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ABBOTT SETS RECORD SALES AND EARNINGS IN 1992; SALES RISE 14.2 PERCENT TO $7.9 BILLION, EPS UP 15.7 PERCENT

 ABBOTT PARK, Ill., Jan. 14 /PRNewswire/ -- Abbott Laboratories (NYSE: ABT) announces it has achieved record sales and earnings for both the year and quarter ended Dec. 31, 1992.
 Worldwide sales in 1992 increased 14.2 percent to $7.852 billion from $6.877 billion a year earlier. Earnings per share rose to $1.47, up 15.7 percent from $1.27 in 1991.
 Pre-tax earnings climbed 12.6 percent to $1.739 billion from $1.544 billion last year. Net earnings were $1.239 billion, an increase of 13.8 percent from $1.089 billion in 1991.
 "Our performance in 1992 is an indication that our worldwide health care businesses continue to achieve excellent growth," said Duane L. Burnham, chairman and chief executive officer. "It's gratifying to note that our strong sales were driven primarily by new products and increases in volume."
 To assure future growth, Burnham said, "We will continue to invest heavily across all of our businesses to provide cost-effective products that meet the needs of our customers in a changing health care environment."
 Research and development spending in 1992 increased by 15.9 percent to $772 million.
 Additional 1992 Results
 Sales of pharmaceutical and nutritional products were $4.025 billion in 1992 compared with $3.512 billion a year ago, an increase of 14.6 percent. Sales of hospital and laboratory products were $3.827 billion, up 13.7 percent from the $3.365 billion reported in 1991.
 Sales in domestic markets were $4.851 billion in 1992, an increase of 13.1 percent from the $4.290 billion in 1991. Sales in international markets, including direct exports from the U.S., were $3.001 billion in 1992, an increase of 16.0 percent from the $2.587 billion reported in 1991.
 During the year, the company increased the quarterly common dividend for the 20th consecutive year to 15 cents per share, up 20 percent.
 Fourth Quarter Results
 Sales were $2.097 billion compared with $1.887 billion, an increase of 11.1 percent from the fourth quarter of 1991. Earnings per share for the fourth quarter were 42 cents, an increase of 13.5 percent from 37 cents in the fourth quarter of 1991. Pre-tax earnings in the fourth quarter increased 8.6 percent to $485 million from $446 million last year. Net earnings were $349 million, up 10.9 percent from $315 million a year ago.
 Worldwide sales of pharmaceutical and nutritional products for the fourth quarter were $1.065 billion, up 9.9 percent over the comparable 1991 period.
 Worldwide sales of hospital and laboratory products totaled $1.032 billion in the fourth quarter, an increase of 12.5 percent from one year ago.
 Sales in domestic markets were $1.288 billion, an increase of 9.1 percent from the fourth quarter of 1991. International sales were $809 million, up 14.6 percent from last year.
 Research and development expenditures for the quarter increased by 24.5 percent to $222 million.
 1992 Business Developments
 Among the important developments in Abbott's worldwide businesses:
 Continued growth of the company's pharmaceutical business, including rapid sales growth and market penetration of clarithromycin, a broad spectrum macrolide anti-infective, licensed from Taisho Pharmaceuticals Co. The drug is currently marketed in more than 40 countries. A New Drug Application (NDA) for a pediatric form of clarithromycin was filed with the U.S. Food and Drug Administration (FDA) in August 1992.
 The pediatric version is currently approved in more than 15 countries and awaiting approval in several others. Abbott also filed an NDA with the U.S. FDA in October 1992 for the use of clarithromycin for the treatment of Mycobacterium avium complex, an opportunistic infection that attacks people with weakened immune systems, particularly those who have AIDS.
 Strengthened worldwide leadership position in in vitro diagnostics with the addition of important new diagnostic tests that can be performed on automated instruments which provide rapid and highly accurate results. Significant new products include a prostate-specific antigen test for managing and monitoring prostate cancer, a second generation test for hepatitis C and a test for simultaneous detection of antibodies to HIV-1 and HIV-2, two strains of the human immunodeficiency viruses that cause AIDS. Abbott also achieved excellent market acceptance in 1992 with its new line of hematology instruments, known as the Cell-Dyn series.
