ABBOTT LABORATORIES ABBOTT PARK, Ill., April 19, 2017 /PRNewswire/ -- Abbott (NYSE: ABT) today announced financial results for the first quarter ended March 31, 2017.
-- Reported diluted EPS from continuing operations under GAAP was $0.22 in
the first quarter. Excluding specified items, adjusted diluted EPS from
continuing operations was $0.48 in the first quarter, above the previous
guidance range of $0.42 to $0.44.
-- First-quarter worldwide sales of $6.3 billion increased 29.7 percent on
a reported basis and 3.2 percent on a comparable operational(**) basis.
-- On Jan. 4, 2017, Abbott completed the acquisition of St. Jude Medical,
establishing the company as a leader in the broad medical device arena
and providing expanded opportunities for future growth.
-- In the first quarter, Abbott received FDA approval for MRI-conditional
labeling for both the Assurity MRI(TM) pacemaker and the Tendril(TM) MRI
pacing lead. Abbott submitted for FDA approval of MRI-conditional
labeling for its Ellipse(TM) implantable cardioverter defibrillator
(ICD) system.
-- In January, Abbott initiated the U.S. launch of its new Ensite
Precision(TM) cardiac mapping system, which helps physicians more
effectively treat patients experiencing arrhythmias in the heart, and
initiated the international launch of its new Alinity(TM) diagnostics
systems.
-- In February, Abbott released real-world data from more than 50,000 users
of its sensor-based FreeStyle(®) Libre glucose monitoring system. The
data showed that FreeStyle Libre use was associated with higher
frequency of glucose testing and better diabetes outcomes, including
improved control of glucose levels.
"Our first quarter results reflect a strong start to the year," said Miles D. White, chairman and chief executive officer, Abbott. "The integration of St. Jude is going well and recently launched products are contributing to double-digit sales growth across several areas of our Medical Devices business."
FIRST-QUARTER BUSINESS OVERVIEW
(**)Note: Management believes that measuring sales growth rates on a comparable operational basis is an appropriate way for investors to best understand the underlying performance of the business.
Comparable operational sales growth excludes the impact of exchange and for Total Abbott and Medical Devices, also includes prior year results for St. Jude Medical, which was acquired on Jan. 4, 2017, and excludes prior year and current year results for the Abbott Medical Optics (AMO) and St. Jude Medical vascular closure businesses, which were divested during the first quarter 2017. Comparable operational sales growth also reflects a reduction to St. Jude Medical's historic sales related to administrative fees paid to conform to Abbott's presentation, as further described in Form 8-K issued on April 18, 2017.
Following are sales by business segment and commentary for the first quarter:
Total Company
($ in millions)
% Change vs. 1Q16
-----------------
Sales 1Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total * 2,324 4,011 6,335 51.8 19.6 29.7 3.9 2.8 3.2
----- ----- ----- ---- ---- ---- --- --- ---
Nutrition 730 912 1,642 1.6 (4.3) (1.7) 1.6 (3.0) (1.0)
Diagnostics 371 787 1,158 9.4 1.1 3.6 9.4 2.6 4.7
Established
Pharmaceuticals -- 950 950 n/a 7.0 7.0 n/a 5.7 5.7
Medical Devices 1,136 1,259 2,395 144.0 72.2 100.2 3.6 5.4 4.5
n/a = Not Applicable.
* In 2017, Total Abbott sales
from continuing operations
include Other Sales of $190
million, including sales of
$175 million from the AMO
business, which was divested
during the first quarter
2017. In 2016, the AMO
business was reported as part
of the Medical Devices group.
Comparable operational growth
rates above exclude results
from the AMO business.
Note: In order to compute
results excluding the impact
of exchange rates, current
year U.S. dollar sales are
multiplied or divided, as
appropriate, by the current
year average foreign exchange
rates and then those amounts
are multiplied or divided, as
appropriate, by the prior
year average foreign exchange
rates.
First-quarter 2017 worldwide sales of $6.3 billion increased 29.7 percent on a reported basis. On a comparable operational basis, worldwide sales increased 3.2 percent. Refer to the final table for a reconciliation of comparable historical revenue.
