アボット、2019年第4四半期の業績を発表、2020年の業績も堅調と予想

• Fourth-quarter sales increased 7.1% and organic sales increased 8.5%.
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• Fourth quarter GAAP earnings per share (EPS) from continuing operations increased 59.5 percent; adjusted EPS increased 17.3 percent.
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• Achieved double-digit sales growth in multiple businesses.
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• 2020 outlook reflects continued strong sales and profit growth.

ABBOTT PARK, Ill., Jan. 22, 2020 /PRNewswire/ -- Abbott today announced financial results for the fourth quarter and full year ended December 31, 2019.

• Fourth quarter worldwide sales were $8.3 billion, up 7.1 percent on a reported basis and 8.5 percent on an organic* basis.
• Diluted earnings per share (EPS) from continuing operations in accordance with generally accepted accounting principles (GAAP) was $0.59. Excluding certain items, adjusted diluted EPS was $0.95, an increase of 17.3 percent compared to the prior ^year .
• Abbott provided full-year 2020 guidance calling for organic sales to grow 7.0% to 8.0%, excluding the impact of currency, ² and GAAP diluted EPS from continuing operations to be in the range of $2.35 to $2.45. Full-year adjusted diluted EPS from continuing operations is expected to be in the range of $3.55 to $3.65, reflecting double-digit growth at the midpoint.
• Medical Devices sales in the fourth quarter increased 9.7% on a reported basis and 11.3% on an organic basis, driven by double-digit growth in Heart Failure, Electrophysiology, Structural Heart and Diabetes Care.
• Established Products sales increased 7.8% on a reported basis and 10.0% on an organic basis in the fourth quarter, driven by growth in Latin America and Asia.
• Fourth quarter Core Laboratory Diagnostics sales increased 8.4% on a reported basis and 10.0% on an organic basis. Revenues in the U.S. and internationally were driven by above-industry growth due to continued strong adoption of the Alinity® family of innovative and highly differentiated diagnostic devices.

"Our focus on organic growth has led to an outstanding record of financial performance, and we enter 2020 with continued momentum and anticipated further growth," said Miles D. White, Abbott chairman of the board and chief executive officer.

*See note on organic growth.

Fourth Quarter Business Summary
Note: Management believes that measuring revenue growth on an organic basis provides investors with the best understanding of the Company's underlying performance.

Organic growth:

• Excludes non-core businesses within the U.S. Adult Nutrition segment, which were discontinued in the third quarter of 2018, for the first, second and third quarters of 2018.
• Excluding the impact of exchange rate fluctuations

Fourth quarter and full year 2019 sales and descriptions by business segment are as follows:

Company-wide
(in millions of dollars)

* Total revenue from continuing operations in the fourth quarter of 2019 includes other revenue of $10 million.

*Full-year 2019 revenues from continuing operations include other revenues of $57 million.

n/a = not applicable

Note: In order to calculate the consolidated financial results on an adjusted basis, current year dollar-denominated sales figures are translated using average exchange rates for the current year and then recalculated using average exchange rates for the prior year, as appropriate.

Worldwide sales increased 7.1% to $8.3 billion on a reported basis in the fourth quarter of 2019. Worldwide organic sales increased 8.5%. See page 17 for historical adjusted sales.

Nutritional Products
($ million)

Worldwide Nutrition sales increased 5.2% on a reported basis and 5.8% on an organic basis in the fourth quarter. Please see page 17 for historical adjusted sales.

Pediatric Nutrition worldwide sales in the fourth quarter increased 2.4 percent on a reported basis, including a negative foreign exchange impact of 0.4 percent, and increased 2.8 percent on an organic basis. Sales outside the U.S. increased 3.4 percent on a reported basis and 4.1 percent on an organic basis, led by Abbott's market-leading infant brands PediaSure® and Pedialyte®.

Fourth quarter worldwide Adult Nutrition sales increased 8.9 percent on a reported basis and 9.9 percent on an organic basis. Fourth quarter Adult Nutrition sales outside the U.S. increased 9.9 percent on a reported basis and 11.5 percent on an organic basis. Sales in the quarter were driven by strong growth from Abbott's market-leading, complete nutrition brand, Ensure®, and Abbott's market-leading diabetes nutrition brand, Glucerna®.

Diagnostics and Devices
(Unit: Million USD)

Fourth-quarter worldwide sales of Diagnostics & Devices increased 5.0% on a reported basis, including a 1.4% unfavorable currency impact, and 6.4% on an organic basis.

Core Laboratory Diagnostics sales increased 8.4 percent on a reported basis and 10.0 percent on an organic basis in the fourth quarter. Revenues in the U.S. and internationally were driven by above-industry growth driven by continued strong adoption of the Alinity family of innovative and highly differentiated diagnostic devices. During the fourth quarter, Abbott announced that the Australian Red Cross Blood Business had selected the Alinity-S system for blood and plasma screening.

Molecular Diagnostics sales in the fourth quarter were down 5.7% on a reported basis, including a 1.3% unfavorable currency impact, and down 4.4% on an organic basis.

Point of Care Diagnostics fourth-quarter sales were down 0.5% on a reported basis, including a negative currency impact of 0.3%, and down 0.2% on an organic basis.

