Attached files
| file | filename |
|---|---|
| 8-K - 8-K - ABBOTT LABORATORIES | a15-2949_18k.htm |
Exhibit 99.1
Abbott Laboratories and Subsidiaries
Reconciliation of Non-GAAP Financial Information to
Abbott’s 2014 Historical Information Adjusted for Discontinued Operations
Quarter Ended March 31, 2014
(dollars in millions, except per share data - unaudited)
|
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Adjusted for |
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Discontinued |
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Historical |
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Operations |
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|
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Discontinued |
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Adjusted for |
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Specified |
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and Excluding |
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|
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Historical |
|
Operations |
|
Discontinued |
|
Items |
|
Specified |
| |||||
|
|
|
(Note 1) |
|
(Note 2) |
|
Operations |
|
(Note 3) |
|
Items |
| |||||
|
Net Sales |
|
$ |
5,244 |
|
$ |
489 |
|
$ |
4,755 |
|
$ |
— |
|
$ |
4,755 |
|
|
Cost of products sold, excluding amortization expense |
|
2,470 |
|
196 |
|
2,274 |
|
(55 |
) |
2,219 |
| |||||
|
Amortization of intangible assets |
|
174 |
|
47 |
|
127 |
|
(127 |
) |
— |
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|
Research & development |
|
387 |
|
18 |
|
369 |
|
(50 |
) |
319 |
| |||||
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Selling, general and administrative |
|
1,762 |
|
142 |
|
1,620 |
|
(85 |
) |
1,535 |
| |||||
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Total Operating Cost and Expenses |
|
4,793 |
|
403 |
|
4,390 |
|
(317 |
) |
4,073 |
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|
Operating Earnings |
|
451 |
|
86 |
|
365 |
|
317 |
|
682 |
| |||||
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Net Interest expense |
|
23 |
|
3 |
|
20 |
|
— |
|
20 |
| |||||
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Net foreign exchange loss (gain) |
|
2 |
|
1 |
|
1 |
|
— |
|
1 |
| |||||
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Other (income) expense, net |
|
3 |
|
— |
|
3 |
|
(2 |
) |
1 |
| |||||
|
Earnings from Continuing Operations Before Taxes |
|
423 |
|
82 |
|
341 |
|
319 |
|
660 |
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Taxes on Earnings |
|
84 |
|
(33 |
) |
117 |
|
8 |
|
125 |
| |||||
|
Earnings from Continuing Operations |
|
339 |
|
115 |
|
224 |
|
311 |
|
535 |
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| |||||
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Diluted Earnings Per Common Share |
|
$ |
0.22 |
|
$ |
0.08 |
|
$ |
0.14 |
|
$ |
0.20 |
|
$ |
0.34 |
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Notes:
1. Reflects the historical consolidated financial results for Abbott Laboratories in accordance with U.S. GAAP as previously reported in Abbott’s earnings release dated April 16, 2014.
2. Reflects the discontinued operations of the developed markets branded generics pharmaceuticals business and the animal health business. This column includes an allocation of interest assuming a uniform ratio of consolidated debt to equity for all of Abbott’s historical operations in accordance with Accounting Standards Codification 205-20-45.
3. This column includes the specified items that were previously identified in Abbott’s earnings release dated April 16, 2014 and that relate to Abbott’s continuing operations.
Abbott Laboratories and Subsidiaries
Reconciliation of Non-GAAP Financial Information to
Abbott’s 2014 Historical Information Adjusted for Discontinued Operations
Quarter Ended June 30, 2014
(dollars in millions, except per share data - unaudited)
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Adjusted for |
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Discontinued |
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Historical |
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|
|
Operations |
| |||||
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|
|
|
|
Discontinued |
|
Adjusted for |
|
Specified |
|
and Excluding |
| |||||
|
|
|
Historical |
|
Operations |
|
Discontinued |
|
Items |
|
Specified |
| |||||
|
|
|
(Note 1) |
|
(Note 2) |
|
Operations |
|
(Note 3) |
|
Items |
| |||||
|
Net Sales |
|
$ |
5,551 |
|
$ |
494 |
|
$ |
5,057 |
|
$ |
— |
|
$ |
5,057 |
|
|
Cost of products sold, excluding amortization expense |
|
2,506 |
|
218 |
|
2,288 |
|
(27 |
) |
2,261 |
| |||||
|
Amortization of intangible assets |
|
161 |
|
28 |
|
133 |
|
(133 |
) |
— |
| |||||
|
Research & development |
|
335 |
|
25 |
|
310 |
|
(1 |
) |
309 |
| |||||
|
Selling, general and administrative |
|
1,788 |
|
139 |
|
1,649 |
|
(95 |
) |
1,554 |
| |||||
|
Total Operating Cost and Expenses |
|
4,790 |
|
410 |
|
4,380 |
|
(256 |
) |
4,124 |
| |||||
|
Operating Earnings |
|
761 |
|
84 |
|
677 |
|
256 |
|
933 |
| |||||
|
Net Interest expense |
|
20 |
|
3 |
|
17 |
|
— |
|
17 |
| |||||
|
Net foreign exchange loss (gain) |
|
1 |
|
1 |
|
— |
|
— |
|
— |
| |||||
|
Other (income) expense, net |
|
3 |
|
1 |
|
2 |
|
(2 |
) |
— |
| |||||
|
Earnings from Continuing Operations Before Taxes |
|
737 |
|
79 |
|
658 |
|
258 |
|
916 |
| |||||
|
Taxes on Earnings |
|
277 |
|
44 |
|
233 |
|
(58 |
) |
175 |
| |||||
|
Earnings from Continuing Operations |
|
460 |
|
35 |
|
425 |
|
316 |
|
741 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings Per Common Share |
|
$ |
0.30 |
|
$ |
0.02 |
|
$ |
0.28 |
|
$ |
0.21 |
|
$ |
0.49 |
|
Notes:
1. Reflects the historical consolidated financial results for Abbott Laboratories in accordance with U.S. GAAP as previously reported in Abbott’s earnings release dated July 16, 2014.