Nutrition
($ in millions)
% Change vs. 1Q16
-----------------
Sales 1Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 730 912 1,642 1.6 (4.3) (1.7) 1.6 (3.0) (1.0)
--- --- ----- --- ---- ---- --- ---- ----
Pediatric 432 495 927 7.3 (12.2) (4.1) 7.3 (10.8) (3.3)
Adult 298 417 715 (5.6) 7.3 1.5 (5.6) 8.3 2.0
Worldwide Nutrition sales decreased 1.7 percent on a reported basis in the first quarter, including an unfavorable 0.7 percent effect of foreign exchange, and decreased 1.0 percent on an operational basis.
Worldwide Pediatric Nutrition sales decreased 4.1 percent on a reported basis in the first quarter, including an unfavorable 0.8 percent effect of foreign exchange, and decreased 3.3 percent on an operational basis. In the U.S., above-market sales growth was led by continued uptake of several recently launched infant formula products. International sales declined 12.2 percent on a reported basis and 10.8 percent on an operational basis. As expected, challenging conditions in the Chinese infant formula market continued to impact international performance.
Worldwide Adult Nutrition sales increased 1.5 percent on a reported basis in the first quarter, including an unfavorable 0.5 percent effect of foreign exchange, and increased 2.0 percent on an operational basis. Strong performance in international Adult Nutrition, led by continued growth of Ensure(®) and Glucerna(®) in Latin America and other priority geographies, was partially offset by lower than expected performance in the U.S.
Diagnostics
($ in millions)
% Change vs. 1Q16
-----------------
Sales 1Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 371 787 1,158 9.4 1.1 3.6 9.4 2.6 4.7
--- --- ----- --- --- --- --- --- ---
Core
Laboratory 216 695 911 13.8 -- 3.0 13.8 1.8 4.3
Molecular 45 67 112 (4.1) 10.0 3.9 (4.1) 10.0 3.9
Point of Care 110 25 135 7.3 8.3 7.5 7.3 8.7 7.5
Worldwide Diagnostics sales increased 3.6 percent on a reported basis in the first quarter, including an unfavorable 1.1 percent effect of foreign exchange, and increased 4.7 percent on an operational basis. Excluding the impact of Venezuelan operations, Diagnostics sales would have increased 5.3 percent on a reported basis and 6.4 percent on an operational basis in the first quarter.
Core Laboratory Diagnostics sales increased 3.0 percent on a reported basis in the first quarter, including an unfavorable 1.3 percent effect of foreign exchange, and increased 4.3 percent on an operational basis. During the quarter, Abbott initiated the international launch of "Alinity s" for blood and plasma screening, "Alinity c" for clinical chemistry and "Alinity i" for immunoassay diagnostics. The new Alinity family of harmonized systems provides high quality results and is designed to be more efficient - running more tests in less space, generating test results faster and minimizing human errors.
Molecular Diagnostics sales increased 3.9 percent on both a reported and operational basis in the first quarter. Continued strong growth in infectious disease testing, Abbott's core area of focus in the molecular diagnostics market, was primarily offset by its planned scale down in other testing areas.
Point of Care Diagnostics sales increased 7.5 percent on both a reported and operational basis in the first quarter. Sales growth in the quarter was led by continued adoption of Abbott's i-STAT(®) handheld system in the U.S. and strong growth internationally.
Established Pharmaceuticals
($ in millions)
% Change vs. 1Q16
-----------------
Sales 1Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total -- 950 950 n/a 7.0 7.0 n/a 5.7 5.7
--- --- --- ---- --- --- ---- --- ---
Key
Emerging
Markets -- 730 730 n/a 15.2 15.2 n/a 12.5 12.5
Other -- 220 220 n/a (13.4) (13.4) n/a (11.3) (11.3)
Established Pharmaceuticals sales increased 7.0 percent on a reported basis in the first quarter, including a favorable 1.3 percent effect of foreign exchange, and increased 5.7 percent on an operational basis. Excluding the impact of Venezuelan operations, which is included in Other, Established Pharmaceuticals sales would have increased 13.0 percent on a reported basis and 11.7 percent on an operational basis in the first quarter.