Rapid Diagnostics sales increased 1.5% on a reported basis, including a 1.2% unfavorable currency impact, and 2.7% on an organic basis in the fourth quarter. Organic sales were driven by infectious disease testing in developed markets and cardiometabolic testing worldwide, partially offsetting lower than expected infectious disease testing sales in Africa.

Established Pharmaceuticals
(Unit: Million USD)

Established Products sales increased 7.8% on a reported basis, including a 2.2% unfavorable currency impact, and 10.0% on an organic basis in the fourth quarter.

Key emerging markets include India, Brazil, Russia and China, as well as several other emerging countries that represent the most attractive long-term growth opportunities for Abbott's branded generics portfolio. Fourth-quarter sales in these countries increased 7.0 percent on a reported basis, excluding a 2.5 percent unfavorable currency impact, and increased 9.5 percent on an organic basis. Organic sales growth was led by strong growth in Latin America and Asia.

Other sales increased 10.4% on a reported basis, including a 1.2% unfavorable currency impact, and 11.6% on an organic basis in the fourth quarter.

Medical Equipment
(in millions of dollars)

Note: Implantable Cardiac Monitor (ICM) sales were previously included in Electrophysiology sales and are now included in Rhythm Management. Historical adjustments have been made to reflect this change.

Fourth quarter worldwide Medical Devices sales increased 9.7% on a reported basis and 11.3% on an organic basis, driven by double-digit growth in Electrophysiology, Heart Failure, Structural Heart and Diabetes Care.

In Electrophysiology, growth was driven by strong sales of cardiac diagnostic and ablation catheters that help physicians accurately and effectively treat atrial fibrillation, a type of cardiac arrhythmia.

Heart Failure delivered strong double-digit growth, driven by market adoption of Abbott's HeartMate 3® left ventricular assist device, which has shown to improve survival and outcomes for patients with severe heart failure.

Structural Heart growth was driven by Abbott's market-leading MitraClip, a minimally invasive treatment for mitral regurgitation, or mitral valve disease. Worldwide MitraClip sales were $191 million in the fourth quarter, up 27.1 percent year over year on a reported basis and up 28.8 percent on an organic basis.

In Diabetes Care, fourth-quarter sales increased 30.5 percent on a reported basis and 33.7 percent on an organic basis. Growth in the quarter was driven by Abbott's innovative continuous glucose monitoring device, FreeStyle Libre, with worldwide sales of $534 million, up 58.5 percent on a reported basis and 62.4 percent on an organic basis compared to last year.

Abbott 2020 Financial Guidance
Abbott expects organic sales to grow 7.0% to 8.0%, excluding the impact of currency fluctuations, for the full year 2020 and expects diluted earnings per share from continuing operations in a range of $2.35 to $2.45 based on generally accepted accounting policies (GAAP). For the full year 2020, Abbott expects selected items to be $1.20 net per share. Selected items include intangible asset amortization expense, acquisition-related charges, charges related to cost-reduction initiatives and other charges.

For the full year 2020, adjusted diluted earnings per share from continuing operations, excluding certain items, is expected to be in the range of $3.55 to $3.65.

Abbott is expecting first quarter 2020 diluted EPS from continuing operations in accordance with GAAP in the range of $0.40 to $0.42. Abbott expects specified items to be $0.29 per share in the first quarter 2020, primarily related to amortization of intangible assets, acquisition-related charges, cost-reduction initiative charges and other charges. Excluding specified items, first quarter adjusted diluted EPS from continuing operations is expected to be in the range of $0.69 to $0.71.

Abbott Announces Quarterly Dividend Increase
On December 13, 2019, Abbott's board of directors increased the company's quarterly dividend from $0.32 to $0.36 per share. Abbott will pay a cash dividend on February 14, 2020 to shareholders of record as of the close of business on January 15, 2020.

Abbott has increased its dividend for 48 consecutive years and is a member of the S&P 500 Dividend Aristocrats Index, which is made up of companies that have increased their dividends every year for at least 25 consecutive years.

About Abbott
Abbott is a global healthcare leader dedicated to helping people live their best lives at every stage of their lives. Our portfolio of life-changing technologies spans the full spectrum of healthcare, including leading diagnostics, medical devices, nutritionals and branded generic pharmaceutical businesses and products. Our approximately 107,000 employees 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 at @AbbottNews and @AbbottGlobal.

Abbott will host a webinar on its fourth quarter earnings conference call today at 8:30 a.m. Central Time on its Investor Relations website at www.abottinvestor.com . An archived broadcast will be available later the same day.

Private Securities Litigation Reform Act of 1995 -
Caution Regarding Forward-Looking Statements

This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those contained in such statements. Economic, competitive, governmental, technological and other factors that may affect Abbott's business are discussed in Item 1A, "Risk Factors," in Abbott's Annual Report on Form 10-K for the year ended December 31, 2018, as filed with the Securities and Exchange Commission and are incorporated by reference. Abbott undertakes no obligation to publicly release any revisions to any forward-looking statements as a result of subsequent events or developments, except as required by law.

^{1 Fourth quarter 2019 diluted EPS from continuing operations under GAAP} reflected growth of 59.5%.2 Abbott does not provide a
^GAAP financial measure of forward-looking organic sales growth due to the unpredictability of future fluctuations in foreign currency exchange rates, which could have a significant effect on reported sales growth, and the company is unable to predict the impact of foreign currency fluctuations.