 Addition of new products to the company's growing medical nutritional business, which includes a broad line of products formulated for the special nutritional needs created by specific diseases. Among 1992 product introductions were Perative, a specialized liquid nutrition for metabolically stressed patients, and the Quantum pump system, a technological advance in enteral feeding pumps.
 Further expansion of the company's medical specialty products for hospitals and alternate sites, including the introduction in 1992 of new electronic delivery systems for the administration of pain-controlling medications. Product launches in 1992 include the Abbott Pain Manager, the first electronic delivery system designed specifically for the administration of epidural analgesia. Also in 1992, additional intravenous drugs were added to Abbott's ADD-Vantage drug delivery system, including the anti-infectives Unasyn, manufactured by Pfizer; Fortaz and Zinacef, manufactured by Glaxo Inc.; and Abbott's vancomycin.
 ABBOTT LABORATORIES AND SUBSIDIARIES
 (Consolidated Statement of Earnings)
 Fourth Quarter
 Period ended Dec. 31 1992 1991
 Net sales $2,096,491,000 $1,886,263,000
 Cost of products sold 904,804,000 833,914,000
 Research & development 222,507,000 178,697,000
 Selling, General & Administrative 500,672,000 412,334,000
 Provision for product withdrawal 0 0
 Total operating cost and expenses 1,627,983,000 1,424,945,000
 Operating earnings 468,508,000 461,318,000
 Interest (income) expense, net 2,996,000 5,470,000
 Other (income) expense, net A) (19,164,000) 9,437,000
 Gain on sale of investment 0 0
 Earnings before taxes 484,676,000 446,411,000
 Taxes on earnings 135,711,000 131,691,000
 Earnings before extraordinary
 item and accounting change 348,965,000 314,720,000
 Extraordinary item, net of tax 0 0
 cumulative effect of
 Accounting change, net of tax 0 0
 Net earnings $ 348,965,000 $314,720,000
 Per share amounts:
 Earnings before extraordinary
 item and accounting change $ 0.42 $ 0.37
 Extraordinary item, net of tax 0.00 0.00
 Cumulative effect of
 accounting change, net of tax 0.00 0.00
 Net earnings $ 0.42 $ 0.37
 Average shares outstanding B) 836,907,000 850,608,000
 Tax rate (in percent) 28.0 29.5
 ABBOTT LABORATORIES AND SUBSIDIARIES
 (Consolidated Statement of Earnings)
 Twelve months ended
 Dec. 31 1992 1991
 Net sales $7,851,912,000 $6,876,588,000
 Cost of products sold 3,505,273,000 3,139,972,000
 Research & development 772,407,000 666,336,000
 Selling, General & Administrative 1,833,220,000 1,513,250,000
 Provision for product withdrawal 215,000,000 0
 Total operating cost and expenses 6,325,900,000 5,319,558,000
 Operating earnings 1,526,012,000 1,557,030,000
 Interest (income) expense, net 10,711,000 18,714,000
 Other (income) expense, net A) 48,534,000 (5,906,000)
 Gain on sale of investment (271,986,000) 0
 Earnings before taxes 1,738,753,000 1,544,222,000
 Taxes on earnings 499,696,000 455,545,000
 Earnings before extraordinary
 item and accounting change 1,239,057,000 1,088,677,000
 Extraordinary item, net of tax 0 128,182,000
 Cumulative effect of
 accounting change, net of tax 0 (128,114,000)
 Net earnings $1,239,057,000 $1,088,745,000
 Per share amounts:
 Earnings before extraordinary
 item and accounting change $ 1.47 $ 1.27
 Extraordinary item, net of tax 0.00 0.15
 Cumulative effect of
 accounting change, net of tax 0.00 (0.15)
 Net earnings $ 1.47 $ 1.27
 Average shares outstanding B) 844,122,000 854,062,000
 Tax rate (in percent) 28.7 29.5
 NOTE: (A) includes net (gain) loss on foreign exchange of $(6,049,000) and $93,205,000 for 1992 fourth quarter and twelve months, respectively, and net losses on foreign exchange of $15,385,000 and $11,135,000 for 1991 fourth quarter and twelve months, respectively.
 (B) the average shares outstanding reflect the two-for-one stock split, effected in the form of a dividend, on May 1, 1992.
 -0- 1/14/93
 /CONTACT: Don Braakman of Abbott Laboratories, 708-937-1237/
 (ABT)


CO: Abbott Laboratories ST: Illinois IN: MTC SU: ERN

WB -- NY021 -- 4800 01/14/93 10:42 EST
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