Biotech Values

[DewDiligence]

Here’s ABT’s own 2Q09 PR for archival purposes. It includes 2Q09 and
1H09 sales of all major products as well as adjustments for exchange rates.

http://finance.yahoo.com/news/Abbott-Reports-Strong-Second-prnews-1642362481.html?x=0&.v=1

›Abbott Reports Strong Second Quarter Results; Confirms Double-Digit Earnings Growth Outlook for 2009

Worldwide Operational Sales Increased 10.5 Percent -- -- Worldwide Medical Products Operational Sales Increased 27.0 Percent -- -- International Pharmaceutical Operational Sales Increased 13.8 Percent -- -- U.S. Nutritional Sales Increased 10.0 Percent --

Wednesday July 15, 2009, 7:48 am EDT

ABBOTT PARK, Ill., July 15 /PRNewswire-FirstCall/ -- Abbott (NYSE: ABT - News) today announced financial results for the second quarter ended June 30, 2009.

* Diluted earnings per share, excluding specified items, were $0.89, at the high end of Abbott's second-quarter guidance range of $0.87 to $0.89. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.83.

* Worldwide operational sales, which excludes an unfavorable 8.0 percent effect of exchange rates, increased 10.5 percent. Reported sales, including the impact of exchange, increased 2.5 percent. Excluding the expected decline in Depakote® sales due to generic competition, worldwide operational sales increased 14.6 percent.

* Worldwide medical products operational sales, which excludes an unfavorable 9.5 percent effect of exchange rates, increased 27.0 percent. Worldwide operational vascular sales increased 43.0 percent driven by the continued success of the XIENCE V® drug-eluting stent (DES).

* Worldwide pharmaceutical operational sales, which excludes an unfavorable 8.3 percent effect of exchange rates, increased 4.0 percent. Excluding the impact of Depakote, worldwide pharmaceutical operational sales increased 11.4 percent. Worldwide HUMIRA® operational sales increased 32.8 percent, which excludes an unfavorable 12.4 percent effect of exchange rates. U.S. HUMIRA sales were $635 million, up 20.9 percent.

* Worldwide nutritional operational sales, which excludes an unfavorable 5.2 percent effect of exchange rates, increased 9.2 percent. U.S. nutritional sales increased 10.0 percent, driven by market share gains in the infant formula business.

* Submitted CERTRIAD, the fixed-dose combination of TRILIPIX® and CRESTOR®, for U.S. regulatory approval and received CE Mark for XIENCE PRIME(TM), both ahead of the company's forecast.

"We achieved our performance goals for the quarter, with results at the high end of our previous expectations," said Miles D. White, chairman and chief executive officer, Abbott. "Our diverse mix of market-leading products and global businesses delivered double-digit operational sales growth, with strong performance from our key growth drivers."

The following is a summary of second-quarter 2009 sales.

Quarter Ended 6/30/09
(dollars in millions) % Change vs. 2Q08
Foreign
Sales Operational Exchange Reported

Total Sales $7,495 10.5(a) (8.0) 2.5

Total International Sales $3,932 15.6 (14.9) 0.7

Total U.S. Sales $3,563 4.5(a) -- 4.5

Worldwide Pharmaceutical Sales $3,946 4.0(a) (8.3) (4.3)

International Pharmaceuticals $1,993 13.8 (16.7) (2.9)

U.S. Pharmaceuticals $1,953 (5.6)(a) -- (5.6)

Worldwide Nutritional Sales $1,283 9.2 (5.2) 4.0

International Nutritionals $615 8.4 (10.3) (1.9)

U.S. Nutritionals $668 10.0 -- 10.0

Worldwide Diagnostics Sales $878 3.9 (10.1) (6.2)

International Diagnostics $642 3.8 (13.3) (9.5)

U.S. Diagnostics $236 4.1 -- 4.1

Worldwide Vascular Sales $658 43.0 (8.7) 34.3

International Vascular $263 12.4 (15.6) (3.2)

U.S. Vascular $395 81.1 -- 81.1

Other Sales $730(b) 44.8(b) (7.3) 37.5

Note: See "Consolidated Statement of Earnings" for more information.

