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DewDiligence

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Re: DewDiligence post# 71417

Wednesday, 01/21/2009 5:29:33 PM

Wednesday, January 21, 2009 5:29:33 PM

Post# of 252714
ABT Reports 4Q08 Results

[ABT has become what JNJ has always claimed to be: the leading diversified pharma and medical-device company on the planet. While JNJ’s pharma business is shrinking, ABT’s is soaring due to impressive growth by Humira ($5.2B annualized run rate in 4Q08, +42% year-over-year!) and the lipid franchise, which consists of TriCor, TriLipix, and Niaspan. Meanwhile, ABT’s Xience stent sold $1B worldwide during 2008, making it one of the best-selling medical devices of all time and rendering JNJ’s Cypher all but obsolete.

How has ABT been able to accomplish all this? Making great acquisitions helps (#msg-34774636). ABT shares rose 7% today.]

http://finance.yahoo.com/news/Abbott-Reports-DoubleDigit-prnews-14112486.html

›Wednesday January 21, 2009, 7:32 am EST

- Worldwide Sales Increased 10.1 Percent –

- Adjusted EPS Growth of 14.0 Percent (GAAP EPS up 27.3 Percent) –

- Delivers Double-Digit Sales Growth in Each Major Global Business in 2008 –

- Concludes Successful 2008 with Nine New Major Regulatory Approvals –

- Confirms Double-Digit Earnings-Per-Share Growth in 2009 -

ABBOTT PARK, Ill., Jan. 21 /PRNewswire-FirstCall/
-- Abbott (NYSE: ABT) today announced financial results for the fourth quarter ended Dec. 31, 2008.

-- 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 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.

-- Worldwide pharmaceutical sales increased nearly 10 percent driven by
double-digit growth in HUMIRA®, Niaspan®, and the
TriCor®/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."

The following is a summary of fourth-quarter 2008 sales.

Impact of
Sales Summary - 4Q08 % Change Exchange
Quarter Ended 12/31/08 ($ millions) vs. 4Q07 on % Change
Total Sales $7,950 10.1 (2.5)

Total U.S. Sales $4,035 12.4 ---

Total International Sales $3,915 7.8 (4.9)

Worldwide Pharmaceutical Sales $4,610 9.8 (2.6)

U.S. Pharmaceuticals $2,540 10.2 ---

International Pharmaceuticals $2,070 9.5 (5.9)

Worldwide Nutritional Sales $1,317 11.0 (1.4)

U.S. Nutritionals $656 6.6 ---

International Nutritionals $661 15.6 (2.9)

Worldwide Diagnostics Sales $896 4.4 (3.3)

U.S. Diagnostics $231 8.8 ---

International Diagnostics $665 2.9 (4.3)

Worldwide Vascular Sales $663 58.9 (2.8)

U.S. Vascular $396 102.3 ---

International Vascular $267 20.5 (5.2)

Other Sales $464 (17.4) (2.2)

The following is a summary of sales for the full-year 2008.

Impact of
Sales Summary - FY08 % Change Exchange
Twelve Months Ended 12/31/08 ($ millions) vs. FY07 on % Change
Total Sales $29,528 13.9 3.2

Total U.S. Sales $14,170 10.1 ---

Total International Sales $15,358 17.8 6.3

Worldwide Pharmaceutical Sales $16,708 14.2 3.2

U.S. Pharmaceuticals $8,497 8.9 ---

International Pharmaceuticals $8,211 20.3 6.9

Worldwide Nutritional Sales $4,924 12.2 1.9

U.S. Nutritionals $2,479 5.6 ---

International Nutritionals $2,445 19.8 4.0

Worldwide Diagnostics Sales $3,575 13.2 5.1

U.S. Diagnostics $899 9.6 ---

International Diagnostics $2,676 14.5 6.9

Worldwide Vascular Sales $2,241 34.7 3.5

U.S. Vascular $1,205 39.6 ---

International Vascular $1,036 29.4 7.2

Other Sales $2,080 0.3 2.6

The following is a summary of Abbott's fourth-quarter 2008 sales for
selected products.

