Full Press Release Details
Abbott Reports Fourth-Quarter 2019 Results; Announces Strong Forecast for 2020
| Fourth-quarter sales growth of 7.1 percent; organic sales growth of 8.5 percent | ||
| Fourth-quarter GAAP EPS growth from continuing operations of 59.5 percent and adjusted EPS growth from continuing operations of 17.3 percent | ||
| Several businesses achieved double-digit sales growth | ||
| Forecast reflects continued top-tier sales and earnings growth for 2020 |
ABBOTT PARK, Ill., Jan. 22, 2020 - Abbott today announced financial results for the fourth quarter and full year ended Dec. 31, 2019.
| Fourth-quarter worldwide sales of $8.3 billion increased 7.1 percent on a reported basis and 8.5 percent on an organic* basis. | ||
| Reported diluted EPS from continuing operations under GAAP was $0.59 in the fourth quarter. Adjusted diluted EPS from continuing operations, which excludes specified items, was $0.95, an increase of 17.3 percent versus prior year 1 . | ||
| Abbott issues full-year 2020 guidance for organic sales growth of 7.0 to 8.0 percent 2 , which excludes the impact of foreign exchange, and diluted EPS from continuing operations on a GAAP basis of $2.35 to $2.45. Projected full-year adjusted diluted EPS from continuing operations is $3.55 to $3.65, reflecting double-digit growth at the mid-point. | ||
| Medical Devices sales increased 9.7 percent on a reported basis and 11.3 percent on an organic basis in the fourth quarter. Sales performance was led by double-digit organic sales growth in Heart Failure, Electrophysiology, Structural Heart and Diabetes Care. | ||
| Established Pharmaceuticals sales increased 7.8 percent on a reported basis and 10.0 percent on an organic basis in the fourth quarter. Sales performance was led by growth across several countries in Latin America and Asia. | ||
| Core Laboratory Diagnostics sales increased 8.4 percent on a reported basis and 10.0 percent on an organic basis in the fourth quarter. Sales performance was led by above-market growth in the U.S. and internationally, where Abbott is achieving continued strong adoption of its Alinity family of innovative and highly differentiated diagnostic instruments. |
"Our focus on organic growth is driving top-tier performance," said Miles D. White, chairman and chief executive officer, Abbott. "We're entering 2020 with very good momentum and targeting continued strong growth."
* See note on organic growth on the next page.
fourth-Quarter Business Overview
Note: Management believes that measuring sales growth rates on an organic basis is an appropriate way for investors to best understand the underlying performance of the business.
Organic sales growth:
| Excludes the results for a non-core business within U.S. Adult Nutrition during the first nine months of 2018 as this business was discontinued during the third quarter 2018; and | ||
| Excludes the impact of foreign exchange. |
Following are sales by business segment and commentary for the fourth quarter and full year 2019:
($ in millions)
| % Change vs. 4Q18 | |||||||||||||||||||||||||||
| Sales 4Q19 | Reported | Organic | |||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | |||||||||||||||||||
| Total * | 2,960 | 5,354 | 8,314 | 7.5 | 6.9 | 7.1 | 7.5 | 9.1 | 8.5 | ||||||||||||||||||
| Nutrition | 789 | 1,079 | 1,868 | 3.6 | 6.4 | 5.2 | 3.6 | 7.5 | 5.8 | ||||||||||||||||||
| Diagnostics | 766 | 1,292 | 2,058 | 9.6 | 2.4 | 5.0 | 9.6 | 4.6 | 6.4 | ||||||||||||||||||
| Established Pharmaceuticals | - | 1,174 | 1,174 | n/a | 7.8 | 7.8 | n/a | 10.0 | 10.0 | ||||||||||||||||||
| Medical Devices | 1,404 | 1,800 | 3,204 | 9.2 | 10.1 | 9.7 | 9.2 | 12.9 | 11.3 |
* Total Q4 2019 Abbott sales from continuing operations include Other Sales of $10 million.
