ABBOTT PARK, Ill., April 24 /PRNewswire-FirstCall/ -- Abbott's diversified portfolio of businesses generated industry-leading results across the company in 2008 and remain strong and focused for the future, Chairman and Chief Executive Officer Miles D. White told shareholders today at the company's annual meeting.
"Abbott had a truly outstanding year in 2008 across all of our major businesses - medical devices, nutritional products, diagnostics and pharmaceuticals," said Mr. White. "We delivered on our strategic, operational and financial goals, strengthened our leadership positions across our range of global businesses, and we executed a record nine major new product launches."
Value of Diversity
Balanced growth across the company's major businesses drove another year of double-digit ongoing earnings growth in 2008. Abbott's business portfolio, enhanced by the February 2009 acquisition of Advanced Medical Optics, a global leader in vision care and surgery, generates sustainable growth, particularly in the current economic environment.
Over the last one, three and five years, Abbott's total return, which includes stock price performance and dividends, has significantly outperformed the S&P 500 Index and the majority of its health care peers. Abbott's top-tier total return is due, in part, to the company's 36th consecutive annual increase in its cash dividend, amid widespread dividend reductions across industries. This year, Abbott increased its dividend by 11 percent.
"Our company remains strong, focused, and ready for the future," said Mr. White. "The steps we've taken in recent years to strengthen our company with a diverse mix of businesses stand us in very good stead for these times.
|SOURCE Abbott Laboratories|
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