Quarter Ended 12/31/08
Percent Percent Percent
(dollars in U.S. Change Rest of Change Global Change
millions) Sales vs. 4Q07 World vs. 4Q07 Sales vs. 4Q07
Pharmaceutical
Products
HUMIRA $751 42.4 $600 40.5 a $1,351 41.6
TriCor/TRILIPIX $455 16.0 --- --- $455 16.0
Kaletra $152 (0.7) $226 3.5 b $378 1.8
Depakote $244 (43.8) $24 (9.1) $268 (41.8)
Niaspan $221 23.8 --- --- $221 23.8
Lupron $147 n/m $66 (9.6)c $213 n/m
Ultane/Sevorane $58 15.7 $140 (6.8)d $198 (1.2)
Biaxin
(clarithromycin) $3 n/m $151 (17.8)e $154 (22.6)
Synthroid $120 (9.4) $22 7.4 $142 (7.1)

Nutritional Products
Pediatric
Nutritionals $333 2.5 $390 29.4 f $723 15.4
Adult Nutritionals $295 5.3 $270 0.2 g $565 2.8

Medical Products
Abbott Diabetes
Care $144 7.1 $193 (3.5)h $337 0.7
Coronary Stents $267 245.9 $143 35.5 i $410 124.5
Other Coronary $72 15.0 $83 3.1 j $155 8.3
Endovascular $57 1.3 $41 15.3 k $98 6.7

a Without the negative impact of exchange of 9.3 percent, HUMIRA sales
increased 49.8 percent internationally.
b Without the negative impact of exchange of 4.9 percent, Kaletra sales
increased 8.4 percent internationally.
c Without the negative impact of exchange of 7.5 percent, Lupron sales
decreased 2.1 percent internationally.
d Without the negative impact of exchange of 6.2 percent, Sevorane sales
decreased 0.6 percent internationally.
e Without the negative impact of exchange of 2.3 percent, clarithromycin
sales decreased 15.5 percent internationally.
f Without the negative impact of exchange of 1.3 percent, Pediatric
Nutritionals sales increased 30.7 percent internationally.
g Without the negative impact of exchange of 4.6 percent, Adult
Nutritionals sales increased 4.8 percent internationally.
h Without the negative impact of exchange of 5.9 percent, Abbott Diabetes
Care sales increased 2.4 percent internationally.
i Without the negative impact of exchange of 5.2 percent, Coronary Stents
sales increased 40.7 percent internationally.
j Without the negative impact of exchange of 4.5 percent, Other Coronary
sales increased 7.6 percent internationally.
k Without the negative impact of exchange of 6.7 percent, Endovascular
sales increased 22.0 percent internationally.

The following is a summary of Abbott's full-year 2008 sales for selected products.


Twelve Months Ended 12/31/08
Percent Percent Percent
(dollars in U.S. Change Rest of Change Global Change
millions) Sales vs. FY07 World vs. FY07 Sales vs. FY07
Pharmaceutical
Products
HUMIRA $2,255 36.6 $2,266 60.4 a $4,521 47.6
Kaletra $513 (4.7) $961 22.1 b $1,474 11.2
Depakote $1,262 (14.8) $102 7.4 $1,364 (13.4)
TriCor/TRILIPIX $1,341 10.1 --- --- $1,341 10.1
Ultane/Sevorane $193 (3.4) $594 6.2 c $787 3.7
Niaspan $786 19.4 --- --- $786 19.4
Biaxin
(clarithromycin) $14 n/m $637 (7.4)d $651 (10.1)
Lupron $377 n/m $274 6.5 e $651 n/m
Synthroid $435 (5.0) $89 19.2 $524 (1.6)

Nutritional Products
Pediatric
Nutritionals $1,268 2.8 $1,374 25.7 f $2,642 13.6
Adult
Nutritionals $1,162 7.8 $1,070 13.0 g $2,232 10.3