| % Change vs. 12M18 | |||||||||||||||||||||||||||
| Sales 12M19 | Reported | Organic | |||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | |||||||||||||||||||
| Total * | 11,398 | 20,506 | 31,904 | 5.2 | 3.9 | 4.3 | 5.5 | 8.8 | 7.7 | ||||||||||||||||||
| Nutrition | 3,110 | 4,299 | 7,409 | 1.1 | 3.5 | 2.5 | 2.4 | 7.5 | 5.3 | ||||||||||||||||||
| Diagnostics | 2,887 | 4,826 | 7,713 | 6.3 | 1.0 | 2.9 | 6.3 | 5.7 | 5.9 | ||||||||||||||||||
| Established Pharmaceuticals | - | 4,486 | 4,486 | n/a | 1.4 | 1.4 | n/a | 7.3 | 7.3 | ||||||||||||||||||
| Medical Devices | 5,374 | 6,865 | 12,239 | 7.2 | 8.0 | 7.6 | 7.2 | 13.0 | 10.5 |
* Total 12M 2019 Abbott sales from continuing operations include Other Sales of $57 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.
Fourth-quarter 2019 worldwide sales of $8.3 billion increased 7.1 percent on a reported basis. On an organic basis, worldwide sales increased 8.5 percent. Refer to page 17 for a reconciliation of adjusted historical revenue.
($ in millions)
| % Change vs. 4Q18 | |||||||||||||||||||||||||||
| Sales 4Q19 | Reported | Organic | |||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | |||||||||||||||||||
| Total | 789 | 1,079 | 1,868 | 3.6 | 6.4 | 5.2 | 3.6 | 7.5 | 5.8 | ||||||||||||||||||
| Pediatric | 473 | 564 | 1,037 | 1.2 | 3.4 | 2.4 | 1.2 | 4.1 | 2.8 | ||||||||||||||||||
| Adult | 316 | 515 | 831 | 7.3 | 9.9 | 8.9 | 7.3 | 11.5 | 9.9 |
| % Change vs. 12M18 | |||||||||||||||||||||||||||
| Sales 12M19 | Reported | Organic | |||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | |||||||||||||||||||
| Total | 3,110 | 4,299 | 7,409 | 1.1 | 3.5 | 2.5 | 2.4 | 7.5 | 5.3 | ||||||||||||||||||
| Pediatric | 1,879 | 2,282 | 4,161 | 1.9 | 1.3 | 1.6 | 1.9 | 4.6 | 3.4 | ||||||||||||||||||
| Adult | 1,231 | 2,017 | 3,248 | (0.1 | ) | 6.2 | 3.7 | 3.2 | 10.9 | 7.9 |
Worldwide Nutrition sales increased 5.2 percent on a reported basis in the fourth quarter. On an organic basis, sales increased 5.8 percent. Refer to page 17 for a reconciliation of adjusted historical revenue.
Worldwide Pediatric Nutrition sales increased 2.4 percent on a reported basis in the fourth quarter, including an unfavorable 0.4 percent effect of foreign exchange, and increased 2.8 percent on an organic basis. International sales increased 3.4 percent on a reported basis and 4.1 percent on an organic basis. Sales growth was led by Abbott 's market-leading toddler brands, PediaSure and Pedialyte .
Worldwide Adult Nutrition sales increased 8.9 percent on a reported basis in the fourth quarter and increased 9.9 percent on an organic basis. International Adult Nutrition sales increased 9.9 percent on a reported basis and 11.5 percent on an organic basis in the fourth quarter. Sales performance in the quarter was led by strong growth of Ensure , Abbott 's market-leading complete and balanced nutrition brand, and Glucerna , Abbott's market-leading diabetes-specific nutrition brand.
