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ABBOTT SETS RECORD SALES AND EARNINGS IN 1991; SALES RISE 11.7 PERCENT TO $6.9 BILLION, EPS UP 14.9 PERCENT

 ABBOTT SETS RECORD SALES AND EARNINGS IN 1991;
 SALES RISE 11.7 PERCENT TO $6.9 BILLION, EPS UP 14.9 PERCENT
 ABBOTT PARK, Ill., Jan. 14 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT) achieved record sales and earnings for both the year and quarter ended Dec. 31, 1991. This represents the company's 20th consecutive year of record sales and earnings.
 Worldwide sales in 1991 increased 11.7 percent to $6.877 billion from $6.159 billion a year earlier. Earnings per share rose to $2.55, up 14.9 percent from $2.22 in 1990.
 Pretax earnings climbed 14.3 percent to $1.544 billion from $1.351 billion last year. Net earnings were $1.089 billion, an increase of 12.7 percent from $966 million in 1990.
 "'With the emphasis worldwide on health care cost containment, future success for health care companies like Abbott will be defined by an ability to introduce significant new products that are cost effective and by steady increases in productivity," said Duane L. Burnham, chairman and chief executive officer.
 "It's particularly satisfying, then, to point to major new products in pharmaceuticals and diagnostics as key sources of our company's excellent performance in 1991," Burnham said. "At the same time, research and development spending was increased by 18 percent in 1991 to $666 million, to assure the future flow of new products."
 Additional 1991 Results
 Sales of pharmaceutical and nutritional products were $3.512 billion in 1991 compared with $3.161 billion a year ago, an increase of 11.1 percent. Sales of hospital and laboratory products were $3.365 billion, up 12.2 percent from the $2.998 billion reported in 1990.
 Sales in domestic markets were $4.290 billion in 1991, an increase of 11.8 percent from the $3.836 billion in 1990. Sales in international markets, including direct exports from the United States, were $2.587 billion in 1991, an increase of 11.4 percent from the $2.323 billion reported in 1990.
 During the year, the company increased the quarterly common dividend for the 19th consecutive year to 25 cents per share, up 19 percent.
 Fourth Quarter Results
 Sales were $1.887 billion compared with $1.710 billion, an increase of 10.3 percent from the fourth quarter of 1990. Earnings per share for the fourth quarter were 74 cents, an increase of 13.8 percent from 65 cents in the fourth quarter of 1990. Net earnings were $315 million, up 12.5 percent from $280 million a year ago.
 Worldwide sales of pharmaceutical and nutritional products for the fourth quarter were $969 million, up 11.9 percent over the comparable 1990 period.
 Worldwide sales of hospital and laboratory products totaled $918 million in the fourth quarter, an increase of 8.7 percent from one year ago.
 Sales in domestic markets were $1.181 billion, an increase of 14.7 percent from the fourth quarter of 1990. International sales were $706 million, up 3.7 percent from last year.
 1991 Business Developments
 Among the important developments in Abbott's worldwide businesses:
 -- U.S. introduction of Biaxin (clarithromycin), a broad-spectrum macrolide anti-infective, licensed from Taisho Pharmaceuticals Co. The drug is currently marketed in more than 20 countries, with 1991 introductions in Japan, Germany, the United Kingdom, Spain and certain countries in Latin America.
 -- Launch of the Abbott-discovered quinolone anti-infective, temafloxacin, in the United Kingdom (Teflox) and Sweden (Temac). The drug will be marketed in the U.S. under the tradename Omniflox, pending U.S. Food and Drug Administration approval.
 -- U.S. launch of Survanta, a naturally derived surfactant extracted from cow lungs for the prevention and treatment of infant respiratory distress syndrome, which is licensed from Tokyo Tanabe Ltd.; and ProSom, a sleep medication for the short-term management of insomnia, licensed from TAP Pharmaceuticals Inc.
 -- U.S. introduction of the IMx Select, which adds greater flexibility and testing capabilities to the IMx automated immunoassay system. The company also expanded the menu of tests available on the IMx system by introducing more than a dozen new tests in 1991, including a highly sensitive assay for prostate-specific antigen (PSA), used in the management and monitoring of prostate cancer.