Key Emerging Markets include Brazil, Russia, India and China, along with several additional emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics product portfolio. Sales in these key geographies increased 15.2 percent on a reported basis and 12.5 percent on an operational basis in the first quarter. Abbott continues to achieve above-market growth in several key geographies driven by commercial initiatives and locally relevant portfolio expansion.
Medical Devices
($ in millions)
% Change vs. 1Q16
-----------------
Sales 1Q17 Reported Comparable Operational
---------- -------- ----------------------
U.S. Int'l Total U.S. Int'l Total U.S. Int'l Total
---- ----- ----- ----- ----- ----- -----
Total 1,136 1,259 2,395 144.0 72.2 100.2 3.6 5.4 4.5
----- ----- ----- ----- ---- ----- --- --- ---
Cardiovascular and
Neuromodulation 1,061 1,042 2,103 267.5 163.0 207.0 3.3 1.4 2.4
Rhythm Management 260 251 511 n/m n/m n/m (17.8) (4.1) (11.6)
Electrophysiology 145 171 316 n/m n/m n/m 10.1 11.6 10.9
Heart Failure 109 33 142 n/m n/m n/m (10.1) 5.1 (6.9)
Vascular 304 399 703 20.7 14.2 16.9 6.1 (4.0) 0.1
Structural Heart 107 149 256 220.4 221.5 221.0 22.1 11.3 15.5
Neuromodulation 136 39 175 n/m n/m n/m 62.4 22.8 51.5
Diabetes Care 75 217 292 8.2 25.0 20.2 8.2 28.8 22.9
n/m = Percent change is not
meaningful.
Worldwide Medical Devices sales increased 100.2 percent on a reported basis in the first quarter. On a comparable operational basis, sales increased 4.5 percent. Refer to the final table for a reconciliation of comparable historical revenue.
Worldwide sales of Cardiovascular and Neuromodulation products increased 207.0 percent on a reported basis in the first quarter. On a comparable operational basis, sales increased 2.4 percent. Sales growth in the quarter was led by double-digit growth in Electrophysiology, Structural Heart, and Neuromodulation. In Electrophysiology, Abbott initiated the U.S. launch of its Ensite Precision cardiac mapping system in the first quarter. Growth in Structural Heart was driven by continued double-digit growth of MitraClip(®), Abbott's market-leading device for the treatment of mitral regurgitation, and continued international uptake of Abbott's Portico(TM )device used in treating aortic valve disease and Amplatzer(TM) Amulet(TM) used to reduce the risk of stroke by preventing clotting in the left atrial appendage of the heart. In Neuromodulation, strong double-digit growth on a comparable basis was led by several recently launched products for the treatment of chronic pain and movement disorders. As expected, Rhythm Management sales in the U.S. were impacted by continued competitive dynamics in the MRI-conditional category of products. In the quarter, Abbott received FDA approval for MRI-conditional labeling for its Assurity MRI pacemaker and Tendril MRI pacing lead and submitted for FDA approval of MRI-conditional labeling for its Ellipse implantable cardioverter defibrillator (ICD) system, which includes the Tendril MRI pacing lead, and the Durata(TM) and Optisure(TM) defibrillation leads.
Worldwide Diabetes Care sales increased 20.2 percent on a reported basis in the first quarter, including an unfavorable 2.7 percent effect of foreign exchange, and increased 22.9 percent on an operational basis. Strong double-digit international sales growth was led by continued consumer uptake of FreeStyle Libre, Abbott's revolutionary continuous glucose monitoring system. In February, at the Advanced Technologies and Treatments for Diabetes conference, Abbott presented real-world data from more than 50,000 Libre users in Europe. The data demonstrated that FreeStyle Libre users checked their glucose levels an average of 16.3 times per day, more than 3 times the minimum guidelines for traditional finger stick testing. The data also showed that a higher frequency of testing was associated with better diabetes outcomes, including improved glucose levels and a reduction in hypoglycemia.
ABBOTT'S FULL-YEAR EARNINGS-PER-SHARE GUIDANCE REMAINS UNCHANGED
Abbott continues to project earnings per share from continuing operations under Generally Accepted Accounting Principles (GAAP) of $0.92 to $1.02, including amortization and integration expenses related to the acquisition of St. Jude Medical. Projected adjusted diluted earnings per share from continuing operations remains unchanged at $2.40 to $2.50 for the full year 2017.