($ in millions)
| % Change vs. 4Q18 | ||||||||||||||||||||||||||||||||||||
| Sales 4Q19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | 766 | 1,292 | 2,058 | 9.6 | 2.4 | 5.0 | 9.6 | 4.6 | 6.4 | |||||||||||||||||||||||||||
| Core Laboratory | 293 | 956 | 1,249 | 13.2 | 7.0 | 8.4 | 13.2 | 9.1 | 10.0 | |||||||||||||||||||||||||||
| Molecular | 36 | 80 | 116 | (4.1 | ) | (6.5 | ) | (5.7 | ) | (4.1 | ) | (4.5 | ) | (4.4 | ) | |||||||||||||||||||||
| Point of Care | 104 | 33 | 137 | (4.9 | ) | 16.0 | (0.5 | ) | (4.9 | ) | 17.4 | (0.2 | ) | |||||||||||||||||||||||
| Rapid Diagnostics | 333 | 223 | 556 | 13.6 | (12.3 | ) | 1.5 | 13.6 | (9.8 | ) | 2.7 |
| % Change vs. 12M18 | ||||||||||||||||||||||||||||||||||||
| Sales 12M19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | 2,887 | 4,826 | 7,713 | 6.3 | 1.0 | 2.9 | 6.3 | 5.7 | 5.9 | |||||||||||||||||||||||||||
| Core Laboratory | 1,086 | 3,570 | 4,656 | 10.3 | 4.9 | 6.2 | 10.3 | 9.9 | 10.0 | |||||||||||||||||||||||||||
| Molecular | 149 | 293 | 442 | (1.8 | ) | (11.7 | ) | (8.6 | ) | (1.8 | ) | (8.4 | ) | (6.3 | ) | |||||||||||||||||||||
| Point of Care | 438 | 123 | 561 | 1.4 | 1.7 | 1.5 | 1.4 | 3.9 | 1.9 | |||||||||||||||||||||||||||
| Rapid Diagnostics | 1,214 | 840 | 2,054 | 5.7 | (9.0 | ) | (0.8 | ) | 5.7 | (4.4 | ) | 1.2 |
Worldwide Diagnostics sales increased 5.0 percent on a reported basis in the fourth quarter, including an unfavorable 1.4 percent effect of foreign exchange, and increased 6.4 percent on an organic basis.
Core Laboratory Diagnostics sales increased 8.4 percent on a reported basis and 10.0 percent on an organic basis in the fourth quarter. Sales performance was led by above-market growth in the U.S. and internationally, where Abbott is achieving continued strong adoption of its Alinity family of innovative and highly differentiated diagnostic instruments. During the quarter, Abbott announced the Australian Red Cross Blood Services selected its Alinity-S system for the country's blood and plasma screening.
Molecular Diagnostics sales decreased 5.7 percent on a reported basis in the fourth quarter, including an unfavorable 1.3 percent effect of foreign exchange, and decreased 4.4 percent on an organic basis.
Point of Care Diagnostics sales decreased 0.5 percent on a reported basis in the fourth quarter, including an unfavorable 0.3 percent effect of foreign exchange, and decreased 0.2 percent on an organic basis.
Rapid Diagnostics sales increased 1.5 percent on a reported basis in the fourth quarter, including an unfavorable 1.2 percent effect of foreign exchange, and increased 2.7 percent on an organic basis. Organic sales growth was led by infectious disease testing in developed markets and cardio-metabolic testing globally, partially offset by lower infectious disease testing sales in Africa.