(a) Sales comparison reflects the expected impact of generic Depakote
competition. See Q&A Answer 1 for further discussion.
(b) Includes the acquisition of Advanced Medical Optics, which closed on
Feb. 25, 2009.


The following is a summary of first-half 2009 sales.

First-Half Ended 6/30/09
(dollars in millions) % Change vs. 1H08
Foreign
Sales Operational Exchange Reported
Total Sales $14,213 8.0(a) (7.1) 0.9

Total International Sales $7,648 13.3 (13.0) 0.3

Total U.S. Sales $6,565 1.7(a) -- 1.7

Worldwide Pharmaceutical Sales $7,582 2.5(a) (7.5) (5.0)

International Pharmaceuticals $4,102 13.0 (14.3) (1.3)

U.S. Pharmaceuticals $3,480 (9.0)(a) -- (9.0)

Worldwide Nutritional Sales $2,465 9.8 (4.7) 5.1

International Nutritionals $1,190 12.7 (9.6) 3.1

U.S. Nutritionals $1,275 7.1 -- 7.1

Worldwide Diagnostics Sales $1,694 4.9 (9.0) (4.1)

International Diagnostics $1,237 4.9 (12.0) (7.1)

U.S. Diagnostics $457 4.7 -- 4.7

Worldwide Vascular Sales $1,302 45.0 (6.7) 38.3

International Vascular $513 13.1 (12.4) 0.7

U.S. Vascular $789 82.6 -- 82.6

Other Sales $1,170(b) 17.9(b) (6.3) 11.6

Note: See "Consolidated Statement of Earnings" for more information.

(a) Sales comparison reflects the expected impact of generic Depakote
competition. See Q&A Answer 1 for further discussion.
(b) Includes the acquisition of Advanced Medical Optics, which closed on
Feb. 25, 2009.


The following is a summary of Abbott's second-quarter 2009 sales for
selected products

Quarter Ended 6/30/09
(dollars in millions)
U.S. International
% Change % Change vs. 2Q08
vs. Foreign
Sales 2Q08 Sales Operational Exchange Reported
Pharmaceutical
Products

HUMIRA $635 20.9 $676 44.0 (24.0) 20.0

Kaletra $111 (8.0) $232 13.9 (15.1) (1.2)

TriCor/TRILIPIX $336 9.1 -- -- -- --

Niaspan $208 6.9 -- -- -- --

Lupron $137 68.5 $60 1.9 (18.7) (16.8)

Synthroid $97 (16.0) $19 1.4 (18.6) (17.2)

Depakote(a) $80 (79.3) $22 (0.4) (19.3) (19.7)

Nutritional Products

Pediatric
Nutritionals $329 6.0 $354 11.7 (8.1) 3.6

Adult
Nutritionals $326 12.0 $262 4.5 (12.9) (8.4)

Medical Products

Core
Laboratory
Diagnostics $154 (2.3) $593 2.9 (13.1) (10.2)

Coronary Stents $256 225.8 $141 19.7 (17.5) 2.2

Diabetes Care $128 (4.8) $181 7.4 (17.9) (10.5)

Medical Optics $100 n/m $165 n/m n/m n/m

Molecular
Diagnostics $36 23.8 $37 18.0 (17.4) 0.6

(a) Sales comparison reflects the expected impact of generic Depakote
competition.
Note: The impact of foreign exchange on global sales can be found on the
subsequent page.
n/m = Not meaningful


The following summarizes the impact of foreign exchange on global sales
for selected products.

