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Abbott Laboratories (ABT)

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  • Jul. 17, 2013, 9:49 AM
    Abbott Labs (ABT +1.8%) forecasts EPS of $0.51-0.53 vs consensus of $0.53. On the earnings call, Abbott (ABT) CEO Miles White says the Chinese market remains strong despite the investigation into the price-fixing of infant formula. "We can manage this," White says. China "doesn't represent a disproportionate part" of Abbott's nutrition or even pediatrics businesses, and "doesn't disproportionately affect our performance." Meanwhile, Abbott has walked away a lot from a lot of acquisitions, because valuations have been too high. "We're careful buyers." (Earnings)
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  • Jul. 17, 2013, 7:55 AM
    More on Abbott's (ABT) Q2: Worldwide sales ex-currency impact rise 4.2% driven by 8.4% growth in nutrition sales and 7.6% growth in diagnostics. Emerging market sales rise 13.4% during the period. Gross margin "exceeds previous expectations" at 55% (49.7% GAAP). Medical device sales (a hot topic in the industry these days) fell 1.8% taking into account FX impact. "All things considered … this was a good quarter," CEO Miles White says. Full year guidance is confirmed at $1.98-2.04/ share. (PR)
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  • Jul. 17, 2013, 7:45 AM
    Abbott Labs (ABT): Q2 EPS of $0.46 beats by $0.02. Revenue of $5.45B misses by $0.08B. (PR)
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  • Jul. 17, 2013, 12:05 AM
    Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, FCFS, FRC, GWW, IGTE, MAT, MTB , NTRS, NVS, PNC, STJ, TXT, USB
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  • Jul. 16, 2013, 5:30 PM
    Notable earnings before Wednesday’s open: ABT, ASML, BAC, BK, FCFS, FRC, GWW, IGTE, MAT, MTB , NTRS, NVS, PNC, STJ, TXT, USB
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  • Jul. 15, 2013, 2:08 PM
    Mylan (MYL -0.3%) has launched Fenofibric Acid Delayed-release Capsules, a generic version of Abbott's (ABT) Trilipix Capsules. Fenofibric Acid is used as an adjunct to diet in combination with a statin to reduce triglyceride and increase high-density lipoprotein cholesterol in patients with mixed dyslipidemia and CHD or a CHD risk equivalent.
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  • Jul. 15, 2013, 8:52 AM
    Abbott Labs (ABT) has agreed to acquire privately held IDEV Technologies for $310M and ophthalmic device firm OptiMedica for $250M up front and up to $150M in milestone payments. IDEV develops a stent for treating blockages in blood vessels due to peripheral artery disease, while the acquisition of OptiMedica enables Abbott to enter into the laser-cataract surgery market.
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  • Jul. 12, 2013, 9:56 AM
    The sector "has been driven by income investors [and] Q2 earnings look tough in this context," Jefferies says, in a note on Big Pharma. Analyst Jeffrey Holford likes Novartis (NVS -0.1%), Sanofi (SNY -1.2%), Roche (RHHBY.OB +0.4%), Abbott (ABT -0.1%), AbbVie (ABBV +1.5%), and Bayer (BAYZF.PK +2.3%), and takes a more cautious approach on Bristol-Myers (BMY -0.8%) and Pfizer (PFE -0.7%).
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  • Jul. 10, 2013, 12:31 PM
    Mead Johnson Nutrition (MJN +3.8%) finally caves-in to pressure and says it will reduce the ex-factory price of its main products by 7% - 15% as of July 16. China's Bureau of Price Supervision and Anti-Monopoly recently launched an investigation into price-fixing in the infant formula market, prompting other firms such as Abbott Labs (ABT), Nestle (NSRGY.PK) and Danone to already reduce prices.
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  • Jul. 9, 2013, 8:46 AM
    Abbott Labs (ABT) is lowering the prices of its infant formula brands in China by 4-12%, becoming the fourth foreign company to make such a move after the government opened an investigation into price-fixing in the sector. Abbott follows Nestle and France's Danone in cutting prices, although Mead Johnson (MJN) appears to be still holding out.
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  • Jul. 3, 2013, 1:07 PM
    More on Goldman's downgrade of Mead Johnson Nutrition (MJN): Price target is lowered to $83 from $96 on a lower multiple assumption (23x from 24x) as analyst Jason English cites a "lack of visibility" regarding regulatory outcomes in China. In related news, Wells Fargo (which also downgraded MJN today after some negative commentary) says Abbott Labs' (ABT) lower market share in China will work to its advantage in this case, as "Chinese formula sales account for only 3% total" revenue.
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  • Jul. 3, 2013, 7:46 AM
    Nestle's (NSRGY.PK) infant nutrition brand Wyeth is cutting prices of certain formula products in China by an average of 11% as it looks to head off a government investigation into high prices. Wyeth says it's taking the action after it discovered in its own checks that some distributors and resellers had undertaken "price control measures." Will Mead Johnson Nutrition (MJN), Abbott Laboratories (ABT) and other foreign firms under investigation act in kind?
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  • Jul. 2, 2013, 2:27 PM
    Shares of Mead Johnson Nutrition (MJN -6.1%) responds to reports that it, as well as other companies, are under investigation in China for possible antitrust violations. The company says it's committed to providing high-quality and safe products at a good value for consumers in China and throughout the world, and it's fully cooperating with the Chinese government antitrust review of resale prices in the infant formula market and will provide information in response to inquiries received from government officials.
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  • Jul. 2, 2013, 4:58 AM
    China's National Development & Reform Commission is investigating major foreign companies over the high pricing of infant milk formula and possible breaches of antitrust laws. The firms under investigation include Abbott Laboratories (ABT), Nestle (NSRGY.PK) and Mead Johnson (MJN), which enjoyed a 14% share of China's 77.9B yuan ($12.71B) milk formula market last year. The investigation comes as China looks to create 10 large companies in the sector within two years.
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  • Jun. 14, 2013, 12:52 PM
    Abbott Laboratories (ABT) declares $0.14/share quarterly dividend, in line with previous. Forward yield 1.52%. For shareholders of record July 15. Payable Aug. 15. Ex-div date July 11. The board authorized to repurchase stock of $3B, replacing the prior $5B program that was completed. (PR)
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  • Jun. 7, 2013, 1:24 PM
    Jefferies is out with some price target revisions and color after conducting a "global pharma review." Rundown: Top U.S. pick Abbott Laboratories (ABT +1.9%) reiterated at Buy, PT lowered to $44 from $46; top global pick Novartis (NVS +0.3%) has "positive growth inflection potential" in FY14; AbbVie (ABBV +0.6%), Roche (RHHBY.OB +2.5%), and Sanofi (SNY +0.5%) offer "attractive entry points" but ABBV's PT is lowered to $51 from $54; Johnson & Johnson's (JNJ +0.2%) PT lowered to $91 from $97; Merck (MRK -0.3%) has its price target raised to $56 from $54 and Pfizer (PFE +1.3%) has its target lowered slightly to $32. (Previous: Jefferies SOTP analysis)
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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.