Medical Products
Abbott Diabetes
Care $559 1.1 $794 14.2 h $1,353 8.4
Coronary Stents $669 118.5 $530 44.8 i $1,199 78.4
Other Coronary $298 (0.5) $344 13.4 j $642 6.5
Endovascular $238 (7.6) $162 24.1 k $400 3.1

a Without the positive impact of exchange of 9.7 percent, HUMIRA sales
increased 50.7 percent internationally.
b Without the positive impact of exchange of 6.7 percent, Kaletra sales
increased 15.4 percent internationally.
c Without the positive impact of exchange of 5.0 percent, Sevorane sales
increased 1.2 percent internationally.
d Without the positive impact of exchange of 6.2 percent, clarithromycin
sales decreased 13.6 percent internationally.
e Without the positive impact of exchange of 6.1 percent, Lupron sales
increased 0.4 percent internationally.
f Without the positive impact of exchange of 3.6 percent, Pediatric
Nutritionals sales increased 22.1 percent internationally.
g Without the positive impact of exchange of 4.5 percent, Adult
Nutritionals sales increased 8.5 percent internationally.
h Without the positive impact of exchange of 7.1 percent, Abbott Diabetes
Care sales increased 7.1 percent internationally.
i Without the positive impact of exchange of 8.0 percent, Coronary Stents
sales increased 36.8 percent internationally.
j Without the positive impact of exchange of 6.4 percent, Other Coronary
sales increased 7.0 percent internationally.
k Without the positive impact of exchange of 7.0 percent, Endovascular
sales increased 17.1 percent internationally.

Business Highlights

-- Abbott to Acquire Advanced Medical Optics (AMO) - Abbott announced
an agreement to acquire AMO, an established global leader in the
large and growing eye care market. This acquisition strengthens and
expands Abbott's current medical device business, providing further
diversification for the long term. AMO participates in three
segments: cataract surgery, refractive surgery, or LASIK laser
vision correction, and eye care products, such as contact lens
solutions. AMO holds the number-one market position in LASIK, the
number-two position in cataract surgery and the number-three
position in eye care products. The ophthalmology market is supported
by strong demographic trends, including a large population of people
60 years of age and older, and increased demand for advanced vision
care procedures and products.

-- Abbott Receives FDA Approval for TRILIPIX(TM) - The U.S. FDA
approved Abbott's TRILIPIX (fenofibric acid), the first fibrate to
be approved for use in combination with a statin. The FDA approval
of TRILIPIX was based on the largest clinical trial program designed
to evaluate the efficacy and safety of a fibrate in combination with
various statins.

-- Abbott Begins U.S. Study of XIENCE V(TM) Designed for Small Vessels
- Abbott began SPIRIT Small Vessel, a clinical trial evaluating a
2.25 mm size of the XIENCE V Everolimus Eluting Coronary Stent
System. The 2.25 mm stent system, to be called Xience Nano(TM) in
the United States upon FDA approval, would offer physicians an
option for treating coronary artery disease in narrower vessels that
is based on the proven efficacy, safety and deliverability of XIENCE
V. Last year, the XIENCE V 2.25 mm stent system received CE Mark
approval and was launched in various countries in Europe, Asia and
Latin America.

-- HUMIRA® May Help Prevent Further Joint Damage For Up To Five Years
- Presented new HUMIRA data demonstrating half of patients with
moderate to severe early rheumatoid arthritis (RA) showed no
progression of joint damage at five years. These results were seen
in patients who initially received HUMIRA in combination with
methotrexate (MTX) for two years and continued on HUMIRA for an
additional three years in an open-label extension study. Five-year
results of the PREMIER study found that patients with early RA
achieved the best results with an initial combination of HUMIRA and
methotrexate.

-- HUMIRA Demonstrates Fistula Healing for Up to Three Years in Crohn's
Patients - Presented new HUMIRA data in the long-term treatment of
fistulas, with more than half of patients with moderate to severe
Crohn's disease experiencing fistula healing at three years. Data
also showed response to HUMIRA in difficult-to-treat patients -
those with fistulas who had failed to respond, lost response to, or
were intolerant of infliximab.

-- TCT Data Presentations - Presented results from a new meta-analysis
of XIENCE V drug-eluting stent clinical trials, SPIRIT II and SPIRIT
III, which showed XIENCE V outperformed Boston Scientific's TAXUS®
in key efficacy and safety endpoints out to two years. We also
presented new two-year data from our ABSORB trial, which
demonstrated that our bioabsorbable drug-eluting stent successfully
treated coronary artery disease and absorbed within two years.

-- Abbott Exercises Its Option to Acquire IBIS Biosciences - Abbott
completed the purchase of the remaining equity ownership in IBIS
Biosciences, Inc.

Abbott confirms double-digit earnings-per-share growth outlook for 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.‹


“The efficient-market hypothesis may be
the foremost piece of B.S. ever promulgated
in any area of human knowledge!”

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