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Abbott Reports 16 Percent Earnings Growth in First Quarter; Confirms Double-Digit Earnings Growth Outlook for 2009
Date:4/15/2009

Integration ($5) $5 0.1% Cost reduction initiatives and other ($116) $116 1.7% As adjusted $2,815 $3,903 58.1%

The adjusted gross margin ratio was 58.1 percent, an improvement of 130 basis points from the prior year. Improvement was driven primarily by improved operating performance of the diagnostic and vascular businesses, and occurred despite the negative impact from lower Depakote sales. The gross margin ratio in the quarter was in line with our previous guidance.

Q4) How did R&D and SG&A investment compare to the company's guidance?

A4) Both SG&A and R&D as a percentage of sales were in line with our forecast for the quarter. Ongoing R&D expense, excluding specified items, was 9.5 percent of sales, reflecting continued investment in our pipeline, including programs in vascular devices, biologics, neuroscience, oncology and HCV. Ongoing SG&A expense, excluding specified items, was somewhat less than 29 percent of sales, a decline from the prior year. We expect to deliver significant SG&A leverage in 2009, as we are forecasting a reduction in full-year ongoing SG&A as a percentage of sales of more than 100 basis points compared to 2008.

Q5) How did specified items affect reported results?

A5) Specified items impacted first-quarter results as follows:


                                                      1Q09
    (dollars in millions, except
     earnings-per-share)                        Earnings
                                             Pre-tax  After-tax    EPS
    As reported                              $1,933     $1,439    $0.92
    Adjusted for specified items:
    Gain on derecognition of a
     contingent liability                     ($797)     ($505)  ($0.32)
    Acqu
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SOURCE Abbott
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