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Abbott Reports First-Quarter 2016 Results

ABBOTT PARK, Ill., April 20, 2016 /PRNewswire/ -- Abbott ABT, -0.23% today announced financial results for the first quarter ended March 31, 2016.

  • Adjusted diluted EPS from continuing operations, which excludes specified items, was $0.41 in the first quarter, above Abbott's previous guidance range. Reported diluted EPS from continuing operations under GAAP was $0.04 in the first quarter.
  • First-quarter worldwide sales of $4.9 billion increased 5.1 percent on an operational basis and decreased 0.2 percent on a reported basis.
  • Abbott is raising its full-year 2016 adjusted EPS guidance range for continuing operations to $2.14 to $2.24 from $2.10 to $2.20. Projected full-year 2016 EPS for continuing operations under GAAP is $1.36 to $1.46.
  • Abbott's recent innovations and product launches contributed to sales growth in the first quarter. Select recently launched products include Eleva [TM] in the premium segment of the Chinese infant formula market; Abbott's portfolio of infant and toddler non-GMO nutrition products in the U.S.; MitraClip [®] , Abbott's structural heart product for the treatment of mitral regurgitation; Freestyle [®] Libre in Europe; Supera [®] peripheral stent in the U.S. for treatment of blockages in the superficial femoral artery; and Abbott's portfolio of TECNIS [®] intraocular lenses for the treatment of cataracts.
  • In the first quarter, Abbott received European approval for use in children and teens of its revolutionary FreeStyle Libre Flash Glucose Monitoring System that eliminates routine finger sticks and finger-stick calibration. In Abbott Vascular, Absorb [TM] , Abbott's fully dissolving vascular stent, earned a positive review from an independent U.S. Food and Drug Administration advisory committee.

"We're off to a good start to the year and are raising our full-year adjusted EPS guidance range," said Miles D. White, chairman and chief executive officer, Abbott. "All four of our businesses met or exceeded our growth expectations and underlying demand remains strong."

FIRST-QUARTER BUSINESS OVERVIEW

Following are sales by business segment and commentary for the first quarter:

Total Company ($ in millions)









% Change vs. 1Q15



Sales 1Q16




Int'l


Total



U.S.


Int'l


Total


U.S.


Operational


Reported


Operational


Reported

Total *


1,531


3,354


4,885


1.9


6.6


(1.2)


5.1


(0.2)

Nutrition


719


952


1,671


4.9


3.9


(3.2)


4.3


0.1

Diagnostics


339


779


1,118


3.7


8.2


1.8


6.9


2.3

Established Pharmaceuticals

--


888


888


n/a


11.0


(1.0)


11.0


(1.0)

Medical Devices


466


731


1,197


(3.9)


3.5


(1.3)


0.5


(2.4)


Note: Operational growth reflects percentage change over the prior year excluding the impact of exchange rates.

* Total Abbott Sales from continuing operations include Other Sales of $11 million.

n/a = Not Applicable.

First-quarter 2016 worldwide sales of $4.9 billion increased 5.1 percent on an operational basis and decreased 0.2 percent on a reported basis, including an unfavorable 5.3 percent effect of foreign exchange.

U.S. sales increased 1.9 percent, led by 9.2 percent growth in Point of Care Diagnostics, 7.5 percent growth in Medical Optics, and 4.9 percent growth in Nutrition.

International sales increased 6.6 percent on an operational basis and decreased 1.2 percent on a reported basis in the first quarter. International operational sales growth was led by 11.0 percent growth in Established Pharmaceuticals, 11.0 percent growth in Diabetes Care and 8.2 percent growth in Diagnostics.

Nutrition ($ in millions)









% Change vs. 1Q15



Sales 1Q16




Int'l


Total



U.S.


Int'l


Total


U.S.


Operational


Reported


Operational


Reported

Total


719


952


1,671


4.9


3.9


(3.2)


4.3


0.1

Pediatric


403


564


967


4.7


4.1


(2.3)


4.4


0.5

Adult


316


388


704


5.2


3.6


(4.6)


4.3


(0.5)

Worldwide Nutrition sales increased 4.3 percent in the first quarter on an operational basis and 0.1 percent on a reported basis, including an unfavorable 4.2 percent effect of foreign exchange.

Worldwide Pediatric Nutrition sales increased 4.4 percent on an operational basis and 0.5 percent on a reported basis in the quarter, including an unfavorable 3.9 percent effect of foreign exchange. In the U.S., above-market sales growth was led by recently launched infant and toddler non-GMO products, including Similac [®] Advance [®] Non-GMO and Go & Grow by Similac Non-GMO. International growth was led by market share expansion of Eleva in the premium segment of the Chinese infant formula market, as well as continued strong performance in Russia and across several countries in Latin America.

Worldwide Adult Nutrition sales increased 4.3 percent on an operational basis and decreased 0.5 percent on a reported basis in the quarter, including an unfavorable 4.8 percent effect of foreign exchange. International Adult Nutrition growth was led by continued strong growth of Ensure [®] and Glucerna [®] in Latin America and other priority geographies. U.S. Adult Nutrition sales growth of 5.2 percent was led by growth of Ensure in the retail and institutional market segments. During the quarter, Abbott launched Ensure Enlive [®] , a nutrition drink that helps adults rebuild lost muscle and regain strength and energy.

Diagnostics ($ in millions)









% Change vs. 1Q15



Sales 1Q16




Int'l


Total



U.S.


Int'l


Total


U.S.


Operational


Reported


Operational


Reported

Total


339


779


1,118


3.7


8.2


1.8


6.9


2.3

Core Laboratory


190


695


885


2.4


8.6


2.1


7.3


2.1

Molecular


47


61


108


(2.1)


3.2


(3.4)


1.0


(2.8)

Point of Care


102


23


125


9.2


9.6


7.2


9.3


8.8

Worldwide Diagnostics sales increased 6.9 percent in the first quarter on an operational basis, driven by continued above-market growth globally, including strong growth in both emerging and developed markets. Sales increased 2.3 percent on a reported basis, including an unfavorable 4.6 percent effect of foreign exchange.

Core Laboratory Diagnostics sales increased 7.3 percent in the quarter on an operational basis and 2.1 percent on a reported basis, including an unfavorable 5.2 percent effect of foreign exchange. Operational sales growth in the quarter was driven by double-digit growth in emerging markets.

Molecular Diagnostics sales increased 1.0 percent in the quarter on an operational basis and decreased 2.8 percent on a reported basis, including an unfavorable 3.8 percent effect of foreign exchange. Strong operational sales growth in Abbott's infectious disease testing business was offset, as expected, by the planned scale down of its genetics business.

Point of Care Diagnostics sales increased 9.3 percent in the quarter...


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