Established Pharmaceuticals
($ in millions)
| % Change vs. 4Q18 | ||||||||||||||||||||||||||||||||||||
| Sales 4Q19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | - | 1,174 | 1,174 | n/a | 7.8 | 7.8 | n/a | 10.0 | 10.0 | |||||||||||||||||||||||||||
| Key Emerging Markets | - | 896 | 896 | n/a | 7.0 | 7.0 | n/a | 9.5 | 9.5 | |||||||||||||||||||||||||||
| Other | - | 278 | 278 | n/a | 10.4 | 10.4 | n/a | 11.6 | 11.6 |
| % Change vs. 12M18 | ||||||||||||||||||||||||||||||||||||
| Sales 12M19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | - | 4,486 | 4,486 | n/a | 1.4 | 1.4 | n/a | 7.3 | 7.3 | |||||||||||||||||||||||||||
| Key Emerging Markets | - | 3,392 | 3,392 | n/a | 0.9 | 0.9 | n/a | 7.9 | 7.9 | |||||||||||||||||||||||||||
| Other | - | 1,094 | 1,094 | n/a | 3.3 | 3.3 | n/a | 5.6 | 5.6 |
Established Pharmaceuticals sales increased 7.8 percent on a reported basis in the fourth quarter, including an unfavorable 2.2 percent effect of foreign exchange, and increased 10.0 percent on an organic basis.
Key Emerging Markets include India, Brazil, Russia and China along with several additional emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these geographies increased 7.0 percent on a reported basis in the fourth quarter and increased 9.5 percent on an organic basis, which excludes an unfavorable 2.5 percent effect of foreign exchange. Organic sales growth was led by performance across several geographies in Latin America and Asia.
Other sales increased 10.4 percent on a reported basis in the fourth quarter, including an unfavorable 1.2 percent effect of foreign exchange, and increased 11.6 percent on an organic basis.
Medical Devices
($ in millions)
| % Change vs. 4Q18 | ||||||||||||||||||||||||||||||||||||
| Sales 4Q19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | 1,404 | 1,800 | 3,204 | 9.2 | 10.1 | 9.7 | 9.2 | 12.9 | 11.3 | |||||||||||||||||||||||||||
| Rhythm Management | 267 | 277 | 544 | 1.8 | 2.8 | 2.3 | 1.8 | 5.5 | 3.7 | |||||||||||||||||||||||||||
| Electrophysiology | 193 | 266 | 459 | 7.7 | 11.8 | 10.0 | 7.7 | 13.1 | 10.8 | |||||||||||||||||||||||||||
| Heart Failure | 146 | 52 | 198 | 16.8 | (0.8 | ) | 11.6 | 16.8 | 2.1 | 12.5 | ||||||||||||||||||||||||||
| Vascular | 260 | 454 | 714 | (4.6 | ) | 1.5 | (0.8 | ) | (4.6 | ) | 3.2 | 0.3 | ||||||||||||||||||||||||
| Structural Heart | 170 | 206 | 376 | 25.7 | 7.7 | 15.1 | 25.7 | 10.8 | 17.0 | |||||||||||||||||||||||||||
| Neuromodulation | 175 | 47 | 222 | (0.9 | ) | 14.6 | 2.0 | (0.9 | ) | 20.0 | 3.0 | |||||||||||||||||||||||||
| Diabetes Care | 193 | 498 | 691 | 43.5 | 26.0 | 30.5 | 43.5 | 30.3 | 33.7 | |||||||||||||||||||||||||||
| Vascular Product Lines: | ||||||||||||||||||||||||||||||||||||
| Coronary and Endovascular a) | 239 | 452 | 691 | (2.9 | ) | 1.2 | (0.3 | ) | (2.9 | ) | 2.9 | 0.8 |
| % Change vs. 12M18 | ||||||||||||||||||||||||||||||||||||
| Sales 12M19 | Reported | Organic | ||||||||||||||||||||||||||||||||||
| U.S. | Int'l | Total | U.S. | Int'l | Total | U.S. | Int'l | Total | ||||||||||||||||||||||||||||
| Total | 5,374 | 6,865 | 12,239 | 7.2 | 8.0 | 7.6 | 7.2 | 13.0 | 10.5 | |||||||||||||||||||||||||||
| Rhythm Management | 1,057 | 1,087 | 2,144 | (4.4 | ) | (0.6 | ) | (2.5 | ) | (4.4 | ) | 4.4 | 0.0 | |||||||||||||||||||||||
| Electrophysiology | 742 | 979 | 1,721 | 9.5 | 10.8 | 10.2 | 9.5 | 14.8 | 12.5 | |||||||||||||||||||||||||||