Abbott forecasts net specified items for the full year 2017 of approximately $1.48 per share. Specified items include acquisition-related expenses, intangible amortization expense, charges associated with cost reduction initiatives and other expenses, partially offset by a gain on the sale of the AMO business.
ABBOTT DECLARES 373(RD) QUARTERLY DIVIDEND
On Feb. 17, 2017, the board of directors of Abbott declared the company's quarterly dividend of $0.265 per share. Abbott's cash dividend is payable May 15, 2017, to shareholders of record at the close of business on April 14, 2017.
Abbott has increased its dividend payout for 45 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 company devoted to improving life through the development of products and technologies that span the breadth of healthcare. With a portfolio of leading, science-based offerings in diagnostics, medical devices, nutritionals and branded generic pharmaceuticals, Abbott serves people in more than 150 countries and employs approximately 94,000 people.
Visit Abbott at www.abbott.com and connect with us on Twitter at @AbbottNews.
Abbott will webcast its live first-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 call will be available later that day.
-- Private Securities Litigation Reform Act of 1995 --
A Caution Concerning Forward-Looking Statements
Some statements in this news release may be forward-looking statements for purposes of the Private Securities Litigation Reform Act of 1995. Abbott cautions that these forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially from those indicated in the forward-looking statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's operations are discussed in Item 1A, "Risk Factors'' to our Annual Report on Securities and Exchange Commission Form 10-K for the year ended Dec. 31, 2016, and are incorporated by reference. Abbott undertakes no obligation to release publicly any revisions to forward-looking statements as a result of subsequent events or developments, except as required by law.
Abbott Laboratories and Subsidiaries
Condensed Consolidated Statement of Earnings
First Quarter Ended March 31, 2017 and 2016
(in millions, except per share data)
(unaudited)
1Q17 1Q16 % Change
---- ---- --------
Net Sales $6,335 $4,885 29.7
Cost of products sold,
excluding amortization
expense 3,044 2,140 42.2
Amortization of intangible
assets 522 144 n/m
Research and development 547 379 44.5
Selling, general, and
administrative 2,424 1,698 42.8
Total Operating Cost and
Expenses 6,537 4,361 49.9
----- -----
Operating earnings (loss) (202) 524 n/m
Interest expense, net 204 25 n/m
Net foreign exchange (gain)
loss (16) 478 n/m 1)
Other (income) expense, net (1,126) 19 n/m 2)
------ ---
Earnings from Continuing
Operations before taxes 736 2 n/m
Tax (benefit) expense on
Earnings from Continuing
Operations 350 (54) n/m 3)
Earnings from Continuing
Operations 386 56 n/m
Earnings from Discontinued
Operations, net of taxes 33 244 (86.3)
Gain on Sale of Discontinued
Operations, net of taxes -- 16 n/m
Net Earnings from
Discontinued Operations,
net of taxes 33 260 (87.1) 4)
--- ---
Net Earnings $419 $316 32.5
==== ====
Net Earnings from Continuing
Operations, excluding
Specified Items, as
described below $843 $615 37.2 5)
==== ====
Diluted Earnings per Common
Share from:
Continuing Operations $0.22 $0.04 n/m
Discontinued Operations 0.02 0.17 (88.2) 4)
---- ----
Total $0.24 $0.21 14.3
===== =====
Diluted Earnings per Common
Share from Continuing
Operations, excluding
Specified Items, as
described below $0.48 $0.41 17.1 5)
===== =====
Average Number of Common
Shares Outstanding
Plus Dilutive Common Stock
Options 1,735 1,484
NOTES:
See tables below for an explanation of
certain non-GAAP financial information.
n/m = Percent change is not meaningful.
See footnotes below.
1) 2016 Net foreign exchange loss
includes a loss of $477 million
related to the revaluation of
Abbott's net monetary assets in
Venezuela using the Dicom
exchange rate, which is the
Venezuelan government's official
floating exchange rate.
2) 2017 Other (income) expense, net
includes a pretax gain of $1.151
billion from the sale of the AMO
business.
3) 2017 Tax (benefit) expense on
Earnings from Continuing
Operations includes the tax
associated with a $1.151 billion
pretax gain on the sale of the
AMO business.
