Wed, Jul. 20, 8:14 AM
- Abbott Laboratories (NYSE:ABT) Q2 results ($M): Total Revenues: 5,333 (+3.2%); Nutrition: 1,740 (+1.3%); Diagnostics: 1,226 (+4.2%); Est. Pharmaceuticals: 980 (+0.3%); Medical Devices: 1,372 (+6.4%).
- Top Performers: Point-of-Care (POC) Diagnostics International: 25 (+25.0%); Vascular U.S.: 346 (+16.1%); Diabetes Care International: 210 (+13.5%); Total POC: 129 (+13.2%); POC U.S.: 104 (+10.6%).
- Net Income: 615 (-21.6%); EPS: 0.41 (-21.2%); Non-GAAP EPS: 0.55 (+5.8%).
- 2016 Guidance: EPS: $1.26 - 1.36 from $1.36 - 1.46; Non-GAAP EPS: $2.14 - 2.24 (unch).
Wed, Jul. 20, 7:47 AM
Fri, Jul. 15, 12:25 PM
- In a statement, point-of-care diagnostics firm Alere (ALR +7.6%) confirms that will restate its annual financial statements for 2013, 2014 and 2015 and interim statements for the periods ended March 31, 2015 and September 30, 2015 after identifying the specific revenue recognition issues that have delayed the filing of its 2015 reports.
- The specific areas pertaining to the timing of revenue recognition were mainly confined to Africa, where revenue was recorded when product was shipped to the distributor but the title did not transfer until the distributor paid for the products in full or the distributor was not obligated to pay the bill until the products were sold to end users.
- Another problem was "bill and hold" transactions (an invoice is generated but the product remains in inventory), principally in China (any legitimate accounting firm will consider this a significant "no-no").
- There were other unspecified transactions where Alere recognized revenue prior to satisfying all the contractual criteria for the transfer of title and risk to the customer.
- The company says the revisions will not be material since they do not impact the total amount of recorded revenue other than the change brought about by establishing a returns allowance for its Indian subsidiary. It plans to file its 2015 financials as soon as feasible, followed by its Q1 2016 10-Q. It admits that it expects to report one or more material weaknesses in its disclosure controls and procedures and internal control over financial reporting.
- On a preliminary basis, revenue ($M) for 2015 and Q1 2016 will be $2,447 - 2477 and $573 - 593, respectively. Net income will be $10 - 25 and $(8) - 2, respectively, and non-GAAP EBITDA $505 - 520 and $106 - 116.
- Analysts expect the $5.8B takeover by Abbott Laboratories (ABT -0.4%) to proceed.
Fri, Jun. 24, 10:25 AM
- Intrepid biotech investors are, no doubt, seriously considering deploying some cash today in response to the (hopefully temporary) bearish reaction to the Brexit vote. Nasdaq is currently down 2.7%, the Dow 2.2% and the IBB 3.3%.
- Representative tickers: (GILD -2.2%)(GSK -2.4%)(AZN -2.7%)(PFE -1.1%)(MRK -1.9%)(CELG -3.2%)(BMY -2%)(BIIB -2.4%)(AMGN -2.7%)(AGN -2.8%)(TEVA -0.8%)(ABT -3.4%)(MDT -1.4%)
Thu, Apr. 28, 9:16 AM| Thu, Apr. 28, 9:16 AM
Thu, Apr. 28, 6:56 AM
- Hot off the press: Abbott Labs (NYSE:ABT) acquires St. Jude Medical (NYSE:STJ) for $25B. Developing...
- Update: Under the terms of the deal, St. Jude shareholders will receive $46.75 in cash and 0.8708 of a share of Abbott common stock representing a total per-share value of $85. Abbott intends to fund the cash portion with medium- and long-term debt.
- The deal will be accretive to Abbott's non-GAAP EPS in the first year post close, adding $0.21 in 2017 and $0.29 in 2018. Anticipated pre-tax synergies should be $500M by 2020.
- The combined annual sales of the Abbott's cardiovascular business and St. Jude is ~$8.7B, with #1 or #2 market positions across almost every area in cardiovascular devices.
- Separately, Abbott plans to issue $3B of common stock in the secondary market to rebalance its capital structure. Timing has yet to be determined.
- Abbott will host a conference call this morning at 8:00 am ET to discuss the transaction.
- In premarket trading, ABT is down 5% and STJ is up 27%, both on robust volume.
Wed, Apr. 20, 10:26 AM
- Point-of-care diagnostics firm Alere (ALR -6.9%) slumps on an 80% spike in volume in apparent response to comments made by Abbott Labs' (ABT -0.3%) Chairman Miles White during this morning's Q1 earnings call. When asked about his commitment to the $5.8B deal, announced in February, he deferred and said it would be inappropriate to comment on the transaction, citing Alere's delay in filing its 2015 annual report.
- Alere received a notice of non-compliance from the NYSE last month over the matter. The reason for the delay is an analysis of certain aspects of the timing of revenue recognition (cutoff) in Africa and China for the years 2013, 2014 and 2015. Per NYSE rules, the company has six months from March 15 to file the 10-K.
