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Abbott Laboratories (ABT)

  • Dec. 23, 2013, 6:05 PM
    • Carlyle Group (CG) appears to be the leader to acquire Johnson & Johnson's (JNJ) clinical diagnostics unit, beating out P-E peer Blackstone (BX) and its partner Danaher (DHR), Reuters reports.
    • The exact price of CG's offer is not known, but a deal likely would fetch ~$4B and could be completed within the next two weeks.
    • JNJ's ortho clinical diagnostics unit makes blood-screening equipment and laboratory blood tests; it's a small player in a market led by Roche (RHHBY, RHHBF), Siemens (SI), Abbott Labs (ABT) and DHR.
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  • 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.
  • Nov. 27, 2013, 4:15 PM
    • Abbott (ABT +0.7%) is voluntarily recalling 20 lots of FreeStyle and FreeStyle Lite Blood Glucose Test Strips.
    • The company says the strips "may produce erroneously low blood glucose results." (PR)
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  • Oct. 25, 2013, 10:26 AM
    • The FDA approves Abbott Labs' (ABT +0.1%) MitraClip for heart valve leakage.
    • More specifically, the product is approved "for patients with significant symptomatic degenerative MR who are at prohibitive risk for mitral valve surgery." (PR)
    • Wells Fargo's Larry Biegelsen sees U.S. sales of less than $200M per year, while the company says it intends to target "1/10th [of the] 300-350K patients in the prohibitive risk for surgery category."
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  • Oct. 16, 2013, 8:15 AM
    • "We continued to have strong earnings performance, in spite of a supplier recall that impacted our International Nutrition business," Abbott Lab's (ABT) Miles White notes, referring to the supplier recall in August that hit the company's international pediatrics business.
    • Worldwide sales rose 4.3% for Q3 ex-currency impact and 2% on a reported basis. The supplier recall reduced sales by an estimated 2%.
    • Adjusted operating margin rose 210 bps Y/Y.
    • On a segment-by-segment basis (currency neutral): Nutrition sales +3.4%; Diagnostics +10.5% (stronger than expected here, reflecting double-digit growth in Molecular and Point of Care Diagnostics, as well as high single-digit growth in the Core Laboratory business); Established Pharmaceuticals +0.6% (-2.9% reported); Medical Devices +3.9%.
    • Quarterly dividend increased 57% to $0.22/share.
    • FY13 outlook affirmed at $1.98-2.04/share. Consensus is $2/share. (PR)
    • ABT +1.6% premarket.
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  • Oct. 16, 2013, 7:45 AM
    • Abbott Labs (ABT): Q3 EPS of $0.55 beats by $0.03.
    • Revenue of $5.37B misses by $0.09B. (PR)
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  • Oct. 16, 2013, 12:05 AM
  • Oct. 15, 2013, 5:30 PM
  • Oct. 7, 2013, 8:41 AM
    • Apricus Biosciences (APRI) gets national phase approval (the company's fifth) in Germany for Vitaros.
    • The company says the five remaining European phase approvals should be obtainable in Q4 and Q1 2014.
    • Vitaros' application for marketing approval is approved under the Decentralized Procedure. The Netherlands is the RMS.
    • APRI has multiple partners for the ED treatment including Takeda (TKPHF.PK), Sandoz, and Abbott (ABT). (PR)
    • APRI +10% premarket.
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  • Sep. 25, 2013, 3:08 PM
    • Abbott Laboratories (ABT -2.1%) suffers through a lackluster session.
    • Investors may be reacting to a Bloomberg piece which discusses tougher rules for medical device approvals in Europe.
    • According to the article, "smaller U.S. companies depend on the EU’s easier process to test their products and accumulate patient data that they may use to get approval in the U.S."
    • Although ABT is certainly not small, its MitraClip clamp is mentioned as an example of a product that is marketed in Europe but is still awaiting FDA approval. One factor ABT hopes will sway the FDA: The product's performance overseas.
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  • Sep. 12, 2013, 2:37 PM
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  • Sep. 4, 2013, 9:25 AM
    • Jefferies reiterates a Buy rating on Abbott Labs (ABT) but cuts its price target and EPS numbers slightly.
    • "We look for materially higher EPS than consensus over our forecast period due to higher revenue and margins versus consensus," analyst Jeffrey Holford says, adding that the firm sees "scope for more shareholder friendly capital allocation toward debt repayments, share repurchases and dividends."
    • FY13 and FY14 EPS estimates cut to $2.50 (from $2.55) and $3.04 (from $3.12) respectively. Consensus is $2.01 for FY13 and $2.23 for FY14.
    • Price target cut to $44 from $46.
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  • Aug. 22, 2013, 12:30 PM
    • Dr. Reddy's Labs (RDY +1.7%) trades higher today after saying it has launched Divalproex Sodium Extended-Release Tablets, a generic version of Abbott Laboratories' (ABT -0.2%) Depakote ER mood stabilizers.
    • The Depakote ER brand and its generic counterparts had combined U.S. sales of approximately $194M for the most recent twelve months ending in June 2013.
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  • Aug. 15, 2013, 10:03 AM
    • A shareholder resolution from the $160B New York state pension to link executive pay and bonuses to performance at Abbott Labs (ABT) has once again failed after receiving 39% of the vote.
    • Still, the fund is getting closer, with the figure higher than last year, and it will probably try again in 2014.
    • New York has already been instrumental in persuading Bristol-Myers Squibb to adopt such a policy, while five other big pharmaceutical companies have recently taken it on as well following investor pressure.
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  • Aug. 8, 2013, 7:32 AM
    • China's National Development & Reform Commission (NDRC) has threatened companies with "increasingly severe" fines if they "knowingly breaking the law."
    • The remarks were made by the head of the NDRC's pricing unit, Xu Kunlin, who was discussing the $110M fine levied on six foreign companies for the price fixing of baby milk formula.
    • Xu said the companies deleted emails and told employees not to leave a paper trail when negotiating prices with retailers. The actions are "a clear example of knowingly violating the law," Xu said.
    • The companies fined include Mead Johnson Nutrition (MJN), Abbott Labs (ABT) and France's Danone (DANOY.PK).
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  • Aug. 7, 2013, 3:16 AM
    • China has fined six foreign companies a combined $110M for price fixing and anti-competitive practices in the market for baby formulas.
    • The firms punished include Mead Johnson Nutrition (MJN), which will pay 203.8M yuan ($33.29), Abbott Labs (ABT), whose penalty is 77M yuan, and France's Danone (DANOY.PK) with a fine of 172M yuan.
    • Some companies, including Nestle (NSRGY.PK), escaped punishment, as "they cooperated with the investigation, provided important evidence and carried out active self-rectification," Xinhua said.
    • Analysts reckon that despite the fines, foreign companies could increase their market share, because they cut prices after China started a probe into their business practices.
    • China's FDA wants to tighten the conditions for the granting of licenses for milk powder production.
    | 1 Comment
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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.