AbbottAbbott (NYSE: ABT) today announced financial results for the third quarter ended Sept. 30, 2009. "Abbott is performing well, generating higher-than-expected earnings growth in the third quarter," said Miles D. White, chairman and chief executive officer, Abbott. "During the quarter, we announced several acquisitions that support our long-term growth strategy. These acquisitions add to our diverse mix of global businesses, with new technologies, established products and emerging market infrastructure that will help us deliver sustainable industry-leading growth. In particular, the acquisition of Solvay Pharmaceuticals will further diversify our global pharmaceuticals business."

Business Highlights

  • Announced Acquisition of Solvay Pharmaceuticals Business: Announced a definitive agreement with the Solvay Group for Abbott to acquire Solvay's pharmaceuticals business, providing Abbott with a large and complementary portfolio of pharmaceutical products and a significant presence in key global emerging markets, including Eastern Europe and Asia. The acquisition also provides more than $500 million in incremental research and development investment capacity along with significant EPS accretion. The transaction will be approximately $0.10 accretive to ongoing earnings per share in 2010, accelerating to more than $0.20 by 2012, increasing thereafter, all before one-time transaction-related items.
  • Presented New XIENCE V® Data at the TCT Scientific Meeting: Announced new XIENCE V data at TCT, including one-year results from the 3,690-patient SPIRIT IV trial demonstrating XIENCE V was statistically superior to Boston Scientific's TAXUS® (p=0.001) on the primary endpoint of target lesion failure (TLF). XIENCE V also showed an 80 percent reduction in stent thrombosis per protocol definition compared to TAXUS (p=0.004). In the 1,800-patient investigator-initiated COMPARE trial, XIENCE V demonstrated significantly better outcomes in key safety and efficacy measures compared to TAXUS Liberte. Also, three-year results from our U.S. pivotal trial, SPIRIT III, demonstrated that XIENCE V showed sustained efficacy with a 43 percent reduction in major adverse cardiac events (MACE) out to 3 years (p=0.003) compared to TAXUS. XIENCE V also demonstrated impressive safety, with a low very late stent thrombosis rate of 0.2 percent and no stent thrombosis between two and three years.
  • Announced Acquisition of Evalve, Inc.: Announced an agreement to acquire the outstanding equity of Evalve, Inc., the global leader in the development of devices for minimally invasive repair of cardiac mitral valves. The acquisition provides Abbott with a presence in the growing area of non-surgical treatment for structural heart disease.
  • Announced Acquisition of Visiogen, Inc.: Announced an agreement to acquire Visiogen, Inc., providing the company with a next-generation accommodating intraocular lens (IOL) technology to address presbyopia for cataract patients.
  • Received Approval for Blood Screening Test and Launched a New Diagnostic Instrument: Received approval from the U.S. Food and Drug Administration (FDA) for ABBOTT PRISM HIV O Plus test, the first fully automated blood screening test for HIV-1/HIV-2. Also announced the launch of a new low-to-mid volume diagnostic instrument - the ARCHITECT® c4000® clinical chemistry analyzer which performs diagnostic tests that monitor general health including a patient's levels of sodium, potassium, chloride and organ function.
  • XIENCE V and XIENCE PRIME(TM) International Expansion: Abbott received regulatory approval for XIENCE V in China and Canada. In addition, Abbott announced the widespread availability of its next-generation XIENCE PRIME for the treatment of coronary artery disease. XIENCE PRIME, which received CE Mark in June, offers a novel stent design and a delivery system designed for greater flexibility and enhanced deliverability. XIENCE PRIME is now widely available in Europe and in select countries throughout the Asia-Pacific region and Latin America.
  • Announced Acquisition of Nutrition Business in India: Announced a definitive agreement to acquire the nutrition businesses of Wockhardt Limited, Carol Info Services Limited, and certain Wockhardt subsidiaries and group companies. Wockhardt has a significant presence in India's pediatric and adult nutrition segments with infant formulas, weaning foods and adult protein supplements.

Abbott raises guidance for full-year earnings per share
Based on the company's continued strong results year to date, including third-quarter results that were ahead of expectations, Abbott is raising its ongoing earnings-per-share forecast for the full-year 2009 to $3.70 to $3.72 from its previous guidance range of $3.65 to $3.70. The midpoint of this 2009 guidance range reflects 11.7 percent growth over 2008 ongoing earnings per share.

Abbott is forecasting earnings per share under GAAP above the full-year ongoing earnings per share for 2009.

Abbott declares quarterly dividend; double-digit increase over prior year
On Sept. 17, 2009, the board of directors of Abbott declared the company's quarterly common dividend of 40 cents per share, an increase of 11 percent over the prior period. The cash dividend is payable Nov. 15, 2009, to shareholders of record at the close of business on Oct. 15, 2009. This marks the 343rd consecutive dividend paid by Abbott since 1924.

About Abbott
Abbott 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 more than 72,000 people and markets its products in more than 130 countries.

Abbott's news releases and other information are available on the company's Web site at Abbott will webcast its live third-quarter earnings conference call through its Investor Relations Web site at at 8 a.m. Central time today. An archived edition of the call will be available after 11 a.m. Central time.