Biotech Values

[DewDiligence]

ABT 4Q11 CC highlights:

• Sales in emerging market are running at an annualized rate of $10B, comprising 25% of overall sales. About 60% of EM sales are branded generics, which are growing at a double-digit annual rate (excluding acquisitions).

• Humira 4Q11 annualized sales were $8.7B! (+16% YoY), making it the largest-selling drug in the world. For the 2011 full year, Humira sales grew 21%.

• ABT’s 2007-2011 five-year shareholder return (including reinvested dividends) was 35% vs -1% for the S&P 500 (including reinvested dividends). ABT’s 1-year return on the same basis was 22% vs 2% for the S&P 500.

• ABT has increased its dividend for 39 consecutive years!

• $3.4B remains on ABT’s buyback authorization for use during 2012.

• 2012 non-GAAP EPS guidance is $4.95-5.05, including an expected -2.5% YoY hit from currency. At the current share price, the stock is thus trading at 11x the 2012 non-GAAP EPS guidance.

• The name of the pharma company to be spun off has not yet been determined.

ABT’s 4Q11 PR:
http://ih.advfn.com/p.php?pid=nmona&article=50884319