| Heart Failure | 574 | 195 | 769 | 22.9 | 9.4 | 19.1 | 22.9 | 14.1 | 20.5 | |||||||||||||||||||||||||||
| Vascular | 1,047 | 1,803 | 2,850 | (7.0 | ) | 0.0 | (2.7 | ) | (7.0 | ) | 4.1 | (0.2 | ) | |||||||||||||||||||||||
| Structural Heart | 616 | 784 | 1,400 | 26.1 | 4.3 | 12.9 | 26.1 | 9.7 | 16.2 | |||||||||||||||||||||||||||
| Neuromodulation | 660 | 171 | 831 | (4.2 | ) | (1.8 | ) | (3.8 | ) | (4.2 | ) | 4.7 | (2.4 | ) | ||||||||||||||||||||||
| Diabetes Care | 678 | 1,846 | 2,524 | 48.3 | 25.1 | 30.6 | 48.3 | 31.8 | 35.7 | |||||||||||||||||||||||||||
| Vascular Product Lines: | ||||||||||||||||||||||||||||||||||||
| Coronary and Endovascular a) | 947 | 1,793 | 2,740 | (3.9 | ) | 0.0 | (1.4 | ) | (3.9 | ) | 4.1 | 1.3 |
Note: Insertable Cardiac Monitor (ICM) sales, which had previously been reported in Electrophysiology, are now included in Rhythm Management. Historical periods have been adjusted to reflect this change.
Worldwide Medical Devices sales increased 9.7 percent on a reported basis in the fourth quarter and increased 11.3 percent on an organic basis, led by double-digit growth in Electrophysiology, Heart Failure, Structural Heart and Diabetes Care.
In Electrophysiology, growth was led by strong performance in cardiac diagnostic and ablation catheters, which are used to help physicians accurately and effectively treat atrial fibrillation, a form of irregular heartbeat.
In Heart Failure, double-digit growth was driven by market adoption of Abbott' s HeartMate 3 left ventricular assist device, which has been shown to improve survival and clinical outcomes in patients with advanced heart failure.
Growth in Structural Heart was led by MitraClip , Abbott's market-leading device for the minimally invasive treatment of mitral regurgitation, or a leaky mitral heart valve. Worldwide sales of MitraClip were $191 million in the fourth quarter, an increase of 27.1 percent on a reported basis and 28.8 percent on an organic basis versus the prior year.
In Diabetes Care, sales increased 30.5 percent on a reported basis and 33.7 percent on an organic basis in the fourth quarter. Sales growth in the quarter was led by FreeStyle Libre , Abbott's revolutionary continuous glucose monitoring system, with worldwide sales of $534 million, an increase of 58.5 percent on a reported basis and 62.4 percent on an organic basis versus the prior year.
Abbott issues guidance for 2020
Abbott is issuing full-year 2020 guidance for organic sales growth of 7.0 to 8.0 percent 2 , which excludes the impact of foreign exchange, and diluted earnings per share from continuing operations under Generally Accepted Accounting Principles (GAAP) of $2.35 to $2.45. Abbott forecasts net specified items for the full year 2020 of $1.20 per share. Specified items include intangible amortization expense, acquisition-related expenses, charges associated with cost reduction initiatives and other expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $3.55 to $3.65 for the full year 2020.
Abbott is issuing first-quarter 2020 guidance for diluted earnings per share from continuing operations under GAAP of $0.40 to $0.42. Abbott forecasts specified items for the first quarter 2020 of $0.29 per share primarily related to intangible amortization, acquisition-related expenses, cost reduction initiatives and other expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $0.69 to $0.71 for the first quarter.