- Read now Abbott's Acquisition Of Alere May Lead To Value Destruction For Abbott Shareholders
Wed, Apr. 20, 8:39 AM
- Abbott Laboratories (NYSE:ABT) Q1 results ($M): Total Revenues: 4,885 (-0.2%); Nutrition: 1,671 (+0.1%); Diagnostics: 1,118 (+2.3%); Est. Pharmaceuticals: 888 (-1.0%); Medical Devices: 1,197 (-2.4%).
- Net Income: 316 (-86.2%); EPS: 0.21 (-86.1%); Non-GAAP EPS (continuing ops): 0.41 (-12.8%).
- 2016 Guidance: EPS: $1.36 - 1.46 from $1.55 - 1.65; Non-GAAP EPS: $2.14 - 2.16 from $2.10 to 2.20.
- The consensus view was EPS of $0.39 on revenues of $4.8B.
- Read now Why Long-Term Investors Should Consider Abbott Laboratories
Wed, Apr. 20, 7:48 AM
Mon, Feb. 1, 8:07 AM
- Abbott Laboratories (NYSE:ABT) acquires point-of-care diagnostics firm Alere (NYSE:ALR) for $56 per share ($5.8B). The deal will be immediately accretive to earnings and is expected to add $0.12 - 0.13 to EPS in 2017 and more than $.20 in 2018. Annual pre-tax synergies should be ~$500M by 2019.
- Under the terms of the deal, Alere shareholders will receive $56 per share in cash. Abbott will also assume $2.6B in Alere outstanding debt.
- Waltham-MA-based Alere generates ~$2.5B in sales per year. Shares are up 46% premarket on light volume.
Wed, Jan. 27, 3:30 PM
- As if biotech investors need reminding, biotechs (and healthcare stocks) are getting some rude treatment today, the market's foul mood notwithstanding. The Nasdaq Composite Index is down 2.5%,but the SPDR S&P Biotech ETF (XBI -4.7%) almost twice as much. The iShares Nasdaq Biotechnology ETF (IBB -3.5%) is faring a bit better, but still down more than the broad market.
- Only Biogen and Abbott have bucked the trend.
- Sample of tickers: (AMGN -2.5%)(BIIB +5.7%)(CELG -3.9%)(GILD -3.3%)(ALXN -1.2%)(ABT +0.3%)(BMY -1.8%)(MRK -3%)(VRX -4%)(PFE -0.9%)
- ETFs: BIB, BIS, CNCR
Sep. 18, 2015, 6:13 PM
- Mexico City-based generic drugmaker Representaciones e Investigaciones Medicas -- Rimsa -- is drawing interest from big pharma companies, particularly including Pfizer (PFE -1.9%), Sanofi (SNY -3%) and Abbott Laboratories (ABT -2.1%), Bloomberg reports.
- Rimsa could draw about $1B in a purchase by any of a list of suitors, which also could include Teva (TEVA -1.6%) and Takeda (OTCPK:TKPYY -1.9%).
- Healthcare spending rates in Mexico are expected to rise to be more in line with other emerging markets like Brazil and Chile. Spending is relatively low and the market is fragmented.
- Goldman Sachs is managing the sale.
Dec. 30, 2014, 4:09 PM
- Thinly-traded nano cap BG Medicine (NASDAQ:BGMD) jumps 63% on a massive 17x surge in volume in response the FDA clearance of the automated version of its galectin-3 test. The test will marketed by Abbott Laboratories' (NYSE:ABT) Diagnostics Division as part of the test menu of its Architect fully-automated immunoassay analyzer.
Oct. 22, 2014, 7:42 AM
- Abbott Laboratories (NYSE:ABT): Q3 EPS of $0.62 beats by $0.03.
- Revenue of $5.1B (+5.6% Y/Y)
- Shares +1.65% PM.
Jan. 6, 2014, 2:09 PM
- McKesson (MCK -0.1%) upgraded to Strong Buy from Outperform at Raymond James.
- DaVita (DVA +0.4%) upgraded to Outperform from Market Perform at Raymond James.
- Idenix Pharmaceuticals (IDIX -0.3%) upgraded to Buy from Neutral at UBS.
- Abbott Labs (ABT +1.5%) upgraded to Overweight from Equalweight at Morgan Stanley.
- Medtronic (MDT +2%) upgraded to Overweight from Neutral at JPMorgan. Price target is $69.
- Vertex Pharmaceuticals (VRTX +2.5%) upgraded to Buy from Neutral at UBS.
- Ocera Therapeutics (OCRX +2.7%) upgraded to Outperform from Market Perform at BMO.
- Boston Scientific (BSX +3.2%) upgraded to Overweight from Equalweight at Morgan Stanley.
- Exelixis (EXEL +4.6%) upgraded to Overweight from Neutral at Piper.
- St. Jude Medical (STJ +3.8%) upgraded to Overweight from Equalweight at Morgan Stanley.
Dec. 18, 2013, 3:17 PM
- Jefferies has a new list it's calling "Franchise Picks."
- Making the grade from the healthcare space is Abbott Laboratories (ABT +4%) where Jefferies "expects margin and multiple expansion."
- The "company deserves a higher multiple given their ability to continue to grow margins and because the lower multiple device business is only 20% of sales," the firm's research team adds.
Abbott Laboratories engages in the discovery, development, manufacture and sale of a broad and diversified line of health care products. The company operates through four reportable segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products and Vascular Products.... More
Industry: Drug Manufacturers - Major
Country: United States
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