2016 Tax (benefit) expense on
Earnings from Continuing
Operations includes the impact of
a net tax benefit of
approximately $140 million as a
result of the resolution of
various tax positions from prior
years, partially offset by the
unfavorable impact of non-
deductible foreign exchange
losses related to Venezuela.
4) 2017 Earnings and Diluted Earnings
per Common Share from
Discontinued Operations, net of
taxes reflect the impact of a net
tax benefit of $33 million as a
result of the resolution of
various tax positions from prior
years.
2016 Earnings and Diluted Earnings
per Common Share from
Discontinued Operations, net of
taxes reflect the impact of a net
tax benefit of $247 million as a
result of the resolution of
various tax positions from prior
years.
5) 2017 Net Earnings and Diluted
Earnings per Common Share from
Continuing Operations, excluding
Specified Items, excludes net
after-tax charges of $457
million, or $0.26 per share, for
intangible amortization expense
and other expenses primarily
associated with acquisitions and
restructuring actions, partially
offset by a gain on the sale of
the AMO business.
2016 Net Earnings and Diluted
Earnings per Common Share from
Continuing Operations, excluding
Specified Items, excludes net
after-tax charges of $559
million, or $0.37 per share, for
intangible amortization expense,
the foreign exchange loss related
to Venezuela, and other expenses
primarily associated with cost
reduction initiatives and
acquisitions, partially offset by
the favorable impact of a net tax
benefit as a result of the
resolution of various tax
positions from prior years.
NON-GAAP RECONCILIATION OF FINANCIAL INFORMATION FROM CONTINUING OPERATIONS
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Financial Information From Continuing Operations
First Quarter Ended March 31, 2017 and 2016
(in millions, except per share data)
(unaudited)
1Q17
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible Amortization $522 $(522) --
Gross Margin 2,769 984 $3,753 59.2%
R&D 547 (40) 507 8.0%
SG&A 2,424 (367) 2,057 32.5%
Interest expense, net 204 (17) 187
Other (income) expense, net (1,126) 1,134 8
Earnings from Continuing Operations before taxes 736 274 1,010
Taxes on Earnings from Continuing Operations 350 (183) 167
Net Earnings from Continuing Operations 386 457 843
Diluted Earnings per Share from Continuing Operations $0.22 $0.26 $0.48
Specified items reflect intangible amortization expense of $522 million and other expenses of $903 million, primarily associated with acquisitions, including approximately $390 million of inventory step-up amortization related to St. Jude Medical, charges related to restructuring actions and other expenses, partially offset by a gain of $1.151 billion from the sale of the AMO business.
1Q16
----
As Specified As % to
Reported Items Adjusted Sales
(GAAP)
-----
Intangible Amortization $144 $(144) --
Gross Margin 2,601 172 $2,773 56.8%
R&D 379 (45) 334 6.8%
SG&A 1,698 (43) 1,655 33.9%
Interest expense, net 25 (12) 13
Net foreign exchange (gain) loss 478 (477) 1
Other (income) expense, net 19 (4) 15
Earnings from Continuing Operations before taxes 2 753 755
Taxes on Earnings from Continuing Operations (54) 194 140
Net Earnings from Continuing Operations 56 559 615
Diluted Earnings per Share from Continuing Operations $0.04 $0.37 $0.41
Specified items reflect intangible amortization expense of $144 million, the impact of the foreign exchange loss in Venezuela of $477 million, and other expenses of $132 million, primarily associated with cost reduction initiatives and acquisitions, partially offset by a net tax benefit of approximately $140 million as a result of the resolution of various tax positions from prior years.
RECONCILIATION OF TAX RATE FOR CONTINUING OPERATIONS
A reconciliation of the first-quarter tax rates for continuing operations for 2017 and 2016 is shown below:
1Q17
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $736 $350 47.6% 1)
Specified items 274 (183)
--- ----
Excluding specified items $1,010 $167 16.5%
1Q16
----
($ in millions) Pre-Tax Taxes on Tax
Income Earnings Rate
------ -------- ----
As reported (GAAP) $2 $(54) n/m 2)
Specified items 753 194
--- ---
Excluding specified items $755 $140 18.6%
1) Reported tax rate on a GAAP basis
for 2017 includes the impact of
taxes associated with a $1.151
billion pretax gain on the sale
of the AMO business.
