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Abbott Laboratories (ABT)

  • Wed, Apr. 22, 3:33 PM
    • According to Bloomberg, Omnicare (OCR +7.4%) is reportedly working with financial advisors seeking a buyer. Company representatives have declined to comment. Trading halted.
    • Consensus Q1 view is EPS of $1.01 on revenues of $1.6B.
    • The company is currently embroiled in a lawsuit filed by the U.S. Department of Justice over alleged kickbacks from Abbott Labs (ABT +2.4%) in exchange for purchasing the dementia drug Depakote.
    • Previously: DOJ sues Omnicare over alleged dementia drug kickbacks (Dec. 22, 2014)
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  • Wed, Apr. 22, 8:31 AM
    • Abbott Laboratories (NYSE:ABT) Q1 results ($M): Total Revenues: 4,897 (-6.6%); Nutrition: 1,669 (+2.3%); Diagnostics: 1,093 (-2.1%); Est. Pharmaceuticals: 897 (-22.1%); Medical Devices: 1,226 (-6.6%).
    • Net Income: 2,292 (+511.2%); GAAP EPS: 1.51 (+529.2%); Operating Earnings: 766 (+22.6%); Operating Earnings Yield: 15.6% (+31.2%).
    • 2015 Guidance: GAAP EPS: $1.33 - 1.43 (unch); Non-GAAP EPS: $2.10 - 2.20 (unch).
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  • Wed, Apr. 22, 7:50 AM
    • Abbott Laboratories (NYSE:ABT): Q1 EPS of $0.47 beats by $0.05.
    • Revenue of $4.9B (+2.7% Y/Y) beats by $50M.
    • Press Release
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  • Tue, Apr. 21, 5:30 PM
  • Wed, Apr. 1, 7:45 AM
    • Abbott Laboratories (NYSE:ABT) prices its public offering of 35M shares of Mylan at $58.35 per share. Underwriters over-allotment is an additional 5.25M shares. The sale represents 31.8% (36.6% if the over-allotment is sold) of Abbott's 110M-share stake.
    • Previously: Abbott to unload portion of Mylan stake (March 30)
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  • Mon, Mar. 30, 1:23 PM
    • Certain subsidiaries of Abbott Laboratories (ABT +0.7%) commence a public offering of 35M shares of Mylan (MYL -3.6%) N.V. It will also grant underwriters a option to purchase an additional 5.25M shares. Mylan will receive no proceeds from the sale.
    • The divestiture represents 31.8% (36.6% of the over-allotment is sold) of Abbott's 110M-share stake.
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  • Tue, Mar. 10, 12:02 PM
    • Abbott Laboratories (ABT -1.3%) enters into underwriting agreements for the three tranches of a $2.5B debt offering.
    • $750M aggregate principal amount 2.00% Senior Notes due March 15, 2020; $750M aggregate principal amount 2.55% Senior Notes due March 15, 2022 and $1B aggregate principal amount 2.95% Senior Notes due March 15, 2025.
    • Net proceeds will be used for general corporate purposes.
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  • Mon, Feb. 23, 11:04 AM
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  • Fri, Feb. 20, 10:42 AM
    • Abbott Laboratories (NYSE:ABT) declares $0.24/share quarterly dividend, in line with previous.
    • Forward yield 2.05%
    • Payable May 15; for shareholders of record April 15; ex-div April 13.
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  • Thu, Feb. 19, 10:10 AM
    • Facing ever-increasing pushback from payers over the high price of new treatments, some biotech firms are working on a new payment model that rewards them for the long-term performance of their drugs. Gene therapy developers, including BioMarin Pharmaceuticals (BMRN +0.4%) and Sangamo BioSciences (SGMO -0.1%), are leading the effort.
    • The industry says that a one-time cure, even if priced greater than $1M, saves money over the long term but acknowledges that payers will balk at paying the cost upfront. The general consensus is that an upfront payment over $1M will be unacceptable.
    • Under a pay-for-performance scheme, the annuity-like payments would cease if medical testing showed that the therapy was not working. Much work remains to be done, though, before this approach could be implemented. For example, legislation may be required to force insurers to pick up the tab for patients that switch coverage.
    • Some proponents of the new scheme say that the payment streams could be securitized and sold to investors, like consumer debt.
    • Gene therapies represent the highest priced treatments. Only one has cleared the regulatory hurdle to date, UniQure's (QURE +1.5%) Glybera, which costs 850K euros ($1M) in Germany. It will be sold for a one-time payment because it is too difficult to measure how well it works (this reasoning will undoubtedly pop up again).
