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ABBOTT LABORATORIES

(ABT)
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Abbott Laboratories : REPORTS THIRD-QUARTER 2021 RESULTS, ACHIEVES STRONG DOUBLE-DIGIT EARNINGS GROWTH AND RAISES GUIDANCE

10/21/2021 | 07:15am EST

PARK, Ill. - Abbott (NYSE: ABT) announced financial results for the third quarter ended Sept. 30, 2021.

Third-quarter sales of $10.9 billion increased 23.4 percent on a reported basis and 22.4 percent on an organic basis, which excludes the impact of foreign exchange.

Third-quarter GAAP diluted EPS was $1.17 and adjusted diluted EPS, which excludes specified items, was $1.40, reflecting 42.9 percent growth versus the prior year.1

Abbott projects full-year 2021 diluted EPS from continuing operations on a GAAP basis of $3.55 to $3.65 and full-year adjusted diluted EPS from continuing operations of $5.00 to $5.10, reflecting growth of 38.4 percent at the mid-point versus prior year.2

In August, Abbott announced U.S. FDA approval of its Amplatzer Amulet device, which offers immediate closure of the left atrial appendage - an area in the heart where blood clots can form.

In August, Abbott announced results of the company's GUIDE-HF clinical trial, which showed Abbott's CardioMEMS remote monitoring system can improve care for more patients living with heart failure. Abbott filed a Premarket Approval (PMA) supplement with the FDA for consideration of an expanded indication for CardioMEMS.

In September, Abbott announced U.S. FDA approval of its Portico with FlexNav transcatheter aortic valve replacement (TAVR) system to treat people with symptomatic, severe aortic stenosis who are at high or extreme risk for open-heart surgery.

During the third quarter, Abbott acquired Walk Vascular, LLC, a commercial-stage medical device company with a minimally invasive thrombectomy system designed to remove peripheral blood clots.

'We achieved another quarter of strong growth overall and across all four of our major business areas,' said Robert B. Ford, president and chief executive officer, Abbott. 'We're particularly pleased with the continued advancements of our new product pipeline, including several recent launches in large, high-growth markets.'

THIRD-QUARTER BUSINESS OVERVIEW

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 impact of foreign exchange.

ABBOTT'S EARNINGS-PER-SHARE GUIDANCE

Abbott projects 2021 diluted earnings per share from continuing operations under GAAP of $3.55 to $3.65. Abbott forecasts specified items for the full-year 2021 of $1.45 per share primarily related to intangible amortization, restructuring and cost reduction initiatives, including expenses to align its COVID-19 testing-related business with changes during the year in current and projected testing demand, expenses associated with acquisitions and other net expenses. Excluding specified items, projected adjusted diluted earnings per share from continuing operations would be $5.00 to $5.10 for full-year 2021.

ABBOTT DECLARES 391ST CONSECUTIVE QUARTERLY DIVIDEND

On Sept. 15, 2021, the board of directors of Abbott declared the company's quarterly dividend of $0.45 per share. Abbott's cash dividend is payable Nov. 15, 2021 to shareholders of record at the close of business on Oct. 15, 2021.

Abbott has increased its dividend payout for 49 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.

About Abbott:

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 109,000 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.

Abbott will live-webcast its third-quarter earnings conference call through its Investor Relations website at www.abbottinvestor.com at 8 a.m. Central time today. An archived edition of the webcast will be available later that day.

Contact:

Abbott Financial

Scott Leinenweber

T: 224-668-0791

Michael Comilla

T: 224-668-1872

Laura Dauer

T: 224-667-2299

Abbott Media

Katie Stafford

T: 224-668-2121

Kate Dyer

T: 224-668-9965

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials (USD)
Sales 2021 42 030 M - -
Net income 2021 6 560 M - -
Net Debt 2021 8 142 M - -
P/E ratio 2021 34,2x
Yield 2021 1,34%
Capitalization 224 B 224 B -
EV / Sales 2021 5,53x
EV / Sales 2022 5,70x
Nbr of Employees 109 000
Free-Float 88,5%
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Number of Analysts 22
Last Close Price 126,74 $
Average target price 135,94 $
Spread / Average Target 7,26%
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Managers and Directors
Robert B. Ford President, CEO, Chief Operating Officer & Director
Robert Emmett Funck Chief Financial Officer & Executive VP-Finance
Miles D. White Executive Chairman
Sabina Ewing Chief Investment Officer, VP-Business & Technology
Roxanne Schuh Austin Independent Director
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