Abbott announces increase in QUARTERLY DIVIDEND
On Dec. 13, 2019, the board of directors of Abbott increased the company's quarterly dividend to $0.36 per share from $0.32 per share, an increase of 12.5 percent. Abbott's cash dividend is payable Feb. 14, 2020, to shareholders of record at the close of business on Jan. 15, 2020.
Abbott has increased its dividend payout for 48 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.
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 107,000 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 and @AbbottGlobal.
Abbott will webcast its live fourth-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8:30 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'' to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2018, and are incorporated 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.
Abbott Financial:
Scott Leinenweber, 224-668-0791
Michael Comilla, 224-668-1872
Laura Dauer, 224-667-2299
Darcy Ross, 224-667-3655
Elissa Maurer, 224-668-3309
1 Fourth-quarter 2019 diluted EPS from continuing operations on a GAAP basis reflects 59.5 percent growth.
2 Abbott has not provided the GAAP financial measure for organic sales growth on a forward-looking basis because the company is unable to predict the impact of foreign exchange due to the unpredictability of future changes in foreign exchange rates, which could significantly impact reported sales growth.
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
Fourth Quarter Ended December 31, 2019 and 2018
(in millions, except per share data)
| 4 Q19 | 4 Q18 | % Change | ||||||||||||||
| Net Sales | $ | 8,314 | $ | 7,765 | 7.1 | |||||||||||
| Cost of products sold, excluding amortization expense | 3,434 | 3,191 | 7.7 | |||||||||||||
| Amortization of intangible assets | 483 | 488 | (1.1 | ) | ||||||||||||
| Research and development | 595 | 562 | 6.0 | |||||||||||||
| Selling, general, and administrative | 2,413 | 2,359 | 2.3 | |||||||||||||
| Total Operating Cost and Expenses | 6,925 | 6,600 | 4.9 | |||||||||||||
| Operating Earnings | 1,389 | 1,165 | 19.2 | |||||||||||||
| Interest expense, net | 139 | 152 | (8.5 | ) | ||||||||||||
| Net foreign exchange (gain) loss | (2 | ) | 26 | n/m | ||||||||||||
| Debt extinguishment costs | 63 | 86 | (27.1 | ) | ||||||||||||
| Other (income) expense, net | (51 | ) | (46 | ) | 13.5 | |||||||||||
| Earnings from Continuing Operations before taxes | 1,240 | 947 | 31.1 | |||||||||||||
| Tax expense on Earnings from Continuing Operations | 191 | 292 | (34.5 | ) | 1 | ) | ||||||||||
| Earnings from Continuing Operations | 1,049 | 655 | 60.3 | |||||||||||||
| Earnings from Discontinued Operations, net of taxes | - | (1 | ) | n/m | ||||||||||||
| Net Earnings | $ | 1,049 | $ | 654 | 60.6 | |||||||||||
| Earnings from Continuing Operations, excluding Specified Items, as described below | $ | 1,705 | $ | 1,444 | 18.1 | 2 | ) | |||||||||
| Diluted Earnings per Common Share from: | ||||||||||||||||
| Continuing Operations | $ | 0.59 | $ | 0.37 | 59.5 | |||||||||||
| Discontinued Operations | - | - | n/m | |||||||||||||
| Total | $ | 0.59 | $ | 0.37 | 59.5 | |||||||||||
| Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, as described below | $ | 0.95 | $ | 0.81 | 17.3 | 2 | ) | |||||||||
| Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options | 1,781 | 1,774 |
See tables on page 14 for an explanation of certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes on the following page.
2018 Net Earnings and Diluted Earnings per Common Share from Continuing Operations, excluding Specified Items, excludes net after-tax charges of $789 million, or $0.44 per share, for intangible amortization expense and other expenses primarily associated with acquisitions and restructuring actions, as well as additional transition tax related to the TCJA.
Abbott Laboratories and Subsidiaries