Quarter Ended 6/30/09
(dollars in millions)
Global Sales
% Change vs. 2Q08
Global Foreign
Sales Operational Exchange Reported
Pharmaceutical Products

HUMIRA $1,311 32.8 (12.4) 20.4

Kaletra $343 6.5 (10.0) (3.5)

TriCor/TRILIPIX $336 9.1 -- 9.1

Niaspan $208 6.9 -- 6.9

Lupron $197 37.1 (8.8) 28.3

Synthroid $116 (13.1) (3.1) (16.2)

Depakote(a) $102 (74.0) (1.3) (75.3)

Nutritional Products

Pediatric Nutritionals $683 8.9 (4.2) 4.7

Adult Nutritionals $588 8.3 (6.4) 1.9

Medical Products

Core Laboratory Diagnostics $747 1.9 (10.6) (8.7)

Coronary Stents $397 94.6 (11.1) 83.5

Diabetes Care $309 2.6 (10.8) (8.2)

Medical Optics $265 n/m n/m n/m

Molecular Diagnostics $73 20.6 (9.6) 11.0

(a) Sales comparison reflects the expected impact of generic Depakote
competition.
n/m = Not meaningful


The following is a summary of Abbott's first-half 2009 sales for selected
products.

First-Half Ended 6/30/09
(dollars in millions)
U.S. International
% Change % Change vs. 1H08
vs. Foreign
Sales 1H08 Sales Operational Exchange Reported
Pharmaceutical
Products

HUMIRA $1,045 12.7 $1,290 46.4 (22.3) 24.1

Kaletra $195 (16.3) $440 6.1 (13.6) (7.5)

TriCor/
TRILIPIX $588 6.4 -- -- -- --

Lupron $270 n/m $120 5.5 (18.1) (12.6)

Niaspan $386 4.2 -- -- -- --

Depakote(a) $190 (73.8) $42 (0.5) (19.0) (19.5)

Synthroid $182 (12.6) $38 5.9 (20.4) (14.5)

Nutritional
Products

Pediatric
Nutritionals $624 1.4 $690 16.4 (7.7) 8.7

Adult
Nutritionals $614 9.2 $500 8.1 (11.9) (3.8)

Medical Products

Core
Laboratory
Diagnostics $299 (0.6) $1,143 4.0 (11.8) (7.8)

Coronary Stents $524 240.2 $275 23.0 (13.6) 9.4

Diabetes Care $248 (8.5) $345 4.2 (16.0) (11.8)

Medical Optics $145 n/m $165 n/m n/m n/m

Molecular
Diagnostics $70 18.8 $70 21.8 (16.2) 5.6

(a) Sales comparison reflects the expected impact of generic Depakote
competition.
Note: The impact of foreign exchange on global sales can be found on the
subsequent page.
n/m = Not meaningful


The following summarizes the impact of foreign exchange on global sales for selected products.

First-Half Ended 6/30/09
(dollars in millions)
Global Sales
% Change vs. 1H08
Global Foreign
Sales Operational Exchange Reported
Pharmaceutical Products

HUMIRA $2,335 30.6 (11.8) 18.8

Kaletra $635 (1.3) (9.1) (10.4)

TriCor/TRILIPIX $588 6.4 -- 6.4

Lupron $390 89.8 (11.4) 78.4

Niaspan $386 4.2 -- 4.2

Depakote(a) $232 (68.9) (1.3) (70.2)

Synthroid $220 (9.3) (3.6) (12.9)

Nutritional Products

Pediatric Nutritionals $1,314 9.0 (3.9) 5.1

Adult Nutritionals $1,114 8.6 (5.7) 2.9

Medical Products

Core Laboratory Diagnostics $1,442 3.1 (9.5) (6.4)

Coronary Stents $799 105.4 (8.4) 97.0

Diabetes Care $593 (0.9) (9.5) (10.4)

Medical Optics $310 n/m n/m n/m

Molecular Diagnostics $140 20.4 (8.6) 11.8

(a) Sales comparison reflects the expected impact of generic Depakote
competition.
n/m = Not meaningful


Business Highlights

* Initiated Trial of Next-Generation XIENCE PRIME Drug-Eluting Stent: Announced CE Mark for Abbott's next-generation XIENCE PRIME Everolimus Eluting Coronary Stent System for the treatment of coronary artery disease. Abbott is launching XIENCE PRIME in a broad size matrix with lengths up to 38 mm in Europe in the third quarter. Abbott also announced the initiation of SPIRIT PRIME, a clinical trial to study the performance of XIENCE PRIME. Results from SPIRIT PRIME will be used to support the regulatory filing for XIENCE PRIME in the United States.