    • Previously: UniQure sets price record with Glybera (Nov. 26, 2014)
    • Related tickers: (CELG +1.3%)(AMGN -0.2%)(BIIB +0.5%)(GILD +0.1%)(MRK -0.3%)(GSK -0.2%)(AZN +0.9%)(LLY +0.3%)(NVS +0.1%)(PFE -0.5%)(JNJ -0.3%)(OTCQX:RHHBY +1.4%)(BMY -0.4%)(ABT)(BAX -1.1%)
  • Wed, Feb. 18, 1:54 PM
    • The FDA's Orthopaedic and Rehabilitation Devices Panel of the Medical Devices Advisory Committee meets Friday, February 20 to discuss the Premarket Approval Application (PMA) from privately-held San Clemente, CA-based VertiFlex for its Superion InterSpinous Spacer for the treatment of moderate lumbar stenosis (narrowing of the openings for the spinal cord and nerve roots).
    • The device, CE marked in Europe since 2007, alleviates back pain via insertion in the lumbar area which decompresses the spine and relieves the pressure. Its value proposition is a one-piece expandable, reversible and motion preserving implant that is easily inserted via a small incision in the back under local anesthesia in the outpatient setting.
    • Executive Summary, Panel Questions
    • Related tickers: (NYSE:ABT) (NYSE:MDT) (NYSE:JNJ)
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  • Thu, Jan. 29, 8:54 AM
    • Abbott Laboratories (NYSE:ABT) Q4 results ($M): Total Revenues: 5,356 (-5.3%); U.S.: 1,548 (-2.6%); Intl: 3,808 (-6.3%); Nutrition: 1,804 (+6.0%); Diagnostics: 1,234 (+3.2%); Est. Pharmaceuticals: 922 (-28.4%); Medical Devices: 1,379 (-3.8%).
    • COGS: 2,337 (-1.6%); R&D Expense: 361 (-0.6%); SG&A Expense: 1,666 (+6.7%); Net Income: 905 (+53.7%); EPS: 0.59 (+59.5%).
    • Gross Profit: 3,019 (-8.0%); COGS: 43.6% (+3.9%); Gross Margin: 56.4% (-2.8%); Non-GAAP Operating Earnings: 992 (-26.9%); Operating Earnings Yield: 18.5% (-22.8%); Net Earnings Yield: 16.9% (+62.2%).
    • 2015 Guidance: Non-GAAP EPS: $2.10 - 2.20; GAAP EPS: $1.33 - 1.43.
    • Q1 Guidance: Non-GAAP EPS: $0.41 - 0.43; GAAP EPS: $0.18 - 0.20.
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  • Thu, Jan. 29, 8:07 AM
    • Abbott Laboratories (NYSE:ABT): Q4 EPS of $0.71 beats by $0.04.
    • Revenue of $5.91B (+4.4% Y/Y) beats by $480M.
    • Shares -0.02% PM.
    • Press Release
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  • Wed, Jan. 28, 5:30 PM
  • Wed, Jan. 28, 12:38 PM
    • The European Commission clears Mylan's (MYL -0.1%) $5.3B acquisition of Abbott's (ABT +0.7%) non-U.S. Developed Markets Specialty and Branded Generics Business. The EC is concerned that the transaction would potentially reduce competition so its approval is contingent upon the divestment of some of Mylan's businesses in Germany, the U.K., France, Ireland and Italy.
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  • Wed, Jan. 14, 9:13 AM
    • Express Scripts' (NASDAQ:ESRX) success in containing the prices of new HCV therapies by pitting Gilead Sciences (NASDAQ:GILD) against AbbVie (NYSE:ABBV) is sending shock waves through the biotech/pharma industry. Most of the big players slumped yesterday as investors fear that ESRX's tactics will spread to other high cost areas like cancer and cholesterol.
    • At JPM15 yesterday, CEO George Paz said that the new cholesterol-lowering post-statin PCSK9 inhibitors will be the next big opportunity to pit drug firms against each other in order to drive costs down. FDA clearance of the first two therapies, one from Amgen (NASDAQ:AMGN) and the other from Regeneron Pharmaceuticals (NASDAQ:REGN) (NYSE:SNY), is expected to occur at about the same time.
    • The prices of emerging cancer therapies will also be in payers' crosshairs. Amgen's Blincyto, for example, costs $178,000 per standard course of treatment while Merck's (NYSE:MRK) Keytruda is close behind at $150,000.
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Company Description
Abbott Laboratories discovers, develops, manufactures and sells health care products. Its products include branded generic pharmaceuticals manufactured internationally, marketed and sold outside the United States.