"All of Abbott's businesses are performing exceptionally well, ahead ofexpectations," said Miles D. White, chairman and chief executive officer,Abbott. "Abbott remains well-positioned, with strong core growth franchises,including our emerging vascular business, which is rapidly becoming asignificant contributor to Abbott's growth."
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The following is a summary of Abbott's first nine months of 2008 sales forselected products.
Abbott raises guidance for full-year earnings per share
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Based on the company's continued strong results year-to-date, and theoutlook for the remainder of the year, Abbott is raising its earnings-per-share forecast for the full-year 2008 to $3.31 - $3.33 from $3.24 - $3.28,excluding specified items. Abbott's original guidance range for 2008,provided in January, was $3.20 - $3.25.
Abbott continues to forecast net specified items for the full-year 2008 of$0.08 per share, primarily associated with cost reduction initiatives andacquired in-process R&D, offset by favorable items including the gain relatedto the conclusion of the TAP joint venture, a favorable settlement of a prioryear's tax audit, the gain on the sales of equity investments, and the gain onsale of Abbott's spine business, which is forecast to occur in the fourthquarter. Including these specified items, projected earnings per share underGAAP would be $3.23 - $3.25 for the full-year 2008.
Abbott declares quarterly dividend; double-digit increase over prior year
On September 12, 2008, the board of directors of Abbott declared thecompany's quarterly common dividend of 36 cents per share, a 10.8 percentincrease over the prior year. The cash dividend is payable Nov. 15, 2008, toshareholders of record at the close of business on October 15, 2008. Thismarks the 339th consecutive dividend paid by Abbott since 1924.
About Abbott
Abbott is a global, broad-based health care company devoted to thediscovery, development, manufacture and marketing of pharmaceuticals andmedical products, including nutritionals, devices and diagnostics. The companyemploys more than 68,000 people and markets its products in more than 130countries.
Abbott's news releases and other information are available on thecompany's Web site at http://www.abbott.com. Abbott will webcast its livethird-quarter earnings conference call through its Investor Relations Web siteat http://www.abbottinvestor.com at 8 a.m. Central time today. An archivededition of the call will be available after 11 a.m. Central time.
Some statements in this news release may be forward-looking statements forthe purposes of the Private Securities Litigation Reform Act of 1995. Wecaution that these forward-looking statements are subject to risks anduncertainties that may cause actual results to differ materially from thoseindicated. Economic, competitive, governmental, technological and otherfactors that may affect Abbott's operations are discussed in Item 1A, "RiskFactors," to our Annual Report on Securities and Exchange Commission Form 10-Kfor the year ended Dec. 31, 2007, and in Item 1A, "Risk Factors," to Abbott'sQuarterly Report on Securities and Exchange Commission Form 10-Q for thequarter ended June 30, 2008, and are incorporated by reference. Abbottundertakes no obligation to release publicly any revisions to forward-lookingstatements as a result of subsequent events or developments.* Diluted earnings per share, excluding specified items, were $0.79, above Abbott's previously announced guidance range of $0.76 - $0.78, reflecting 17.9 percent growth. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.69, up 50.0 percent. * Today, Abbott is raising its guidance for full-year 2008 adjusted earnings per share to $3.31 - $3.33 from $3.24 - $3.28, excluding specified items. Projected earnings per share under GAAP is $3.23 - $3.25. * Worldwide sales increased 17.6 percent to $7.5 billion, including a favorable 4.7 percent effect of exchange rates. * Worldwide pharmaceutical sales increased 16.7 percent driven by double-digit growth in HUMIRA(R), TriCor(R), Niaspan(R) and Kaletra(R). Global HUMIRA sales exceeded $1.2 billion; Abbott now expects full-year 2008 global HUMIRA sales of more than $4.4 billion. * Worldwide medical products sales increased 25.2 percent, driven by 15.3 percent growth in global diagnostics sales, and 57.9 percent growth in global vascular sales following the U.S. approval and successful launch of XIENCE V during the quarter. Drug-eluting stent (DES) franchise sales were $305 million. * Worldwide nutritional products sales increased 14.5 percent led by 22.2 percent growth in international nutritionals, with continued strength in emerging markets. * The Abbott board of directors has recently approved a new $5 billion share repurchase program. Last year, Abbott returned more than $3 billion to shareholders through dividends and share repurchase, and is on track to exceed this level in 2008.
SOURCE Abbott