2. Reflects the discontinued operations of the developed markets branded generics pharmaceuticals business and the animal health business. This column includes an allocation of interest assuming a uniform ratio of consolidated debt to equity for all of Abbott’s historical operations in accordance with Accounting Standards Codification 205-20-45.
3. This column includes the specified items that were previously identified in Abbott’s earnings release dated July 16, 2014 and that relate to Abbott’s continuing operations.
Abbott Laboratories and Subsidiaries
Reconciliation of Non-GAAP Financial Information to
Abbott’s 2014 Historical Information Adjusted for Discontinued Operations
Quarter Ended September 30, 2014
(dollars in millions, except per share data - unaudited)
|
|
|
|
|
|
|
|
|
|
|
Adjusted for |
| |||||
|
|
|
|
|
|
|
|
|
|
|
Discontinued |
| |||||
|
|
|
|
|
|
|
Historical |
|
|
|
Operations |
| |||||
|
|
|
|
|
Discontinued |
|
Adjusted for |
|
Specified |
|
and Excluding |
| |||||
|
|
|
Historical |
|
Operations |
|
Discontinued |
|
Items |
|
Specified |
| |||||
|
|
|
(Note 1) |
|
(Note 2) |
|
Operations |
|
(Note 3) |
|
Items |
| |||||
|
Net Sales |
|
$ |
5,104 |
|
$ |
25 |
|
$ |
5,079 |
|
$ |
— |
|
$ |
5,079 |
|
|
Cost of products sold, excluding amortization expense |
|
2,331 |
|
12 |
|
2,319 |
|
(56 |
) |
2,263 |
| |||||
|
Amortization of intangible assets |
|
132 |
|
— |
|
132 |
|
(132 |
) |
— |
| |||||
|
Research & development |
|
307 |
|
2 |
|
305 |
|
(2 |
) |
303 |
| |||||
|
Selling, general and administrative |
|
1,603 |
|
8 |
|
1,595 |
|
(100 |
) |
1,495 |
| |||||
|
Total Operating Cost and Expenses |
|
4,373 |
|
22 |
|
4,351 |
|
(290 |
) |
4,061 |
| |||||
|
Operating Earnings |
|
731 |
|
3 |
|
728 |
|
290 |
|
1,018 |
| |||||
|
Net Interest expense |
|
17 |
|
— |
|
17 |
|
— |
|
17 |
| |||||
|
Net foreign exchange loss (gain) |
|
(1 |
) |
— |
|
(1 |
) |
— |
|
(1 |
) | |||||
|
Other (income) expense, net |
|
(3 |
) |
— |
|
(3 |
) |
(4 |
) |
(7 |
) | |||||
|
Earnings from Continuing Operations Before Taxes |
|
718 |
|
3 |
|
715 |
|
294 |
|
1,009 |
| |||||
|
Taxes on Earnings |
|
278 |
|
1 |
|
277 |
|
(86 |
) |
191 |
| |||||
|
Earnings from Continuing Operations |
|
440 |
|
2 |
|
438 |
|
380 |
|
818 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
Diluted Earnings Per Common Share |
|
$ |
0.29 |
|
$ |
— |
|
$ |
0.29 |
|
$ |
0.25 |
|
$ |
0.54 |
|
Notes:
1. Reflects the historical consolidated financial results for Abbott Laboratories in accordance with U.S. GAAP as previously reported in Abbott’s earnings release dated October 22, 2014. These results exclude the developed markets branded generics pharmaceuticals business from continuing operations as this business was reported as a discontinued operation beginning in the third quarter of 2014.
2. Reflects the discontinued operations of the Animal Health business as the developed markets branded generics pharmaceuticals business had previously been reported as discontinued operations beginning in the third quarter of 2014.
3. This column includes the specified items that were previously identified in Abbott’s earnings release dated October 22, 2014 and that relate to Abbott’s continuing operations.