2) Reported tax rate on a GAAP basis
for 2016 includes the impact of a
net tax benefit of approximately
$140 million as a result of the
resolution of various tax
positions from prior years,
partially offset by the
unfavorable impact of non-
deductible foreign exchange
losses related to Venezuela.
Abbott Laboratories and Subsidiaries
Non-GAAP Reconciliation of Comparable Historical Revenue
First Quarter Ended March 31, 2017 and 2016
($ in millions) (unaudited)
1Q17 1Q16 % Change vs. 1Q16
---- ---- -----------------
Abbott Divested Comparable Abbott Acquired AMO Comparable Comparable
Reported Businessesa) Revenue Reported St. Jude Revenue
Businessb)
---------
Reported Reported Operationalc)
-------- -------- ------------
Total Company 6,335 (187) 6,148 4,885 1,373 (269) 5,989 29.7 2.6 3.2
U.S. 2,324 (84) 2,240 1,531 733 (108) 2,156 51.8 3.9 3.9
Int'l 4,011 (103) 3,908 3,354 640 (161) 3,833 19.6 2.0 2.8
Total Medical Devices 2,395 (12) 2,383 1,197 1,373 (269) 2,301 100.2 3.6 4.5
U.S. 1,136 (6) 1,130 466 733 (108) 1,091 144.0 3.6 3.6
Int'l 1,259 (6) 1,253 731 640 (161) 1,210 72.2 3.6 5.4
Cardiovascular and Neuromodulation 2,103 (12) 2,091 685 1,373 -- 2,058 207.0 1.6 2.4
U.S. 1,061 (6) 1,055 289 733 -- 1,022 267.5 3.3 3.3
Int'l 1,042 (6) 1,036 396 640 -- 1,036 163.0 -- 1.4
Rhythm Management 511 -- 511 -- 582 -- 582 n/m (12.2) (11.6)
U.S. 260 -- 260 -- 317 -- 317 n/m (17.8) (17.8)
Int'l 251 -- 251 -- 265 -- 265 n/m (5.5) (4.1)
Electrophysiology 316 -- 316 4 281 -- 285 n/m 10.7 10.9
U.S. 145 -- 145 4 128 -- 132 n/m 10.1 10.1
Int'l 171 -- 171 -- 153 -- 153 n/m 11.1 11.6
Heart Failure 142 -- 142 -- 154 -- 154 n/m (7.4) (6.9)
U.S. 109 -- 109 -- 121 -- 121 n/m (10.1) (10.1)
Int'l 33 -- 33 -- 33 -- 33 n/m 2.7 5.1
Vascular 703 (12) 691 601 96 -- 697 16.9 (0.8) 0.1
U.S. 304 (6) 298 252 29 -- 281 20.7 6.1 6.1
Int'l 399 (6) 393 349 67 -- 416 14.2 (5.5) (4.0)
Structural Heart 256 -- 256 80 144 -- 224 221.0 14.2 15.5
U.S. 107 -- 107 33 54 -- 87 220.4 22.1 22.1
Int'l 149 -- 149 47 90 -- 137 221.5 9.1 11.3
Neuromodulation 175 -- 175 -- 116 -- 116 n/m 51.0 51.5
U.S. 136 -- 136 -- 84 -- 84 n/m 62.4 62.4
Int'l 39 -- 39 -- 32 -- 32 n/m 21.2 22.8
a) Reflects sales related to the AMO and
St. Jude Medical vascular closure
businesses prior to divesting in the
first quarter 2017.
b) Reflects reported actuals for St.
Jude Medical, excluding results from
the vascular closure business, as
well as a reduction to St. Jude
Medical sales related to the
reclassification of fees paid to
group purchasing organizations from
the Selling, general, and
administrative line.
c) In order to compute results excluding
the impact of exchange rates,
current year U.S. dollar sales are
multiplied or divided, as
appropriate, by the current year
average foreign exchange rates and
then those amounts are multiplied or
divided, as appropriate, by the
prior year average foreign exchange
rates.
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SOURCE Abbott
