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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

isition integration $73 $60 $0.04 Litigation settlement $50 $41 $0.02 Cost reduction initiatives and other $131 $107 $0.07 As adjusted $1,390 $1,142 $0.73

Gain on the derecognition of a contingent liability relates to the conclusion of the TAP joint venture, as product approvals occurred during the quarter that eliminated the contingency. Acquisition integration relates to the acquisition of Advanced Medical Optics (AMO), which closed during the quarter. Litigation settlement relates to previously announced litigation that was resolved during the first quarter. Cost reduction initiatives include actions to improve efficiencies, including the previously announced efforts in the core laboratory diagnostic business. Other costs are primarily associated with a delayed product approval.

The pre-tax impact of specified items by Consolidated Statement of Earnings line item is as follows (dollars in millions):

                                                     1Q09

                                                                  Other
                                                                 (Income)
                                     Cost of                     Expense,
                                  Products Sold   R&D    SG&A       Net
    As reported                       $2,936     $650  $2,071     ($974)
    Adjusted for specified items:
    Gain on derecognition of a
     contingent liability                 --       --     ---     ($797)
    Acquisition integration               $5       --     $56       $12
    Litigation settlement                 --       --     $50       --
    Cost reduction initiatives and
     other                              $116      $16     $32      ($33)
    As adjusted                       $2,815     $634  $1,933 
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SOURCE Abbott
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