* Presented Five-Year Data on HUMIRA®: Data presented at the European League Against Rheumatism (EULAR) annual congress showed that patients with moderate to severe early rheumatoid arthritis (RA) initially treated with the combination of HUMIRA and methotrexate (MTX) for two years had greater inhibition of radiographic progression at five years than patients initially treated with either of the monotherapies.

* Presented TRILIPIX® Combination Data in Diabetic Subset: Announced that TRILIPIX (fenofibric acid) delayed-release capsules in combination with rosuvastatin calcium achieved individual and combined lipid targets in patients with mixed dyslipidemia and type 2 diabetes. In these patients, the combination of TRILIPIX and rosuvastatin helped up to three times more patients simultaneously reach all three key lipid targets - HDL, triglycerides and LDL - than the pre-determined monotherapy. These results were presented at the American Diabetes Association's 2009 Scientific Sessions.

* Extended Lipid Management Relationship with AstraZeneca: Announced an agreement for AstraZeneca to co-promote Abbott's TRILIPIX (fenofibric acid). AstraZeneca is now co-promoting TRILIPIX alongside Abbott in the United States. Abbott also promotes AstraZeneca's CRESTOR® in the United States.

* Submitted New Drug Application to the FDA for CERTRIAD: Abbott and AstraZeneca announced that the companies submitted a New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for CERTRIAD, the fixed-dose combination of TRILIPIX and CRESTOR (rosuvastatin) for the treatment of mixed dyslipidemia. The NDA submission is supported by data from multiple studies, including efficacy and safety studies with the 5 mg, 10 mg and 20 mg doses of rosuvastatin combined with fenofibric acid.

* Presented XIENCE V® Data from SPIRIT V at EuroPCR: Announced one-year results from our SPIRIT V post-approval, single-arm study of Abbott's drug-eluting stent, XIENCE V. Results showed an impressively low 1.8 percent rate of repeat procedure (target lesion revascularization), a 0.7 percent rate of stent thrombosis and a 5.1 percent rate of major adverse cardiac events (MACE) at one year in patients treated with XIENCE V.

* Added Hepatitis B Test to Broad Menu of Immunoassays on the ARCHITECT® i 2000 and i 2000SR: Launched ARCHITECT® CORE(TM) in the United States, an automated hepatitis B test for use on its ARCHITECT i 2000 and i 2000SR immunoassay testing instruments. Hepatitis B is a liver disease caused by the hepatitis B virus (HBV). It ranges in severity from a mild illness, lasting a few weeks (acute), to a serious long-term (chronic) illness that can lead to liver disease or liver cancer.

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 is also providing earnings-per-share guidance for the third-quarter 2009 of $0.88 to $0.90, excluding specified items. The midpoint of this guidance reflects nearly 13 percent growth over the prior year third quarter. Abbott forecasts specified items for the third-quarter 2009 of approximately $0.05 per share, primarily associated with previously announced acquisitions and cost reduction initiatives. Including these specified items, projected earnings per share under GAAP would be $0.83 to $0.85 for the third-quarter 2009.

Abbott declares quarterly dividend; double-digit increase over prior year

On June 12, 2009, the board of directors of Abbott declared the company's quarterly common dividend of 40 cents per share, an increase of 11 percent over the prior period. The cash dividend is payable Aug. 15, 2009, to shareholders of record at the close of business on July 15, 2009. This marks the 342nd 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 72,000 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 www.abbott.com. Abbott will webcast its live second-quarter earnings conference call through its Investor Relations Web site at 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.‹