 -- Approval in Japan and introduction in Europe of a second- generation hepatitis C (HCV) test, further strengthening Abbott's leading position in the worldwide blood screening market.
 -- U.S.launch of TDxFLx, an enhanced version of the company's widely used TDx therapeutic drug monitoring system; and Matrix, a system for diagnosis of allergies from a single blood sample.
 -- Introduction of new cost-effective, technology-based medical specialty products for the hospital market, including the Omni-Flow 4000 Plus, a multi-channel pump capable of delivering up to four different medications through a single intravenous line.
 -- Expansion of the company's medical nutritional business, with increased penetration in international markets and the addition of new disease-specific products such as Alitraq, a patented product for metabolic stress, and Nepro, a patented formula for dialysis patients.
 ABBOTT LABORATORIES AND SUBSIDIARIES
 Fourth quarter ended Dec. 31 1991 1990
 Net sales $1,886,263,000 $1,710,070,000
 Cost of products sold 833,914,000 807,174,000
 Research & development 178,697,000 147,707,000
 Selling, general & administrative 412,334,000 352,339,000
 Total operating cost & expenses 1,424,945,000 1,307,220,000
 Operating earnings 461,318,000 402,850,000
 Interest (income) expense, net 5,470,000 9,509,000
 Other (income) expense, net(A) 9,437,000 2,079,000
 Earnings before taxes 446,411,000 391,262,000
 Taxes on earnings 131,691,000 111,510,000
 Earnings before extraordinary
 gain and accounting change 314,720,000 279,752,000
 Extraordinary gain, net of tax(B) -- --
 Cumulative effect of
 accounting change, net of tax(C) -- --
 Net earnings 314,720,000 279,752,000
 Per share amounts:
 Earnings before extraordinary
 gain and accounting change $.74 $.65
 Extraordinary gain, net of tax(B) -- --
 Cumulative effect of
 accounting change, net of tax(C) -- --
 Net earnings .74 .65
 Average shares outstanding 425,304,000 429,315,000
 Tax rate (pct.) 29.50 28.50
 Twelve months ended Dec. 31 1991 1990
 Net sales $6,876,588,000 $6,158,682,000
 Cost of products sold 3,139,972,000 2,910,092,000
 Research & development 666,336,000 567,009,000
 Selling, general & admin. 1,513,250,000 1,275,540,000
 Total operating cost & expenses 5,319,558,000 4,752,641,000
 Operating earnings 1,557,030,000 1,406,041,000
 Interest (income) expense, net 18,714,000 39,829,000
 Other (income) expense, net(A) (5,906,000) 15,479,000
 Earnings before taxes 1,544,222,000 1,350,733,000
 Taxes on earnings 455,545,000 384,959,000
 Earnings before extraordinary
 gain and accounting change 1,088,677,000 965,774,000
 Extraordinary gain, net of tax(B) 128,182,000 --
 Cumulative effect of
 accounting change, net of tax(C) (128,114,000) --
 Net earnings $1,088,745,000 $ 965,774,000
 Per share amounts:
 Earnings before extraordinary
 gain and accounting change $2.55 $2.22
 Extraordinary gain, net of tax(B) .30 --
 Cumulative effect of
 accounting change, net of tax(C) (.30) --
 Net earnings 2.55 2.22
 Average shares outstanding 427,031,000 435,049,000
 Tax rate (pct.) 29.50 28.50
 (A) -- Includes net losses on foreign exchange of $15,385,000 and $11,135,000 for 1991 fourth quarter and 12 months, respectively, and net losses on foreign exchange of $8,221,000 and $26,575,000 for 1990 fourth quarter and 12 months, respectively.
 (B) -- Represents the after-tax gain from the first quarter sale of the company's investment in Amgen Inc.
 (C) -- Represents the cumulative impact as of Jan. 1, 1991, of adopting the new accounting standard on certain post-employment benefits.
 -0- 1/14/92
 /CONTACT: Don Braakman, 708-937-1237, or Ellen Walvoord, 708-937-8943, both of Abbott Laboratories/
 (ABT) CO: Abbott Laboratories ST: Illinois IN: MTC SU: ERN


CK -- NY030 -- 9487 01/14/92 10:51 EST
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