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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

$6,718 $6,766 (0.7) Cost of products sold 2,936 2,961 (0.8) Research and development 650 620 5.0 Acquired in-process research and development -- 19 n/m Selling, general and administrative 2,071 2,018 2.6 Total Operating Cost and Expenses 5,657 5,618 0.7 Operating earnings 1,061 1,148 (7.6) Net interest expense 88 93 (5.4) Net foreign exchange (gain) loss 14 6 n/m (Income) from TAP Pharmaceutical Products Inc. joint venture -- (102) n/m Other (income) expense, net (974) (10) n/m 1) Earnings before taxes 1,933 1,161 66.5 Taxes on earnings 494 223 n/m Net Earnings $1,439 $938 53.4 Net Earnings Excluding Specified Items, as described below $1,142 $988 15.6 2) Diluted Earnings Per Common Share $0.92 $0.60 53.3 Diluted Earnings Per Common Share, Excluding Specified Items, as described below $0.73 $0.63 15.9 2) Average Number of Common Shares Outstanding Plus Dilutive Common Stock Options and Awards 1,556 1,561 1) Other (income) expense, net in 2009 includes the derecognition of a contingent liability ($797 pre-tax, $505 after-tax) and ongoing contractual payments from Takeda associated with the conclusion of the TAP joint venture. The gain related to the derecognition of the contingent li
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