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Abbott Park - ABT - Off to a strong start in 2012

4/18/2012 9:27:05 AM

Abbott Park, Illinois (NYSE: ABT) Abbott announced financial results for the first quarter ended March 31, 2012.

First Quarter Ongoing EPS of $1.03, Up 13.2 Percent

Raises Ongoing EPS Outlook for Full-Year 2012

On Track to Separate into Two Leading Health Care Companies by Year End

Highlights

Diluted earnings per share, excluding specified items, were $1.03, reflecting 13.2 percent growth and exceeding Abbott's previous guidance range. Diluted earnings per share under Generally Accepted Accounting Principles (GAAP) were $0.78, including specified items, reflecting 41.8 percent growth.

Excluding foreign exchange, worldwide sales increased nearly 6 percent. Reported sales increased 4.6 percent, including an unfavorable 1.3 percent effect of foreign exchange.

ABT is raising its ongoing earnings-per-share guidance for 2012 to $5.00 to $5.10 from $4.95 to $5.05, reflecting another year of expected strong performance.

First-quarter results included an adjusted gross margin ratio of 61.1 percent, an increase of 260 basis points over 2011, driven by improved efficiencies across a number of operating divisions and favorable product mix.

The adjusted operating margin increased 150 basis points over 2011, driven by improvement in the combined diversified medical products businesses as well as the research-based pharmaceutical business.

"Abbott is off to a strong start in 2012, delivering double-digit ongoing earnings-per-share growth," said Miles D. White, chairman and chief executive officer, Abbott. "As a result we're raising our outlook for the full year. During the quarter, we also announced a number of new product launches and strategic partnerships to enhance the pipelines of each of our major businesses. And, we remain focused on the process of separating Abbott into two leading health care companies, which remains on track to be completed by the end of the year.

About Abbott (ABT)

Abbott (ABT) is a global, broad-based health care company devoted to the discovery, development, manufacture and marketing of pharmaceuticals and medical products, including nutritionals, devices and diagnostics. The company employs approximately 91,000 people and markets its products in more than 130 countries.

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