted Accounting Principles (GAAP) and on a non-GAAP, or adjusted basis. The midpoint of this 2009 guidance range reflects double-digit growth over 2008 earnings per share.
Abbott declares quarterly dividend; double-digit increase over prior year
On Dec. 12, 2008, the board of directors of Abbott declared the company's quarterly common dividend of 36 cents per share, a 10.8 percent increase over the prior year. The cash dividend is payable Feb. 15, 2009, to shareholders of record at the close of business on Jan. 15, 2009. This marks the 340th consecutive dividend paid by Abbott since 1924.
About Abbott Abbott is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs more than 68,000 people and markets its products in more than 130 countries.
Abbott's news releases and other information are available on the company's Web site at http://www.abbott.com. Abbott will webcast its live fourth-quarter earnings conference call through its Investor Relations Web site at http://www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the call will be available after 11 a.m. Central time.